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I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"54ae4d24-9b01-45a1-9193-91d1325728ab","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-8","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"543d93d1-1a0e-435d-9460-f71967a668bb","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-11","page_number":16,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"b57e3e0a-9b84-49a6-a5ac-418ddaa7353e","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . . . .","page_number":16,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"5e2b9c93-2bfe-46b1-abed-951144111958","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-21","page_number":16,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"5b782f52-1ae3-4c9d-a684-200497ca4349","block_type":"box","text":"Information on Distribution Related Expenses . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":70,"y":174,"width":461,"height":11}},{"id":"77cb85b1-99fe-4139-93ed-7b2a9bbe3401","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-30","page_number":16,"box":{"x":537,"y":174,"width":372,"height":9}},{"id":"8ecbd9cc-72d4-4f73-b301-83bfc117d749","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"c45e91fb-9256-414b-bc35-eef4023dffec","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-30","page_number":16,"box":{"x":521,"y":190,"width":388,"height":9}},{"id":"57dd24df-9ab9-4f58-a56e-8c28a90c068e","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"009e33f2-9fc0-47d8-9d4a-1ff0fdfa2666","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-30","page_number":16,"box":{"x":358,"y":207,"width":551,"height":9}},{"id":"f64c0c7b-539b-4ff9-9dd0-56aecb959540","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"828992e5-9f8b-45f1-9d64-1a947127d3c0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-33","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"3d8cd66c-883b-4c84-82e7-2ed91cf2a607","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"c24b0a6a-0935-47bc-b318-a671bbf97d08","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-37","page_number":16,"box":{"x":227,"y":239,"width":681,"height":9}},{"id":"bf37fe86-000a-4b06-aa4d-23f53e5f0b07","block_type":"box","text":"PART II","page_number":16,"box":{"x":69,"y":271,"width":52,"height":9}},{"id":"2816e4a8-46ad-4bb7-9ed0-de1d02d7be8a","block_type":"box","text":"Investment Risks and Considerations . . . . . . . .","page_number":16,"box":{"x":70,"y":287,"width":330,"height":9}},{"id":"cc440f92-51b1-4e9a-ba33-8c88e322aed2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":16,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"df2320d9-25cf-4b3d-9a36-c6d9984848a9","block_type":"box","text":"I-122","page_number":16,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"54f50d7f-84e4-42cb-ab23-09bde612e5c9","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"93cfb365-4f0e-472d-9163-e179158a74f6","block_type":"box","text":".............................................................. 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A-1","page_number":16,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"00ebd4b7-0044-4da7-b3a9-d22bf7b1a9d1","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":16,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"020b7d35-9dd2-49cb-88b9-493b54496a71","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":16,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"20cbba37-122e-4286-be77-bed20b58d0d9","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":16,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fb136810-f1a5-4e90-bf7d-7e72093857c5","block_type":"box","text":"PART I: INFORMATION ABOUT BLACKROCK ALLOCATION TARGET SHARES","page_number":17,"box":{"x":218,"y":45,"width":542,"height":9}},{"id":"f713db35-7bb7-4309-a81a-f6b0392e3b1b","block_type":"box","text":"Par t I of this Statement of Additional Information (“SAI”) sets for th information about the Funds. 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To the extent each of BATS: Securitized Total Return","page_number":24,"box":{"x":70,"y":75,"width":814,"height":11}},{"id":"2c2ad333-e2c8-4790-bb00-54d9f8cfb0d8","block_type":"box","text":"Series, BATS: Corporate Credit Total Return Series, BATS: High Income Municipal Series, BATS: Mor tgage Total","page_number":24,"box":{"x":69,"y":90,"width":788,"height":11}},{"id":"003cb2cf-82f6-40b0-9914-9d4e6d9db33d","block_type":"box","text":"Return Series, BATS: Shor t Term Municipal Income Series and BATS: Shor t Duration Taxable Total Return Series uses","page_number":24,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"d581a6a2-c6c4-43d5-a5f8-342f8903db75","block_type":"box","text":"CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a “commodity pool” or","page_number":24,"box":{"x":69,"y":120,"width":837,"height":11}},{"id":"3b41ac25-b052-4793-9f68-dcee69ff75ed","block_type":"box","text":"a vehicle for trading such instruments.","page_number":24,"box":{"x":69,"y":135,"width":273,"height":12}},{"id":"f29de8a1-118f-4db9-823b-c85661d651f8","block_type":"box","text":"BlackRock has claimed an exclusion from the definition of the term “commodity pool operator” under the","page_number":24,"box":{"x":102,"y":158,"width":747,"height":11}},{"id":"8aea1cbd-71c1-4f5f-9c14-b399a48b9dd2","block_type":"box","text":"Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA with respect to BATS: Corporate Credit Total","page_number":24,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"995d34f9-92cb-4a02-b497-c7cb14fc934d","block_type":"box","text":"Return Series, BATS: High Income Municipal Series and BATS: Shor t Term Municipal Income Series. BlackRock is not,","page_number":24,"box":{"x":70,"y":188,"width":837,"height":12}},{"id":"cc397787-94ad-447c-a695-51246718b362","block_type":"box","text":"therefore, subject to registration or regulation as a “commodity pool operator” under the CEA in respect of such","page_number":24,"box":{"x":68,"y":203,"width":797,"height":12}},{"id":"6c38901d-a517-4d5c-82f1-de283268efa4","block_type":"box","text":"Funds.","page_number":24,"box":{"x":70,"y":219,"width":44,"height":8}},{"id":"800a92d1-12ee-49fb-b699-14a874bd05f3","block_type":"box","text":"BATS: Securitized Total Return Series, BATS: Mor tgage Total Return Series and BATS: Shor t Duration Taxable","page_number":24,"box":{"x":102,"y":241,"width":774,"height":11}},{"id":"219a9061-cf95-45d4-b66b-f85aeec8ab6a","block_type":"box","text":"Total Return Series may also have investments in “underlying funds” (and such underlying funds themselves may","page_number":24,"box":{"x":68,"y":256,"width":807,"height":12}},{"id":"3de8ebb9-2572-45cd-8e46-e53b372f2716","block_type":"box","text":"invest in underlying funds) not advised by BlackRock (which for purposes of the no-action letter referenced below may","page_number":24,"box":{"x":70,"y":271,"width":835,"height":12}},{"id":"ebf28659-f699-4a37-8db9-f4b1a419cd60","block_type":"box","text":"include cer tain securitized vehicles, mor tgage real estate investment trusts and/or investment companies that may","page_number":24,"box":{"x":70,"y":287,"width":825,"height":11}},{"id":"fd6537aa-4a5f-4f74-946f-a8fc80e263c1","block_type":"box","text":"invest in CFTC Derivatives), and therefore may be viewed by the CFTC as commodity pools. BlackRock has no","page_number":24,"box":{"x":70,"y":302,"width":776,"height":11}},{"id":"2628a257-ac34-4e94-8644-bb46a8d042af","block_type":"box","text":"transparency into the holdings of these underlying funds because they are not advised by BlackRock. To address this","page_number":24,"box":{"x":68,"y":317,"width":834,"height":11}},{"id":"c3c0b8bd-f982-420e-bffa-6bef9baac25d","block_type":"box","text":"issue of lack of transparency, the CFTC staff issued a no-action letter on November 29, 2012 permitting the adviser","page_number":24,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"0d6824d9-9407-47fe-a789-8a87d92900aa","block_type":"box","text":"of a fund that invests in such underlying funds and that would otherwise have filed a claim of exclusion pursuant to","page_number":24,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"675edee1-67b7-438b-82eb-9a150d5c856a","block_type":"box","text":"Rule 4.5 to delay registration as a “commodity pool operator” until six months from the date on which the CFTC","page_number":24,"box":{"x":70,"y":362,"width":794,"height":11}},{"id":"ff3d0e8a-c4b1-468b-8acc-30abdeb943be","block_type":"box","text":"issues additional guidance on the treatment of CFTC Derivatives held by underlying funds. BlackRock, the adviser of","page_number":24,"box":{"x":70,"y":377,"width":825,"height":12}},{"id":"01719edb-120e-4f09-849b-45e0a74a0c31","block_type":"box","text":"BATS: Securitized Total Return Series, BATS: Mor tgage Total Return Series and BATS: Shor t Duration Taxable Total","page_number":24,"box":{"x":70,"y":392,"width":812,"height":12}},{"id":"8863c787-9e21-4d9d-845c-5f4203909685","block_type":"box","text":"Return Series, has filed a claim with the CFTC for such Funds to rely on this no-action relief. Accordingly, BlackRock is","page_number":24,"box":{"x":70,"y":407,"width":837,"height":12}},{"id":"e8bd8a87-ec94-44b7-a6b0-420821e7231e","block_type":"box","text":"not subject to registration or regulation as a “commodity pool operator” under the CEA in respect of such Funds.","page_number":24,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"ef896e6a-e1cf-4016-85cc-39a8d8cd3d57","block_type":"box","text":"Due to BATS: Interest Rate Hedge Series’s potential use of CFTC Derivatives above the prescribed levels,","page_number":24,"box":{"x":102,"y":445,"width":749,"height":12}},{"id":"c9d3e90a-755a-4802-8efd-8ebe19fbfa75","block_type":"box","text":"however, the Fund will be considered a “commodity pool” under the CEA. Accordingly, BlackRock, BATS: Interest Rate","page_number":24,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"c70f7cb5-14a1-42c7-9ad5-59b574f28d33","block_type":"box","text":"Hedge Series’s investment adviser, has registered as a “commodity pool operator” and is subject to CFTC regulation","page_number":24,"box":{"x":70,"y":476,"width":830,"height":11}},{"id":"7562d544-e58c-411d-8aad-ed912169cc48","block_type":"box","text":"in respect of such Fund.","page_number":24,"box":{"x":70,"y":491,"width":169,"height":11}},{"id":"f6b7b4e0-7a2a-44d5-803b-75fc7a498622","block_type":"box","text":"II. Investment Restrictions","page_number":24,"box":{"x":69,"y":521,"width":194,"height":9}},{"id":"6130931e-a6cd-42d4-876c-2115936fccb3","block_type":"box","text":"Fundamental Investment Restrictions","page_number":24,"box":{"x":69,"y":551,"width":273,"height":9}},{"id":"0bf5a109-a690-4137-8c22-a8a8a40daec9","block_type":"box","text":"The investment restrictions set for th below are fundamental policies of each of the Funds and may not be","page_number":24,"box":{"x":134,"y":574,"width":754,"height":11}},{"id":"35c40a3b-e0bc-4a1b-b799-edddcf0c779b","block_type":"box","text":"changed with respect to any of the Funds without the approval of the holders of a majority of the Fund’s","page_number":24,"box":{"x":101,"y":589,"width":738,"height":11}},{"id":"69ed183a-892a-4e7c-90b0-4294f2413271","block_type":"box","text":"outstanding voting securities (which for this purpose and under the Investment Company Act means the lesser of","page_number":24,"box":{"x":102,"y":604,"width":806,"height":11}},{"id":"e6c16054-aa80-49b0-af75-04e906ee2d22","block_type":"box","text":"(i) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are","page_number":24,"box":{"x":102,"y":619,"width":728,"height":11}},{"id":"e3bda592-9151-4cd7-b238-cd82dd1a914a","block_type":"box","text":"represented or (ii) more than 50% of the outstanding shares).","page_number":24,"box":{"x":102,"y":634,"width":437,"height":12}},{"id":"a7fcfcc3-f2cb-43fd-9aec-75daa5c2214f","block_type":"box","text":"Under these fundamental investment restrictions, none of the Funds may:","page_number":24,"box":{"x":135,"y":657,"width":524,"height":11}},{"id":"fd51ce46-4fe0-4477-9ef8-441e4397d367","block_type":"box","text":"(1) Concentrate its investments in a par ticular industry, as that term is used in the Investment Company","page_number":24,"box":{"x":134,"y":680,"width":745,"height":11}},{"id":"23646066-9b29-422f-b961-dc146529ffe6","block_type":"box","text":"Act; provided that, for BATS: Securitized Total Return Series only, the Fund will invest at least 25% of its total","page_number":24,"box":{"x":101,"y":695,"width":775,"height":11}},{"id":"7bd40fd9-a625-424e-81fd-81fc2aa4f765","block_type":"box","text":"assets in mor tgage related securities, which for purposes of this investment restriction the Fund will treat as an","page_number":24,"box":{"x":102,"y":710,"width":797,"height":11}},{"id":"64891e6e-80cb-49a7-aff1-8247faa5b8be","block_type":"box","text":"industry or group of industries.","page_number":24,"box":{"x":102,"y":725,"width":218,"height":11}},{"id":"d761d192-46d5-40ba-83b9-05fc896560ca","block_type":"box","text":"(2) Borrow money, except as permitted under the Investment Company Act.","page_number":24,"box":{"x":134,"y":748,"width":534,"height":11}},{"id":"6237e443-c3fe-4892-8349-b2bf08e78980","block_type":"box","text":"(3) Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":24,"box":{"x":134,"y":770,"width":699,"height":11}},{"id":"f6c712db-2f27-495a-9ea5-611874b232ec","block_type":"box","text":"(4) Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments","page_number":24,"box":{"x":134,"y":793,"width":746,"height":11}},{"id":"4d996657-d15d-428d-bc10-c442c179ad4b","block_type":"box","text":"that are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts,","page_number":24,"box":{"x":101,"y":808,"width":770,"height":11}},{"id":"c08f3245-f51a-406e-a4b7-dcdb8c301a7c","block_type":"box","text":"mor tgage-related securities and securities of issuers engaged in the real estate business, and the Fund may","page_number":24,"box":{"x":102,"y":823,"width":775,"height":12}},{"id":"1b155eb8-4b14-4368-a8d7-858c1fcc020e","block_type":"box","text":"purchase and hold real estate as a result of the ownership of securities or other instruments.","page_number":24,"box":{"x":102,"y":838,"width":666,"height":11}},{"id":"8876fa54-0576-4b19-963c-e0cf8795d7ac","block_type":"box","text":"(5) Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":24,"box":{"x":134,"y":861,"width":751,"height":11}},{"id":"e8ae925a-650b-4a05-acc2-3fdeb5dd31e9","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":24,"box":{"x":102,"y":876,"width":627,"height":11}},{"id":"707d1ce2-3b57-4d3e-97a8-03bce4fa434a","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"1477fca5-0fd6-4b14-b7ea-544dd1c66276","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dadc42c4-7e1a-4695-a16b-a2c0090c6fb2","block_type":"box","text":"(6) Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":25,"box":{"x":134,"y":45,"width":762,"height":11}},{"id":"b0f315a9-abd5-496e-8965-014eadde5508","block_type":"box","text":"Act.","page_number":25,"box":{"x":101,"y":60,"width":25,"height":9}},{"id":"6b2b63dc-fcde-4b9e-9a0b-f0da8e140759","block_type":"box","text":"(7) Make loans to the extent prohibited by the Investment Company Act.","page_number":25,"box":{"x":134,"y":83,"width":511,"height":11}},{"id":"fa487c95-714f-401c-a2c1-9a802a44287b","block_type":"box","text":"(8) (For BATS: High Income Municipal Series and BATS: Shor t Term Municipal Income Series only) Make any","page_number":25,"box":{"x":134,"y":105,"width":767,"height":11}},{"id":"a5f9be4b-b114-49dc-b31f-58505ed33209","block_type":"box","text":"investment inconsistent with the Fund’s classification as a diversified company under the Investment Company","page_number":25,"box":{"x":102,"y":120,"width":791,"height":11}},{"id":"e48ed11e-74f7-4476-8622-ba997f383905","block_type":"box","text":"Act.","page_number":25,"box":{"x":101,"y":136,"width":25,"height":8}},{"id":"fd741a34-ffa4-47ed-9157-4570b24a6c13","block_type":"box","text":"Notations Regarding each Fund’s Fundamental Investment Restrictions","page_number":25,"box":{"x":102,"y":158,"width":506,"height":11}},{"id":"b57353ab-9521-4fdb-9aeb-24857afc9f3e","block_type":"box","text":"The following notations are not considered to be par t of a Fund’s fundamental investment restrictions and are","page_number":25,"box":{"x":101,"y":181,"width":785,"height":11}},{"id":"c0790174-47ea-45cf-b99e-9d96ff6f232d","block_type":"box","text":"subject to change without shareholder approval.","page_number":25,"box":{"x":69,"y":196,"width":341,"height":11}},{"id":"5e47ab68-6d14-462c-871f-3978551bd8bd","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":25,"box":{"x":101,"y":218,"width":796,"height":12}},{"id":"9ee7f8e6-225d-4b28-bd88-4515f5df68e6","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":25,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"c95df0dd-78a6-4c5b-bfb2-67323c21be7d","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":25,"box":{"x":68,"y":249,"width":833,"height":11}},{"id":"8fc7667e-1f01-4588-bc27-68e2ea55e336","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":25,"box":{"x":68,"y":264,"width":836,"height":11}},{"id":"62200266-104f-4b17-a772-c5d08ee64d0f","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":25,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"bf286ada-d51e-49f9-97f2-1ff2decc21ba","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":25,"box":{"x":70,"y":294,"width":813,"height":11}},{"id":"450a6164-3457-4afd-84f9-373b1093cd67","block_type":"box","text":"securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":25,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"2e09fe0e-5a65-4791-82a7-ec74100e7e7a","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":25,"box":{"x":69,"y":325,"width":809,"height":11}},{"id":"481d533c-ba4e-4784-959e-6a18a25f32a6","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":25,"box":{"x":69,"y":339,"width":772,"height":12}},{"id":"057dfc71-2199-41db-a9d4-07b43abfa924","block_type":"box","text":"considered to be members of any industry (except that, for BATS: Securitized Total Return Series only, mor tgage","page_number":25,"box":{"x":69,"y":355,"width":799,"height":11}},{"id":"dc3b591b-45e3-46d3-b948-def83cb68d54","block_type":"box","text":"related securities, which include mor tgage-backed securities issued by private entities and mor tgage-backed","page_number":25,"box":{"x":69,"y":370,"width":772,"height":11}},{"id":"647e54bd-08ec-40b0-9b7c-068f23935190","block_type":"box","text":"securities issued or guaranteed by U.S. federal agencies or government-related guarantors, will be treated by the","page_number":25,"box":{"x":69,"y":385,"width":803,"height":11}},{"id":"8bd6ec79-8d5c-4ca3-8218-04bbb3fa2243","block_type":"box","text":"Fund as an industry or group of industries as set for th in (1) above). There also will be no limit on investment in","page_number":25,"box":{"x":70,"y":400,"width":795,"height":11}},{"id":"9dd2f265-8f59-4a8e-ae39-353a9cfa3532","block_type":"box","text":"issuers domiciled in a single jurisdiction or country. Finance companies will be considered to be in the industries of","page_number":25,"box":{"x":70,"y":415,"width":821,"height":11}},{"id":"c3468f2d-1768-406e-9e0e-4236460353d1","block_type":"box","text":"their parents if their activities are primarily related to financing the activities of the parents. Each foreign government","page_number":25,"box":{"x":68,"y":430,"width":833,"height":11}},{"id":"2865bff1-7a9c-45b2-bb46-51f34a8c3844","block_type":"box","text":"will be considered to be a member of a separate industry. With respect to the Fund’s industry classifications, the","page_number":25,"box":{"x":68,"y":445,"width":808,"height":11}},{"id":"ef09735f-0552-4c60-bcd7-75cb7cc948b2","block_type":"box","text":"Fund currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized","page_number":25,"box":{"x":70,"y":460,"width":800,"height":12}},{"id":"cb8e41d1-7daf-4975-bce1-dadfebf0dbf4","block_type":"box","text":"market indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to","page_number":25,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"6837cc91-a128-4394-b058-746beac2879a","block_type":"box","text":"give broad authority to the Fund as to how to classify issuers within or among industries.","page_number":25,"box":{"x":68,"y":491,"width":631,"height":11}},{"id":"d2401eda-d5cd-4ae1-9696-eede830c3802","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (2) above, the Investment","page_number":25,"box":{"x":101,"y":513,"width":750,"height":12}},{"id":"48784182-08f7-4c22-9ec8-bbfb1c73ffc2","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":25,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"e15ef413-c5ed-4f6c-94b2-7f7fa6b5e155","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":25,"box":{"x":68,"y":543,"width":781,"height":12}},{"id":"03107a89-c677-48c2-8165-1a9a97afa11f","block_type":"box","text":"purposes. (The Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing,","page_number":25,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"0e6517b7-b625-4f82-b604-f18647c53f98","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":25,"box":{"x":68,"y":574,"width":825,"height":11}},{"id":"bcad0bfb-7732-4ce1-afbb-e33dbe0c2c2a","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":25,"box":{"x":69,"y":589,"width":777,"height":11}},{"id":"3d3d7e55-95f2-4fef-8196-6e61d4854185","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.","page_number":25,"box":{"x":69,"y":604,"width":776,"height":11}},{"id":"5089956f-add7-4ab1-9c5d-5e6b7d0fe82f","block_type":"box","text":"Borrowing money to increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments,","page_number":25,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"6f753cc8-3924-4e31-adfb-450a0324926c","block_type":"box","text":"such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are","page_number":25,"box":{"x":69,"y":634,"width":788,"height":12}},{"id":"251a38f1-9b95-4b41-9ee9-e10d4088a066","block_type":"box","text":"subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company","page_number":25,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"c539402e-c1b8-4854-aa8c-d05691092c11","block_type":"box","text":"Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may","page_number":25,"box":{"x":68,"y":664,"width":802,"height":12}},{"id":"1ac9887c-f61d-4858-9bca-d014d49381a2","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":25,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"64ed0cad-a317-4e5f-ac36-346f1177cfa6","block_type":"box","text":"aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to","page_number":25,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"06ba75ef-edc9-4404-b989-71499f851cfd","block_type":"box","text":"such transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":25,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"5984257e-7cdf-4f68-b2f9-910195c5fea6","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":25,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"2a856e3c-2df0-4a1f-91b3-7415a0f13c53","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":25,"box":{"x":69,"y":740,"width":643,"height":11}},{"id":"8837654d-eccc-4767-b841-050edef968ba","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":25,"box":{"x":101,"y":763,"width":788,"height":11}},{"id":"4d70ea0b-da9e-4038-b330-af802fde7e85","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":25,"box":{"x":68,"y":778,"width":840,"height":11}},{"id":"58f887d6-afba-412d-97b2-ec8c55c672cb","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":25,"box":{"x":70,"y":793,"width":825,"height":11}},{"id":"8fa423df-4bf3-4c1e-812c-df43033595ca","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":25,"box":{"x":69,"y":808,"width":811,"height":11}},{"id":"7536b736-df8d-47ca-bdde-483c8c55f287","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":25,"box":{"x":69,"y":823,"width":796,"height":12}},{"id":"be12210a-b15c-48ce-88a3-16a22c407ffc","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":25,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"f37b9de6-1fa7-41de-9578-54d32d5af9eb","block_type":"box","text":"cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered","page_number":25,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"b64a26d1-084a-453b-98ae-89a180e181ab","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":25,"box":{"x":68,"y":869,"width":831,"height":11}},{"id":"716bba62-9b38-4de6-bf35-4f164b5ee702","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":25,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"1aa3ed42-eb25-4122-a3d4-8bd539caf99c","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":25,"box":{"x":69,"y":899,"width":769,"height":11}},{"id":"cc2c6253-2210-4db6-ab78-d3aec5b53a2a","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"e402bab5-f938-4678-b118-13029e1b0911","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f3a7bca-55aa-4a0a-b142-b22b9680fbac","block_type":"box","text":"transactions involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be","page_number":26,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"a3fdb53e-1659-4a96-b1df-8985c0896318","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":26,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"0131a8d7-0d74-432d-93ec-33273c055e07","block_type":"box","text":"extent permitted by applicable law.","page_number":26,"box":{"x":69,"y":75,"width":245,"height":11}},{"id":"a0081b7f-da25-4316-8200-6efca07d3f08","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":26,"box":{"x":101,"y":98,"width":778,"height":11}},{"id":"8ebc0a5c-468e-43bd-9679-848811da09c5","block_type":"box","text":"does not prohibit the Fund from making loans (including lending its securities); however, Commission staff","page_number":26,"box":{"x":69,"y":113,"width":759,"height":11}},{"id":"074595b1-bfbd-4c53-b440-a910f9e21ddf","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":26,"box":{"x":70,"y":128,"width":807,"height":11}},{"id":"631128f9-3332-4a89-8fa1-fb46f642e78a","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":26,"box":{"x":69,"y":143,"width":784,"height":11}},{"id":"0b38c46d-c13f-4812-80ba-4fb37f1f9981","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":26,"box":{"x":69,"y":158,"width":791,"height":11}},{"id":"33b612fb-3b61-4dc3-ba43-99e3a4eb915c","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":26,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"d6860dd5-8c9d-453a-a7bb-7eddd112c739","block_type":"box","text":"loans.","page_number":26,"box":{"x":70,"y":188,"width":40,"height":9}},{"id":"bd731c34-3fa6-485b-9987-87ee94064112","block_type":"box","text":"(For BATS: Corporate Credit Total Return Series, BATS: High Income Municipal Series, BATS: Mor tgage Total","page_number":26,"box":{"x":102,"y":211,"width":764,"height":11}},{"id":"f7983317-82ed-494b-8745-7740addc7bc6","block_type":"box","text":"Return Series, BATS: Interest Rate Hedge Series and BATS: Shor t Duration Taxable Total Return Series only) The Fund","page_number":26,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"2c05d790-b9b6-4d63-915b-079e6b1d9d7f","block_type":"box","text":"is currently classified as a diversified fund under the Investment Company Act. This means that the Fund may not","page_number":26,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"5e07e45c-2e47-4871-8a88-31bf79d0fce9","block_type":"box","text":"purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S. government, its agencies","page_number":26,"box":{"x":70,"y":256,"width":836,"height":12}},{"id":"c7926679-26d0-438b-a089-26e0ff0dfb9f","block_type":"box","text":"or instrumentalities and (ii) securities of other investment companies) if, with respect to 75% of its total assets,","page_number":26,"box":{"x":69,"y":271,"width":798,"height":11}},{"id":"0689a01b-19c1-4621-9faf-50fc143b0597","block_type":"box","text":"(a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or (b) the Fund would hold","page_number":26,"box":{"x":69,"y":286,"width":825,"height":12}},{"id":"9bb199c9-4753-47b1-b34f-98382b9d31a7","block_type":"box","text":"more than 10% of the outstanding voting securities of that issuer. With respect to the remaining 25% of its total","page_number":26,"box":{"x":69,"y":302,"width":797,"height":11}},{"id":"7c9642ad-65e9-4df1-853a-f6a274b453b4","block_type":"box","text":"assets, the Fund can invest more than 5% of its assets in one issuer. Under the Investment Company Act, the Fund","page_number":26,"box":{"x":69,"y":317,"width":823,"height":11}},{"id":"05e60551-f9a5-4acf-95a9-a0fe5cf9cb97","block_type":"box","text":"cannot change its classification from diversified to non-diversified without shareholder approval.","page_number":26,"box":{"x":69,"y":332,"width":681,"height":11}},{"id":"c40093bb-2333-468c-96aa-e6058297f126","block_type":"box","text":"Non-Fundamental Investment Objective and Restrictions (each Fund except for BATS: Securitized Total Return","page_number":26,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"a21badd8-d253-4a58-b364-9bfb59e235c5","block_type":"box","text":"Series, BATS: High Income Municipal Series, BATS: Short Term Municipal Income Series and BATS: Interest Rate","page_number":26,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"0dbe8450-031e-48fb-bc78-a28803df8dfa","block_type":"box","text":"Hedge Series)","page_number":26,"box":{"x":69,"y":392,"width":101,"height":11}},{"id":"af4e5850-68be-4311-9d62-a67f570ea99d","block_type":"box","text":"The investment objective of each Fund is not fundamental and may be changed without shareholder approval.","page_number":26,"box":{"x":101,"y":415,"width":780,"height":11}},{"id":"45059796-46eb-45a6-8ccd-ac65e6b48977","block_type":"box","text":"Each Fund is also subject to the following non-fundamental restrictions (which may be changed without shareholder","page_number":26,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"277a4946-9aee-4c84-9918-948e23e8ad56","block_type":"box","text":"approval) and, unless otherwise indicated, may not:","page_number":26,"box":{"x":69,"y":446,"width":368,"height":10}},{"id":"8e4f8584-0a69-4beb-a2ba-f7546e851418","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":26,"box":{"x":134,"y":468,"width":747,"height":11}},{"id":"3d57b6a5-b010-4e31-8c25-0efe376302e7","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":26,"box":{"x":102,"y":483,"width":759,"height":11}},{"id":"46446ce9-fa76-4dd6-9f09-e3f637c3719c","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":26,"box":{"x":102,"y":498,"width":779,"height":11}},{"id":"06741f98-5222-4d18-9af5-1810ee6e8669","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":26,"box":{"x":101,"y":513,"width":761,"height":12}},{"id":"7c286a63-1805-438a-b496-8e56e32f8346","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":26,"box":{"x":102,"y":528,"width":795,"height":12}},{"id":"50592f96-1c6f-425b-a804-c0cf78236f70","block_type":"box","text":"12(d)(1).","page_number":26,"box":{"x":102,"y":544,"width":60,"height":11}},{"id":"70fd4bc6-6708-4f39-b30a-1677a59ac93a","block_type":"box","text":"Unless otherwise indicated or with respect to policies adopted pursuant to Rule 35d-1 under the Investment","page_number":26,"box":{"x":102,"y":566,"width":771,"height":11}},{"id":"7e77e8e0-741b-4648-8786-c2442c04ff90","block_type":"box","text":"Company Act, all limitations applicable to a Fund’s investments apply only at the time a transaction is entered into.","page_number":26,"box":{"x":69,"y":581,"width":820,"height":11}},{"id":"cb87ee9e-e0e5-418d-beed-0a9aa47fbd18","block_type":"box","text":"Any subsequent change in a rating assigned by any rating service to a security, or change in the percentage of a","page_number":26,"box":{"x":68,"y":596,"width":800,"height":12}},{"id":"5a5153eb-3f41-44ce-8733-a22f4a46be2f","block_type":"box","text":"Fund’s assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes","page_number":26,"box":{"x":70,"y":612,"width":833,"height":11}},{"id":"b3657061-579d-47e2-bf9f-1e1f64fb911c","block_type":"box","text":"in a Fund’s total assets, will not require the Fund to dispose of an investment. In the event that ratings services","page_number":26,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"48386c9f-2d6d-4a50-878b-867d2d485d8f","block_type":"box","text":"assign different ratings to the same security, the investment adviser will determine which rating it believes best","page_number":26,"box":{"x":69,"y":642,"width":795,"height":11}},{"id":"0ff95fa0-ebad-49a1-9f20-0a4167ed9883","block_type":"box","text":"reflects the security’s quality and risk at that time, which may be the higher of the several assigned ratings.","page_number":26,"box":{"x":69,"y":657,"width":766,"height":11}},{"id":"9113c89e-db4a-4d1c-9408-de3ac0d3f4ef","block_type":"box","text":"To comply with U.S. Federal tax requirements for qualification as a “regulated investment company,” each Fund’s","page_number":26,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"0a107ac2-3706-4f56-aea2-be51777018ca","block_type":"box","text":"investments will be limited in manner such that at the close of each quar ter of each tax year, subject to cer tain","page_number":26,"box":{"x":70,"y":695,"width":792,"height":11}},{"id":"48cb87f4-5c29-46af-97a8-3b05e47bd9c8","block_type":"box","text":"exceptions and cure periods, (a) no more than 25% of the value of a Fund’s total assets are invested in the","page_number":26,"box":{"x":69,"y":710,"width":766,"height":11}},{"id":"3fb7c0bb-ed67-42ac-8c9f-113d96d78a06","block_type":"box","text":"securities (other than U.S. Government securities or securities of other regulated investment companies) of a single","page_number":26,"box":{"x":69,"y":725,"width":827,"height":11}},{"id":"24147acb-2d6f-44f0-b506-49f521e58485","block_type":"box","text":"issuer, any two or more issuers controlled by the Fund and engaged in the same, similar or related trade or","page_number":26,"box":{"x":70,"y":740,"width":763,"height":11}},{"id":"0a7ad19e-59c2-42b5-b81c-a53e0113b52b","block_type":"box","text":"businesses or cer tain publicly traded par tnerships and (b) with regard to at least 50% of the Fund’s total assets, no","page_number":26,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"a22d5380-1eaf-45fd-8c19-fde0fe95923f","block_type":"box","text":"more than 5% of its total assets are invested in the securities (other than U.S. Government securities or securities of","page_number":26,"box":{"x":69,"y":770,"width":838,"height":11}},{"id":"e9a13cb5-b116-40af-b725-36de62a9df2c","block_type":"box","text":"other regulated companies) of a single issuer and no investment will consist of 10% or more of the voting stock of","page_number":26,"box":{"x":69,"y":785,"width":814,"height":12}},{"id":"8c1dfb61-8428-4dad-a1dc-c4f13d0b70d8","block_type":"box","text":"such issuer. These tax-related limitations may be changed by the Trustees to the extent appropriate in light of","page_number":26,"box":{"x":69,"y":801,"width":782,"height":11}},{"id":"5c4f94f4-21c8-4641-82c1-055931c7009f","block_type":"box","text":"changes to applicable tax requirements.","page_number":26,"box":{"x":69,"y":816,"width":284,"height":11}},{"id":"568e1b2f-92d0-46db-a978-63d97a7b6151","block_type":"box","text":"Non-Fundamental Investment Restrictions (BATS: Securitized Total Return Series and BATS: Short Term Municipal","page_number":26,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"099b6d6d-4313-4682-8a3c-99d3bd3298fe","block_type":"box","text":"Income Series)","page_number":26,"box":{"x":69,"y":861,"width":108,"height":11}},{"id":"240b6257-9248-4849-afe9-17298eb96953","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the board without shareholder","page_number":26,"box":{"x":102,"y":884,"width":767,"height":11}},{"id":"cf17fa87-4ea4-4a9e-9f3f-88a40128dad9","block_type":"box","text":"approval, the Fund may not:","page_number":26,"box":{"x":69,"y":899,"width":197,"height":11}},{"id":"70db661c-59db-4e49-bbb1-217cec20ef23","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"390e5f1a-5a5d-4b24-beb4-24a42eb7c5fa","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb2a648c-6133-43f5-8643-61e2d603c291","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":27,"box":{"x":102,"y":45,"width":742,"height":11}},{"id":"68d0a8d8-be53-4e92-882d-60b3156043b1","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":27,"box":{"x":69,"y":60,"width":759,"height":11}},{"id":"4b6da986-8c37-4dec-b246-eeb9dec4a060","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds”","page_number":27,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"a29b6a8c-eb6d-47c6-a9dd-43bd1e3a4d5c","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":27,"box":{"x":70,"y":90,"width":808,"height":11}},{"id":"b089093c-3261-4774-86dc-f66030001eaf","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":27,"box":{"x":69,"y":105,"width":763,"height":11}},{"id":"1f881852-98c4-43ee-bc5c-45870ccf77ad","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":27,"box":{"x":102,"y":128,"width":765,"height":11}},{"id":"fcef45b0-0029-4cc5-b348-ac04f0602054","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":27,"box":{"x":69,"y":143,"width":741,"height":11}},{"id":"9db3ad39-2aab-4e40-9ed9-e3823fae5f33","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":27,"box":{"x":101,"y":166,"width":777,"height":11}},{"id":"86e5f2b8-b198-45e3-a432-75df40bd3e69","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":27,"box":{"x":70,"y":181,"width":751,"height":11}},{"id":"80eb34e6-d6a8-4cb9-ba91-ab866a7dd9fb","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":27,"box":{"x":68,"y":196,"width":812,"height":11}},{"id":"e8b0c977-1b1e-4336-b5d3-d7d9b607de13","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":27,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"a7a95ce8-93e5-4e53-9243-0047ce2d3840","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":27,"box":{"x":69,"y":226,"width":781,"height":11}},{"id":"0974f919-664b-4027-9627-e6c8fc067f43","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":27,"box":{"x":69,"y":241,"width":759,"height":11}},{"id":"3619d33f-cea6-4534-a0f7-daaa718bae07","block_type":"box","text":"Investment Company Act, a fund cannot change its classification from diversified to non-diversified without","page_number":27,"box":{"x":70,"y":256,"width":757,"height":12}},{"id":"034d8f66-6e9b-4d06-b4c9-f7dc1c1ab9a2","block_type":"box","text":"shareholder approval.","page_number":27,"box":{"x":69,"y":272,"width":153,"height":10}},{"id":"3659f602-923a-4431-a0c7-eb630816764f","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":27,"box":{"x":102,"y":294,"width":744,"height":11}},{"id":"383f7771-c0c0-4e2e-b406-d3f28b6033f5","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":27,"box":{"x":69,"y":309,"width":791,"height":11}},{"id":"32ae25a3-a9de-4535-9707-c13ef0b2f045","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":27,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"8555d120-a22f-4568-907a-c971688f5042","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":27,"box":{"x":70,"y":339,"width":780,"height":11}},{"id":"3ede6be0-a98b-4588-831d-5d7ac262f64c","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":27,"box":{"x":70,"y":355,"width":642,"height":11}},{"id":"014639df-98e3-4806-b17d-58f3961c1025","block_type":"box","text":"Non-Fundamental Investment Restrictions (BATS: High Income Municipal Series and BATS: Interest Rate Hedge","page_number":27,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"a507d315-e77d-4c14-ac99-8966e399bb72","block_type":"box","text":"Series)","page_number":27,"box":{"x":68,"y":400,"width":50,"height":11}},{"id":"0ef62599-6145-4f34-84b4-705065bb1c41","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the board without shareholder","page_number":27,"box":{"x":102,"y":423,"width":767,"height":11}},{"id":"91b23c8d-abfc-4a91-9f11-91f049c3ffd7","block_type":"box","text":"approval, the Fund may not:","page_number":27,"box":{"x":69,"y":438,"width":197,"height":11}},{"id":"c12c2c96-160d-47fb-b1cd-6b5dd27e9ad8","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":27,"box":{"x":134,"y":460,"width":747,"height":12}},{"id":"6c7a449d-fc64-4471-a057-fe4ac5c8149a","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":27,"box":{"x":102,"y":475,"width":759,"height":12}},{"id":"b677b52c-43c1-4cfa-9279-87936e5da893","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":27,"box":{"x":102,"y":491,"width":779,"height":11}},{"id":"f7ac890f-617f-4856-a376-a5d11dd256df","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":27,"box":{"x":101,"y":506,"width":761,"height":11}},{"id":"f47baeb4-2bc0-4464-b497-98888f7f8467","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":27,"box":{"x":102,"y":521,"width":795,"height":11}},{"id":"ead178de-758a-4943-a024-b6509b18ccb5","block_type":"box","text":"12(d)(1).","page_number":27,"box":{"x":102,"y":536,"width":60,"height":11}},{"id":"e421f8c4-86b4-47e8-85ed-5c2881f62ed9","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":27,"box":{"x":134,"y":559,"width":770,"height":11}},{"id":"65d92a28-06ed-403b-a1d6-9dbb3bfa98c7","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":27,"box":{"x":102,"y":574,"width":740,"height":11}},{"id":"73a6b95d-c85c-4fda-9f72-f272a628b9ad","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":27,"box":{"x":102,"y":596,"width":744,"height":11}},{"id":"ad83e382-7f29-46cc-a948-820bf02da57f","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":27,"box":{"x":69,"y":612,"width":791,"height":11}},{"id":"b8dfd71e-0559-4f3a-afce-b6d836434afd","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":27,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"229d0d88-d345-4fae-bc7f-324df64271ac","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":27,"box":{"x":70,"y":642,"width":780,"height":11}},{"id":"2b02da1c-9f75-496d-8240-a6356ecf2713","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":27,"box":{"x":70,"y":657,"width":642,"height":11}},{"id":"52552c1d-8c8e-4de5-a475-cb23ba5e0dae","block_type":"box","text":"III. Information on Trustees and Officers","page_number":27,"box":{"x":69,"y":687,"width":290,"height":9}},{"id":"ed847bfc-327e-4d7d-ace4-0948db41afff","block_type":"box","text":"The Board consists of nine individuals (each a “Trustee”), seven of whom are not “interested persons” of the","page_number":27,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"d1ff3e81-e7de-4d2e-9d0b-f48ca25348bf","block_type":"box","text":"Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment companies","page_number":27,"box":{"x":68,"y":725,"width":833,"height":11}},{"id":"91327575-4fe5-48f8-8396-e8117d77644d","block_type":"box","text":"advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock Multi-Asset","page_number":27,"box":{"x":69,"y":740,"width":838,"height":11}},{"id":"e0ba41e2-fa19-46f6-8286-1a33bf4a5ae7","block_type":"box","text":"Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund Complex”). The","page_number":27,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"bbc052cd-a261-4da1-898d-914e12e84d30","block_type":"box","text":"Funds are included in the BlackRock Fund Complex referred to as the BlackRock Fixed-Income Complex. The Trustees","page_number":27,"box":{"x":70,"y":770,"width":836,"height":11}},{"id":"e058f287-3f6b-48aa-a2e5-e7e71df3c736","block_type":"box","text":"also oversee as board members the operations of the other open-end and closed-end registered investment","page_number":27,"box":{"x":69,"y":785,"width":769,"height":12}},{"id":"18af4258-d859-4c15-91b7-ce448bd1acce","block_type":"box","text":"companies included in the BlackRock Fixed-Income Complex.","page_number":27,"box":{"x":69,"y":801,"width":431,"height":11}},{"id":"5e4ba8fb-20c2-4bbb-9e89-dc6bd9e71b54","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Funds. The Chair of the Board and the","page_number":27,"box":{"x":101,"y":823,"width":797,"height":12}},{"id":"f1b1f519-7c59-4e54-b78b-811186a325fd","block_type":"box","text":"Chief Executive Officer are different people. Not only is the Chair of the Board an Independent Trustee, but also the","page_number":27,"box":{"x":69,"y":838,"width":823,"height":11}},{"id":"f8d3539a-6836-4cf9-bb54-2ce184becf4b","block_type":"box","text":"Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The Board has seven standing","page_number":27,"box":{"x":69,"y":853,"width":804,"height":12}},{"id":"66bfed91-ed99-4ca3-8871-813e6a5dabbd","block_type":"box","text":"Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a","page_number":27,"box":{"x":69,"y":869,"width":750,"height":11}},{"id":"c97d6fb9-ae96-4de3-a393-c405aaea480f","block_type":"box","text":"Per formance Oversight Committee, a Securities Lending Committee, an Executive Committee and a Private Assets","page_number":27,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"9a8bae99-9040-4252-8f3a-4b38cc37e786","block_type":"box","text":"Committee. The role of the Chair of the Board is to preside over all meetings of the Board and to act as a liaison with","page_number":27,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"73c9b500-2b5b-4463-bd78-c93005a714ad","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"38fc41c5-d9a0-487f-94ae-362226dc403b","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4863cb86-d31d-4463-bc37-a04f437795fe","block_type":"box","text":"service providers, officers, attorneys, and other Trustees between meetings. The Chair of each Committee per forms","page_number":28,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"83d78900-e28a-4657-864d-edb42b31b8f3","block_type":"box","text":"a similar role with respect to the Committee. The Chair of the Board or a Committee may also per form such other","page_number":28,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"83f31163-6999-41a8-9ee7-1ced3e88fa8e","block_type":"box","text":"functions as may be delegated by the Board or the Committee from time to time. The Independent Trustees meet","page_number":28,"box":{"x":68,"y":75,"width":809,"height":11}},{"id":"33b08438-1d88-4f78-bf87-d56fbb0c0d88","block_type":"box","text":"regularly outside the presence of Fund management, in executive sessions or with other service providers to the","page_number":28,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"ae36df19-1d14-4d7f-99d0-413a811b984b","block_type":"box","text":"Funds. The Board has regular meetings five times a year, including a meeting to consider the approval of the Funds’","page_number":28,"box":{"x":70,"y":105,"width":824,"height":11}},{"id":"fb2d80db-39bb-4a3e-a43a-2e2a0d7d9072","block_type":"box","text":"investment management agreement, and, if necessary, may hold special meetings before its next regular meeting.","page_number":28,"box":{"x":70,"y":120,"width":815,"height":12}},{"id":"ea70ce7f-d7e1-489d-986e-ce226581199e","block_type":"box","text":"The Audit Committee, the Governance and Nominating Committee, the Compliance Committee, the Per formance","page_number":28,"box":{"x":68,"y":135,"width":802,"height":12}},{"id":"d40dc91c-8e04-4f9f-aae7-cfd1951249a7","block_type":"box","text":"Oversight Committee, the Securities Lending Committee, and the Private Assets Committee each meets regularly and","page_number":28,"box":{"x":69,"y":151,"width":836,"height":11}},{"id":"a8d28997-5306-4eb1-9dde-a6b54491dbf5","block_type":"box","text":"the Executive Committee meets on an ad hoc basis to conduct the oversight functions delegated to that Committee","page_number":28,"box":{"x":68,"y":166,"width":824,"height":11}},{"id":"1ae37018-5931-46a4-ab84-0e9dd85cf5c2","block_type":"box","text":"by the Board and repor ts its findings to the Board. The Board and each standing Committee conduct annual","page_number":28,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"984fefbb-deb6-4728-89b3-59ee7c7f4ca6","block_type":"box","text":"assessments of their oversight function and structure. The Board has determined that the Board’s leadership","page_number":28,"box":{"x":69,"y":196,"width":782,"height":11}},{"id":"55c32614-ca10-4bca-bb72-f99db4b45b55","block_type":"box","text":"structure is appropriate because it allows the Board to exercise independent judgment over management and to","page_number":28,"box":{"x":69,"y":211,"width":800,"height":11}},{"id":"36450576-39e8-4fd1-bac5-af3f72a1df21","block_type":"box","text":"allocate areas of responsibility among Committees and the Board to enhance oversight.","page_number":28,"box":{"x":69,"y":226,"width":625,"height":11}},{"id":"f01c0532-4b90-4ec3-9da6-6ab8f4b80608","block_type":"box","text":"The Board decided to separate the roles of Chief Executive Officer from the Chair because it believes that having","page_number":28,"box":{"x":101,"y":249,"width":805,"height":11}},{"id":"541f8cfd-34b7-4a05-8dcc-ee5b52429378","block_type":"box","text":"an independent Chair:","page_number":28,"box":{"x":69,"y":264,"width":155,"height":11}},{"id":"02460af4-6d63-4e5a-8042-0eebfc74891b","block_type":"box","text":"•","page_number":28,"box":{"x":102,"y":287,"width":6,"height":4}},{"id":"5e9ebc00-ffe2-4e6c-aa1f-35887157afb1","block_type":"box","text":"increases the independent oversight of the Funds and enhances the Board’s objective evaluation of the","page_number":28,"box":{"x":135,"y":284,"width":737,"height":11}},{"id":"0295bacd-2098-40d0-9e6f-0fbd8b554c83","block_type":"box","text":"Chief Executive Officer;","page_number":28,"box":{"x":134,"y":299,"width":164,"height":11}},{"id":"6ab22e31-12ff-48ec-a3df-799a1d291926","block_type":"box","text":"•","page_number":28,"box":{"x":102,"y":322,"width":6,"height":5}},{"id":"378fe73b-831f-4414-942e-4d1d8cd1f41a","block_type":"box","text":"allows the Chief Executive Officer to focus on the Funds’ operations instead of Board administration;","page_number":28,"box":{"x":134,"y":319,"width":717,"height":11}},{"id":"0c523e37-397c-4355-abb2-3ae3fae3190c","block_type":"box","text":"•","page_number":28,"box":{"x":102,"y":342,"width":6,"height":5}},{"id":"9de80e6e-eb63-4483-bced-6e6e08044a9a","block_type":"box","text":"provides greater oppor tunities for direct and independent communication between shareholders and the","page_number":28,"box":{"x":135,"y":339,"width":742,"height":12}},{"id":"97f9bcbf-92e8-451e-b61b-203f40e913b0","block_type":"box","text":"Board; and","page_number":28,"box":{"x":135,"y":355,"width":76,"height":10}},{"id":"f0d21b6f-f473-44d1-bdae-b38bc20e307a","block_type":"box","text":"•","page_number":28,"box":{"x":102,"y":378,"width":6,"height":4}},{"id":"23a79fb5-de4a-4746-b9f9-7f76d6330257","block_type":"box","text":"provides an independent spokesman for the Funds.","page_number":28,"box":{"x":135,"y":375,"width":364,"height":11}},{"id":"5e984ebc-beaf-44cf-bb88-5c5840345a2a","block_type":"box","text":"The Board has engaged the Manager to manage the Funds on a day-to-day basis. The Board is responsible for","page_number":28,"box":{"x":101,"y":397,"width":785,"height":12}},{"id":"f1774c5d-65ed-4b54-aa05-c4144959a057","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Funds and associated risks in accordance","page_number":28,"box":{"x":69,"y":412,"width":807,"height":12}},{"id":"da5b24d2-a19e-4f1a-a9d9-9b486ee7fcd7","block_type":"box","text":"with the provisions of the Investment Company Act, state law, other applicable laws, the Funds’ char ter, and the","page_number":28,"box":{"x":68,"y":428,"width":800,"height":11}},{"id":"f1250b92-4e41-48a1-b77e-213797c493d6","block_type":"box","text":"Funds’ investment objectives and strategies. The Board reviews, on an ongoing basis, the Funds’ per formance,","page_number":28,"box":{"x":70,"y":443,"width":792,"height":11}},{"id":"af650f35-e8ac-4758-8a19-bbd8f182cff8","block_type":"box","text":"operations, and investment strategies and techniques. The Board also conducts reviews of the Manager and its role","page_number":28,"box":{"x":69,"y":458,"width":828,"height":11}},{"id":"aafebf0e-7722-47c1-80de-eb08a198b804","block_type":"box","text":"in running the operations of the Funds.","page_number":28,"box":{"x":70,"y":473,"width":275,"height":11}},{"id":"197d1a6f-f837-4019-b5e3-7646a0a88127","block_type":"box","text":"Day-to-day risk management with respect to the Funds is the responsibility of the Manager, sub-advisers or other","page_number":28,"box":{"x":102,"y":496,"width":802,"height":11}},{"id":"069c3ce9-483e-437d-acf1-e3f423830f89","block_type":"box","text":"service providers (depending on the nature of the risk), subject to the supervision of the Manager. Each Fund is","page_number":28,"box":{"x":69,"y":511,"width":795,"height":11}},{"id":"ad055018-27a4-477e-b690-62f7e0ad9f30","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":28,"box":{"x":69,"y":526,"width":832,"height":11}},{"id":"6bb7b46f-003c-4f52-986d-e44c3f8f0d0b","block_type":"box","text":"there are a number of risk management functions per formed by the Manager, sub-advisers or other service providers,","page_number":28,"box":{"x":68,"y":541,"width":839,"height":11}},{"id":"19be6b0c-f07d-4f75-96e9-6bc9c914c11d","block_type":"box","text":"as applicable, it is not possible to eliminate all of the risks applicable to the Funds. Risk oversight is par t of the","page_number":28,"box":{"x":69,"y":556,"width":798,"height":11}},{"id":"bee2fc8e-c45f-4127-b67b-ed6ef02c30e6","block_type":"box","text":"Board’s general oversight of the Funds and is addressed as par t of various Board and Committee activities. The","page_number":28,"box":{"x":70,"y":571,"width":798,"height":12}},{"id":"fb51e1bf-7b2b-4534-8ade-f34b874e85f7","block_type":"box","text":"Board, directly or through Committees, also reviews repor ts from, among others, management, the independent","page_number":28,"box":{"x":70,"y":586,"width":799,"height":12}},{"id":"96992c16-55a1-4d4a-b2b5-a127c9c0ae3c","block_type":"box","text":"registered public accounting firm for the Funds, the Manager, sub-advisers and internal auditors for the Manager or","page_number":28,"box":{"x":69,"y":601,"width":820,"height":12}},{"id":"d2edc3d7-5eff-47f3-852b-cc720a3487cd","block_type":"box","text":"its affiliates, as appropriate, regarding risks faced by the Funds and management’s or the service provider’s risk","page_number":28,"box":{"x":70,"y":617,"width":804,"height":11}},{"id":"93c2bcaa-a4b7-4df8-9948-6f2300d9e006","block_type":"box","text":"functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees and","page_number":28,"box":{"x":68,"y":632,"width":809,"height":11}},{"id":"93732cf5-ba7d-4e3b-9437-3829bf7b986e","block_type":"box","text":"facilitates effective oversight of compliance with legal and regulatory requirements and of the Funds’ activities and","page_number":28,"box":{"x":68,"y":647,"width":818,"height":11}},{"id":"d4e3465a-175d-449c-849c-30b521625e02","block_type":"box","text":"associated risks. The Board has approved the appointment of a Chief Compliance Officer (“CCO”), who oversees the","page_number":28,"box":{"x":69,"y":662,"width":831,"height":11}},{"id":"271e60b4-ff8d-4f05-9c6d-2fa59def0dce","block_type":"box","text":"implementation and testing of the Funds’ compliance program and repor ts regularly to the Board regarding","page_number":28,"box":{"x":70,"y":677,"width":760,"height":11}},{"id":"928e31af-b82b-47c4-a9f3-fab50c100fef","block_type":"box","text":"compliance matters for the Funds and their service providers. The Independent Trustees have engaged independent","page_number":28,"box":{"x":69,"y":692,"width":827,"height":11}},{"id":"ce7560de-8e3d-47a0-aa45-c5dd476039ff","block_type":"box","text":"legal counsel to assist them in per forming their oversight responsibilities.","page_number":28,"box":{"x":70,"y":707,"width":524,"height":12}},{"id":"6be3426b-24bc-443f-8516-35c6371097c1","block_type":"box","text":"Audit Committee.","page_number":28,"box":{"x":101,"y":730,"width":122,"height":9}},{"id":"e32efe32-5528-4edc-a182-7ebc83e6a8ec","block_type":"box","text":"The Board has a standing Audit Committee composed of Lorenzo A. Flores (Chair), J. Phillip","page_number":28,"box":{"x":229,"y":730,"width":651,"height":11}},{"id":"334eae44-7843-42c0-84ba-51eae8c517a0","block_type":"box","text":"Holloman and Ar thur P. Steinmetz, all of whom are Independent Trustees. The principal responsibilities of the Audit","page_number":28,"box":{"x":70,"y":745,"width":819,"height":11}},{"id":"e609f384-8004-42af-b7e2-6c139fa5ae38","block_type":"box","text":"Committee are to assist the Board in fulfilling its oversight responsibilities relating to the accounting and financial","page_number":28,"box":{"x":69,"y":760,"width":810,"height":12}},{"id":"f6865d39-978d-44fe-aca7-9a91c15880b0","block_type":"box","text":"repor ting policies and practices of the Funds. The Audit Committee’s responsibilities include, without limitation:","page_number":28,"box":{"x":69,"y":775,"width":795,"height":12}},{"id":"b491f854-8697-45f5-a299-b7c458f54f0c","block_type":"box","text":"(i) approving, and recommending to the full Board for approval, the selection, retention, termination and","page_number":28,"box":{"x":69,"y":790,"width":739,"height":12}},{"id":"c0c80d75-3583-42b5-827c-1f5dc2a1f6ae","block_type":"box","text":"compensation of the Funds’ independent registered public accounting firm (the “Independent Registered Public","page_number":28,"box":{"x":69,"y":806,"width":792,"height":11}},{"id":"f2c08163-54c5-4a63-ac72-cd02a4bc89b3","block_type":"box","text":"Accounting Firm”) and evaluating the independence and objectivity of the Independent Registered Public Accounting","page_number":28,"box":{"x":68,"y":821,"width":824,"height":11}},{"id":"d49f979c-a2c4-487e-a4cf-a811879eca3a","block_type":"box","text":"Firm; (ii) approving all audit engagement terms and fees for the Funds; (iii) reviewing the conduct and results of each","page_number":28,"box":{"x":70,"y":836,"width":830,"height":11}},{"id":"7c6e16e8-f66b-4bc4-bd92-fa3438b9709b","block_type":"box","text":"audit; (iv) reviewing any issues raised by the Funds’ Independent Registered Public Accounting Firm or management","page_number":28,"box":{"x":69,"y":851,"width":824,"height":11}},{"id":"ecb22d0d-a2e7-43c8-a32a-0d5170fe2389","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Funds, their internal controls, and, as","page_number":28,"box":{"x":69,"y":866,"width":808,"height":11}},{"id":"e602a238-3170-40f4-ad9c-709159ecddf5","block_type":"box","text":"appropriate, the internal controls of cer tain service providers and management’s response to any such issues;","page_number":28,"box":{"x":69,"y":881,"width":791,"height":11}},{"id":"da8f92d2-d620-4b74-aaab-6891aa97051f","block_type":"box","text":"(v) reviewing and discussing the Funds’ audited and unaudited financial statements and disclosure in the Funds’","page_number":28,"box":{"x":69,"y":896,"width":800,"height":12}},{"id":"1ae5dcf5-214d-4f0b-9e8f-23dde2eaccf6","block_type":"box","text":"shareholder repor ts relating to the Funds’ per formance; (vi) assisting the Board’s responsibilities with respect to the","page_number":28,"box":{"x":69,"y":911,"width":833,"height":12}},{"id":"932786e3-9256-4b4b-9d2f-dd89dd2a81e3","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"fdd5559e-fa66-48df-bc10-f7b459db9317","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0e4260c-1eec-44a4-b479-92dbb1667aa1","block_type":"box","text":"internal controls of the Funds and their service providers with respect to accounting and financial matters; and","page_number":29,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"850844a9-fb3b-4ee1-bfaa-3cc9819863cf","block_type":"box","text":"(vii) resolving any disagreements between the Funds’ management and the Funds’ Independent Registered Public","page_number":29,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"0a16d7d5-285a-4ce1-95f3-eef07bdd1378","block_type":"box","text":"Accounting Firm regarding financial repor ting. The Board has adopted a written char ter for the Board’s Audit","page_number":29,"box":{"x":68,"y":75,"width":770,"height":11}},{"id":"9cf39f96-533a-4b6a-b722-9025e9e3942b","block_type":"box","text":"Committee. During the fiscal year ended March 31, 2026, the Audit Committee met four times.","page_number":29,"box":{"x":69,"y":90,"width":678,"height":11}},{"id":"84aff914-3d8f-462f-a8fe-e85e4162bc3e","block_type":"box","text":"Governance and Nominating Committee.","page_number":29,"box":{"x":102,"y":113,"width":286,"height":11}},{"id":"853e17f2-f465-477c-8ed1-c8767cb0ec59","block_type":"box","text":"The Board has a standing Governance and Nominating Committee","page_number":29,"box":{"x":394,"y":113,"width":471,"height":11}},{"id":"b04fda79-2465-401d-ad17-68cb27e50f9a","block_type":"box","text":"composed of W. Carl Kester (Chair), Cynthia L. Egan, J. Phillip Holloman and R. Glenn Hubbard, all of whom are","page_number":29,"box":{"x":69,"y":128,"width":791,"height":11}},{"id":"b837b2ae-e3fd-4e95-8323-0dd8486ed8dd","block_type":"box","text":"Independent Trustees. The principal responsibilities of the Governance and Nominating Committee are: (i) identifying","page_number":29,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"97bdf4ea-363a-4f16-aaf1-13a08e9b6a86","block_type":"box","text":"individuals qualified to serve as Independent Trustees and recommending Board nominees that are not “interested","page_number":29,"box":{"x":70,"y":158,"width":820,"height":11}},{"id":"a410374f-dc62-487e-917e-3ad84faf7b52","block_type":"box","text":"persons” of the Funds (as defined in the Investment Company Act) for election by shareholders or appointment by the","page_number":29,"box":{"x":70,"y":173,"width":837,"height":11}},{"id":"fca73d83-fb27-4470-8877-06b9c0a9ba2f","block_type":"box","text":"Board; (ii) advising the Board with respect to Board composition, procedures and Committees of the Board (other","page_number":29,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"a6ac472e-1316-4f85-aeef-035dc5676861","block_type":"box","text":"than the Audit Committee); (iii) overseeing periodic self-assessments of the Board and Committees of the Board","page_number":29,"box":{"x":68,"y":203,"width":800,"height":12}},{"id":"c4441b67-bbf1-42f6-bbfc-f5017f1fbc4c","block_type":"box","text":"(other than the Audit Committee); (iv) reviewing and making recommendations in respect to Independent Trustee","page_number":29,"box":{"x":69,"y":219,"width":801,"height":11}},{"id":"a11c734b-0810-43b5-9abb-09351e033a0d","block_type":"box","text":"compensation; (v) monitoring corporate governance matters and making recommendations in respect thereof to the","page_number":29,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"f07f7fd0-076f-427d-a97a-babd837a8def","block_type":"box","text":"Board; (vi) acting as the administrative committee with respect to Board policies and procedures, committee policies","page_number":29,"box":{"x":70,"y":249,"width":831,"height":11}},{"id":"65c16d97-a147-4d7e-a6e5-160f82ac4489","block_type":"box","text":"and procedures (other than the Audit Committee) and codes of ethics as they relate to the Independent Trustees;","page_number":29,"box":{"x":69,"y":264,"width":808,"height":11}},{"id":"14090558-97d9-4634-bee9-2627eaeb2559","block_type":"box","text":"and (vii) reviewing and making recommendations to the Board in respect of Fund share ownership by the Independent","page_number":29,"box":{"x":69,"y":279,"width":838,"height":11}},{"id":"8d7bf4d1-66cf-461d-a30d-1ef29feab70e","block_type":"box","text":"Trustees. The Board has adopted a written char ter for the Board’s Governance and Nominating Committee. During","page_number":29,"box":{"x":68,"y":294,"width":817,"height":11}},{"id":"947c557c-2cfd-4d01-9524-b4f8d37fb718","block_type":"box","text":"the fiscal year ended March 31, 2026, the Governance and Nominating Committee met four times.","page_number":29,"box":{"x":68,"y":309,"width":706,"height":11}},{"id":"1e091d93-9b22-4044-966a-65d2f83b453f","block_type":"box","text":"The Governance and Nominating Committee of the Board seeks to identify individuals to serve on the Board who","page_number":29,"box":{"x":101,"y":332,"width":803,"height":11}},{"id":"a2d9a4e5-84a5-45f7-a890-af4351a6a157","block_type":"box","text":"have a diverse range of viewpoints, qualifications, experiences, backgrounds and skill sets so that the Board will be","page_number":29,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"9482700b-d2e5-43db-a643-517f4114db59","block_type":"box","text":"better suited to fulfill its responsibility of overseeing the Funds’ activities. In so doing, the Governance and","page_number":29,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"a5bfcbde-4def-49dc-be67-b02212d3f24a","block_type":"box","text":"Nominating Committee reviews the size of the Board, the ages of the current Trustees and their tenure on the Board,","page_number":29,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"f6ed5797-41b4-400f-aa60-e7ed7a6d05ef","block_type":"box","text":"and the skills, background and experiences of the Trustees in light of the issues facing the Funds in determining","page_number":29,"box":{"x":69,"y":392,"width":802,"height":12}},{"id":"9b600c92-8f24-444d-b380-e5071d6b430f","block_type":"box","text":"whether one or more new trustees should be added to the Board. The Board as a group strives to achieve diversity in","page_number":29,"box":{"x":68,"y":408,"width":836,"height":11}},{"id":"251e5f53-f019-45b0-b1ae-690802c0a626","block_type":"box","text":"terms of gender, race and geographic location. The Governance and Nominating Committee believes that the","page_number":29,"box":{"x":68,"y":423,"width":775,"height":11}},{"id":"0a51f0a1-11e2-4ca4-90d1-c3de3087b43c","block_type":"box","text":"Trustees as a group possess the array of skills, experiences and backgrounds necessary to guide the Funds. The","page_number":29,"box":{"x":68,"y":438,"width":810,"height":11}},{"id":"76d89660-ca5f-4afc-aeb4-fafce4bd3c79","block_type":"box","text":"Trustees’ biographies included herein highlight the diversity and breadth of skills, qualifications and exper tise that","page_number":29,"box":{"x":68,"y":453,"width":815,"height":11}},{"id":"c33ed205-f6c7-4f8d-a9e8-a0d3af3ae872","block_type":"box","text":"the Trustees bring to the Funds.","page_number":29,"box":{"x":68,"y":468,"width":227,"height":11}},{"id":"485aec0e-54a1-4298-bbcb-07f54aa4c377","block_type":"box","text":"The Governance and Nominating Committee may consider nominations for Trustees made by the Funds’","page_number":29,"box":{"x":101,"y":491,"width":740,"height":11}},{"id":"76faa801-ff7b-4fc9-97df-edb5ab0170da","block_type":"box","text":"shareholders as it deems appropriate. Under the Trust’s Bylaws, shareholders must follow cer tain procedures to","page_number":29,"box":{"x":69,"y":506,"width":803,"height":11}},{"id":"abc6387d-d4cc-4dce-b12c-e8891a503fd0","block_type":"box","text":"nominate a person for election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under","page_number":29,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"261a0126-9d83-456d-8f54-88d1257a4b81","block_type":"box","text":"these advance notice procedures, shareholders must submit the proposed nominee by delivering a notice to the","page_number":29,"box":{"x":68,"y":536,"width":801,"height":11}},{"id":"490ea12f-4efb-4bd2-914f-b76e6bcbd0fc","block_type":"box","text":"Secretary of the Funds at its principal executive offices no later than the close of business on the fifth (5th) day","page_number":29,"box":{"x":69,"y":551,"width":798,"height":11}},{"id":"d6b016f6-5f02-4114-8786-a99dd2b31394","block_type":"box","text":"following the day on which notice of the date of the meeting was mailed or public disclosure of the date of the","page_number":29,"box":{"x":68,"y":566,"width":784,"height":11}},{"id":"70b7e4e6-7b2b-4ba7-8b14-2f6117335b59","block_type":"box","text":"meeting was made, whichever first occurs.","page_number":29,"box":{"x":69,"y":581,"width":302,"height":12}},{"id":"8c14ffb4-a601-49d8-9c69-ed38b5c7acf7","block_type":"box","text":"The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about the","page_number":29,"box":{"x":101,"y":604,"width":769,"height":11}},{"id":"f4d9bd8f-cd5a-4efc-bc26-bb6d2f5c9992","block_type":"box","text":"shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":29,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"6b38ad0d-d1da-4ef5-9fe3-d1120022d718","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details.","page_number":29,"box":{"x":69,"y":634,"width":615,"height":11}},{"id":"5666cb99-9b92-42e2-af5d-570bffe34363","block_type":"box","text":"Compliance Committee.","page_number":29,"box":{"x":102,"y":657,"width":168,"height":11}},{"id":"d5dd54e9-f24a-45d1-98d5-ffa9132664bc","block_type":"box","text":"The Board has a Compliance Committee composed of Cynthia L. Egan (Chair), Stayce D.","page_number":29,"box":{"x":276,"y":657,"width":628,"height":11}},{"id":"406b02b4-eaa4-4a8b-b78b-8facb671956b","block_type":"box","text":"Harris, R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Trustees. The Compliance Committee’s","page_number":29,"box":{"x":70,"y":672,"width":813,"height":11}},{"id":"95b4490d-11a9-4d8c-a9c6-1baaf67d1e84","block_type":"box","text":"purpose is to assist the Board in fulfilling its responsibility with respect to the oversight of regulatory and fiduciary","page_number":29,"box":{"x":70,"y":687,"width":814,"height":11}},{"id":"0bd76ac4-2b62-4b11-a5c8-38ef9d1a2fa8","block_type":"box","text":"compliance matters involving the Trust, the fund-related activities of BlackRock, and any sub-adviser and the Trust’s","page_number":29,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"f333dac0-990f-49a0-8f73-8dea3a5ce6cb","block_type":"box","text":"other third par ty service providers. The Compliance Committee’s responsibilities include, without limitation:","page_number":29,"box":{"x":69,"y":718,"width":765,"height":11}},{"id":"9360782a-faed-4460-92a4-b10b8368c3d3","block_type":"box","text":"(i) overseeing the compliance policies and procedures of the Trust and its service providers and recommending","page_number":29,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"4a8058b8-187a-49ab-ada9-84740be7c4e4","block_type":"box","text":"changes or additions to such policies and procedures; (ii) reviewing information on and, where appropriate,","page_number":29,"box":{"x":69,"y":748,"width":762,"height":11}},{"id":"efdd2907-6b2a-42c5-add2-c9b9555739b2","block_type":"box","text":"recommending policies concerning the Trust’s compliance with applicable law; (iii) reviewing information on any","page_number":29,"box":{"x":69,"y":763,"width":792,"height":11}},{"id":"d4a25dde-d3e8-40cf-9de8-d96c9e479dda","block_type":"box","text":"significant correspondence with or other actions by regulators or governmental agencies with respect to the Trust and","page_number":29,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"c3e72c49-eb06-4c8a-af11-26c547505aba","block_type":"box","text":"any employee complaints or published repor ts that raise concerns regarding compliance matters; and (iv) reviewing","page_number":29,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"870d2d25-5679-4eff-b807-218f9f97d9fe","block_type":"box","text":"repor ts from, overseeing the annual per formance review of, and making cer tain recommendations in respect of, the","page_number":29,"box":{"x":69,"y":808,"width":827,"height":11}},{"id":"1eb3adf0-105d-4521-96e3-6bdbaf246b7a","block_type":"box","text":"Trust’s CCO, including, without limitation, determining the amount and structure of the CCO’s compensation. The","page_number":29,"box":{"x":68,"y":823,"width":807,"height":12}},{"id":"a34687b5-7694-438e-8701-66e3775fe0c4","block_type":"box","text":"Board has adopted a written char ter for the Board’s Compliance Committee. During the fiscal year ended","page_number":29,"box":{"x":70,"y":838,"width":747,"height":12}},{"id":"195bd3a6-53d9-46a7-a61e-d48a046e6b46","block_type":"box","text":"March 31, 2026, the Compliance Committee met four times.","page_number":29,"box":{"x":70,"y":853,"width":432,"height":11}},{"id":"20db27db-182a-43f4-a946-dbc82f3dff1d","block_type":"box","text":"Per formance Oversight Committee.","page_number":29,"box":{"x":102,"y":876,"width":248,"height":11}},{"id":"56790247-19bd-4895-a363-a77a068439ce","block_type":"box","text":"The Board has a Per formance Oversight Committee composed of Ar thur P.","page_number":29,"box":{"x":356,"y":876,"width":530,"height":11}},{"id":"a050749f-3418-46fd-83d5-4b21b77e5277","block_type":"box","text":"Steinmetz (Chair), Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, R. Glenn Hubbard and W.","page_number":29,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"d31a6d35-3f3c-4543-95b4-8bfc9d1ecd36","block_type":"box","text":"Carl Kester, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":29,"box":{"x":69,"y":906,"width":832,"height":12}},{"id":"d2685b37-fb1d-47f6-a598-561cae02657e","block_type":"box","text":"I-13","page_number":29,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"68cf0ec5-6296-4d2c-ad12-e39072ef2147","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2c24116-e859-4195-be3c-bc04dd4a1ffb","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Funds’ investment per formance relative to the Funds’ investment","page_number":30,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"05231805-e9d1-44db-a3db-2d3ab806a976","block_type":"box","text":"objective, policies and practices. The Per formance Oversight Committee’s responsibilities include, without limitation:","page_number":30,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"3e7bdac4-40dc-427a-adf9-7dc4e278e6a9","block_type":"box","text":"(i) reviewing the Funds’ investment objective, policies and practices; (ii) recommending to the Board any required","page_number":30,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"2d9c8575-6ab7-4fd9-8997-1407b3581e4e","block_type":"box","text":"action in respect of changes in fundamental and non-fundamental investment restrictions; (iii) reviewing information","page_number":30,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"1bf4ed73-f7b4-42f6-b8a3-037341f9a2f2","block_type":"box","text":"on appropriate benchmarks and competitive universes; (iv) reviewing the Funds’ investment per formance relative to","page_number":30,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"2b64eb70-e708-4a95-858d-66f52fbe3750","block_type":"box","text":"such benchmarks; (v) reviewing information on unusual or exceptional investment matters; (vi) reviewing whether the","page_number":30,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"e4a338ef-098d-4f0f-8aff-c2c6e2b13822","block_type":"box","text":"Funds have complied with their investment policies and restrictions; and (vii) overseeing policies, procedures and","page_number":30,"box":{"x":70,"y":136,"width":805,"height":11}},{"id":"213a201e-9dc7-443f-b3e3-72117e0b3c60","block_type":"box","text":"controls regarding valuation of the Funds’ investments. The Board has adopted a written char ter for the Board’s","page_number":30,"box":{"x":69,"y":150,"width":798,"height":12}},{"id":"f1b1e70e-919f-4c1b-8416-ed64e9d7ee53","block_type":"box","text":"Per formance Oversight Committee. During the fiscal year ended March 31, 2026, the Per formance Oversight","page_number":30,"box":{"x":69,"y":166,"width":777,"height":11}},{"id":"a2643d69-6b47-4181-826b-1773ecd48580","block_type":"box","text":"Committee met four times.","page_number":30,"box":{"x":69,"y":181,"width":190,"height":9}},{"id":"ba9f76f7-7b17-45d3-bcb6-2e1320e8f518","block_type":"box","text":"Securities Lending Committee.","page_number":30,"box":{"x":102,"y":203,"width":217,"height":12}},{"id":"34f227da-376e-437b-985e-2fa49f6872ed","block_type":"box","text":"The Board has a Securities Lending Committee composed of Ar thur P. Steinmetz","page_number":30,"box":{"x":325,"y":203,"width":575,"height":12}},{"id":"47d8d43f-14e4-47b0-bc94-781521af31cf","block_type":"box","text":"(Chair), Cynthia L. Egan and W. Carl Kester, both of whom are Independent Trustees. The principal responsibilities of","page_number":30,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"b8ed12b9-96b1-4cb0-92e9-e89cc23e9aba","block_type":"box","text":"the Securities Lending Committee include, without limitation: (i) suppor ting, overseeing and organizing on behalf of","page_number":30,"box":{"x":68,"y":234,"width":820,"height":11}},{"id":"814cde4b-f8e5-4a1d-a8d3-846789a70273","block_type":"box","text":"the Board the process for oversight of the Fund’s securities lending activities; and (ii) providing a recommendation to","page_number":30,"box":{"x":68,"y":249,"width":834,"height":11}},{"id":"ac1c5e3c-21ac-4b38-b5e0-fcd75476690f","block_type":"box","text":"the Board regarding the annual approval of the Fund’s Securities Lending Guidelines and the Fund’s agreement with","page_number":30,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"6d70ea84-351a-44c4-90f6-d73cd2bbaec5","block_type":"box","text":"the lending agent. The Board has adopted a written char ter for the Board’s Securities Lending Committee. During the","page_number":30,"box":{"x":68,"y":279,"width":836,"height":11}},{"id":"6082d1e1-222a-4acd-b525-89ce8e6c142e","block_type":"box","text":"fiscal year ended March 31, 2026, the Securities Lending Committee met two times.","page_number":30,"box":{"x":68,"y":294,"width":606,"height":11}},{"id":"37cbba27-44b0-418e-b77c-baf2f61ca157","block_type":"box","text":"Executive Committee.","page_number":30,"box":{"x":102,"y":317,"width":152,"height":9}},{"id":"7b239d64-7b04-4578-9239-c39b5b408335","block_type":"box","text":"The Board has an Executive Committee composed of R. Glenn Hubbard (Chair) and W. Carl","page_number":30,"box":{"x":260,"y":317,"width":645,"height":11}},{"id":"335616e4-b415-432c-b99d-4c8ef34a52f4","block_type":"box","text":"Kester, both of whom are Independent Trustees, and John M. Perlowski, who serves as an interested Trustee. The","page_number":30,"box":{"x":70,"y":332,"width":815,"height":11}},{"id":"0dce7ff9-4ea1-48b6-83b1-05b138f28542","block_type":"box","text":"principal responsibilities of the Executive Committee include, without limitation: (i) acting on routine matters between","page_number":30,"box":{"x":70,"y":347,"width":832,"height":11}},{"id":"f5d236ba-c117-4d9a-a214-ed7c25d4b218","block_type":"box","text":"meetings of the Board; (ii) acting on such matters as may require urgent action between meetings of the Board; and","page_number":30,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"021c79ee-7a76-47db-8826-f856fda82742","block_type":"box","text":"(iii) exercising such other authority as may from time to time be delegated to the Executive Committee by the Board.","page_number":30,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"22766b76-5c45-46eb-8c73-af167c9561ef","block_type":"box","text":"The Board has adopted a written char ter for the Board’s Executive Committee. During the fiscal year ended","page_number":30,"box":{"x":68,"y":392,"width":764,"height":12}},{"id":"8d8719fa-f95f-4683-97e7-ea46acc6e6c1","block_type":"box","text":"March 31, 2026, the Executive Committee did not meet.","page_number":30,"box":{"x":70,"y":408,"width":401,"height":10}},{"id":"68ab8fac-e3a2-43a5-9980-0115d3ee72e9","block_type":"box","text":"Private Assets Committee","page_number":30,"box":{"x":102,"y":430,"width":184,"height":9}},{"id":"6424db1a-dbc3-4717-b5ec-4071d88f127c","block_type":"box","text":". The Board has a Private Assets Committee composed of W. Carl Kester (Chair),","page_number":30,"box":{"x":287,"y":430,"width":573,"height":11}},{"id":"24282999-778a-4791-88a8-68e0a80fc211","block_type":"box","text":"Cynthia L. Egan and Ar thur P. Steinmetz, all of whom are Independent Trustees. The principal responsibilities of the","page_number":30,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"f5b1bcde-3ba4-48e7-9d6a-53d92798fef0","block_type":"box","text":"Private Assets Committee include, without limitation: (i) monitoring, on behalf of the Board, through reviews of","page_number":30,"box":{"x":69,"y":460,"width":785,"height":12}},{"id":"14f06b74-f1ca-4eb9-b0e9-7ea8bb92557b","block_type":"box","text":"periodic repor ts from BlackRock, cer tain categories or types of private assets held by the Fund that have been","page_number":30,"box":{"x":70,"y":475,"width":786,"height":12}},{"id":"9adce997-acb9-4603-a0bb-87e572f1a063","block_type":"box","text":"identified by the Committee (“subject private assets”); (ii) assisting the Board and its other Committees to oversee","page_number":30,"box":{"x":70,"y":491,"width":819,"height":11}},{"id":"20a2bcde-4710-4e02-8333-737342a9517a","block_type":"box","text":"the actions of the Fund’s valuation designee and liquidity risk manager in respect of the valuation and liquidity,","page_number":30,"box":{"x":68,"y":506,"width":789,"height":11}},{"id":"10b371c6-86f8-4b88-baaa-1f78bf26dd20","block_type":"box","text":"respectively, of subject private assets held by the Fund; (iii) engaging with BlackRock on the oversight of subject","page_number":30,"box":{"x":69,"y":521,"width":797,"height":11}},{"id":"9d119254-7ad7-43da-9efd-18d51bd00be5","block_type":"box","text":"private assets; (iv) reviewing and making recommendations to the Board and/or its Committees regarding the","page_number":30,"box":{"x":70,"y":536,"width":780,"height":11}},{"id":"00ca7adb-ce05-4769-95da-484c82a0cff0","block_type":"box","text":"Board’s oversight of subject private assets; and (v) addressing such other matters relating to subject private assets","page_number":30,"box":{"x":70,"y":551,"width":824,"height":11}},{"id":"be7accac-6c38-4099-9cf6-87e51779d45e","block_type":"box","text":"held by the Fund as the Committee deems appropriate, including assisting the Board’s consideration of subject","page_number":30,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"4289b07a-d6c4-4ad0-9f1a-2fd60934b522","block_type":"box","text":"private assets in conjunction with the annual consideration of the Fund’s investment advisory agreement. The Board","page_number":30,"box":{"x":70,"y":581,"width":827,"height":12}},{"id":"0b41a68d-07fa-4a4d-8dc0-06edc9ffdb90","block_type":"box","text":"has adopted a written char ter for the Board’s Private Assets Committee. As the Private Assets Committee was","page_number":30,"box":{"x":69,"y":596,"width":788,"height":11}},{"id":"d4c966a8-b8ea-4074-9a6c-59abf647399a","block_type":"box","text":"established in July 2026, during the fiscal year ended March 31, 2026, the Private Assets Committee did not meet.","page_number":30,"box":{"x":69,"y":612,"width":825,"height":11}},{"id":"b0652fcb-3d03-4ef9-b0d1-0493f55ad88d","block_type":"box","text":"The Independent Trustees have adopted a statement of policy that describes the experiences, qualifications,","page_number":30,"box":{"x":101,"y":634,"width":775,"height":11}},{"id":"62035539-e926-42ad-8c3b-3bd67d35cc8f","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":30,"box":{"x":69,"y":649,"width":827,"height":12}},{"id":"7c8e59a6-2ed5-4bcd-950e-b8a46cd30da9","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":30,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"1e895745-ca7e-4f19-ace1-6288b2d52665","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy as well as the","page_number":30,"box":{"x":69,"y":680,"width":828,"height":11}},{"id":"260a52cf-9ede-441c-8251-1553767c99d5","block_type":"box","text":"standards set for th in the Trust’s Bylaws. Fur thermore, in determining that a par ticular Trustee was and continues to","page_number":30,"box":{"x":69,"y":695,"width":835,"height":11}},{"id":"e9214494-bd93-4338-80a1-5e8c96210273","block_type":"box","text":"be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was","page_number":30,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"3b08f01d-e8e1-42b6-8e7d-7762579ff550","block_type":"box","text":"controlling. The Board believes that, collectively, the Trustees have balanced and diverse experiences, skills,","page_number":30,"box":{"x":69,"y":725,"width":773,"height":11}},{"id":"ed7c28bb-8d88-4087-9660-a94f3b15e189","block_type":"box","text":"attributes and qualifications, which allow the Board to operate effectively in governing the Funds and protecting the","page_number":30,"box":{"x":69,"y":740,"width":820,"height":11}},{"id":"6b0a0010-cf84-4db3-b5bf-0fdf6250e411","block_type":"box","text":"interests of shareholders. Among the attributes common to all Trustees is their ability to review critically, evaluate,","page_number":30,"box":{"x":70,"y":755,"width":814,"height":11}},{"id":"7483387d-3bc4-478f-ac3b-2969e8e27fcf","block_type":"box","text":"question and discuss information provided to them, to interact effectively with the Manager, sub-advisers, other","page_number":30,"box":{"x":69,"y":770,"width":796,"height":12}},{"id":"09de9e9d-864e-4a5a-8ccf-594e154c5b63","block_type":"box","text":"service providers, counsel and independent auditors, and to exercise effective business judgment in the","page_number":30,"box":{"x":69,"y":785,"width":744,"height":12}},{"id":"4eab178b-b359-4e63-9d0f-180b51c703d5","block_type":"box","text":"per formance of their duties as Trustees. Each Trustee’s ability to per form his or her duties effectively is evidenced by","page_number":30,"box":{"x":70,"y":801,"width":840,"height":11}},{"id":"741a5f8f-4c81-40d3-a79f-fd74201c30a4","block_type":"box","text":"his or her educational background or professional training; business, consulting, public service or academic","page_number":30,"box":{"x":69,"y":816,"width":768,"height":11}},{"id":"0de59758-8171-4228-80a9-f80df81a1b59","block_type":"box","text":"positions; experience from service as a board member of the Trust or the other funds in the BlackRock Fund","page_number":30,"box":{"x":70,"y":831,"width":771,"height":11}},{"id":"64523b10-6f2e-43c1-8754-956c1a3a0e83","block_type":"box","text":"Complexes (and any predecessor funds), other investment funds, public companies, or not-for-profit entities or other","page_number":30,"box":{"x":69,"y":846,"width":828,"height":11}},{"id":"85201c13-a567-4558-a347-737dc8cb3371","block_type":"box","text":"organizations; ongoing commitment and par ticipation in Board and Committee meetings, as well as his or her","page_number":30,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"81f9f5a5-fe11-40f9-b14f-804d95c477bd","block_type":"box","text":"leadership of standing and other committees throughout the years; or other relevant life experiences.","page_number":30,"box":{"x":70,"y":876,"width":719,"height":11}},{"id":"f977324a-0a2d-4119-a114-5bda60ae649a","block_type":"box","text":"I-14","page_number":30,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"b7942a67-a247-4067-98ef-1da73924a632","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5797c429-72ac-454d-9e3b-d4ee7bd194aa","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each Trustee that suppor t the","page_number":31,"box":{"x":101,"y":45,"width":784,"height":11}},{"id":"d7e8890d-0d68-472b-af4f-7439d68493a4","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":31,"box":{"x":69,"y":60,"width":378,"height":9}},{"id":"f25e77ab-3dad-41ae-98c4-d24c07f5837c","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":31,"box":{"x":68,"y":88,"width":409,"height":9}},{"id":"bbb3a72b-83cd-4201-8745-771e0d31f01f","block_type":"box","text":"Independent Trustees","page_number":31,"box":{"x":70,"y":105,"width":154,"height":10}},{"id":"f4a30492-ffde-4704-a304-99e84b74ad07","block_type":"box","text":"R. Glenn Hubbard R. Glenn Hubbard has served in numerous roles in the field of economics, including as","page_number":31,"box":{"x":70,"y":120,"width":814,"height":11}},{"id":"4e02906b-042c-476b-8af1-65d2a89f2215","block_type":"box","text":"the Chairman of the U.S. Council of Economic Advisers of the President of the United","page_number":31,"box":{"x":264,"y":135,"width":606,"height":9}},{"id":"f08c7bb1-31d4-482b-ad90-d291ee2c2b10","block_type":"box","text":"States. Dr. Hubbard has served as the Dean of Columbia Business School, as a member","page_number":31,"box":{"x":265,"y":150,"width":635,"height":10}},{"id":"d3fa8c47-baa4-4288-8c03-2f6ba73abcd8","block_type":"box","text":"of the Columbia Faculty and as a Visiting Professor at the John F. Kennedy School of","page_number":31,"box":{"x":265,"y":165,"width":602,"height":11}},{"id":"78df6e70-f470-48bd-a846-79a78d0972a0","block_type":"box","text":"Government at Harvard University, the Harvard Business School and the University of","page_number":31,"box":{"x":265,"y":180,"width":608,"height":11}},{"id":"52c2e36a-cb80-4190-b38e-91c840522597","block_type":"box","text":"Chicago. Dr. Hubbard’s experience as an adviser to the President of the United States","page_number":31,"box":{"x":265,"y":195,"width":613,"height":11}},{"id":"1d514dc3-9a1d-4d9b-95d6-b2c105088e3d","block_type":"box","text":"adds a dimension of balance to the Funds’ governance and provides perspective on","page_number":31,"box":{"x":265,"y":210,"width":595,"height":12}},{"id":"1413676f-453a-4c71-b597-c467ad0cc3d0","block_type":"box","text":"economic issues. Dr. Hubbard’s service on the boards of ADP and Metropolitan Life","page_number":31,"box":{"x":265,"y":225,"width":597,"height":11}},{"id":"706fb9fb-35b0-46bf-9cf1-0684b982903b","block_type":"box","text":"Insurance Company provides the the Board with the benefit of his experience with the","page_number":31,"box":{"x":265,"y":241,"width":609,"height":11}},{"id":"16bbaa38-843e-4afe-846c-59f2d4be1e52","block_type":"box","text":"management practices of other financial companies. Dr. Hubbard’s long-standing service","page_number":31,"box":{"x":265,"y":256,"width":632,"height":11}},{"id":"fe777c2c-2630-498c-a14d-75e5a85fbff7","block_type":"box","text":"on the boards of directors/trustees of the closed-end funds in the BlackRock Fixed","page_number":31,"box":{"x":265,"y":271,"width":594,"height":11}},{"id":"895995cf-e32b-43f4-bea4-345e87bbf9ba","block_type":"box","text":"Income Complex also provides him with a specific understanding of the Funds, their","page_number":31,"box":{"x":265,"y":286,"width":596,"height":11}},{"id":"f163bf1b-c272-48d1-ab74-e581e5def9ca","block_type":"box","text":"operations, and the business and regulatory issues facing the Funds. Dr. Hubbard’s","page_number":31,"box":{"x":265,"y":301,"width":598,"height":11}},{"id":"698fe2a5-36f5-4227-a132-b2147b80c8cb","block_type":"box","text":"independence from the Funds and the Manager enhances his service as Chair of the","page_number":31,"box":{"x":265,"y":316,"width":604,"height":11}},{"id":"8f1eecd7-fd3e-4dd9-bb89-e0e116639581","block_type":"box","text":"Board, Chair of the Executive Committee and a member of the Governance and","page_number":31,"box":{"x":265,"y":331,"width":562,"height":11}},{"id":"52a24ff6-c1e2-4f40-8eab-9ff1c96ef6e0","block_type":"box","text":"Nominating Committee, the the Compliance Committee and the the Per formance","page_number":31,"box":{"x":265,"y":346,"width":575,"height":12}},{"id":"f3f1867a-bb93-4ac6-9c96-6b310b4a7827","block_type":"box","text":"Oversight Committee.","page_number":31,"box":{"x":265,"y":362,"width":151,"height":11}},{"id":"315704be-3bb0-460e-b971-2d1c21fd4875","block_type":"box","text":"W. Carl Kester The the Board benefits from W. Carl Kester’s experiences as a professor and author in","page_number":31,"box":{"x":68,"y":384,"width":813,"height":11}},{"id":"f3f504b6-24a5-45c3-9412-f74db50bf087","block_type":"box","text":"finance, and his experience as the George Fisher Baker Jr. Professor of Business","page_number":31,"box":{"x":264,"y":399,"width":578,"height":12}},{"id":"d499087b-0f16-4cc8-bf5c-447bc09ee994","block_type":"box","text":"Administration at Harvard Business School and as Deputy Dean of Academic Affairs at","page_number":31,"box":{"x":264,"y":414,"width":618,"height":12}},{"id":"7e11def9-66d4-4a51-bf5d-b6896e2205b9","block_type":"box","text":"Harvard Business School from 2006 through 2010 adds to the Board a wealth of","page_number":31,"box":{"x":265,"y":429,"width":581,"height":12}},{"id":"76b76ec5-edea-4ea0-8fae-e45bb245612e","block_type":"box","text":"exper tise in corporate finance and corporate governance. Dr. Kester has authored and","page_number":31,"box":{"x":265,"y":445,"width":613,"height":11}},{"id":"3e154603-dd99-408c-aa2d-a035bb906bcc","block_type":"box","text":"edited numerous books and research papers on both subject matters, including co-editing","page_number":31,"box":{"x":265,"y":460,"width":641,"height":11}},{"id":"1fb0fa4b-e48d-43e8-a8fb-0b73cb001bc5","block_type":"box","text":"a leading volume of finance case studies used worldwide. Dr. Kester’s long-standing","page_number":31,"box":{"x":265,"y":475,"width":599,"height":11}},{"id":"616510ef-af9a-495f-9dd9-cd7a51abf41f","block_type":"box","text":"service on the boards of directors/trustees of the closed-end funds in the BlackRock","page_number":31,"box":{"x":265,"y":490,"width":605,"height":11}},{"id":"b876cb29-43b0-49eb-8c03-031941c09e56","block_type":"box","text":"Fixed-Income Complex also provides him with a specific understanding of the Funds, their","page_number":31,"box":{"x":265,"y":505,"width":636,"height":11}},{"id":"fc43db8b-ce11-4f64-805d-f407773d09d5","block_type":"box","text":"operations, and the business and regulatory issues facing the Funds. Dr. Kester’s","page_number":31,"box":{"x":265,"y":520,"width":584,"height":12}},{"id":"d4b29c3a-0f81-4239-9783-72c5dede184e","block_type":"box","text":"independence from the Funds and the Manager enhances his service as Vice Chair of the","page_number":31,"box":{"x":265,"y":535,"width":638,"height":12}},{"id":"ba0f6b7f-6d0a-4c7d-978d-1df1b4cf048b","block_type":"box","text":"Board, Chair of the Governance and Nominating Committee, Chair of the Private Assets","page_number":31,"box":{"x":265,"y":550,"width":621,"height":12}},{"id":"4ad2353f-7009-4d62-8b66-538af6f30e60","block_type":"box","text":"Committee and a member of the the Executive Committee, the Compliance Committee,","page_number":31,"box":{"x":265,"y":566,"width":620,"height":11}},{"id":"8c273308-f481-4453-b287-c30f1406d0d0","block_type":"box","text":"the Per formance Oversight Committee and the Securities Lending Committee.","page_number":31,"box":{"x":264,"y":581,"width":554,"height":11}},{"id":"f05cf884-c4a5-4f92-b466-fef261a8f800","block_type":"box","text":"Cynthia L. Egan Cynthia L. Egan brings to the the Board a broad and diverse knowledge of investment","page_number":31,"box":{"x":69,"y":603,"width":803,"height":12}},{"id":"9010bdd0-a4d2-4b56-bc68-a1263c76e370","block_type":"box","text":"companies and the retirement industry as a result of her many years of experience as","page_number":31,"box":{"x":264,"y":618,"width":613,"height":12}},{"id":"32a3eece-002a-4b38-89b6-22a82295fd66","block_type":"box","text":"President, Retirement Plan Services, for T. Rowe Price Group, Inc. and her various senior","page_number":31,"box":{"x":265,"y":634,"width":633,"height":11}},{"id":"890b6e36-7aaa-4842-ad92-25d370028289","block_type":"box","text":"operating officer positions at Fidelity Investments, including her service as Executive Vice","page_number":31,"box":{"x":265,"y":649,"width":636,"height":11}},{"id":"333f82ef-cb02-490f-9b90-789ddc247d15","block_type":"box","text":"President of FMR Co., President of Fidelity Institutional Services Company and President","page_number":31,"box":{"x":265,"y":664,"width":629,"height":11}},{"id":"507c2aab-3ab2-481a-a7d6-2835f6f23989","block_type":"box","text":"of the Fidelity Charitable Gift Fund. Ms. Egan has also served as an advisor to the U.S.","page_number":31,"box":{"x":265,"y":679,"width":617,"height":11}},{"id":"88f0dd79-7f1f-46b3-987d-e2f31dad506e","block_type":"box","text":"Depar tment of Treasury as an exper t in domestic retirement security. Ms. Egan began her","page_number":31,"box":{"x":265,"y":694,"width":642,"height":11}},{"id":"df6f79aa-42d7-431a-9951-de88a46d7dba","block_type":"box","text":"professional career at the Board of Governors of the Federal Reserve and the Federal","page_number":31,"box":{"x":265,"y":709,"width":608,"height":11}},{"id":"b8e4f573-499f-4fea-bde3-b45c80afc0fc","block_type":"box","text":"Reserve Bank of New York. Ms. Egan is also a director of UNUM Corporation, a publicly","page_number":31,"box":{"x":265,"y":724,"width":620,"height":12}},{"id":"711ed4c4-b419-40be-9de6-bc854bc5e7d1","block_type":"box","text":"traded insurance company providing personal risk reinsurance, and a director and Chair of","page_number":31,"box":{"x":264,"y":739,"width":643,"height":12}},{"id":"7e0cb25d-8ac0-4c35-8968-c8be7363ae80","block_type":"box","text":"the Board of The Hanover Group, a public proper ty casualty insurance company. Ms. Egan","page_number":31,"box":{"x":264,"y":755,"width":640,"height":11}},{"id":"bbc8cdac-f7e0-4a73-a72a-5730b5dc71f4","block_type":"box","text":"is also the lead independent director and non-executive Vice Chair of the Board of","page_number":31,"box":{"x":265,"y":770,"width":583,"height":11}},{"id":"83a2ba9a-2da7-4729-87b2-f250992f00bb","block_type":"box","text":"Huntsman Corporation, a publicly traded manufacturer and marketer of chemical products.","page_number":31,"box":{"x":265,"y":785,"width":643,"height":11}},{"id":"2c5995d9-351d-4814-bd2f-934a8bade215","block_type":"box","text":"Ms. Egan’s independence from the Funds and the Manager enhances her service as Chair","page_number":31,"box":{"x":265,"y":800,"width":644,"height":11}},{"id":"196ed7c0-ebbc-4030-aaff-7d7b49bb51ec","block_type":"box","text":"of the the Compliance Committee and a member of the Governance and Nominating","page_number":31,"box":{"x":265,"y":815,"width":599,"height":11}},{"id":"aefe8abb-87d8-4b39-aa2a-ae9bd6c0e3c7","block_type":"box","text":"Committee, the Per formance Oversight Committee, and the Securities Lending Committee","page_number":31,"box":{"x":265,"y":830,"width":642,"height":11}},{"id":"42c6a305-5da2-4fa7-b0b8-06c737cb1e0c","block_type":"box","text":"and a member of the Private Assets Committee.","page_number":31,"box":{"x":265,"y":845,"width":341,"height":9}},{"id":"7e213c53-f1aa-4606-96c4-2b14a10cafa0","block_type":"box","text":"I-15","page_number":31,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"40b71595-88bf-46ea-a6f2-8108f0d74e2b","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b4ffe4c-32aa-418a-8825-a0ec824398f7","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":32,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"409ef75e-7054-4c0b-8d67-c427ce23776e","block_type":"box","text":"Lorenzo A. 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Harris’s leadership and governance experience gained","page_number":32,"box":{"x":69,"y":269,"width":832,"height":12}},{"id":"d69aac3f-ccb5-4a8b-91fd-a0cbd58e9a7f","block_type":"box","text":"during her extensive military career, including as a three-star Lieutenant General of the","page_number":32,"box":{"x":265,"y":285,"width":617,"height":11}},{"id":"54823b30-fede-49ea-bc97-26f992ab7f7a","block_type":"box","text":"United States Air Force. 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Mr. Steinmetz’s knowledge of","page_number":32,"box":{"x":265,"y":708,"width":604,"height":11}},{"id":"bfd78eae-6b6e-40c5-a556-3d675fbe937f","block_type":"box","text":"financial and accounting matters qualifies him to serve as a member of the Audit","page_number":32,"box":{"x":264,"y":723,"width":579,"height":11}},{"id":"d04839e9-f91e-4954-81e0-f4c3a28c5525","block_type":"box","text":"Committee. 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Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":36,"box":{"x":79,"y":542,"width":738,"height":11}},{"id":"f88f70fd-15d2-43d8-9d9c-c7d14e0e8643","block_type":"box","text":"$100,000","page_number":36,"box":{"x":822,"y":542,"width":72,"height":11}},{"id":"778e66fd-7a21-47f4-9fe8-3524ad3cfe36","block_type":"box","text":"J. Phillip Holloman","page_number":36,"box":{"x":78,"y":558,"width":130,"height":10}},{"id":"26dbed2b-4ed6-4fde-ab5a-bb7c4c44c93d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":36,"box":{"x":217,"y":558,"width":600,"height":8}},{"id":"56ae7e51-0e3a-440b-8338-1d7512235665","block_type":"box","text":"$100,000","page_number":36,"box":{"x":822,"y":557,"width":72,"height":11}},{"id":"0d1e2ae2-c424-43c6-888f-c652b0177644","block_type":"box","text":"R. Glenn Hubbard","page_number":36,"box":{"x":79,"y":573,"width":124,"height":9}},{"id":"3e0e3ca0-e23c-4d6c-9537-c35caac876cf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":36,"box":{"x":209,"y":573,"width":608,"height":9}},{"id":"f6959b04-785e-4309-8d3c-cddb180920ab","block_type":"box","text":"$100,000","page_number":36,"box":{"x":822,"y":572,"width":72,"height":11}},{"id":"52aa2ab8-d8db-4cdc-a469-eef94cc790bb","block_type":"box","text":"W. Carl Kester","page_number":36,"box":{"x":78,"y":588,"width":102,"height":9}},{"id":"d042ffa5-327b-4979-9cb5-6e76c404815c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":36,"box":{"x":185,"y":588,"width":632,"height":9}},{"id":"943bc068-96ee-48bf-86a2-05ff6e3db3e8","block_type":"box","text":"$100,000","page_number":36,"box":{"x":822,"y":587,"width":72,"height":11}},{"id":"ae6ec396-51ff-44aa-ab83-0ada2dc32d9b","block_type":"box","text":"Ar thur P. Steinmetz. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":36,"box":{"x":78,"y":603,"width":739,"height":9}},{"id":"6f4e8179-6ca3-44f5-8eb3-3552706701ab","block_type":"box","text":"$100,000","page_number":36,"box":{"x":822,"y":602,"width":72,"height":11}},{"id":"d0f5cab5-73a6-4053-b073-f6f347847fa7","block_type":"box","text":"Interested Trustees:","page_number":36,"box":{"x":70,"y":618,"width":143,"height":9}},{"id":"73298a46-4a57-486a-8604-3c25c13125b3","block_type":"box","text":"Rober t Fairbairn","page_number":36,"box":{"x":79,"y":633,"width":113,"height":9}},{"id":"4cb9a39d-5740-458a-a56c-d693d43719e0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":36,"box":{"x":201,"y":633,"width":616,"height":9}},{"id":"ec1d6fd0-7e9d-48ae-af79-82e4165c8630","block_type":"box","text":"$100,000","page_number":36,"box":{"x":822,"y":632,"width":72,"height":11}},{"id":"ec84b853-a714-4cb4-9d3a-5fee2e74c7ae","block_type":"box","text":"John M. Perlowski","page_number":36,"box":{"x":78,"y":648,"width":127,"height":9}},{"id":"4524963f-f3ef-43e9-b141-89f6a5093e65","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":36,"box":{"x":209,"y":648,"width":608,"height":9}},{"id":"44ad8f1d-b66b-41f2-b108-97e9dc109d59","block_type":"box","text":"$100,000","page_number":36,"box":{"x":822,"y":647,"width":72,"height":12}},{"id":"869376c1-7e64-4ee0-b5bb-aabcdf477dab","block_type":"box","text":"* Includes share equivalents owned under the deferred compensation plan in the Supervised Funds by cer tain Independent Trustees who have","page_number":36,"box":{"x":70,"y":673,"width":815,"height":8}},{"id":"44634697-2532-4c60-93d9-c292cd9574cc","block_type":"box","text":"par ticipated in the deferred compensation plan of the Supervised Funds.","page_number":36,"box":{"x":69,"y":683,"width":414,"height":8}},{"id":"c0fc0ca1-e0ae-433e-a772-fbe363e82ddc","block_type":"box","text":"As of July 2, 2026, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned an","page_number":36,"box":{"x":101,"y":703,"width":787,"height":12}},{"id":"e9a8e751-d72c-46ca-8a6f-68f076758b49","block_type":"box","text":"aggregate of less than 1% of any class of the outstanding shares of each Fund. As of December 31, 2025, none of","page_number":36,"box":{"x":69,"y":719,"width":822,"height":11}},{"id":"2e4cb28b-7e4f-4547-94a2-0cb965eea4ff","block_type":"box","text":"the Independent Trustees of the Trust or their immediate family members owned beneficially or of record any","page_number":36,"box":{"x":68,"y":734,"width":776,"height":11}},{"id":"f0993a8c-5074-45a2-9b41-d396c8a1c051","block_type":"box","text":"securities of the Funds’ investment adviser, principal underwriter, or any person directly or indirectly controlling,","page_number":36,"box":{"x":69,"y":749,"width":793,"height":11}},{"id":"bd775cd9-f15a-46ea-aa09-9eff23bab30f","block_type":"box","text":"controlled by, or under common control with such entities.","page_number":36,"box":{"x":69,"y":764,"width":412,"height":11}},{"id":"26c6900b-b231-4fe7-919b-dfc003203f4f","block_type":"box","text":"Compensation of Trustees","page_number":36,"box":{"x":69,"y":794,"width":190,"height":11}},{"id":"60a1032e-877c-49c3-81cb-5605ed6fa634","block_type":"box","text":"Each Independent Trustee is paid an annual retainer of $370,000 per year for his or her services as a Board","page_number":36,"box":{"x":102,"y":816,"width":775,"height":12}},{"id":"b404d919-57cc-4c1f-a893-74971b82f5e9","block_type":"box","text":"member of the BlackRock-advised Funds, including the Funds, together with out-of-pocket expenses in accordance","page_number":36,"box":{"x":69,"y":832,"width":812,"height":11}},{"id":"927e7a6c-38d6-41e6-951c-7a2ef37f9d95","block_type":"box","text":"with a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair","page_number":36,"box":{"x":68,"y":847,"width":827,"height":11}},{"id":"e8c4ad97-a357-4f1a-bc7e-19d26a560bde","block_type":"box","text":"of the Board and the Vice Chair of the Board are paid an additional annual retainer of $140,000 and $84,000,","page_number":36,"box":{"x":69,"y":862,"width":789,"height":11}},{"id":"b287f35a-b9cf-4384-8630-f036d641aa8b","block_type":"box","text":"respectively. The Chairs of the Audit Committee, Private Assets Committee, Per formance Oversight Committee,","page_number":36,"box":{"x":69,"y":877,"width":790,"height":12}},{"id":"b8609149-edfc-47a3-a346-4fdf60074187","block_type":"box","text":"Compliance Committee, Governance and Nominating Committee, and Securities Lending Committee are paid an","page_number":36,"box":{"x":69,"y":893,"width":798,"height":11}},{"id":"2ae53ec0-df83-458f-84d5-6d3c4774a69d","block_type":"box","text":"additional annual retainer of $55,000, $55,000, $42,500, $50,000, $42,500 and $5,000, respectively, in addition","page_number":36,"box":{"x":69,"y":907,"width":828,"height":12}},{"id":"96588a20-2ef4-4edc-9768-2a6a45f572d4","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"629aea98-94cc-44aa-88d4-a1201b16df97","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95881811-ff1c-40bf-a057-cc0f69929372","block_type":"box","text":"to the retainers that they each receive as a member of such committee. Each member (including the Chair) of the","page_number":37,"box":{"x":68,"y":45,"width":810,"height":11}},{"id":"0710f9b7-9bec-4f5c-9bf4-32e8698909f3","block_type":"box","text":"Audit Committee, Private Assets Committee, Compliance Committee, Governance and Nominating Committee, and","page_number":37,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"a240a001-889e-4d04-88d4-ecc0a51e4a1a","block_type":"box","text":"Securities Lending Committee are paid an additional annual retainer of $30,000, $30,000 $25,000, $25,000 and","page_number":37,"box":{"x":69,"y":74,"width":819,"height":12}},{"id":"e94975ab-ad37-4f74-98c6-51085eb21041","block_type":"box","text":"$15,000, respectively, for his or her service on such committee. An Independent Trustee may receive additional","page_number":37,"box":{"x":69,"y":89,"width":798,"height":12}},{"id":"012e9ded-0e2e-4dee-9cc1-4dc2f66357f7","block_type":"box","text":"compensation for his or her service as a member or Chair, as applicable, of one or more ad hoc committees of the","page_number":37,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"aa2b366e-f529-40cb-b5a8-890cbc98fdec","block_type":"box","text":"Board. The Fund will pay a pro rata por tion quar terly (based on relative net assets) of the foregoing Trustee fees paid","page_number":37,"box":{"x":70,"y":120,"width":834,"height":12}},{"id":"eba136aa-0e07-4575-bea9-9aa0c12d80f9","block_type":"box","text":"by the funds in the BlackRock Fixed-Income Complex.","page_number":37,"box":{"x":69,"y":135,"width":377,"height":11}},{"id":"80ea0a0f-6932-4754-ae13-cf1fc769985f","block_type":"box","text":"The Independent Trustees have agreed that a maximum of 50% of each Independent Trustee’s total","page_number":37,"box":{"x":101,"y":158,"width":711,"height":11}},{"id":"41451f0f-85c4-409a-9b6f-d78996fc63c7","block_type":"box","text":"compensation paid by funds in the BlackRock Fixed-Income Complex may be deferred pursuant to the BlackRock","page_number":37,"box":{"x":69,"y":173,"width":801,"height":11}},{"id":"4b8c512f-023f-4eaa-bae6-551ca5fca393","block_type":"box","text":"Fixed-Income Complex’s deferred compensation plan. Under the deferred compensation plan, deferred amounts earn","page_number":37,"box":{"x":70,"y":188,"width":833,"height":11}},{"id":"883cdf18-8d39-406c-861e-c127beea23d3","block_type":"box","text":"a return for the Independent Trustees as though equivalent dollar amounts had been invested in shares of cer tain","page_number":37,"box":{"x":69,"y":203,"width":813,"height":12}},{"id":"29df3365-ea4e-47e4-ad2d-7ad3d05df96f","block_type":"box","text":"funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has approximately the","page_number":37,"box":{"x":68,"y":218,"width":802,"height":12}},{"id":"a7c296b2-5773-419e-bd56-ef99d67edcd0","block_type":"box","text":"same economic effect for the Independent Trustees as if they had invested the deferred amounts in such funds in","page_number":37,"box":{"x":69,"y":234,"width":814,"height":11}},{"id":"02cb5e8d-3843-4047-a4ee-811e808bd6d9","block_type":"box","text":"the BlackRock Fixed-Income Complex. The deferred compensation plan is not funded and obligations thereunder","page_number":37,"box":{"x":68,"y":249,"width":800,"height":11}},{"id":"e6b3695b-a057-42f8-a647-396307e3f03d","block_type":"box","text":"represent general unsecured claims against the general assets of a fund and are recorded as a liability for","page_number":37,"box":{"x":69,"y":264,"width":760,"height":11}},{"id":"e42206c5-c707-4175-9ccb-bb5051826a91","block_type":"box","text":"accounting purposes.","page_number":37,"box":{"x":69,"y":279,"width":151,"height":11}},{"id":"b8711630-5fce-4300-8c45-023478925690","block_type":"box","text":"The following table sets for th the compensation paid to the Trustees by the Trust, on behalf of the Funds, for the","page_number":37,"box":{"x":101,"y":302,"width":805,"height":11}},{"id":"174a0a8b-2086-4f07-84e4-304324423d2f","block_type":"box","text":"fiscal year ended March 31, 2026 and the aggregate compensation, including deferred compensation amounts, paid","page_number":37,"box":{"x":68,"y":317,"width":833,"height":11}},{"id":"627f2814-829e-4f42-ac16-02a6763032bf","block_type":"box","text":"to them by all BlackRock-advised Funds for the calendar year ended December 31, 2025.","page_number":37,"box":{"x":68,"y":332,"width":637,"height":11}},{"id":"c0233a44-4eec-49e7-b40d-19a004672ea4","block_type":"box","text":"Name","page_number":37,"box":{"x":69,"y":441,"width":26,"height":7}},{"id":"4aa5dad7-99c0-4a28-9aed-8556403fc914","block_type":"box","text":"Compensation","page_number":37,"box":{"x":275,"y":390,"width":67,"height":9}},{"id":"a42a0462-c246-4967-b5d2-86795f2b3255","block_type":"box","text":"from 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Of this amount, Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard, Dr. Kester,","page_number":37,"box":{"x":93,"y":681,"width":801,"height":9}},{"id":"b75a69ef-4edf-49dc-83c3-7040665e1049","block_type":"box","text":"Ms. Lynch and Mr. Steinmetz deferred $200,000, $197,500, $212,500, $280,000, $546,859, $603,900 and $268,750, respectively,","page_number":37,"box":{"x":94,"y":690,"width":776,"height":10}},{"id":"ba6fd969-eed3-45f8-a930-0bc2ced656e6","block_type":"box","text":"pursuant to the BlackRock Fixed-Income Complex’s deferred compensation plan.","page_number":37,"box":{"x":94,"y":701,"width":457,"height":9}},{"id":"19d5d73a-a180-426e-9bc9-2b922e5c9cc0","block_type":"box","text":"3","page_number":37,"box":{"x":69,"y":714,"width":3,"height":3}},{"id":"814c3d05-9be0-4c45-8be8-e58f9a5d20dd","block_type":"box","text":"Total amount of deferred compensation payable by the BlackRock Fixed-Income Complex to Mr. Flores, Ms. Harris, Mr. Holloman, Dr. Hubbard,","page_number":37,"box":{"x":93,"y":713,"width":810,"height":9}},{"id":"d9665b41-5202-4731-8a29-98e78a15b7ef","block_type":"box","text":"Dr. Kester, Ms. Lynch and Mr. Steinmetz is $1,055,218, $1,032,387, $1,101,752, $5,907,215, $2,544,830, $720,927 and $603,379,","page_number":37,"box":{"x":94,"y":723,"width":787,"height":9}},{"id":"e2c78e11-aa2b-43ac-914f-fb0af15617a7","block_type":"box","text":"respectively, as of December 31, 2025. Ms. Egan did not par ticipate in the deferred compensation plan as of December 31, 2025.","page_number":37,"box":{"x":94,"y":734,"width":748,"height":9}},{"id":"6f01d140-56f3-447f-bd89-e499598d8ec2","block_type":"box","text":"4","page_number":37,"box":{"x":68,"y":746,"width":4,"height":4}},{"id":"3f8b896e-1b88-4be3-94e2-a1306aa96a92","block_type":"box","text":"Mr. Flores became Chair of the Audit Committee effective as of March 9, 2026.","page_number":37,"box":{"x":94,"y":746,"width":452,"height":9}},{"id":"2223e608-31f3-4f9b-b177-094bcf70fa7e","block_type":"box","text":"5","page_number":37,"box":{"x":69,"y":759,"width":3,"height":4}},{"id":"92c89bad-0b72-4f2a-95bc-d78997ece609","block_type":"box","text":"Ms. Lynch resigned as a Trustee of the Trust effective as of March 9, 2026.","page_number":37,"box":{"x":94,"y":759,"width":433,"height":9}},{"id":"f67e61af-4437-4f90-850b-5cc70b194bce","block_type":"box","text":"6","page_number":37,"box":{"x":69,"y":772,"width":3,"height":3}},{"id":"da8e0eea-f374-4ee1-a76e-80cff26ab666","block_type":"box","text":"Mr. Steinmetz became Chair of the Securities Lending Committee effective as of May 20, 2026.","page_number":37,"box":{"x":94,"y":771,"width":546,"height":9}},{"id":"7678cb20-cdf9-4e66-a24c-1840a5e281af","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":37,"box":{"x":69,"y":800,"width":432,"height":11}},{"id":"61b6ff8c-bcdd-4c22-92ad-6d2c5530b682","block_type":"box","text":"Management Contract.","page_number":37,"box":{"x":102,"y":823,"width":167,"height":11}},{"id":"b6e26c55-6e39-41e8-a751-e12e78dff2bc","block_type":"box","text":"The management services provided by the Manager, an indirect majority-owned","page_number":37,"box":{"x":275,"y":823,"width":563,"height":11}},{"id":"43993075-68ff-4acd-9f02-dd3496bf5137","block_type":"box","text":"subsidiary of BlackRock, Inc., pursuant to the Management Contract (the “Management Contract”) is described in the","page_number":37,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"2a1fb5a4-9f59-4b34-a7f2-9b37eaddcf32","block_type":"box","text":"Prospectuses.","page_number":37,"box":{"x":69,"y":853,"width":100,"height":11}},{"id":"c7728f9d-106f-4a63-959a-0119aa02c3e2","block_type":"box","text":"With respect to BATS: Corporate Credit Total Return Series, BATS: High Income Municipal Series, BATS:","page_number":37,"box":{"x":101,"y":876,"width":735,"height":11}},{"id":"cf15f9c8-f866-481f-a6d8-329f2573bfa6","block_type":"box","text":"Mor tgage Total Return Series, BATS: Shor t Term Municipal Income Series, BATS: Interest Rate Hedge Series and","page_number":37,"box":{"x":70,"y":891,"width":802,"height":11}},{"id":"735e403d-b828-4834-b448-c42150b92174","block_type":"box","text":"BATS: Shor t Duration Taxable Total Return Series, the Manager does not charge the Funds a management fee,","page_number":37,"box":{"x":70,"y":906,"width":786,"height":11}},{"id":"c34870ff-448e-4fab-ab9d-d1a20029ddaa","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ddb0c6de-034d-4b34-a7a4-83567556431a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55f85188-1608-4492-b8e3-a300cad54569","block_type":"box","text":"although investors in the Funds will pay a fee to BlackRock Investment Management, LLC (“BIM LLC”) or their","page_number":38,"box":{"x":69,"y":45,"width":781,"height":11}},{"id":"fad67d4b-ea41-4026-a3e3-47710b60ec7e","block_type":"box","text":"managed account program sponsor. With respect to BATS: Securitized Total Return Series, the Manager does not","page_number":38,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"ec7b6ed0-e464-4c55-917f-3a0fc93b5f7c","block_type":"box","text":"charge the Fund a management fee, although investors in the Fund that are (i) retail and institutional separately","page_number":38,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"66f884a1-6a49-4db4-96ca-b937850619f3","block_type":"box","text":"managed account clients of BIM LLC will pay a fee to BIM LLC or their managed account program sponsor,","page_number":38,"box":{"x":69,"y":90,"width":756,"height":11}},{"id":"68932b1f-5100-4806-a6a8-c0c27bbb06bd","block_type":"box","text":"(ii) par ticipants in the collective trust funds managed by BlackRock Institutional Trust Company, N.A. (“BTC”) that","page_number":38,"box":{"x":69,"y":105,"width":805,"height":11}},{"id":"4b5297b0-d48b-4235-ac4b-88d01683e7a5","block_type":"box","text":"invest in the Fund will pay a fee to BTC, and (iii) mutual funds that are advised by the Manager or its affiliates will pay","page_number":38,"box":{"x":70,"y":120,"width":838,"height":12}},{"id":"9bdb7668-fad6-44d4-b50b-10df5709c4e5","block_type":"box","text":"the Manager or its affiliate a management fee pursuant to a management agreement between each such fund and","page_number":38,"box":{"x":68,"y":135,"width":818,"height":12}},{"id":"4a2fe182-7849-4809-892c-d2554e6206be","block_type":"box","text":"the Manager or its affiliate.","page_number":38,"box":{"x":68,"y":150,"width":194,"height":12}},{"id":"8c7b395c-5ad7-43d0-89f8-4e29f8dab50a","block_type":"box","text":"BIM LLC and its affiliates receive compensation from managed account clients or program sponsors in","page_number":38,"box":{"x":102,"y":173,"width":731,"height":11}},{"id":"2874b1dd-381a-4cf7-9e88-01e9f29fd673","block_type":"box","text":"connection with their management of client accounts and par ticipation in investment programs through which shares","page_number":38,"box":{"x":69,"y":188,"width":832,"height":12}},{"id":"26649688-76df-4de1-91a2-0052d2f6b0f3","block_type":"box","text":"of the Funds are made available.","page_number":38,"box":{"x":69,"y":203,"width":232,"height":9}},{"id":"d9428278-4e15-46d6-a5ac-6639f5602065","block_type":"box","text":"Pursuant to the Management Contract, the Manager has contractually agreed to waive all fees and pay or","page_number":38,"box":{"x":102,"y":226,"width":751,"height":11}},{"id":"f93e9711-72de-45bb-87b5-685d93cdff6d","block_type":"box","text":"reimburse all fees and expenses of the Funds, except extraordinary expenses, indefinitely. Extraordinary expenses","page_number":38,"box":{"x":69,"y":241,"width":815,"height":11}},{"id":"52b3380c-ae79-4531-894b-e75512fc1ba8","block_type":"box","text":"may include (i) interest, taxes, dividends tied to shor t sales; (ii) expenses incurred directly or indirectly by the Funds","page_number":38,"box":{"x":69,"y":257,"width":826,"height":10}},{"id":"c5610951-8798-43de-94c6-a4508650b507","block_type":"box","text":"as a result of investments in other investment companies and pooled investment vehicles; (iii) expenses attributable","page_number":38,"box":{"x":69,"y":271,"width":832,"height":11}},{"id":"4181f42f-c46d-4f7d-b404-d4beef8c2399","block_type":"box","text":"to, and incurred as a result of, a Fund’s investments; and (iv) other extraordinary expenses (including litigation","page_number":38,"box":{"x":68,"y":286,"width":789,"height":12}},{"id":"96257654-7382-4a2f-8f14-0087726b3e39","block_type":"box","text":"expenses) not incurred in the ordinary course of the Fund’s business, if any. Items (i), (ii), (iii) and (iv) in the","page_number":38,"box":{"x":69,"y":302,"width":768,"height":11}},{"id":"c91dab5f-d59c-4c8e-86db-04e9c21bc0d7","block_type":"box","text":"preceding sentence are referred to in the Prospectuses as “Dividend Expense, Interest Expense, Acquired Fund Fees","page_number":38,"box":{"x":70,"y":317,"width":832,"height":11}},{"id":"c45c2efb-b282-4674-83cc-7f525e1805e1","block_type":"box","text":"and Expenses and cer tain other Fund expenses,” respectively. The Management Contract may be terminated by the","page_number":38,"box":{"x":69,"y":332,"width":824,"height":11}},{"id":"f3fd8a88-76fc-49eb-aa57-11ae1c26c829","block_type":"box","text":"Trust upon 60 days’ notice to the Manager by a majority of the Trustees of the Trust or by a vote of a majority of the","page_number":38,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"1684c19b-02cd-4a93-95d9-b4bc180ebdf7","block_type":"box","text":"outstanding voting securities of a Fund, or by the Manager upon 60 days’ notice to the Trust. The Management","page_number":38,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"2721564e-6bb4-4b3b-8415-eb8d1c2095a3","block_type":"box","text":"Contract can be continued annually for successive one-year periods if such continuance is specifically approved by a","page_number":38,"box":{"x":69,"y":377,"width":828,"height":11}},{"id":"d192984b-7f1c-4a3e-a74e-7843b5c3c4e7","block_type":"box","text":"majority of the Independent Trustees of the Trust or by a vote of a majority of the outstanding voting securities of a","page_number":38,"box":{"x":69,"y":392,"width":817,"height":12}},{"id":"8dd931ff-6c34-400b-ba91-2dc8e7a040ae","block_type":"box","text":"Fund.","page_number":38,"box":{"x":70,"y":408,"width":36,"height":8}},{"id":"f56db27e-4c48-48c0-8235-42cf23630888","block_type":"box","text":"Pursuant to the Management Contract, the Manager may from time to time, in its sole discretion to the extent","page_number":38,"box":{"x":102,"y":430,"width":784,"height":11}},{"id":"6404545e-53aa-42e8-b412-48bd6ac55218","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":38,"box":{"x":70,"y":445,"width":834,"height":12}},{"id":"df3f1d82-34bb-4059-af3b-7a6900a9cd4d","block_type":"box","text":"to per form management services with respect to the Funds. In addition, the Manager may delegate cer tain of its","page_number":38,"box":{"x":68,"y":460,"width":805,"height":12}},{"id":"ff6eede3-caa8-4aea-ae25-19f2942c04ef","block_type":"box","text":"management functions under the Management Contract to one or more of its affiliates to the extent permitted by","page_number":38,"box":{"x":69,"y":475,"width":807,"height":12}},{"id":"0052331c-0519-453f-b7be-c0fa7a6661a2","block_type":"box","text":"applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in its sole","page_number":38,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"6b470e40-f317-4928-8069-fb28893d950e","block_type":"box","text":"discretion at any time to the extent permitted by applicable law.","page_number":38,"box":{"x":69,"y":506,"width":451,"height":11}},{"id":"5ec9357b-aa88-4244-9aad-6580a862575c","block_type":"box","text":"The Manager entered into sub-advisory agreements (the “Sub-Advisory Agreements”) with BlackRock","page_number":38,"box":{"x":101,"y":529,"width":718,"height":11}},{"id":"bfcd45fb-2d02-4e9b-80e2-760ebe20c70c","block_type":"box","text":"International Limited (the “Sub-Adviser”) with respect to each of BATS: Securitized Total Return Series, BATS:","page_number":38,"box":{"x":70,"y":543,"width":774,"height":12}},{"id":"f4f091eb-c365-4b1f-baa7-d68f08df2997","block_type":"box","text":"Corporate Credit Total Return Series, BATS: Mor tgage Total Return Series, BATS: Interest Rate Hedge Series, and","page_number":38,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"a83549da-eb89-4eca-8b8b-48533dc05d71","block_type":"box","text":"BATS: Shor t Duration Taxable Total Return Series pursuant to which the Sub-Adviser receives for the services it","page_number":38,"box":{"x":70,"y":574,"width":790,"height":11}},{"id":"02b16b12-f87a-4ae4-95c2-0db57c130156","block_type":"box","text":"provides for that por tion of BATS: Securitized Total Return Series, BATS: Corporate Credit Total Return Series, BATS:","page_number":38,"box":{"x":70,"y":589,"width":824,"height":11}},{"id":"2342ac27-e29b-42fd-bbc7-58da95b1e15b","block_type":"box","text":"Mor tgage Total Return Series, BATS: Interest Rate Hedge Series and BATS: Shor t Duration Taxable Total Return","page_number":38,"box":{"x":70,"y":604,"width":792,"height":11}},{"id":"d82ed630-58a1-4196-9e14-94505d24d993","block_type":"box","text":"Series for which the Sub-Adviser served as sub-adviser a monthly fee at an annual rate equal to a percentage of the","page_number":38,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"8104ec9a-c120-484e-b9c3-460c050b09c8","block_type":"box","text":"management fee paid to the Manager under the Management Contract with respect to BATS: Securitized Total Return","page_number":38,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"ea69a4ac-b812-48ef-9b16-57b61bb0c7cd","block_type":"box","text":"Series, BATS: Corporate Credit Total Return Series, BATS: Mor tgage Total Return Series, BATS: Interest Rate Hedge","page_number":38,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"3e199d46-ed48-4cc0-9524-581a5d06fc03","block_type":"box","text":"Series, and BATS: Shor t Duration Taxable Total Return Series, as applicable.","page_number":38,"box":{"x":69,"y":665,"width":544,"height":10}},{"id":"b4993d39-9377-405d-ad46-d62ae8ba8513","block_type":"box","text":"Administration Agreement.","page_number":38,"box":{"x":101,"y":687,"width":195,"height":11}},{"id":"d6f65780-07a2-4c6c-9785-bcd464f5e1c3","block_type":"box","text":"Pursuant to the Administration Agreement, BNY Mellon Investment Servicing","page_number":38,"box":{"x":303,"y":687,"width":544,"height":11}},{"id":"aead9d0b-4f77-4f01-92bf-4236402d2ef0","block_type":"box","text":"(US) Inc. (the “Administrator”) provides general accounting services. Among other things, the Administrator","page_number":38,"box":{"x":69,"y":702,"width":762,"height":12}},{"id":"8a06d130-85f6-470c-a09a-b6355bd1b649","block_type":"box","text":"par ticipates, to the extent requested by the Trust and its counsel, in the periodic updating of the Trust’s Registration","page_number":38,"box":{"x":70,"y":717,"width":831,"height":12}},{"id":"dae69cc4-1f93-457f-97be-722fe19b142c","block_type":"box","text":"Statement; compiles data and accumulates information for and coordinates with the Trust’s Treasurer or Assistant","page_number":38,"box":{"x":69,"y":732,"width":818,"height":11}},{"id":"d8a2fad2-45a1-4c40-a29f-b63bcf02c9a9","block_type":"box","text":"Treasurer in connection with the preparation of repor ts to shareholders of record and the Commission (","page_number":38,"box":{"x":68,"y":748,"width":737,"height":11}},{"id":"05dd6d53-1b18-403a-b2a2-4f00b99f7857","block_type":"box","text":"e.g.","page_number":38,"box":{"x":807,"y":749,"width":25,"height":10}},{"id":"32d73222-6eb6-4d98-9f0e-18288797dbbd","block_type":"box","text":", Annual","page_number":38,"box":{"x":835,"y":748,"width":55,"height":10}},{"id":"413fde8b-5535-4ba6-967a-df518ac3136f","block_type":"box","text":"and Semi-Annual Repor ts on Form N-CSR); and files with the Commission and other federal and state agencies,","page_number":38,"box":{"x":69,"y":763,"width":795,"height":11}},{"id":"522e3a7c-7e9d-44f6-a03f-38cc058b24dd","block_type":"box","text":"subject to the approval of the Trust’s Treasurer or Assistant Treasurer, repor ts and documents. The Administrator","page_number":38,"box":{"x":69,"y":778,"width":810,"height":11}},{"id":"8b552d44-3a44-4cf1-81a6-7aa7804ce1a1","block_type":"box","text":"maintains all financial accounts, records, journals, ledgers and schedules for each Fund (other than those maintained","page_number":38,"box":{"x":69,"y":793,"width":839,"height":11}},{"id":"05a49210-f133-48af-b547-c8b07b7ad852","block_type":"box","text":"by the Trust’s transfer agent and custodian), and computes each Fund’s net asset value, net income and net capital","page_number":38,"box":{"x":69,"y":808,"width":829,"height":11}},{"id":"21162e16-a2e4-4c4c-b399-e466ff98df71","block_type":"box","text":"gains and losses.","page_number":38,"box":{"x":68,"y":823,"width":125,"height":12}},{"id":"4ca41ab4-6197-48cd-a96f-6eb8c94f1e37","block_type":"box","text":"For the services provided by the Administrator under the Administration Agreement, the Trust pays the","page_number":38,"box":{"x":102,"y":846,"width":727,"height":11}},{"id":"14d1beb1-8169-45c0-9377-38dedce4223a","block_type":"box","text":"Administrator a monthly variable fee, based on each Fund’s monthly average net assets, and an annual fixed rate","page_number":38,"box":{"x":68,"y":861,"width":809,"height":11}},{"id":"7d016ba5-8dc6-4ff3-b507-1a8a781c244b","block_type":"box","text":"fee, based upon the Funds’ aggregate monthly net assets, together with out-of-pocket expenses and cer tain annual","page_number":38,"box":{"x":68,"y":876,"width":823,"height":11}},{"id":"9837116d-4bca-491b-b9de-98eaf06ef89f","block_type":"box","text":"tax services and total return calculations, as applicable. As mentioned above, BlackRock will reimburse the Trust for","page_number":38,"box":{"x":68,"y":891,"width":831,"height":11}},{"id":"c75711b7-8b31-48fb-be5b-3667dc4be29d","block_type":"box","text":"all such expenses.","page_number":38,"box":{"x":69,"y":907,"width":131,"height":10}},{"id":"d7f00873-02b0-4ccf-bde6-9c3e4e3eef27","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"928a3176-8b7a-4c8a-9bd0-41977ff7a91c","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8b1f72c-c905-45b1-ad53-262ab44899f1","block_type":"box","text":"The table below sets for th the fees paid by the Trust, on behalf of the Funds, to the Administrator under the","page_number":39,"box":{"x":101,"y":45,"width":769,"height":11}},{"id":"6b050266-4dc9-4558-b7b0-98d04da5a1c0","block_type":"box","text":"Administration Agreement for the periods indicated:","page_number":39,"box":{"x":68,"y":60,"width":366,"height":11}},{"id":"8ea747aa-318d-4007-ad92-5315b7832710","block_type":"box","text":"Fees Paid to the","page_number":39,"box":{"x":814,"y":88,"width":95,"height":7}},{"id":"92fa8a12-692f-4441-8332-d81ea9740ec8","block_type":"box","text":"Administrator","page_number":39,"box":{"x":822,"y":98,"width":79,"height":7}},{"id":"1253a60a-e81e-4002-9091-90547baa5926","block_type":"box","text":"Fiscal Year Ended March 31, 2026 . . .","page_number":39,"box":{"x":70,"y":116,"width":273,"height":10}},{"id":"2df31438-ba3c-49dd-9c56-75148164fa83","block_type":"box","text":"......................................................","page_number":39,"box":{"x":349,"y":123,"width":434,"height":2}},{"id":"637e76a6-bff1-46ef-910b-82383e62520e","block_type":"box","text":"$608,835","page_number":39,"box":{"x":826,"y":115,"width":71,"height":11}},{"id":"e4d02cf7-73e7-48bf-b59a-329903c7faa1","block_type":"box","text":"Fiscal Year Ended March 31, 2025 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Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. 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The employer contribution components of the RSP include a","page_number":44,"box":{"x":70,"y":113,"width":785,"height":11}},{"id":"296b8f2d-bb5e-4f1d-ab69-27b2bafc931f","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":44,"box":{"x":69,"y":127,"width":830,"height":12}},{"id":"f3f9414f-bdcb-400e-89ee-9c32b0dde6f7","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":44,"box":{"x":69,"y":143,"width":799,"height":11}},{"id":"da8f0956-da52-4635-99b7-52292fde3722","block_type":"box","text":"($360,000 for 2026). The RSP offers a range of investment options, including registered investment companies and","page_number":44,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"3c69b87e-77f3-41b4-af6d-1760755a0b1a","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":44,"box":{"x":69,"y":173,"width":798,"height":11}},{"id":"f53dd933-2455-4204-bca9-eca88b33374c","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":44,"box":{"x":70,"y":188,"width":809,"height":12}},{"id":"758796ef-97c4-4fe9-ab3a-47f63ce43772","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":44,"box":{"x":68,"y":203,"width":793,"height":12}},{"id":"8190031f-c655-4e73-aca2-b9264b0ce36d","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":44,"box":{"x":70,"y":218,"width":832,"height":11}},{"id":"81aab35a-9826-49be-b273-6264e1e7294b","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":44,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"5065eb04-cf99-49b2-a486-de3d8f5d1850","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. 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of","page_number":44,"box":{"x":70,"y":911,"width":837,"height":11}},{"id":"b6845c7f-4030-4bbc-bd09-7a6c02d95a25","block_type":"box","text":"I-28","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"9c380f47-e05e-4152-ba3f-2769e18e6c7c","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0c260a2-1764-4750-afe8-ea34f4c76982","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":45,"box":{"x":70,"y":45,"width":810,"height":11}},{"id":"de51d6ff-9320-4d70-b7da-d86e779c7161","block_type":"box","text":"ensure that all client accounts are treated equitably over time. 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Each","page_number":49,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"e25eac02-6a2f-4b25-b26e-f45bcd1dfa00","block_type":"box","text":"Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a","page_number":49,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"337e531f-62bd-4d42-b125-90d9d72b6357","block_type":"box","text":"money market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent","page_number":49,"box":{"x":69,"y":256,"width":823,"height":12}},{"id":"48fe9e05-d1c2-4777-885d-055b795ea76c","block_type":"box","text":"has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":49,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"de0ad5f4-8db2-4df4-a06f-05014b8493fb","block_type":"box","text":"investment fees a Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a","page_number":49,"box":{"x":70,"y":286,"width":814,"height":12}},{"id":"94dec7d3-652b-4c2f-a140-e6f189eaf739","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":49,"box":{"x":69,"y":302,"width":296,"height":10}},{"id":"177f0414-b211-4a3b-9111-d59a8dd29022","block_type":"box","text":"To the extent that a Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":49,"box":{"x":101,"y":324,"width":762,"height":12}},{"id":"17028cbb-d151-4c52-9560-cca63183cb3c","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":49,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"28320521-7be7-4c7c-ad0d-2156e0f7e8e3","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":49,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"025996f0-7efb-4c36-8e53-3e5b1bbb4899","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":49,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"480c2bac-6446-4581-8f48-e32a7d533273","block_type":"box","text":"Additionally, a Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on a","page_number":49,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"bd5ed0fd-5204-492e-bba3-c074a9f8d0ea","block_type":"box","text":"single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":49,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"9b424c89-67ec-4065-bcda-6ad224cea21a","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":49,"box":{"x":68,"y":415,"width":789,"height":11}},{"id":"4cbca730-b015-42ae-b5ee-2a7c12fd978d","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":49,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"9105572a-e0e4-4cd1-b009-ed13ed4c9963","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":49,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"6b88808b-9cb6-44d6-84de-a99da36982c8","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":49,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"cee3f132-bc34-409f-a798-1ed082130645","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":49,"box":{"x":70,"y":475,"width":830,"height":12}},{"id":"a48b4c65-f39a-411b-b1bd-2b9ab123df36","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":49,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"eda17be9-b17d-47e2-af5a-f73be5fc9003","block_type":"box","text":"Fund’s returns on securities lending.","page_number":49,"box":{"x":70,"y":506,"width":258,"height":11}},{"id":"99d401d1-b453-438b-a8af-5d25feeae7e1","block_type":"box","text":"Under the securities lending program, the Funds are categorized into one of several specific asset classes. The","page_number":49,"box":{"x":102,"y":528,"width":793,"height":12}},{"id":"856a35fc-8de7-4644-ac65-6bd32f672ed6","block_type":"box","text":"determination of a Fund’s asset class category (fixed income, domestic equity, international equity, or fund of funds),","page_number":49,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"0ac22d7b-10f2-4cd3-bc5c-10fabcd7fab2","block_type":"box","text":"each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the Trust and","page_number":49,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"49c203df-4f41-47f3-a5b5-e6afa20e3889","block_type":"box","text":"BIM LLC.","page_number":49,"box":{"x":70,"y":574,"width":61,"height":9}},{"id":"6e00182c-a54e-48ee-9bab-1ca71ea8bcc4","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) if the Funds were to engage in securities lending, the","page_number":49,"box":{"x":102,"y":596,"width":782,"height":12}},{"id":"82719a15-7dae-419d-97b5-9ccabacaa31d","block_type":"box","text":"Funds would retain 82% (81% with respect to BATS: High Income Municipal Series) of securities lending income","page_number":49,"box":{"x":70,"y":612,"width":793,"height":11}},{"id":"f2990e0b-de55-4579-99f7-c59c1fa6dd4b","block_type":"box","text":"(which excludes collateral investment expenses), and (ii) this amount could never be less than 70% of the sum of","page_number":49,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"1401d5ca-7a70-409b-b76e-e162de59bb8c","block_type":"box","text":"securities lending income plus collateral investment expenses.","page_number":49,"box":{"x":69,"y":642,"width":446,"height":11}},{"id":"d49e874d-8b34-4d50-838c-6c1a34847750","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":49,"box":{"x":102,"y":664,"width":753,"height":12}},{"id":"a8042a93-79be-4e06-a17b-1e94c47f193b","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each Fund,","page_number":49,"box":{"x":69,"y":680,"width":807,"height":11}},{"id":"5f2227ec-eec5-48d1-8f54-6f26278e74d2","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":49,"box":{"x":70,"y":695,"width":817,"height":11}},{"id":"8aae7992-859d-4b81-bd15-ab34328f75d7","block_type":"box","text":"lending income as follows: (i) If the Funds were to engage in securities lending, 85% (84% with respect to BATS: High","page_number":49,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"3bfdc678-ce2f-4a15-997d-2591f0e524d5","block_type":"box","text":"Income Municipal Series) of securities lending income (which excludes collateral investment expenses); and (ii) this","page_number":49,"box":{"x":70,"y":725,"width":822,"height":11}},{"id":"d22cdb57-dbb1-48fa-bd39-73bcf1fac1a3","block_type":"box","text":"amount can never be less than 70% of the sum of securities lending income plus collateral investment expenses.","page_number":49,"box":{"x":69,"y":740,"width":809,"height":11}},{"id":"9b294485-bca3-4d46-92ff-f944648426be","block_type":"box","text":"Each Fund had no income and fees/compensation related to its securities lending activities during its most","page_number":49,"box":{"x":102,"y":763,"width":765,"height":11}},{"id":"c6d87ff8-d0fd-482d-bee7-f2cf291a6987","block_type":"box","text":"recent fiscal year ended March 31, 2026.","page_number":49,"box":{"x":69,"y":778,"width":296,"height":11}},{"id":"0800b57b-0703-4f31-95dc-c87bd921900c","block_type":"box","text":"VIII. Additional Information","page_number":49,"box":{"x":68,"y":808,"width":195,"height":9}},{"id":"3fd130f7-0dc7-41a8-86cb-92b7f4598b08","block_type":"box","text":"Each share of each Fund has a par value of $.001, represents an interest only in the assets of that Fund, and is","page_number":49,"box":{"x":102,"y":830,"width":802,"height":12}},{"id":"f379da5d-2e77-4c5e-890d-0eb10c43c3f7","block_type":"box","text":"entitled solely to the dividends and distributions earned on that Fund’s assets that are declared in the discretion of","page_number":49,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"48d6b2ca-8b36-4e6b-b6d3-61903775f6e2","block_type":"box","text":"the Board. The Trust’s shareholders are entitled to one vote for each full share held and propor tionate fractional","page_number":49,"box":{"x":68,"y":861,"width":802,"height":11}},{"id":"0bfa7e2f-0133-4b9d-8d77-bd34eba100d2","block_type":"box","text":"votes for fractional shares held, and will vote in the aggregate and not by Fund, except where otherwise required by","page_number":49,"box":{"x":68,"y":876,"width":824,"height":11}},{"id":"569bce79-a7ee-40d0-be33-20b8ba50d63f","block_type":"box","text":"law or as determined by the Board.","page_number":49,"box":{"x":70,"y":891,"width":247,"height":11}},{"id":"3da2a0cb-cab2-4997-9a54-5226c774fe91","block_type":"box","text":"I-33","page_number":49,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"695be78d-c2a4-4f7e-8c0e-963d1addac74","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"078365c4-bbcb-4cd6-8a89-e7131c62b36a","block_type":"box","text":"Shares of the Trust have noncumulative voting rights and, accordingly, the holders of more than 50% of the","page_number":50,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"f5959ce7-626f-43fd-9917-d06591bf1715","block_type":"box","text":"Trust’s outstanding shares may elect all of the Trustees. Shares have no preemptive rights and only such conversion","page_number":50,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"14036704-c1c3-4d28-bfa3-dbeabdad3c65","block_type":"box","text":"and exchange rights as the Board may grant in its discretion. When issued for payment, shares will be fully paid and","page_number":50,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"6ca68860-b530-4de5-8a51-ea3b7c283c23","block_type":"box","text":"non-assessable by the Trust.","page_number":50,"box":{"x":69,"y":90,"width":203,"height":11}},{"id":"8a531192-23f6-4c15-b8f9-1949a82f12cd","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees or for any other purpose","page_number":50,"box":{"x":101,"y":113,"width":800,"height":11}},{"id":"d8c3c316-e46f-4d5d-8b76-074d98e6f7c7","block_type":"box","text":"unless and until such time as required by law or called by the Board. At that time, the Trustees then in office will call","page_number":50,"box":{"x":69,"y":128,"width":832,"height":11}},{"id":"0301870a-157e-474e-acd1-e15e2c8130fb","block_type":"box","text":"a shareholders’ meeting to elect Trustees. Except as set for th above, the Trustees shall continue to hold office and","page_number":50,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"251bc837-9f14-4a35-8410-9f3182e543a4","block_type":"box","text":"may appoint successor Trustees. The Trust’s Declaration of Trust provides that meetings of the shareholders of the","page_number":50,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"490735e8-aa99-48eb-af5c-809855936905","block_type":"box","text":"Trust shall be called by the Trustees upon the written request of shareholders owning at least 51% of the outstanding","page_number":50,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"31c6bcc1-6f72-4ffc-9c58-95fa33fb4c28","block_type":"box","text":"shares entitled to vote.","page_number":50,"box":{"x":69,"y":188,"width":164,"height":9}},{"id":"f2a48b7c-2cff-48f6-b7e9-8c704bccc0b2","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":50,"box":{"x":102,"y":211,"width":798,"height":11}},{"id":"e8d8697a-ed30-4227-a240-5cf5ea7eaabd","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of","page_number":50,"box":{"x":68,"y":226,"width":836,"height":11}},{"id":"7a535238-686d-4a65-90a8-d2b0836da1d3","block_type":"box","text":"remaining shareholders, or to accommodate a request by a par ticular shareholder that does not adversely affect the","page_number":50,"box":{"x":69,"y":241,"width":831,"height":11}},{"id":"eaa236b6-eeb2-44b1-9777-748e1a3c7826","block_type":"box","text":"interest of the remaining shareholders, by delivery of securities selected from the Fund’s assets at its discretion.","page_number":50,"box":{"x":70,"y":256,"width":806,"height":12}},{"id":"dc5ed2c0-4817-490e-aeee-afa2011305b8","block_type":"box","text":"In-kind payment means payment will be made in por tfolio securities rather than cash. If this occurs, the redeeming","page_number":50,"box":{"x":70,"y":271,"width":817,"height":12}},{"id":"e48c8bd5-1ef1-4925-9f8c-cd2570039862","block_type":"box","text":"shareholder might incur brokerage or other transaction costs to conver t the securities to cash. Each Fund has","page_number":50,"box":{"x":69,"y":287,"width":783,"height":11}},{"id":"9787d87e-da1f-4f1a-b7c5-c28bda01b500","block_type":"box","text":"elected to be governed by Rule 18f-1 under the 1940 Act so that each Fund is obligated to redeem its shares solely","page_number":50,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"18eaf55d-fb71-4958-963c-e9f9835d6d0d","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its net asset value during any 90-day period for any shareholder of the","page_number":50,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"ab662f63-7875-472e-946a-cd9f1f016946","block_type":"box","text":"Fund. The redemption price is the net asset value per share next determined after the initial receipt of proper notice","page_number":50,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"7f823cea-e4ee-4f69-8492-2d36e67d5f32","block_type":"box","text":"of redemption.","page_number":50,"box":{"x":69,"y":347,"width":102,"height":11}},{"id":"5e9ed714-eb08-4b9f-becf-2db2777e09fa","block_type":"box","text":"There will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If you are","page_number":50,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"c2a697d5-4106-44b9-85d3-bc94f40ec11e","block_type":"box","text":"liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":50,"box":{"x":70,"y":385,"width":687,"height":11}},{"id":"b57c2362-9695-47c0-9ce8-702ea2f3fa52","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":50,"box":{"x":101,"y":407,"width":807,"height":12}},{"id":"f0f98500-7dac-45c5-8b01-08c1d5f87040","block_type":"box","text":"days only (i) for any period during which trading on the New York Stock Exchange (“NYSE”) is restricted as determined","page_number":50,"box":{"x":69,"y":423,"width":837,"height":11}},{"id":"0d29b651-9cfa-4d25-8744-9001ffd11a28","block_type":"box","text":"by the Commission or during which the NYSE is closed (other than customary weekend and holiday closings), (ii) for","page_number":50,"box":{"x":69,"y":438,"width":825,"height":11}},{"id":"fce00a23-b202-472c-8cda-4fad983b8e13","block_type":"box","text":"any period during which an emergency exists, as defined by the Commission, as a result of which disposal of","page_number":50,"box":{"x":69,"y":453,"width":778,"height":11}},{"id":"27d34b09-b2c2-4ac8-9e96-4bd2786309dc","block_type":"box","text":"por tfolio securities or determination of the net asset value of a Fund is not reasonably practicable, and (iii) for such","page_number":50,"box":{"x":70,"y":468,"width":822,"height":11}},{"id":"5f440050-1fba-45de-a6eb-73074aef53eb","block_type":"box","text":"other periods as the Commission may by order permit for the protection of shareholders of the Fund.","page_number":50,"box":{"x":69,"y":483,"width":717,"height":11}},{"id":"4a9bd1ea-54b1-4297-b11f-c1fba9e4ee95","block_type":"box","text":"Each Fund, with other investment companies advised by BlackRock, has entered into a joint committed line of","page_number":50,"box":{"x":102,"y":506,"width":783,"height":11}},{"id":"423e115d-452a-4265-8c1a-a6812e544360","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":50,"box":{"x":69,"y":521,"width":820,"height":11}},{"id":"92253810-7c9e-4f61-b5f3-8e8ea9ab376e","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":50,"box":{"x":69,"y":536,"width":653,"height":11}},{"id":"b514d4c4-d588-40aa-be10-97cbefb85744","block_type":"box","text":"Rule 18f-2 under the Investment Company Act provides that any matter required by the provisions of the","page_number":50,"box":{"x":102,"y":559,"width":742,"height":11}},{"id":"6c3067bc-3161-4ff2-a904-2ac29d35c60d","block_type":"box","text":"Investment Company Act or applicable state law, or otherwise, to be submitted to the holders of the outstanding","page_number":50,"box":{"x":70,"y":574,"width":800,"height":11}},{"id":"97c009f7-9504-482e-921c-9c20864cd284","block_type":"box","text":"voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted","page_number":50,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"0e1136dc-32d8-4adb-89e6-2581e01c5265","block_type":"box","text":"upon unless approved by the holders of a majority of the outstanding shares of each investment por tfolio affected by","page_number":50,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"8632928a-0131-4153-a430-c54668b956af","block_type":"box","text":"such matter. Rule 18f-2 fur ther provides that an investment por tfolio shall be deemed to be affected by a matter","page_number":50,"box":{"x":69,"y":619,"width":805,"height":11}},{"id":"c9a6a8fb-48a4-411d-b1d0-a0c4a604f3a9","block_type":"box","text":"unless the interests of each investment por tfolio in the matter are substantially identical or the matter does not","page_number":50,"box":{"x":69,"y":634,"width":798,"height":11}},{"id":"d2bc820a-10c6-4960-bb54-b447d837d2c0","block_type":"box","text":"affect any interest of the investment por tfolio. Under Rule 18f-2, the approval of a management agreement, a","page_number":50,"box":{"x":69,"y":649,"width":782,"height":12}},{"id":"fdf5542e-8745-4033-b7dd-7d03364ee52a","block_type":"box","text":"distribution plan subject to Rule 12b-1 under the Investment Company Act or any change in a fundamental investment","page_number":50,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"0eff3699-a66a-46af-bc6a-646cce0a3dc5","block_type":"box","text":"policy would be effectively acted upon with respect to an investment por tfolio only if approved by a majority of the","page_number":50,"box":{"x":70,"y":680,"width":808,"height":11}},{"id":"0806fac5-126c-4651-a19f-b0e6dc4ea06f","block_type":"box","text":"outstanding shares of such investment por tfolio. 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The underlying assets of the Fund will be segregated on the books of account, and will be charged with","page_number":52,"box":{"x":69,"y":555,"width":828,"height":12}},{"id":"517c1239-1d14-45bf-9ad9-351ec96919e2","block_type":"box","text":"the liabilities in respect to that Fund and with its allocable share of any general liabilities.","page_number":52,"box":{"x":68,"y":571,"width":637,"height":11}},{"id":"a5976e1f-5ad3-403a-9a39-e1a6575f4572","block_type":"box","text":"Shareholders have no power to vote on any matter except matters on which a shareholder vote is required by","page_number":52,"box":{"x":102,"y":593,"width":778,"height":11}},{"id":"efd57661-a99e-4c15-a13f-1182ac6f209f","block_type":"box","text":"applicable law, the Trust’s Declaration of Trust or resolution of the Trustees. In par ticular, no amendment of the","page_number":52,"box":{"x":69,"y":608,"width":796,"height":11}},{"id":"fd0234e8-bc49-4328-b8af-288ab01f580b","block_type":"box","text":"Trust’s Declaration of Trust, merger, consolidation, share exchange or sale of assets of the Trust or any series","page_number":52,"box":{"x":68,"y":623,"width":789,"height":12}},{"id":"3bbf6860-bf35-415b-9246-4a89f26f25d8","block_type":"box","text":"thereof, conversion of the Trust to any other form of organization or any other action of the Trust or series thereof","page_number":52,"box":{"x":68,"y":639,"width":811,"height":11}},{"id":"598edbf3-3607-4cf6-85d0-b9b118cbb62e","block_type":"box","text":"requires any vote or other approval of any of the shareholders except as provided by the foregoing sentence. Except","page_number":52,"box":{"x":69,"y":654,"width":825,"height":11}},{"id":"c17dc8fc-5964-4d7e-afc1-abb1accda557","block_type":"box","text":"to the extent required by the 1940 Act, a separate class vote on the election or removal of Trustees or the selection","page_number":52,"box":{"x":68,"y":669,"width":829,"height":11}},{"id":"f301a42a-4e59-42dc-a993-262a5d6cd0ce","block_type":"box","text":"of auditors for the Trust and its series is not required. The Trust may be dissolved by the affirmative vote of a","page_number":52,"box":{"x":69,"y":684,"width":780,"height":11}},{"id":"32e33bc8-5701-44c2-9147-ea8c7ecf87a4","block_type":"box","text":"majority of the Trustees without any vote of the shareholders except as may be required by the 1940 Act. In","page_number":52,"box":{"x":69,"y":699,"width":768,"height":11}},{"id":"a9d5dab4-7873-41a0-a3f6-6fe0777fe68a","block_type":"box","text":"connection with such a dissolution, after paying or adequately providing for the payment of all liabilities, the Trustees","page_number":52,"box":{"x":69,"y":714,"width":833,"height":12}},{"id":"5fcb7e2a-98a8-49ed-83e3-aadbebec826a","block_type":"box","text":"may distribute the remaining proper ty owned or held by or for account of a par ticular series to the shareholders of","page_number":52,"box":{"x":69,"y":729,"width":814,"height":12}},{"id":"dad6a40e-f69a-4ae9-b76f-9b5ba91e2830","block_type":"box","text":"that series according to their respective rights. The Trust or any series may merge or consolidate with any other","page_number":52,"box":{"x":68,"y":745,"width":796,"height":11}},{"id":"af80c5eb-bcc3-4ef1-b12e-18a41931c079","block_type":"box","text":"corporation, association, trust or other organization or any series, sub-trust or other designated por tion thereof, or","page_number":52,"box":{"x":69,"y":760,"width":816,"height":11}},{"id":"182b9a8b-ef35-4047-a7a8-51ae7cd9843d","block_type":"box","text":"may sell, lease, or exchange all or substantially all of the proper ty of the Trust or any proper ty of any series thereof,","page_number":52,"box":{"x":69,"y":775,"width":825,"height":11}},{"id":"bd7caf1f-6d0d-40d4-a499-ca396bf0523a","block_type":"box","text":"including its goodwill, or may acquire all or substantially all of the proper ty of any other corporation, association, trust","page_number":52,"box":{"x":70,"y":790,"width":838,"height":11}},{"id":"e6cc0976-9081-4a52-962a-cfaec492ffb1","block_type":"box","text":"or other organization or any series, sub-trust or other designated por tion thereof, when and as authorized by two","page_number":52,"box":{"x":69,"y":805,"width":805,"height":11}},{"id":"da9520d3-95eb-41cc-91b6-1e567c7e525a","block_type":"box","text":"thirds of the Trustees and without any vote by shareholders of the Trust or any series or class except as may be","page_number":52,"box":{"x":68,"y":820,"width":799,"height":11}},{"id":"244fceb1-a739-4a69-aa93-5e9043a5f26b","block_type":"box","text":"required by the 1940 Act. The Declaration of Trust may be amended when and as authorized by two-thirds of the","page_number":52,"box":{"x":69,"y":835,"width":800,"height":11}},{"id":"e529ec11-8423-4420-ad37-be3e3ccdd06f","block_type":"box","text":"Trustees and without any vote by shareholders of the Trust or any series or class except as may be required by the","page_number":52,"box":{"x":68,"y":850,"width":819,"height":11}},{"id":"b5170929-e27e-4be5-9d18-57735e31532c","block_type":"box","text":"1940 Act.","page_number":52,"box":{"x":70,"y":866,"width":68,"height":8}},{"id":"b7777c3a-55a2-40f7-9254-ca2901c4e11e","block_type":"box","text":"I-36","page_number":52,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c6fda735-e9ab-460e-9b2a-2f08a022b4a5","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c567252-316e-4c3d-a487-f58454a63878","block_type":"box","text":"Privacy Principles of BlackRock Allocation Target Shares","page_number":53,"box":{"x":69,"y":45,"width":416,"height":11}},{"id":"54726f78-5566-466a-acc5-1df18fdeb53c","block_type":"box","text":"The Trust is committed to maintaining the privacy of shareholders and to safeguarding their non-public personal","page_number":53,"box":{"x":101,"y":67,"width":794,"height":12}},{"id":"6210bbfc-6ece-4599-94c8-8220adf267c3","block_type":"box","text":"information. The following information is provided to help you understand what personal information The Trust","page_number":53,"box":{"x":70,"y":82,"width":781,"height":12}},{"id":"4eb77c76-1a03-422a-aafe-3299ddb150ec","block_type":"box","text":"collects, how we protect that information, and why in cer tain cases we may share such information with select other","page_number":53,"box":{"x":69,"y":98,"width":829,"height":11}},{"id":"5dbe1ac7-9d98-4c4e-87b3-0c11b90c3009","block_type":"box","text":"par ties.","page_number":53,"box":{"x":70,"y":113,"width":52,"height":11}},{"id":"2651d533-7c5b-4210-ae9c-088158979da7","block_type":"box","text":"The Trust does not receive any non-public personal information relating to its shareholders who purchase shares","page_number":53,"box":{"x":101,"y":135,"width":803,"height":12}},{"id":"545d0696-a1d6-4729-b477-07de56c11207","block_type":"box","text":"through their broker-dealers. In the case of shareholders who are record holders of the Trust, the Trust receives","page_number":53,"box":{"x":68,"y":150,"width":796,"height":12}},{"id":"c7c6efae-233c-44ec-afb9-ed2092e795d2","block_type":"box","text":"personal non-public information on account applications or other forms. With respect to these shareholders, the Trust","page_number":53,"box":{"x":70,"y":166,"width":839,"height":11}},{"id":"4929370b-a0e7-416c-9626-206f9fbccf31","block_type":"box","text":"also has access to specific information regarding their transactions in the Trust.","page_number":53,"box":{"x":69,"y":181,"width":570,"height":11}},{"id":"f5d3ec5f-d70d-4590-82e0-2f3ce79ea7f0","block_type":"box","text":"The Trust does not disclose any non-public personal information about its shareholders or former shareholders","page_number":53,"box":{"x":101,"y":203,"width":790,"height":12}},{"id":"4a65dc49-4f0d-4057-ad45-cc0efc9090ed","block_type":"box","text":"to anyone, except as permitted by law or as is necessary in order to service our shareholders’ accounts (for example,","page_number":53,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"5dde522d-83e6-4da8-9e68-d92a9b02819f","block_type":"box","text":"to a transfer agent).","page_number":53,"box":{"x":68,"y":234,"width":141,"height":11}},{"id":"b876c62d-7469-46de-82fc-91c19de0d226","block_type":"box","text":"The Trust restricts access to non-public personal information about its shareholders to BlackRock employees","page_number":53,"box":{"x":101,"y":256,"width":777,"height":11}},{"id":"f269e6c2-06ea-4b3d-be0c-55c52a2c9f8c","block_type":"box","text":"with a legitimate business need for the information. The Trust maintains physical, electronic and procedural","page_number":53,"box":{"x":68,"y":271,"width":767,"height":12}},{"id":"714ee9a5-82ce-4f98-9653-47ea73711c55","block_type":"box","text":"safeguards designed to protect the non-public personal information of our shareholders.","page_number":53,"box":{"x":69,"y":286,"width":627,"height":12}},{"id":"fc8a1a33-6ec7-458b-9f34-51fb17e37e0d","block_type":"box","text":"IX. Financial Statements","page_number":53,"box":{"x":69,"y":317,"width":179,"height":9}},{"id":"3cf974d6-cfb5-4a22-a452-8aab49344d7d","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Funds’ Annual Financial","page_number":53,"box":{"x":101,"y":339,"width":726,"height":12}},{"id":"2fb0c35d-12ae-4cbd-ad8d-480af0d4fe09","block_type":"box","text":"Statements and Additional Information for the fiscal year ended March 31, 2026, as filed with the SEC on Form N","page_number":53,"box":{"x":69,"y":355,"width":815,"height":11}},{"id":"a2472e0d-17e9-4597-8e45-e18ba7e96131","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":53,"box":{"x":69,"y":370,"width":835,"height":11}},{"id":"06ad191f-207c-470f-bca5-c462ee60b800","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have been","page_number":53,"box":{"x":68,"y":385,"width":833,"height":11}},{"id":"a902f391-00e7-4a05-857a-f597cf6715f0","block_type":"box","text":"audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such 2025","page_number":53,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"44bcde3c-2a5b-473c-b1fe-7042b40abf69","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the repor t of such firm given their","page_number":53,"box":{"x":68,"y":415,"width":790,"height":11}},{"id":"9167dfb4-4af7-4682-97b8-c43c0e8b40b1","block_type":"box","text":"authority as exper ts in accounting and auditing. Additional copies of each Fund’s annual and semi-annual repor ts to","page_number":53,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"885341d7-8c58-47c7-9efc-194d1c17583f","block_type":"box","text":"shareholders and each Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":53,"box":{"x":69,"y":445,"width":796,"height":11}},{"id":"7c0de1d6-4b7a-471a-8c3f-debf91f7e404","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":53,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"c48a708b-f059-4011-a183-7901fb7a8c7a","block_type":"box","text":"I-37","page_number":53,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"be04aba3-50ab-4f00-82e8-0ed496a2f0dd","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c13cfbd-16ac-431b-8ae0-7c6d06053eb1","block_type":"box","text":"PART II","page_number":54,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"01ec33b2-57ab-41c3-981f-877a8ae2d719","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":54,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"7dc98873-f9c7-44b5-be8d-6f8b3b41a9a1","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":54,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"aa0b446f-9a85-4bf1-adaa-8c308af6acdb","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":54,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"c4f0b7b7-38bb-4af7-8e8a-40be3029fe04","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":54,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"ce5f657a-d9c1-4ae1-a400-00b64787255c","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":54,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"24ff18d7-ed70-44c6-bf1b-f93c241d5f31","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":54,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"4aabd2d0-091c-4227-887e-128529924f35","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":54,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"3df50546-8e86-45b4-882c-928b5cb2c302","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":54,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"01d9b84d-a8f6-48de-92fd-aa84a6a285e1","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":54,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"01bbd5b3-b5e1-4a2c-9871-49be18bbf432","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":54,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"316f5a8e-9f6f-41d6-b231-108a9e80148b","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":54,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"f6108b07-039a-4648-b0fa-fb7939219c48","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":54,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"e08bc9d6-5a2c-4f3c-afd8-5fae8ad0cfe5","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":54,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"b9a10087-a096-4f24-b200-6a34e8891c61","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":54,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"a9c4f12d-5155-45f7-b682-a515e5994acb","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":54,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"1696c6d2-a515-49b5-ad49-35ce7e00aaef","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":54,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"07cb9b24-c204-408b-a609-340ecc76d33f","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":54,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"69fddc02-bc16-40b0-94bb-85bb6d9b54a9","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":54,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"b74853bb-af6c-4120-8e78-6b71da11e26d","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":54,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"5641409c-7c38-47e3-aa3b-8c9efd4735fe","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":54,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"bb60c771-81ea-4e75-80d8-d1298bbb2783","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":54,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"ccc15739-6d7a-40d2-a3a6-f5d073b69d9c","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":54,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"459e065f-f075-4f39-af43-d2e1ca0a209a","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":54,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"6722ebe4-1e5b-497e-b768-b2ead757bd0e","block_type":"box","text":"par ticular Fund.","page_number":54,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"8ece30fe-f3fe-42f7-b9d7-c3dafaec6539","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":54,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"a77a4be0-fa1a-491a-8a78-9bbf74c715a6","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":54,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"d364217d-94ba-49fb-a7b1-6192bdf2337e","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":54,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"f9c08a15-cccf-4be7-ab76-fecf28ded8a7","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":54,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"4bb83d43-e72a-43b0-821c-6e7a151ad448","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":54,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"f31dffa3-0c28-4fd2-ba3e-beea839f7a4c","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":54,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"619f77b7-9858-4663-be68-31bdcb4d3b33","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":54,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"bcd8ddc3-f7fd-45d6-bb0e-456593bee56d","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":54,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"ec1da9a5-30d7-455f-b89e-804067d7dac5","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":54,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"4c3eda4c-e1c6-4956-be22-778ce1886616","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":54,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"eb09145b-a7bd-46ac-afb2-077dfb7617f8","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":54,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"8ea2b170-f9f9-43b9-9795-06cc62253343","block_type":"box","text":"Asset-Backed Securities.","page_number":54,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"ce2e954d-92cf-4ad9-8ec2-4189fb3c1f82","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":54,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"dbf7b26a-693a-4a6e-be2a-52d0b5d086ec","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":54,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"bffde476-f19d-4606-932e-68c3b1821819","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":54,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"153d3297-7cb1-4a05-b210-3a0b53856dca","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":54,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"39597846-3516-4d80-8f6b-a2c9335160ba","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":54,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"6e1344af-7355-4fe6-b94d-4b72c21b56e8","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":54,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"fb50f6b8-2804-480d-b4a2-ced97dcd66d1","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":54,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"c00d4287-422b-4c4c-96f3-ad7c8199c465","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":54,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"9ce80def-f98a-48a7-840a-518c3fdbe6ed","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":54,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"92b1dbfe-bf3b-441e-895e-07c7cc655196","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":54,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"1965c33c-49a2-4222-acc2-92f714df084f","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":54,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"8dbe8c8b-e999-471a-9e0a-c70e35616592","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":54,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"67106f9e-5bf4-41fb-b1c6-a9c8ea0ce786","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":54,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"82d65a77-c76d-4512-b045-0f0cdc38d528","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":54,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"8f97277d-a2af-4293-9307-c541277c6fe3","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":54,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"b34f16f6-ee22-403b-9ca0-d7319e0caf72","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":54,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"2dbb11a3-0dde-44f0-ae6b-30c24cb8be7e","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":54,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"59e86d3d-c342-48a5-bc7a-f167e64c3ff6","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":54,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"b41c0e78-e755-4bb9-a2d8-43b67f850934","block_type":"box","text":"II-1","page_number":54,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"9f762de9-f58c-4813-ac0b-3e2db0a981bb","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26b56999-ef39-4e82-9c36-6685356e9c5e","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":55,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"4e3ad012-60cc-4e6f-8a1c-e1bedd17337a","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":55,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"84fc2172-9eda-4f95-9538-fb8bbce8a21c","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":55,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"0d042162-43e1-41fa-8627-202433da4404","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":55,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"0280cec0-107a-4661-b96e-cbf94a8bfeb9","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":55,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"3252e3f0-9e6a-450a-837e-fe77a47659a7","block_type":"box","text":"Asset-Based Securities.","page_number":55,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"49ce6c88-bffc-4037-b879-8bb6d1708131","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":55,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"7ec16b05-a2e4-4543-8c23-e0ecf995bba2","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":55,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"1d9345e3-5240-42d1-845a-1e963ba8bbc5","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":55,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"1ef5b234-2e19-4917-935f-7745438c0c85","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":55,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"c997bf89-6eba-43c5-90b5-496f21e928af","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":55,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"c748cd1e-5b6c-4077-99d8-d41445305db9","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":55,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"35e41dcf-5d8e-4f46-9a06-2b17efde33f4","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":55,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"019f44de-5e08-48b7-bfd6-4763fe8f3392","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":55,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"5b8fd9cb-dafc-42a2-9e76-ced085915bdc","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":55,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"a9c58bf0-e5ea-4661-9e03-5adc983d1fcc","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":55,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"18980cd3-2ef5-469b-8ab1-1bf946b838e3","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":55,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"f261ed22-95f7-4bb0-99c9-0d297759fc6d","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":55,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"79adf416-e97b-4b45-a1aa-7000fe275d12","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":55,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"39cdb224-1fab-431c-b9ba-bcd13d48c178","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":55,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"8c23f076-9ca1-432c-820a-06143d504481","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":55,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"a1ce0097-b284-4965-8595-de5142065aa4","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":55,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"79450ea3-940c-4d65-a9f3-bdd0c8f68926","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":55,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"58abec6e-7346-458b-a50d-3374f84d8437","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":55,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"620aea1b-8ea2-47fc-a576-8d8afd3b49f0","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":55,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"ea364de4-d11c-44b4-a773-6ffb128e4376","block_type":"box","text":"appreciation in the underlying asset.","page_number":55,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"bbbf37d2-e55b-4a50-b59b-6cee3e79f4c6","block_type":"box","text":"Precious Metal-Related Securities.","page_number":55,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"00eca124-a911-45f4-b431-1148d5ae48b5","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":55,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"341485d2-953a-4573-9d37-47f9c8016d93","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":55,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"a5872732-5081-4368-9129-ab040304892e","block_type":"box","text":"e.g.","page_number":55,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"bf6d168e-b92a-409d-9090-ae896e4d7913","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":55,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"07016d91-955a-4cb9-9c46-630addab2cae","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":55,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"279a6d48-0f32-413e-8b31-351e739af6a9","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":55,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"d410c1f5-7c2a-447d-926f-263fd41fd9e7","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":55,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"0880d72a-0790-4669-b106-8d1dffe27e63","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":55,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"e41aa58e-b0c9-477c-9ce4-5543bcc774de","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":55,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"09d5c508-63b3-4d34-9e33-5e20adb0ae3b","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":55,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"12043c7c-4fdf-4d30-949c-8e59a9d975fb","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":55,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"f26681d8-5c4b-4635-acea-ea93f181fb2c","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":55,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"693eedf8-0c89-4fcd-a76a-5120c5f4a18f","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":55,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"7861992f-d324-417d-bc9d-e5f3b258d616","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":55,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"d91f210b-e0bc-4314-ad7d-fe63f331e09e","block_type":"box","text":"South African gold production.","page_number":55,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"0b6444c1-33b3-4fcc-9e0e-b4e213757787","block_type":"box","text":"Borrowing and Leverage.","page_number":55,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"74145b21-3e99-4b50-a407-708af7bea212","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":55,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"b7a8c248-24be-4f7d-b515-ab056f4de449","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":55,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"ce7e0d7b-f505-476d-b582-2b5b51c447d5","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":55,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"be159303-7bcd-481b-bb7f-ae9a3c23c844","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":55,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"a04d56ac-815a-4793-90b8-65cb9026d21f","block_type":"box","text":"other securities transactions.","page_number":55,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"c3512f3c-fc8e-4da5-aa91-ee858c31ac99","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":55,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"a70da0b1-4470-4f58-a003-d9f9eb7f527c","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":55,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"56922f92-e6d3-4f50-964e-109f65bedbac","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":55,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"eaf9d955-ffd9-44d0-871a-3a57183095fe","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":55,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"7d77dee5-1dba-413c-aa07-a2ac5a6bbe4d","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":55,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"36f63421-741b-48ae-b54e-8650e4b38213","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":55,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"87dbbb26-0319-4393-aacd-82c2afc44608","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":55,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"f2623237-8209-4c24-af34-24f6004b8e88","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":55,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"242620cc-c386-4d5e-a944-6064e3b2caba","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":55,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"0f1975c3-afcc-4809-8539-a4574f2bd206","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":55,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"a22825a5-d30e-44e6-a28a-396b9226a717","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":55,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"523e6f68-3049-47ce-bfd8-459708020cf7","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":55,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"28f9a3db-58ed-4e1f-9e3f-62bc99674e63","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":55,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"1f97787a-7001-414f-acb4-47ea72fca585","block_type":"box","text":"II-2","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"dd25865c-4ab5-4c9c-9cc1-02b9f65e5698","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93492b3e-2932-414b-b40d-61f3da067dc8","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":56,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"a2550cec-7135-48c9-931d-35476e9296f2","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":56,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"e4d70537-1790-41e3-b5ed-ac6d09a3988e","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":56,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"2c1da991-f59b-4721-8ef8-d7dc66ea0d44","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":56,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"0b57ba80-e31d-4415-b319-0cc4850acb08","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":56,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"979e2f92-46ea-4225-b5d1-e10593d3b703","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":56,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"4747fce7-a037-43f4-b151-0df299cd6368","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":56,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"f70dde1d-761d-4249-b95d-cdc470036f4b","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":56,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"aea917d2-4e97-48fe-a121-72d419a9afd0","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":56,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"e93da13f-3cb9-469a-8644-bd1b542f5d61","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":56,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"3d270fee-c325-4346-8a99-27b321855c41","block_type":"box","text":"Cash Management.","page_number":56,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"873fbd86-c24a-4541-a4a5-ccb23712176e","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":56,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"1b82a1e2-f8f4-4f65-9cdb-4278047fa94e","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":56,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"f4d64f0c-3ca5-4dd0-9bf2-6c526ce74ba3","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":56,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"31946dc5-16ac-430e-bf50-5cf153f51f7b","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":56,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"fac79da1-2d5e-4580-9e40-d50821e954c7","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":56,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"40740cb0-083b-41f2-805e-06d641b24572","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":56,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"b6d5bc81-f07e-4f16-9097-e899de26c3cc","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":56,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"9931bd07-298d-439f-b938-b9b30bc2a4c7","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":56,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"41fdabd2-6dce-4400-81c6-6ef888ac0b92","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":56,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"1166c651-2513-451d-b570-e77fa3c37962","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":56,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"ab9830b9-5ae5-4c36-9556-ea8eddc261f9","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":56,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"3eeab093-d659-415e-8573-528d68741506","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":56,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"8f68b2e3-dc74-4ef5-8452-3a8496105173","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":56,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"5c450e1c-fc9d-4d74-a663-aae0c49d1c55","block_type":"box","text":"Collateralized Debt Obligations.","page_number":56,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"bc5a5ec1-2c95-4f9d-8dc4-899379bd9cf7","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":56,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"5fc90c63-eac8-4677-b4eb-8537e6208932","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":56,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"7bfe8313-b1dc-4616-b82c-f492ceaebc4c","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":56,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"809e79c1-5a7e-4117-b088-a09f35e7f1be","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":56,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"8ff94b62-9a19-4074-8c38-f1ebb6732cd1","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":56,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"2fadaacf-a426-4311-8678-2ea479a59485","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":56,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"d8139b68-8552-43d8-b509-e8ed0af6760c","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":56,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"05d015d6-775d-459a-bfef-ea528939db32","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":56,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"900716ba-9c56-4b31-8533-6cf42e7ce229","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":56,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"24967c4e-d8c2-4bde-b8c1-82d5e41fbf62","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":56,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"924dcd8d-520e-4ad4-a7b6-06ac143aa423","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":56,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"722196bb-3e73-429b-83e1-7d9dd7f9b0b3","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":56,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"78315494-dc21-4d3d-bfbe-125a3754fa7b","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":56,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"ab8817c5-9def-44e1-961f-9c8c40a1be05","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":56,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"fedf9b13-a014-4b57-bf87-255ea2b9e246","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":56,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"9fa03d73-34a8-42a2-b26f-629287b7a2e0","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":56,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"456fc8cd-4be6-4bd3-9d56-8d265f6151b4","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":56,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"d34b9694-5fa2-4428-b3f1-b4bd6e43ab2c","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":56,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"7a5f5fff-d09a-49c6-aca8-c46bc8cd80c7","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":56,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"2a836531-ffad-4f40-a67d-180c38b724b1","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":56,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"1cf6973e-4c1a-4725-96c3-100475370e3c","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":56,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"326a0a25-c6e1-4554-a094-362d2c21d4f3","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":56,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"94abb073-d89e-44a4-afa4-e889ba5f5b28","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":56,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"f7caa636-f17d-4bdc-a509-e4eed282405b","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":56,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"0defefc2-87a1-4c62-9cc7-3f76401efd00","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":56,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"554e5ea5-69d3-430b-8382-3f5ba4e1128a","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":56,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"40a5bab9-49fc-4993-a552-c00c80be8158","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":56,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"89dc8bce-dfc3-476c-8a5a-26d2cf0fb0f8","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":56,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"27565108-bc7d-4d24-b4ff-6ab941195e11","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":56,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"f858642b-3599-463b-812e-92b1e417b595","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":56,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"52c810f5-cb24-4d9e-a5a4-6dc59e0f1cbd","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":56,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"782acbe5-2f7b-4226-ba76-5549e41f72ee","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":56,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"122046c9-31f2-4b3e-ae7f-40d497f88d17","block_type":"box","text":"II-3","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d7c205be-82db-460c-83b7-976d866edf77","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3561d1e-9c23-4e58-bfec-aa4485aca5cf","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":57,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"5838fcc9-795a-44a3-9db8-b751938ec01e","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":57,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"d656fb7f-44df-423d-93d6-98acba7a6ae4","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":57,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"89edf2dd-a3de-4daa-86ca-5e9058818d19","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":57,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"6c9eb0db-e4ff-48a4-b6bc-1e95915af6da","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":57,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"6a68e059-323c-465d-bcd4-49e068659b49","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":57,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"5c744f5e-0fca-4940-9ef8-7251d6d0696a","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":57,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"bf0bb691-d7cc-48c3-8b0f-8c4540ba0a0d","block_type":"box","text":"Commercial Paper.","page_number":57,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"a335173c-73ab-451b-a0e4-6b7a9dc0c134","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":57,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"ac8a6b5e-b9a3-4445-ac53-07c5aa2566c9","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":57,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"cf36f045-3448-41e3-8718-cf897690e1a6","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":57,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"91073305-9968-42c0-928f-8999ed92c445","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":57,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"0f513006-fd8e-4fb2-b2ce-c1656b6755bf","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":57,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"891c9c28-bc5b-4355-956d-88cdcc89daeb","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":57,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"f3a60317-dfdb-4cbf-98f1-2cf57956d9d8","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":57,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"a374aa11-99d0-4fca-b85d-cff3937a3e94","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":57,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"51c80197-9c92-4ae2-8693-cb943ce2cdea","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":57,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"9b7baa44-dfc0-4baa-a3e0-30101c829a11","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":57,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"d6e0c89f-f050-4e86-9b02-5b5fc6625a90","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":57,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"db7f56f9-0394-4c07-bcc1-472110df8bc6","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":57,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"cc854486-136b-4527-90f7-e1539146e677","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":57,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"f661f5d0-daf0-4bdd-97dd-4462270693be","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":57,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"7899063e-458b-451d-b96f-478f8dbd3f3b","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":57,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"c8bc1c4a-2428-4686-a62a-3d14000edc12","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":57,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"78faa634-8231-48e9-afe8-d246545911f1","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":57,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"ecd28093-6531-49a4-b4a8-ddf27ce98cad","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":57,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"87bc54ce-ba86-42e0-aa60-817102060ebf","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":57,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"dfd10be2-5687-4ad5-9f8b-b5cbe035cab4","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":57,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"cf4f21b8-3bc4-4309-9b56-280f93506b26","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":57,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"6ccd1ef3-a94c-4a5c-ae93-8ac98611e6c3","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":57,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"2e5563b8-2682-4e35-a68c-ebc65b20fbf7","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":57,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"834c07ef-e3a9-4904-a4ac-b941704ca57e","block_type":"box","text":"variable.","page_number":57,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"dc2c03f6-325c-4b5c-ab1a-411b622cab25","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":57,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"4798a59a-bbf2-43ce-b3e1-bd8388e9722e","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":57,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"7c3ef284-82da-4e35-99f7-52ed59d599f0","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":57,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"5cc20f9a-de15-4786-8f8b-c0d35cf696df","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":57,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"4d9dcffd-1bc1-4ba7-bffa-b6df638a5b22","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":57,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"413b084e-add1-4a58-bedc-8f3666a4d81a","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":57,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"e68f452c-5989-45d9-bab0-96b0f627ccde","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":57,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"943adef0-6daa-440a-b7cb-a531b387072e","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":57,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"65a7422c-e606-4ffe-a410-a1abba9b2e39","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":57,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"75032a47-e277-4c87-b6c0-f2b0e2d34e82","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":57,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"cf8f34c3-9cea-4482-975e-01abc5c4f0e8","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":57,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"9307fa4f-452a-4cff-a80f-03a60dc0feb7","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":57,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"05f54140-c7f8-44c0-adf4-1ffaae4b33eb","block_type":"box","text":"correlation with stocks and bonds.","page_number":57,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"7bb140e5-5730-4978-9590-3fdd1d08f92a","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":57,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"2646ad3b-d7cb-4af8-9382-5fdf11eb68f9","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":57,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"740359e1-e8dc-47ba-a4bf-9674acbd1bb9","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":57,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"78107604-7efa-4a7b-bd13-ffb6cf0ad023","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":57,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"5035dc26-7d00-4666-abfb-433637456c3f","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":57,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"1ab96f1f-2edc-4f3f-b6f3-161fb048688f","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":57,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"0ea45344-b611-452b-92c7-225f4a5c65ca","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":57,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"d8e389a9-9765-4682-903c-5b1a2c548774","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":57,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"8ca1d5bb-f7b0-4be4-a930-e6906b6b7cb3","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":57,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"0ccc127b-ce48-4cde-9998-58a22d0d6ac4","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":57,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"8151fcc7-8ed4-4516-9468-d53128122b6b","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":57,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"1be2dddf-9482-4572-94bf-f04a975ab08c","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":57,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"82b7c1c1-45e2-487c-baca-767609c0bb7c","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":57,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"8c993164-4b08-464a-b956-c0929740f3fe","block_type":"box","text":"II-4","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5eeb0f7f-957e-4f67-854f-9bd08d577d06","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c1200ef-b252-452f-90f0-de9e90419006","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":58,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"b5f05b91-644c-433e-a30b-0f389e15e109","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":58,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"02401ff7-b0ad-48d5-a562-1a23a9bea2a7","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":58,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"020e175e-1837-467e-b818-5a3052254222","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":58,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"2f396efa-186f-4846-8356-1159eba48ffd","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":58,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"a19ec152-f9d3-4e19-9f25-92cebfec3498","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":58,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"e53d5606-af74-4990-8d24-79a9bf13a5eb","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":58,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"6c0beb73-a82a-4a8a-b587-c9d01530339e","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":58,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"986cdbad-a8f2-4bc2-9901-433c93d3e075","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":58,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"3d280605-5817-4084-8736-5c59534de8fc","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":58,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"d4c76f4b-1175-4158-b204-a7e482198eac","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":58,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"17f861cd-97fa-474d-8b2e-df8bd066dc55","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":58,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"5dc955fe-61c0-4477-a294-51584baf2aa7","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":58,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"88f830be-dc13-4b74-9e22-afc534dbbdb4","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":58,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"820a8ed2-89cb-4bc3-bb01-dc4a0954cb1f","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":58,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"0bc819af-be19-4425-b097-0cc5edf2797d","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":58,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"c94e1f5f-6207-41ba-9d72-d9bece61fc44","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":58,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"26c32570-920f-4b7c-96f4-3b47c7ad90b8","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":58,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"92fc7191-7c3b-4d77-8f27-86fd0260501c","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":58,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"96ed0097-42d8-4fe8-85f8-0f625b7c50b4","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":58,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"f12a90f7-4993-4c7e-9954-dc09028ff965","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":58,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"0f1c1363-45ee-483a-8256-239f4170d1b9","block_type":"box","text":"the Manager believes are relevant.","page_number":58,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"e43c7761-fad9-4c69-a5f8-d966cd966c8c","block_type":"box","text":"Limitations on Leverage.","page_number":58,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"a573b1c5-e1c1-45b6-a8b3-c37cfa7e0d53","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":58,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"31e6a9b0-c472-4caf-a22b-6b782556369b","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":58,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"cd091551-a3ca-43c3-9149-658d59a58232","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":58,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"01cabb70-cb4b-4c10-bfe2-79151e9050f7","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":58,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"c5049c9d-a8de-4209-875d-7a0ff86dcae0","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":58,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"3c7aabf2-836a-44ba-aa94-dce79c9b9d8d","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":58,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"3ce3363d-4e79-4eab-af63-6dd5c0fc4b57","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":58,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"d6848511-b617-48d4-907e-a4473625f98b","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":58,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"5e3129f2-25d2-42fb-84fa-e325bd5cba46","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":58,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"f33a41ae-7ef1-4dfd-97f1-961ec1c1cb32","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":58,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"e35cf604-7bcb-494f-bfb6-dc83d7069b82","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":58,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"f0d02c89-5b41-4478-b10f-ac780888451e","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":58,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"0acd55b6-b822-41e0-8735-63d36b7c58d7","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":58,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"699b67fa-d10f-455c-8179-454f0df3133c","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":58,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"f1bff080-8872-40fb-9e65-f8661fa1f6d8","block_type":"box","text":"Counterpar ty Risk.","page_number":58,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"581f4da5-1a59-4700-b802-9be715673cce","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":58,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"6b3ce20a-efc0-4ae7-94a0-3db4fb807d24","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":58,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"3c7b3683-893a-41e8-be7d-553fd9908f1b","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":58,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"ce657736-54f2-4225-afcf-8caf0721c2f7","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":58,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"f1bdf67b-441e-4dbb-8d14-17fbca6b86f8","block_type":"box","text":"e.g.","page_number":58,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"a6ddc031-cb5c-452f-bd3d-bc6b20484900","block_type":"box","text":",","page_number":58,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"a967421d-00a5-47e0-be65-0eb579f66c12","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":58,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"38bac5d2-20d8-4631-a073-d86939205665","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":58,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"48c49d25-7b47-4e2c-8f1d-9f0386b5e541","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":58,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"2b66aa0e-9c57-4490-b12f-6cc7e196a3c0","block_type":"box","text":"obligations under the structured note.","page_number":58,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"c249ebf8-99cd-428c-bd14-7fbffddb5ecc","block_type":"box","text":"Convertible Securities.","page_number":58,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"21d2d00d-7fd1-4209-8f11-a97a173a2a05","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":58,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"53180afd-0d39-483b-8c5f-0bb524dad0ce","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":58,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"0e9717f1-880b-4114-95be-7373df66302d","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":58,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"2a46211f-517f-4fcc-878b-d5c05c5ac278","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":58,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"fd25c474-d67a-4c8f-80c4-76f7c6b56d4d","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":58,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"8c3c2a8f-acc4-4a16-84b0-b22883a82857","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":58,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"5d453ad5-0ad8-4e47-8ca2-68f14c4e66ae","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":58,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"3a4948b0-6910-43bb-a9d4-d9719f2ca83a","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":58,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"96776ed5-6e4a-4d5a-ab5f-c9b070011e7e","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":58,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"e4c91593-6e43-41f7-a6e2-6b5800492c12","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":58,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"630a4228-ef7b-456e-ad70-879498c6fde0","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":58,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"363d0881-a0c2-4988-bb6d-5343b49b3ef3","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":58,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"960f75c7-10ae-4528-a441-4a3289850845","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":58,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"b46b6fc1-6b32-41df-b6ea-65053986e56b","block_type":"box","text":"II-5","page_number":58,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"53ec17dc-1567-4ed1-ac87-2446320a09e2","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55bde6f1-cf6f-4925-8358-008f32955580","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":59,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"9bb0405b-2a97-418f-98cd-f6e9e6fec967","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":59,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"2a17123d-8707-4725-b20b-229c6e826b79","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":59,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"376919c4-47c7-41ad-894f-02df4ce9d8f9","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":59,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"8e8a4f3e-4052-4c18-b745-0c1cb57fe428","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":59,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"9b89dc4c-c85b-42fa-80d8-c7e0c996bb33","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":59,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"2fba9036-7996-4ee1-becb-ca731f6c7720","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":59,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"db7d9110-5f37-40b2-a0be-ca4e1bd7f8a0","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":59,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"dcf29bf2-b98c-4041-b8e6-d82729104b47","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":59,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"bc0050e1-3736-4d69-9861-a60a589a71c5","block_type":"box","text":"things.","page_number":59,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"212d3eaa-2ae8-49d5-b9f3-06e31d502906","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":59,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"9227c391-87b9-4d73-9b23-1f42485e92bc","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":59,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"c8783fa5-431d-41f0-9098-caee80648ccf","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":59,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"7c0eeb67-af02-427d-a062-25953d40872c","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":59,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"341d4bac-3390-486c-9041-341ba3362493","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":59,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"eae7bf56-0c63-40ee-b145-3d79e1e38e2d","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":59,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"7ed628c1-35fe-4295-896d-94b14c328b2d","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":59,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"00ff0003-917f-46c0-877a-250a3648b5bb","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":59,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"4e91f1f9-c7df-4461-a3ef-537398879b2b","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":59,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"55edd3bf-c9db-4818-879e-7b99d86033bf","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":59,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"c53280ab-b4ec-4259-9ccf-d4c6435bf0bd","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":59,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"42feb4be-ff3d-4cf5-8538-c097958978d3","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":59,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"bd53c26e-103e-4f5d-ad63-4bfa3df61bfe","block_type":"box","text":"i.e.","page_number":59,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"b2fd974e-a6bd-4133-9590-23cdaf88b563","block_type":"box","text":", strictly on the basis of its yield) is","page_number":59,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"47e62471-8657-4718-adac-2c73bce8f82e","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":59,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"d0f76a84-6925-4bc2-acad-ad232cccfe69","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":59,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"4d222d3f-b904-46e8-ab33-168ce451a891","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":59,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"504c6110-8b85-4f57-8fdc-477d27ed7bc0","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":59,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"a6bbce7b-7145-4e75-b742-5e48b325585a","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":59,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"8e5e498b-6751-48c1-8088-30780d6c2f42","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":59,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"27f619e6-bc6b-4597-a069-4fa6007e5616","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":59,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"ccc8bc84-b362-4f42-9915-76ad43111173","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":59,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"522653e0-f234-495e-ac97-4c28149d3d4b","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":59,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"c2d661d3-01f1-40cc-9ece-cfbfb34aff0d","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":59,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"3160dc65-bd8a-4aff-b0c5-cc0423f855ac","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":59,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"70d6ef51-7026-4c43-9a27-9a19f0009f3a","block_type":"box","text":"than the securities’ investment value.","page_number":59,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"826efac7-5f51-4931-a074-36e22dfaf637","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":59,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"12264edf-f44a-48ff-a84a-fefa773cad22","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":59,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"adf37803-d05b-463f-bf48-f911900bea08","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":59,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"5b978218-07c1-4404-a129-bc299ba80cdc","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":59,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"12fe0193-389f-4821-a9ae-da1541862c1d","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":59,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"c6a4eef6-ccd2-49d9-9a13-355bfa216706","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":59,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"0182b5d8-3301-46f1-9f98-94916860bbbb","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":59,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"2b7cb891-28aa-4239-9b36-d46f3590a1ad","block_type":"box","text":"security under cer tain circumstances.","page_number":59,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"70ab8ba8-d7b2-4058-9101-7d7d889bea32","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":59,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"99869e65-e42d-4afe-8ff3-7fcabf7a28d4","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":59,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"75b5026b-f849-4a81-8444-981b6917689e","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":59,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"133214e6-faae-4dd9-857e-01a6f9c92fe9","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":59,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"e73f8b6e-cdcc-4448-ab3e-4f39fcfac6fc","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":59,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"2c43359a-0d83-46bf-9c2e-1e62d3eba471","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":59,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"f99d280a-3468-465d-ab44-78ae8c54b466","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":59,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"4b7a0156-60e0-4f76-8133-a5a3b378b793","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":59,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"ed08f61c-0bff-4d9d-9a9f-cbe8c74f9a41","block_type":"box","text":"i.e.","page_number":59,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"e4775d3f-4912-40b0-a8bf-72935c438480","block_type":"box","text":", fixed-income (“fixed","page_number":59,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"3ed17d2f-7d2c-4976-bd55-807790829a71","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":59,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"0f85e053-277f-456c-8068-1638b6790804","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":59,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"5a64fbdd-0621-4c5d-b386-3189bd472d6c","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":59,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"456cd409-a88e-4221-9df3-d186ffe8c510","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":59,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"3b8cfb8f-a5da-4288-8628-15ed2a1150a7","block_type":"box","text":"II-6","page_number":59,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d166b127-0111-41bf-bdcf-c967b8061d4f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92d9e329-fbae-4778-86d6-412652bffe22","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":60,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"d3e80c5d-859e-4933-902f-96545c2156ac","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":60,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"844ac62b-a1f2-4c17-a7f8-b688a60a72dc","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":60,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"e2f9d732-541e-4040-8702-632691c5ba20","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":60,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"6c09456b-8726-4f0c-afdf-f20fbc8725ae","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":60,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"5ee13978-bfbb-4b9b-beb9-93a038d67b03","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":60,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"6f2bbe47-cec6-4cc6-a187-8a3c151f7059","block_type":"box","text":"component.","page_number":60,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"fdf8013d-544a-4e17-b696-498ab5f16ba7","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":60,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"28c7191a-86f8-4882-a07f-1c327930456f","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":60,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"f93541e3-b69a-4b90-aacd-d76c5482cb51","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":60,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"ce73934e-1db4-4247-9589-5244b3bcaee8","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":60,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"7d63e54c-1cc4-4972-bad8-85225d45ebcc","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":60,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"1ed34889-9a12-493b-97b6-434b5d9610ec","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":60,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"c42f9194-e744-45e6-96b2-ef512793fd9b","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":60,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"85f9009e-460c-41bc-a8b9-a29f690609f8","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":60,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"22de74ae-9d93-44b8-8fb9-31ef65a54128","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":60,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"5608c7ed-c7b9-47dd-bba4-51d2935187cc","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":60,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"c8749440-e336-488d-a153-654c90d9d5be","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":60,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"2673585a-6aef-4c46-9bba-5291295c9a86","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":60,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"4e4996dd-0621-4da1-9293-eb553e0c3865","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":60,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"17981b57-e1f6-46cc-86c2-5affadf47d48","block_type":"box","text":"favorable market conditions.","page_number":60,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"04cd62e4-0ae9-44a6-bf62-a3340296d2f3","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":60,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"0bda57a0-469b-4bf1-8003-96055c4152c8","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":60,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"53db532d-8ff9-4d69-a0ee-d24d87b3d9d0","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":60,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"ddacd3ba-fb67-42ef-85af-438ab17253bb","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":60,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"56336ce1-bcfd-4973-ab4b-827eb1e5ae90","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":60,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"d8eeb78e-d023-46a6-acd6-48d42be7028b","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":60,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"61ed4193-149e-4127-9609-785ab1f1453f","block_type":"box","text":"Corporate Loans.","page_number":60,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"bac121f7-90a5-45b7-8ab9-425f9b983d23","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":60,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"d6151798-04d8-4782-9ea0-942634b88591","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":60,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"0de0cc0c-a9b3-497b-bc04-24c9d8460364","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":60,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"3804068f-af58-4e5c-9085-124dd9e1ec40","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":60,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"2bdb4f82-aff5-499d-addb-387a9eb4ec39","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":60,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"9460a6fc-9320-4fe1-bf43-a85e23d4e4b3","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":60,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"9ee7a6cb-1246-4166-90bb-04e2d49757e9","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":60,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"84f2050d-d2a4-4d90-80a1-05669e2343a3","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":60,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"7881dadf-cd1b-46f9-aef0-2fceb21ed2bc","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":60,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"59e08706-3220-427f-b8ca-3cb24ebcade2","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":60,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"5dd07485-1f2f-46f8-b57d-d4980f93ec5a","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":60,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"adbc74bc-e761-4f3c-89c8-2afd71f04d6a","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":60,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"77084563-a00b-4663-98ff-b15bcb0164ba","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":60,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"beec1e72-a9a6-40af-b2ad-fb3a34e3233c","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":60,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"ff8f18e7-6141-4caf-b25d-028f08d40d78","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":60,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"cffe4834-598b-48cf-967e-ee03d9f6f37c","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":60,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"93d068c3-de5b-4d52-b4aa-aa979415301f","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":60,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"076e62a6-f937-40b2-a0f3-4f782d4b434d","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":60,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"e500b52d-88c1-4f8b-9282-888a50440261","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":60,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"8ba0f528-57e7-4eaf-a3a2-706333e601a3","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":60,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"c5cdc777-a2bb-4e74-b7c5-ff9255f57607","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":60,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"4eb8ef90-94f1-4d9c-9507-6303e6a670e9","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":60,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"7453d1a5-ceb3-4997-9371-4b40ddb15f52","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":60,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"1a6ff312-732a-4e73-bc6b-d6cda4937ffa","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":60,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"3a89b7c4-168a-4c74-8bf6-3c341f429a0b","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":60,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"439a76e7-30b0-471c-84c1-6bdb1009a331","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":60,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"bc245c76-f6c5-4f96-a864-428044a7bea3","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":60,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"2677f4b3-3f67-430b-bedb-ca46370f124d","block_type":"box","text":"of the borrower.","page_number":60,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"51ec90a0-f364-4565-87b2-b97184eb272d","block_type":"box","text":"II-7","page_number":60,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c394b4cb-b178-40c9-a187-a36feea4d59a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"985e985e-e1e9-4343-90d3-7d93553a74fe","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":61,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"255cdb69-628a-4af5-9693-322c53ab8f2a","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":61,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"2d0b0499-b970-498d-9ee6-4076f93921d9","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":61,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"122d4eb7-4057-42c3-a903-20699f79a76c","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":61,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"e364bd49-12e5-4b6e-9b11-9624afcad37c","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":61,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"fdc337e6-5a01-46de-a32f-11eea576d358","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":61,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"681e75d3-b42c-4783-8725-8b621a19cb28","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":61,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"35733a6e-5632-434d-9e93-4ff8df8f3132","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":61,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"b8923be4-1d73-4381-8e7e-4d2b116351b4","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":61,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"e304c79c-256e-47c3-ac35-15ccb0c4badd","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":61,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"43004b86-2a0a-484e-9816-b0347600d318","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":61,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"2a2a69b8-b2c1-4a0e-8177-6175d36840fc","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":61,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"9f2a1661-ae01-46ee-b8c1-98719b2d2203","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":61,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"0fe4d8ef-3c84-4e44-8818-e9527b0403c8","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":61,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"a887c215-e6c8-4684-a804-965de0c17bb8","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":61,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"2d2fb16a-2cb8-43be-9132-fb9d2e5e0867","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":61,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"804f8cdd-b6a5-482a-82b9-1cbba791fdc7","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":61,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"96d0d51e-d0ff-4872-a260-6eba08d3a177","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":61,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"c86881bc-5318-4f15-8748-3cb210407523","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":61,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"24660edc-4719-45f3-b0ae-0b525fe6a93c","block_type":"box","text":"state law.","page_number":61,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"20537646-a3c0-49d3-8735-ee72621ce06d","block_type":"box","text":"Direct Lending.","page_number":61,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"e8822a9d-5591-48de-bcfa-40ea61a119ee","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":61,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"33199f8a-f47c-4492-8022-30f6b931773a","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":61,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"1c5a6406-a734-4b75-9d47-336d0fb653e4","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":61,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"a2609bda-b365-453e-b37e-cdaf5e1ddc07","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":61,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"589e29ea-68f5-4d2a-8b75-40c0a97d64f5","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":61,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"b40b1a6a-4727-44af-b599-9a99353a143e","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":61,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"e0a222e2-2936-4f71-bb20-86b6242802c9","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":61,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"791dc0fb-4f37-4357-a59e-6c9c587d7d56","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":61,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"a7062b06-1e25-487d-a388-44023a20449c","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":61,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"7a18677e-bc47-4300-804d-3abd8801ee55","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":61,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"3330baaa-5830-448a-a5ce-6d62c40e2e01","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":61,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"7b8bd2d5-e17c-401a-893e-05fea8dda40e","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":61,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"4f58fb3b-dbfa-4486-9c36-f600a4b2c9ee","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":61,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"0a1119c4-9d96-4a91-9b3b-42b2f213d8fd","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":61,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"525c303e-f9f2-4574-96dc-ddebee40c044","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":61,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"877301f5-adc9-46a2-a8cf-0ee64f0f2664","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":61,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"c09f2908-70e3-4f5e-b1f7-0158e91d9b8a","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":61,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"47df4548-c902-4ca3-b77f-64e13efdeca4","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":61,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"19714bc0-6ae5-47de-b2c1-fcaf22092445","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":61,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"8b280e30-f8b0-4d50-8b72-b05fd6bc9b36","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":61,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"00414475-a3cc-4bab-99a4-5edc736a16e5","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":61,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"d998e5aa-bf55-41ce-9cd4-acfd8f57206c","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":61,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"1d430e08-dde0-4c49-9b86-6b22a3b2826b","block_type":"box","text":"Credit Linked Securities.","page_number":61,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"df255ba5-6546-4ba0-997d-526b9402aa84","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":61,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"c07f0a30-a5de-4440-9501-d22ffabe3639","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":61,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"d95f5b5c-b848-44a4-be59-9ce3ce5fa495","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":61,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"4aa2b474-78d7-459a-9a67-0cfc76e6ce1a","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":61,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"ca1b4b13-31de-441b-9583-94ebc3f442ae","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":61,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"5d9aae96-bf55-42c9-bfb1-5a29e8f4c5da","block_type":"box","text":"traditional income producing securities are not available.","page_number":61,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"5986a9c7-b5a4-4fd2-b072-0bc4ee28c758","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":61,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"41adc4ad-4ea2-4c19-adbc-e6f0c44ffba5","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":61,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"e3253901-37b5-4bde-9dfa-c24fffa44228","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":61,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"0cc75dee-6153-4d0e-bf5b-8a2cc273a25d","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":61,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"8740e895-e880-4a4b-978d-2332b023319d","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":61,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"848ac257-fa6a-40a3-bbeb-0173baf9d8f4","block_type":"box","text":"II-8","page_number":61,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"0639b709-3532-44f6-b268-9e584430ebed","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9d8c6fa-d7f5-4ca5-81a2-0bcffa550f4e","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":62,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"22bd62ef-4113-403b-9fbc-d5fbabcc12b7","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":62,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"3079f371-ef94-4c92-a736-09451ef1d1b7","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":62,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"04700edc-4a4d-4b94-ac0d-60cdf0ad8198","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":62,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"c8d14d58-fc70-4234-a0b8-b1db45e6cdb6","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":62,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"fc2ad1a4-0ebe-4b20-85b5-cf5df161eb54","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":62,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"b7ebb04f-792b-4700-8cd9-b86df3e0d6e1","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":62,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"b40a762f-6167-4ef6-97ab-4b4ca4c0a425","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":62,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"95fc3074-f2a8-47b4-ac27-441a85bb41b6","block_type":"box","text":"investments.","page_number":62,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"d3fcbebf-2714-4e57-b9dd-2529400fbd01","block_type":"box","text":"Debt Securities.","page_number":62,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"6c0b83f7-6cdf-4e76-b903-18ba32a5372f","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":62,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"9e8c241a-b018-41fe-8c0a-b7699a6661d4","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":62,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"fbbf9e57-8abd-4e75-ad33-81696c437b70","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":62,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"5383b2f7-0e80-413c-a811-c6cebf227fc7","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":62,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"ed452e15-ab27-4339-afef-a7fea07b0bcd","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":62,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"71b5f2df-6e74-4c80-b0bb-474f9e3b52ac","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":62,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"cbcd9017-3d47-42c8-9d12-c7a97864cfb3","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":62,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"b658c7ca-e5b4-4098-a835-0dea7cc07fa6","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":62,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"ae3083e0-deb9-43cf-8fe2-7eeb5a733c8a","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":62,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"4c8502c6-847a-4434-b5aa-57a1931ad29a","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":62,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"9f393163-b00f-4a36-979d-3d8cb795a0e3","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":62,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"15642b0b-9227-4fb2-ad64-644f21c61ee2","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":62,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"6a2685a1-3779-400b-8aac-2fe7ebfbc964","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":62,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"c4a67380-d755-4c5f-8167-516f9684411c","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":62,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"dd463105-b693-4bf9-8eae-21dcbde91425","block_type":"box","text":"lose value. This is known as extension risk.","page_number":62,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"abf87bb6-5235-4c62-a84e-2b18fe37a402","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":62,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"8abc751b-eea0-4c2a-b27b-ce61593f3ff0","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":62,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"4d8f2fe9-fe22-4a42-9a51-03e8032acc84","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":62,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"afce586e-8132-4a0e-8dd6-4178bb3b605b","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":62,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"abaaab76-c906-49cd-ab2d-aaf72d4d50d5","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":62,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"5a3f94a0-8cf7-4245-8064-cc33a97c362d","block_type":"box","text":"Floating and Variable Rate Securities","page_number":62,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"bf595e37-45e2-4442-aa45-59e80309bac7","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":62,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"53eb5b58-bfec-4bc9-94a2-951d522ac6bf","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":62,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"289b4e0e-43e6-4e23-9960-9e37b71a3a61","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":62,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"fbd968d0-c04d-4065-805f-be0b23fe3bcb","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":62,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"9323ef37-c4c8-4cfa-9090-6242979f5c13","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":62,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"75089fef-59bc-41bc-bdb2-b71c84e1ece9","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":62,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"7452532e-cd95-442a-bd44-cd07accd2f39","block_type":"box","text":"market interest rates.","page_number":62,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"cc81eb1d-04c3-4969-9672-8e504d29935f","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":62,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"cbb42258-e468-4a12-9c46-441bec2d179e","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":62,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"3f707698-42d0-4f84-8685-64176a08d719","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":62,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"360bf882-5283-4f45-b6b5-5db0e04111a5","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":62,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"2616ace1-158f-42c8-bb7b-e2f20fe67808","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":62,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"1a6bcea5-f490-4ab1-8f8b-5cabdb08fb5a","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":62,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"d5a197b6-9e06-48d2-a990-a60548224347","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":62,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"80b497b1-1ba1-4f78-b87f-66cd781b2527","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":62,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"dd2d32cf-a2a1-475b-b259-96e9759ecbab","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":62,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"fdfec183-67be-4551-9edb-a6d159fa8862","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":62,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"407796e4-c2fa-4485-85f1-a75b6a80519c","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":62,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"3b29d6f0-4134-4be3-bee1-79a388984bbe","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":62,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"712bd76a-51f9-4e4a-91ab-bf69874b59d9","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":62,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"69cb3bbd-9c45-4300-b40a-6abecd651cdf","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":62,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"2296bbe7-526c-4322-b343-945a61f06136","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":62,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"fba4c4c8-2097-4a2a-b257-25337b0ab98a","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":62,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"1e8adf1e-8122-4338-9816-3b1e22c2bab6","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":62,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"3065c70c-9641-4e15-ba3c-a2637c232faf","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":62,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"1f4da2ea-b106-4cc0-8388-34909ea5e742","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":62,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"5f172a49-9e63-445e-b62f-8b5c64124750","block_type":"box","text":"II-9","page_number":62,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"dffbae9b-9417-4a63-bf01-395e74e8ddcb","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"964c3091-7270-4245-acaa-de6b64ab4248","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":63,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"e866a2c9-41f0-4989-a140-4715b31da071","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":63,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"1197c174-6006-42e5-bbdc-4f6218abdb08","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":63,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"dcf6c9e5-df6d-4a32-8b47-af2e9c429a87","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":63,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"97f012c6-cf2b-488e-9921-688d89f55a42","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":63,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"9db03cb6-6bfd-48ba-a4d9-1b8665f0664f","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":63,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"8da3df9e-65b7-4dc7-91d8-b8a26a785a79","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":63,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"28fe4069-087b-49b1-8b60-95937bbeef0a","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":63,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"3d419459-f5b3-4197-b3db-487018615d27","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":63,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"9265b33d-77e9-494a-baed-723f72a93432","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":63,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"3577fb13-2d83-4f91-a244-27d7cb95e977","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":63,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"a1a4e7fe-ba87-4233-bf37-16c4f06773d1","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":63,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"4a62150b-80a4-49a1-a478-10e994f9da78","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":63,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"29170b9e-b37a-48e9-bf00-ceec4e1ff9a6","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":63,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"305e1b89-dbbb-4ffb-b055-26a2408f5983","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":63,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"b802e41a-efde-4fdb-9e15-d361a8aee5fa","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":63,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"3f6d90b5-4f26-47ed-8b15-c46ff23154bc","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":63,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"ed26164a-59b5-453d-a131-917ab6b2f04b","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":63,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"eee0d37b-7248-4dcb-9010-f8284ae54d3b","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":63,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"b4937fb5-e952-4964-817b-2ea6713ac6ba","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":63,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"0f0727b7-bc95-4093-b86c-d6d9e1ce4a67","block_type":"box","text":"United States.","page_number":63,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"b63ee346-c4a7-4a50-99b4-239b4a02f27d","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":63,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"73ce5b8a-78a9-4644-a406-65e2974b10fe","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":63,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"c1e93cc9-1fef-430c-8f97-09215ec84678","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":63,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"ae0d1c14-425a-4ef0-a4fa-987dd7446886","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":63,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"d06d6f4c-fbf1-452b-baab-8f91335ed8fd","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":63,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"f9959974-5507-4fbd-8bd1-181220f739b1","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":63,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"5de09d11-11e2-44c2-b0e2-12256a1519aa","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":63,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"6517546c-4a9a-4338-b3ac-46bc536d7239","block_type":"box","text":"i.e.","page_number":63,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"89eba8f0-8c6d-4cf5-b9f7-0cd4fe0b0b0b","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":63,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"75daa78b-489e-423a-83dd-8ba8e84e08f0","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":63,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"ae41c95e-deb8-4db9-819b-72d17ca5e661","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":63,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"6e78455b-129a-4198-b0a3-a0a87f2034b3","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":63,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"323311de-0c69-4f11-9a0b-3594dea99f02","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":63,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"29a0fcd0-fcb5-4ca4-b1c6-cf71771b95a9","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":63,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"030642d2-1020-4b98-868b-1c38702a4b68","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":63,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"caa3c0c1-9823-47db-9f38-3e66a1dea73d","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":63,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"61ff84ed-22f8-4658-9fd4-28239113bf03","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":63,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"ccd6583a-dd35-412b-91b3-0f86464d21da","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":63,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"96ecc835-fbfe-4d8c-8f74-008177216fb4","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":63,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"d1660914-e8e0-40ca-ad71-127ef46cfb4b","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":63,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"b164d4f4-6aa1-47d6-af34-5f307eafe797","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":63,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"eea18054-d473-4d57-a360-10c9f4e76059","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":63,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"56cb14e0-c301-4696-a532-1423e44705c0","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":63,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"85f4e0f6-a259-4867-a19a-b2672ec4dd77","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":63,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"8037a3ad-80f1-45c6-a4d0-31651ed5bc1e","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":63,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"9a9ea472-bf6b-414d-9374-a73da5f62847","block_type":"box","text":"risk than higher rated securities.","page_number":63,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"1e1e2304-525e-49e2-98ed-57eb6cd67276","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":63,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"d2e4c943-825a-4e41-9cba-9ad38c909a76","block_type":"box","text":"•","page_number":63,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"e5ced4e2-dc0b-44e0-aff0-03bf77943902","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":63,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"630336d2-11fd-489c-801e-5e35d9251f90","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":63,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"5490a381-1480-42c8-bfc6-92f4df0afccd","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":63,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"4f8d4d47-efe3-42c9-89b6-a013e788ac07","block_type":"box","text":"unavailability of additional financing.","page_number":63,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"e057a90f-5997-44d9-b4e6-7868800a50c3","block_type":"box","text":"•","page_number":63,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"3b28f0a2-0c1d-4533-9102-c6b189217fc7","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":63,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"f20560aa-1b52-4844-aa00-88d892a15876","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":63,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"8f8ecbd1-6161-44f3-89bc-92b910518982","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":63,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"2fb4d2ae-1282-4213-b532-065c6bb901f4","block_type":"box","text":"II-10","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"17d11e87-035d-48c2-86cb-441d0f1b0224","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"860623ab-250e-4cbb-a618-1aa31a036759","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":64,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"b800ae9a-15c8-4783-ad73-d74b9958594a","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":64,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"1c045219-415d-4cb6-8c5c-8abe35941981","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"b72d196b-f8f8-41a3-9444-5a79d7145318","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":64,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"f036c82f-30c9-4d03-8223-db5ad23c6387","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":64,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"5afa48f4-3a82-4f4c-a144-7d0fa8702339","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":64,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"5d641520-6a46-4819-a062-2bf576170975","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":64,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"607f0e0d-bc40-4b4f-8308-f8999ed332e1","block_type":"box","text":"investors in higher rated securities.","page_number":64,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"4014cb3b-dd57-412e-b67f-7ace4dfa0b17","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"f6f6d92d-85ad-4778-95a0-f20402b59c77","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":64,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"a10e445d-9196-4517-9d2e-2b3f22e88bf6","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":64,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"a71609b5-64dd-4de0-84d5-fabef97a3b2f","block_type":"box","text":"lower yields and may lose income.","page_number":64,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"af7490f6-cfd5-4bb9-9860-a0096876dffd","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"e56c4fbb-38f0-4ad0-a99a-31ae31b33332","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":64,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"044693d8-0062-4ba6-9346-1c84dce553a8","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":64,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"19a3709a-4637-4c7d-a2dd-be5467040350","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"21ae99e9-ff3c-4227-b5e2-dd975a0936ff","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":64,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"3cd29475-46cc-4b8e-96fe-9f42cc855439","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":64,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"fef2db47-7609-47b4-9e8d-c80d5f29ad94","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":64,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"0341c120-7c17-4ccf-b5ff-54dd0126a20d","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":64,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"19932ead-eebc-4bb9-af08-bfd4161db1de","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":64,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"a1ee899c-be4e-464b-8187-63182600bf73","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":64,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"32207a8e-6c96-4b27-9a81-be1de2a93518","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":64,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"8a4148d6-458f-48fa-9771-659146d3d0f9","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"7cbb1b57-bba1-49cb-911d-a192dcaa44ee","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":64,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"ceef29fc-d105-44fa-bde9-653d4e8b03d4","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":64,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"79d6fc23-89c2-4d1e-b5e8-54a7924ad195","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":64,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"c8e71910-16c6-4bd4-9c7b-3dc83c66873d","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":64,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"2a1194c6-aa67-49a1-979d-fb3a0c19a02c","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":64,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"61faee54-7914-4eb1-8559-54d5acee2570","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":64,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"17c561df-a1de-4a3f-a442-5f648b7b25f4","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":64,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"75feb795-a280-4253-9da6-26a0f414066c","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":64,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"cf6cfbfc-5b0a-468f-8ccd-a70d25587ff9","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":64,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"ba490829-6f36-48fb-bf78-ed761c1a34c6","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":64,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"c450ecd4-9b4b-4236-8f74-4b631d22973d","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":64,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"550ce9db-01ec-4d9e-9943-0b9e874fa839","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":64,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"a096d9f2-d872-4652-827a-d9ed5d01b159","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":64,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"7cdd3d58-227a-4d22-ab47-619350ff28fb","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":64,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"aaf5814f-8715-4a1e-bb1a-59e4ca614dc5","block_type":"box","text":"role in determining such valuations.","page_number":64,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"f0bab3b9-5edd-4b9c-a868-421bd5eef44e","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"209cb0ab-cc3c-4fa5-ab99-e8739d1f01cf","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":64,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"057d36c0-b1ca-4cce-bdb3-4dee6eef47ea","block_type":"box","text":"a defaulting issuer.","page_number":64,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"1ed43821-10af-4791-9ff5-233c99be4104","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"b0759d6c-26dd-4fb7-8665-dd51fe5a5d9d","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":64,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"16a378a2-388c-4b1a-b8d0-0ed539a48412","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":64,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"4751d1be-4466-4818-9db2-ae857404011e","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":64,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"b551f505-2916-4ba2-a48d-973d308047ad","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":64,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"0118e22b-d8d6-4822-a5ba-ed2ab0f70234","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":64,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"68337f78-a00f-4634-9db0-207a14e9c3d3","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":64,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"5b2afd06-277a-499d-92ca-07f8e95f24c7","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":64,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"371a0495-081c-46ee-8b75-82a71da050e2","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":64,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"06f4e8fe-4313-48ae-b76c-74c7d964116d","block_type":"box","text":"•","page_number":64,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"3524944a-179b-42f8-b451-a2525ce867d7","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":64,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"451630cd-2685-44f4-8369-b80dcd147e03","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":64,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"76e94c8c-c391-40bc-a02c-bb853f1e1ba5","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":64,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"18806739-4725-4dac-a651-c5c864b2c439","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":64,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"aa67d2fd-123f-467d-9a08-64e568a0250a","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":64,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"0ef00fee-8bf2-4a10-ad68-794ade7885ca","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":64,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"61d8aaa0-6cd7-43d0-a48e-7a9a921f89b7","block_type":"box","text":"higher-rated securities.","page_number":64,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"581d1fe9-f04a-451d-b076-6ab7f1c9ab6e","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":64,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"df184e59-d648-4805-9d34-cb839b361230","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":64,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"51f31d15-fe2e-4d2e-b9db-20624cf9cba3","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":64,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"db1cdb39-f295-4f3c-addb-6a3ff58fcaf6","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":64,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"389be2fe-a16d-4840-8e97-afa596ebb813","block_type":"box","text":"II-11","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4e39bb41-e75b-424b-8b3c-69bd13ceecad","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce47e8e0-8b7e-417f-997c-2ef9406aeca8","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":65,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"58f001bf-4723-4429-a910-9149489215a1","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":65,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"c57d67ac-5232-41ba-816e-fff60dc12436","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":65,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"01f6942c-4173-4b2b-b81f-da91c8ecbeb9","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":65,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"307b7d1f-b446-4a9e-ab95-1061dcc2168a","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":65,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"ab5622c7-2aa0-4350-9f61-0ec987a243ae","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":65,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"13e3f950-570e-4a5a-8471-2f41b4067425","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":65,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"15f32a0d-e8e0-402e-9d6b-964a62b1e7fd","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":65,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"5434660a-ccb8-4c1e-8971-1c5fcba837f3","block_type":"box","text":"Mezzanine Investments.","page_number":65,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"c92db15c-dc80-4bc3-8ca2-bc80e2e061fb","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":65,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"f1166222-fcd2-4067-bdf1-d4ed4c46c5c5","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":65,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"7326ba57-d31d-4bde-8b99-78b13c98a400","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":65,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"1741c58f-8850-409f-8862-f3d5de65edce","block_type":"box","text":"e.g.","page_number":65,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"ce85fbb3-b4b2-4647-a915-82ccd059f394","block_type":"box","text":", with","page_number":65,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"e289b5b1-48de-4621-8a33-f5ba31c4a7f1","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":65,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"798f84c5-1858-4abf-845e-20fa5cbd2b57","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":65,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"3a3a8f82-101e-4156-983d-38ade2e038d7","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":65,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"817acfa9-626e-4af4-80fa-f10d18e10cd8","block_type":"box","text":"other obligations of the issuer.","page_number":65,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"72394ee1-6ef8-400e-ba3d-195e1081b64a","block_type":"box","text":"Pay-in-kind Bonds.","page_number":65,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"359af873-0eba-409f-8711-d31ba4149c30","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":65,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"b6d0d7b7-78ce-4317-b1f9-17ca88b053a8","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":65,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"83ec8780-4d03-4467-8161-eedf838ca773","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":65,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"82e133fb-46b0-42d2-88b2-7011e8552653","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":65,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"15e6d61a-e528-4221-b412-03061a069d80","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":65,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"f38f2ebb-1ffb-49bc-b3df-42b00b8740f5","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":65,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"222ef0ce-a255-408f-b7a9-63b2cf7d9cfb","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":65,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"8cb86fa9-463c-45b7-9bc2-6f9a4664f771","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":65,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"d8191893-3aca-446d-831c-244f57eea99f","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":65,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"52dc98d9-a141-4d45-b3b0-1155f1afafc4","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":65,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"d72381f9-49a7-44f2-b4f8-85bc42bea53c","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":65,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"590ab6ea-349a-4ad4-a82f-f5633e8898a3","block_type":"box","text":"Supranational Entities.","page_number":65,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"0006ae82-b583-4b94-9101-dea962fb8913","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":65,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"677a65e0-3c9d-414b-87db-3c504384bafd","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":65,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"6fa7d985-fada-4a50-ad0f-ee4e194edb60","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":65,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"f7098242-34ed-4d28-afa6-43d8afcaea95","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":65,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"4b2ef5ba-d133-4f84-be38-f539ba18a3b8","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":65,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"7de4fbe3-4b55-4660-91d7-521d12dbd0d4","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":65,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"3be80d8a-cfbc-4cd7-a3ee-cb5913045bb6","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":65,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"252e5948-cd07-44a7-81f4-5d737ee62a26","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":65,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"0cbbc96b-e393-4219-a35e-5ca3d3e223ed","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":65,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"c798c79f-6ee2-4cce-984b-6ac7f214cbaf","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":65,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"7a2a2fa4-a64f-40ac-b837-dcf568b6a34a","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":65,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"b6bae4de-97af-45ef-98dc-45be68363dce","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":65,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"725a8042-646d-4989-b781-930ffef3ffb3","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":65,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"a8ac1699-3f49-46c1-8dbf-2668ef2ba8e1","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":65,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"7ba2b992-dd15-4b1f-aeff-547e4921b757","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":65,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"a68a8d71-8275-4807-936a-eb2cda4b1c41","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":65,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"6088f6a6-7ef5-471e-9504-101060d194dd","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":65,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"bb4efbbb-b86f-4c62-83f8-89ca18d33e0f","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":65,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"b3d84109-3e2f-472d-ba7e-0639a2826426","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":65,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"325bea04-28a5-4b97-8aa1-da824f96391a","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":65,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"fe4bd5cd-8bba-4d18-aa4f-de26ab01d97b","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":65,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"19bbe603-747f-48f1-8e8c-3464e1c767de","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":65,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"286d5a85-60ab-4ad1-a4c7-5c6e866f30fe","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":65,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"207c9630-45a7-4509-8b8d-85330993d8d9","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":65,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"233d075e-e245-4c74-8325-9a72244d6474","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":65,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"13c72108-24c2-47fb-8598-215a91fb836b","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":65,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"37a2c2a4-482f-413b-9052-00992bbdb083","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":65,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"ae123cf6-a2c8-44d6-af77-d2adb699159d","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":65,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"345d1f21-eefc-446f-a192-dc39ba3c47b8","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":65,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"37d1c8d1-3905-4ec6-aeae-d31d8b8e1779","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":65,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"97143e88-f666-4cd7-879d-304571e60c5d","block_type":"box","text":"II-12","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b9954497-395c-494c-b37c-5a98a760f061","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9739bc7c-09bd-4aea-ac69-ea6b44a551a3","block_type":"box","text":"Derivatives.","page_number":66,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"2b53d870-e7c6-4960-8d7b-afd0bba73c87","block_type":"box","text":"General.","page_number":66,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"2f30a6db-fdb8-4ed5-9bfb-c3c7a63c85a1","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":66,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"e1460a85-cb6e-4f06-b8a5-84086136e4d0","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":66,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"b3cf9ad6-9576-4f2a-b718-54c1036d46a1","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":66,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"5ffc0877-e45a-44b0-b6fb-043df6eb5cae","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":66,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"b15b14a8-c140-45f0-9742-54850b4f7c23","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":66,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"6f3ea432-40c7-4ef2-bd90-b117a37758e9","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":66,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"358d8199-b28b-4ec8-973e-bcc8ddde5972","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":66,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"4a0c31f9-f6eb-4f2e-acfe-927c3658e9bb","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":66,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"f223678b-2527-48b5-9891-34014909ca1c","block_type":"box","text":"i.e.","page_number":66,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"345aa9a5-e60c-4206-89db-223955d05b97","block_type":"box","text":", the payment","page_number":66,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"4faf3dce-2f28-48d0-aae2-07c0a5592686","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":66,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"a3190451-965a-42aa-a452-2e3a89bda4bc","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":66,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"5423e1cf-8531-4b7c-b575-342a40711694","block_type":"box","text":"Hedging.","page_number":66,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"dc6bd840-50d0-4fb0-9e85-3583e4d9f581","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":66,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"a7116493-d5be-49b1-ab3e-aff190d69dfe","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":66,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"e864d3d7-455e-4375-b1a7-67bc6d791f84","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":66,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"40ab318e-83e3-4356-be72-c8f63292b847","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":66,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"14ca1dd8-29fa-41f6-a456-eb00a1f6668b","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":66,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"cf7e9b17-addb-4d33-b3da-058e9bd1f9fc","block_type":"box","text":"correlation risk,","page_number":66,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"6afdc4c2-a078-42c5-a785-f7916775f54a","block_type":"box","text":"i.e.","page_number":66,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"2bd1da4a-e870-47b4-b3dc-d69d6ac080da","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":66,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"d05604dd-2468-47f2-bb89-1cc84b991c7b","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":66,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"9c419204-d2e8-4b1e-a71c-e4576cba4038","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":66,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"b5771402-1bac-451a-a3fd-839bfbcc19c0","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":66,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"8e28693a-4e38-4454-bf14-be780cc5ffae","block_type":"box","text":"Speculation.","page_number":66,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"8fe8afd7-31ce-4c2a-a941-ffd3cedcc373","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":66,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"a93f2d54-827e-4a0a-ac55-c8d7c9e39308","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":66,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"798e26b6-7570-402a-a03b-092f87f87620","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":66,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"7a682e12-bd40-4d72-a6ef-6bf8369fbe45","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":66,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"b8b4dfaf-f64f-4a21-bb90-240bc8f1e701","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":66,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"d40429c6-8874-4134-9d23-4144b3d3f4fe","block_type":"box","text":"Regulation of Derivatives.","page_number":66,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"64e5cb0d-1256-4cf9-913e-38c3211b88c7","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":66,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"cfa9d36e-4d7a-4151-a9e5-bd10e2e78916","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":66,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"c3f338ac-c3a6-4ab5-87fa-602f7192c7fc","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":66,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"102f81b2-5244-4b3d-9d01-d1f6b63a9263","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":66,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"0e0e8340-d493-4a98-aa30-ce52d3fd94a6","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":66,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"22d922ee-74d4-4c12-bd65-7149ce7b52f0","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":66,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"5aac07f1-dff2-43b3-a0c3-a01b5dc24a56","block_type":"box","text":"coverage”).","page_number":66,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"e4d6d219-cfc3-46bf-8405-7564888cb40c","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":66,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"6a81c186-04f3-4723-81c9-e35899cf3cc3","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":66,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"bd366403-9fd5-4d65-9f37-b850fa970e4b","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":66,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"db4eea1f-1213-4f21-99ac-9aa6d5eb96b9","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":66,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"e0ecc5f7-256a-4705-b79c-867222b16bbf","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":66,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"7c0b346c-6a4f-4eb1-9836-1fcf865310d1","block_type":"box","text":"financing transactions (","page_number":66,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"f7cc33fc-69bf-4406-954a-2bcb77b3f236","block_type":"box","text":"e.g.","page_number":66,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"f6b947c5-85db-484e-9b16-0a4b31141ed0","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":66,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"84bac451-3aac-47c8-a904-298dbe9ff8de","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":66,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"4964c303-7bf7-4189-b575-4c4e48902a28","block_type":"box","text":"securities (","page_number":66,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"c7a70d06-a4b6-4ae3-b12a-0753dca449e0","block_type":"box","text":"e.g.","page_number":66,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"610bc749-7182-4bc5-834b-77926a7f2751","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":66,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"23fc5450-c7ff-4109-a3d2-7a6882fa843a","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":66,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"218ac49f-84a8-4530-b0b9-29ccef86eec0","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":66,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"cac65d45-7349-42c0-8cd3-89a4f50433e1","block_type":"box","text":"Commitments”).","page_number":66,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"a4b07745-e0b0-4d1f-a863-43c99b70fe66","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":66,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"db22874a-1bfe-4ed8-9e2e-e7a2a1f72612","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":66,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"217756ff-3aac-477e-a7e6-571b2e7e612b","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":66,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"6f73a842-1d8c-4588-9ff8-5cedf926e60e","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":66,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"af4cbfc3-444e-4174-9c31-ee5a5fd718e3","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":66,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"3c255f35-6889-4299-a425-9896bb59c71b","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":66,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"6338f023-a9b7-406c-b941-be011393fcca","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":66,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"73e5373b-1101-454a-aaec-48eb9c01e777","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":66,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"d17e231c-b581-4fba-ba97-49a0aabe9958","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":66,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"0fc957e4-d2d0-4977-8d50-a9e0c91cb90c","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":66,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"ca955d9c-3679-4a01-8805-1bb46a094cdb","block_type":"box","text":"II-13","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3ba61d91-b0c9-45df-8ffa-3a16b88222a8","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1bf7f1fa-0399-4f9f-b730-4fcd366f0b0a","block_type":"box","text":"Dodd-Frank Regulations.","page_number":67,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"08108ab5-0cb0-45d8-bbc2-89d660d75652","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":67,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"688dad65-c1a7-409b-b638-6baf124007da","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":67,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"2dfe0df6-20d8-4ced-965a-315ea6d77352","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":67,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"7547e044-8ab9-4338-9df5-628e936af174","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":67,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"33558495-0caa-44ac-a4f6-ec8ba08278f2","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":67,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"09e781f2-81da-4504-9d6f-ac709b6cb948","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":67,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"8fdc322c-d0d4-4c0d-8974-5e5ef7a69fa4","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":67,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"b9c6686f-f5b8-40cb-bf9b-febde73e511a","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":67,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"891582aa-2e1d-4669-b754-87c4d3fc6840","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":67,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"8ba1fc20-b816-4de0-beb3-3b9c8d7a6a37","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":67,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"cbb515db-d729-4414-8641-cb983fef01ff","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":67,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"a6539325-cc17-41e9-a6c1-0f40bad54ba5","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":67,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"43eb8fdc-2c36-4ca2-8528-f11fdec70675","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":67,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"f99e1aa8-5ff2-4007-b302-edeb26938b90","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":67,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"7a93371d-13ff-4fdb-934a-6e42a7b2bfb9","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":67,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"8f0d26a4-087a-4fe8-8392-bf8a739c4021","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":67,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"0064dc8e-bd3b-4886-b9f1-9c2b18dce947","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":67,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"9aab9f9e-c0b9-4fcf-89fc-0081fe833407","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":67,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"dd8d9e3d-c5a1-4ced-a3f6-750328009887","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":67,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"02d6cb3e-db52-4883-9487-861c81f8667a","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":67,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"30d1d45c-189a-4541-96fd-1cfd18e74456","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":67,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"cc8744d1-b722-4333-bd7c-b5b735108162","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":67,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"63fd9da7-1da0-4423-82ae-5bc39ba89d29","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":67,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"4eb660fe-cfb7-4874-8d84-c4b58c07311f","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":67,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"2d2cd7d9-3bae-4f02-baed-a9e99f80192d","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":67,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"1abae1db-e4f7-4af4-8234-8a5d18657b8d","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":67,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"2f02e3c3-c4e9-4a87-aaee-9584be25033e","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":67,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"6743e13a-1c92-431e-8985-675818132b7f","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":67,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"8b209a8c-5812-4a58-afe3-7fada36236b4","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":67,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"9fbc93d0-039c-4ce3-9fba-26d79606cc62","block_type":"box","text":"member.","page_number":67,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"dd6a0dc3-0539-4b31-b1a1-7da94506bd0e","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":67,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"181e41b1-3746-4a7f-927c-7b5fe4ec6c4d","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":67,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"0c8c5ec6-6838-4bd9-ac49-9808f670f654","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":67,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"d50c9d04-f959-4b76-9cd5-1fd7b3a15d38","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":67,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"43f183f4-91bf-4124-90c4-cb79b0f2f58b","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":67,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"9d669c9c-2173-47e4-8828-a71574e45266","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":67,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"d4be5e88-db64-4cde-bf61-08652044b448","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":67,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"59661a94-efa3-45be-8bd7-8e0d397e5b2d","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":67,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"0d7059a8-126a-47e4-9bd0-767a6000f22b","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":67,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"ce804a23-4d5e-4dcb-8ef6-a91f2e8f7471","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":67,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"62077caf-d69c-48c1-bad4-58f5d669fa68","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":67,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"dea888f1-358f-4ca7-bd38-5405574c7add","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":67,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"be513e84-f9e9-46a0-93e8-96c1ffa800f7","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":67,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"6c70bb42-72a9-43f4-a4ce-3b793174949f","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":67,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"38a13824-21da-4f44-9f26-f0621f8da11f","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":67,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"58e856b5-c5cc-4ffc-956c-b1f7dbf7a80e","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":67,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"0a33a7f2-666d-4bca-97f9-cf45cb35df8b","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":67,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"0e197f8f-aacf-49a4-b4c3-5d97f8c5574e","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":67,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"b4ea5537-8d0c-47eb-9382-6a1cbc2bd5c9","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":67,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"69ee2903-d4a1-4e3d-8423-0233dabddcff","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":67,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"6b195f60-3eef-45fb-a3d3-cafa2a60840f","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":67,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"e7b594f1-1306-4c5e-bf45-be647c96a46e","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":67,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"f7730acf-a67f-4656-871e-2b3ad7ed9163","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":67,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"d5010e24-e84c-4501-8731-2edf1c631493","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":67,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"36ed14bb-52ae-40d9-9e3f-6c515f1a751b","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":67,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"c5cfa816-6a96-472d-9cb8-d7a2e82c8097","block_type":"box","text":"II-14","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"59d7bb03-e19a-4a1f-a900-e5fe956393ce","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02d31e75-4fdc-4af9-a9f4-bd4e8768ef0d","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":68,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"23d7162e-c9ba-4c8a-9c6c-a4c4fc4a9208","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":68,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"50b91b4d-ef5c-4d5e-9242-fc00e4799215","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":68,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"010c1e7e-4f7f-4ef1-84f2-7d052cf5a468","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":68,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"e7668882-5320-420a-b0d3-7a0a2f7c186f","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":68,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"a98128bd-9b7f-409e-b7cf-71de8913003b","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":68,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"c04748ec-5317-4a8d-9913-6a1e69374113","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":68,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"cea7b958-53f5-4184-a419-6a313196960a","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":68,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"109afd71-af6d-43a0-9061-17b38d625a3b","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":68,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"fc3b1c9c-83a7-42a1-a82f-44274e03787d","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":68,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"6d7f842b-a80a-49e6-b4a8-973143b647d4","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":68,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"b9051b78-76be-4566-8ac2-e9342aea1904","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":68,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"d227b4b0-d466-41bf-aa23-116dfe179d38","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":68,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"9ac71331-21ba-44f5-bffe-3b827f03fb98","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":68,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"af7aa05f-d4de-4e0d-982e-368a88bc6e8b","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":68,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"a2e3a90b-62fa-468f-b0a4-a95f3f34a864","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":68,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"a603cbd1-e799-42db-b403-bfd661fdfee3","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":68,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"b9a2ddc5-2946-480b-a03d-518d1e014ef1","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":68,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"7df7862b-9813-46fc-9dc7-e3fd2fcc7f9a","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":68,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"31a7d0c5-2799-4dc7-a940-aaa172130497","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":68,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"d2106b6f-b244-4e65-bcf9-a6b8f038960c","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":68,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"80cc0ddc-64c4-4edc-9031-be56f6a6db08","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":68,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"375d35f3-71a2-4aa3-9cf9-3ec3ecb627b7","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":68,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"3c68a1b6-9144-476d-93c6-91dedf5dbf72","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":68,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"c8ca42a2-bbe3-4978-bba8-43e2248e98b4","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":68,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"38b92d7b-46aa-4c35-936c-89a4f0dc6097","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":68,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"e475bc59-ade3-413c-aa9a-dd5cdbc7a5f0","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":68,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"a26d6d92-1f02-4f30-a5ad-5f50b3fc3d9c","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":68,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"fa276267-4608-4e9a-82f4-62e7f857acfe","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":68,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"895fe1d5-9526-47fa-9faa-baa5fd97d3c2","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":68,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"51eac2b9-0da2-47fb-b0fc-6596319b0621","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":68,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"a245cb6a-983a-485e-b886-8c07c2c7e71a","block_type":"box","text":"collateral received under such contracts.","page_number":68,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"4c40512e-9db7-4c7c-a230-bdf4d9e6375b","block_type":"box","text":"Risk Factors in Derivatives.","page_number":68,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"13a6bd33-f35e-455f-9f4c-a501d139bdd6","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":68,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"b49371ae-2392-4f49-a1a4-3a154df0e1d0","block_type":"box","text":"Correlation Risk","page_number":68,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"799f547e-0a20-43ec-91f6-548bef5e1994","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":68,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"4e5e0fb5-a761-40b2-b682-23623bdce62c","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":68,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"be85fd0d-e595-4354-946f-387621713a52","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":68,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"643a308f-94c1-42e7-b5ce-0e53acd4cb4f","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":68,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"61192fb3-7b89-406b-8d00-2aaadc12b75e","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":68,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"633e614d-7678-4349-b8e8-bbcf6223772b","block_type":"box","text":"Counterpar ty Risk","page_number":68,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"e0d07cfc-78a7-43e7-8dd4-f4c94e1c1ab3","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":68,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"0923370b-09ac-49eb-b0c8-13ff1806bac1","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":68,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"4ba14309-eeb9-451b-89cb-4e4c90cdc8d1","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":68,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"bcd18985-42c2-4ae7-b666-6a6c54234cee","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":68,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"54dc5eac-d2e9-4d27-a2be-9be75ec51fda","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":68,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"875ec197-1216-4258-9ad7-00d9fd3701b0","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":68,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"40c53508-f869-4ca2-838e-6bbafc3edb27","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":68,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"77e22e7f-e148-4c2e-afe0-4b5a6eb679a9","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":68,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"a1ab0b2e-27c6-4c72-9728-ee894e3f58c8","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":68,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"32fba3f5-2df8-4d1e-9905-27ae13e0cb42","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":68,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"74dc3035-a940-41f4-8a02-d703837edc78","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":68,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"89ed1bb5-f189-4a7a-aefd-44ff81c82427","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":68,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"5d71fff4-65a4-45ba-a14e-767acb3d6d59","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":68,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"bd5ac7f0-0896-4a88-bb67-4c060b93fb11","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":68,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"c93215a8-5f72-4be9-bafb-487bda8e1fa4","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":68,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"afbad5da-20f6-4e12-ab03-ee0a611f0f58","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":68,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"55cf93bc-bd93-41f6-9ae9-1043e4c3fd81","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":68,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"330d5cc4-7876-43ec-a6b9-32e1897ff803","block_type":"box","text":"II-15","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c412a3ae-867b-4844-83f6-cc72ff7d944a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd979648-397f-4e33-90d2-723c4e091991","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":69,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"f4f89ee9-e799-4eb4-b7d8-97c69e52d2bf","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":69,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"c4e3dbd0-2735-4f25-96ab-050473436d5d","block_type":"box","text":"by the clearing member.","page_number":69,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"d86c8490-a361-4742-9056-4f47e69e835f","block_type":"box","text":"Credit Risk","page_number":69,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"ad13ebe2-0f34-4f19-ae05-7ca50afc8bbc","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":69,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"92bc8979-dbe2-4947-94c5-1255c9c66eda","block_type":"box","text":"honor its financial obligations.","page_number":69,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"fc1121d0-381d-457a-9210-380a569a8d2a","block_type":"box","text":"Currency Risk","page_number":69,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"d876fbfd-c507-4d6a-b6ff-d8e3ac2c5fec","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":69,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"b613dadd-4d9e-435a-ace0-295089400cb8","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":69,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"aade9da5-14d6-44ef-b435-ed11dc2d1289","block_type":"box","text":"Illiquidity Risk","page_number":69,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"b593f0e9-8f0e-4b2a-87bc-0b31a5e943f5","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":69,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"1d9a20d0-bf1f-46d4-b483-82e53fe892a2","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":69,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"b8684e00-d0af-48d8-9827-7a747c5d4407","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":69,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"30e8a139-5ca1-42ff-b4e3-17b18871c154","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":69,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"e77b27f6-daf0-4190-8ba5-4323b29bf097","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":69,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"ba226eff-079b-4b1c-abf7-c751b3ed1caa","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":69,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"89588684-faa5-49a0-ae3e-383dd733c113","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":69,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"ae4eeef3-f2d6-4bfc-89f8-a559cc4b1873","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":69,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"e73d3692-87ae-40ef-ba2b-b2fd82643781","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":69,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"90af723e-e6cd-4ee0-bf13-98c999e49ea1","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":69,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"c3cd7096-27bf-419d-98b7-021a4df67b7c","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":69,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"95ac958c-c6be-4226-9687-12fab75295d2","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":69,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"4206cbdc-ca60-4636-8b33-749e1e40d4cd","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":69,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"7075f622-1d3d-4b85-945c-f080839a52cd","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":69,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"d09e68c3-49af-44fb-ae2f-2d101c013ae4","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":69,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"fba86d85-874c-448a-a618-203f6e79872a","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":69,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"381a9cac-1c4a-47f4-b19b-80005b799ee5","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":69,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"58a65f95-f9f4-40d7-966e-cf7415b4fb25","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":69,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"a1498e16-4698-45e5-a07b-c4248e0ed004","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":69,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"35294758-27ee-428f-bb0c-3c64ad634953","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":69,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"36b7dfc5-cd6e-4e85-8368-6e459279abb3","block_type":"box","text":"may be disadvantageous to do so.","page_number":69,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"af7d465a-0382-41d8-b408-d29a5b05c122","block_type":"box","text":"Index Risk","page_number":69,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"43b8fa35-4245-4fe3-a78a-50a143d34e6f","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":69,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"e14fc9b5-4776-4b30-ba97-2edbcb398e77","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":69,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"60529a76-f4d9-4f1f-9964-b36255336a63","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":69,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"cb4dcca9-d9f6-4ac1-8daa-7b89eba4b9ba","block_type":"box","text":"Legal Risk","page_number":69,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"8c3af283-0dd7-480a-8fd7-b4d1199962f8","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":69,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"3c6d31c3-a892-44e0-ad11-46daa4bb85b9","block_type":"box","text":"or enforceability of a contract.","page_number":69,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"5819e53e-ad9a-40a9-a983-d6aacda04a28","block_type":"box","text":"Leverage Risk","page_number":69,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"8c96302a-65fb-4d6a-afe6-7a396949ae72","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":69,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"9ecff06f-8f3c-4ff5-aaf6-448eb0d05edf","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":69,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"2f547dd1-d0e9-4d62-a326-0467ef57f023","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":69,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"bd3fdb36-9602-48df-97bf-11611d8999a3","block_type":"box","text":"Market Risk","page_number":69,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"e1940de4-1c53-41f6-b1ae-562a0ca874d2","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":69,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"953bf4ff-b7b7-4715-8126-ef4c4c967a29","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":69,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"0cc8f6ad-dcd7-4187-8881-a2235ca2402f","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":69,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"5770b8c3-0cf2-459b-9d81-045886215e4c","block_type":"box","text":"affected.","page_number":69,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"85883ca8-cd68-4c0f-86bd-3f716166de03","block_type":"box","text":"Operational Risk","page_number":69,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"68266008-df39-4609-8db1-91d55692cb72","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":69,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"3f76b981-f78a-4fc5-b7bb-f3f3e162ee88","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":69,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"6f99321a-86bb-44c7-b3dd-8fc1644e3132","block_type":"box","text":"Valuation Risk","page_number":69,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"2bdd8f4f-a59c-4d2f-b769-c4cc89b04628","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":69,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"c23f261f-f4e6-43fc-8297-6136dffc6b39","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":69,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"918b1997-70cc-4f89-9538-e3201cf5cfd3","block_type":"box","text":"complex instruments or quote prices for them.","page_number":69,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"0354d8e0-5e9f-4c98-84c3-90562b7e8068","block_type":"box","text":"Volatility Risk","page_number":69,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"0250053d-b125-47c8-9a51-ef892f3fe417","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":69,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"471aa18a-fe8d-4fef-9a22-a3d2df378f89","block_type":"box","text":"Types of Derivatives Transactions.","page_number":69,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"dd3087d3-650f-41f1-a36a-298107e285c8","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":69,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"71bdbe73-1b40-480c-8665-4aff631059f3","block_type":"box","text":"including the following:","page_number":69,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"6cd58e42-609d-46ad-91c1-a3f53b6f0562","block_type":"box","text":"Futures.","page_number":69,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"6fd6e3d8-6b66-4fcf-bd75-5e97d879bf6e","block_type":"box","text":"II-16","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ba393426-ee3a-420c-81f9-d9147d1985cb","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ee7a118-c0d2-4fcb-8f4b-1d08e9ef1087","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":70,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"056e32fd-661f-4d45-97c5-c2cb78d5d45c","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":70,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"00243079-a766-4dd2-a423-a499738286f3","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":70,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"800a9ca5-b3ba-4b02-b89d-e09247df606b","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":70,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"bd3008b8-e016-4f3e-bb7a-b6c920bb5219","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":70,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"e119d3a5-ae20-462f-b6da-1aa3e0c87b2e","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":70,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"794df7bd-adea-4345-93ca-f29ed428d2b4","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":70,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"284eb711-38e6-4f5a-a635-4d91c99a6fa8","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":70,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"17004c3c-30c4-49dd-b254-ea7cf6c9f860","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":70,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"f07d6cac-bd8c-4648-a1dd-62768d4a2d75","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":70,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"3010442c-284b-4261-abf6-8519208568b7","block_type":"box","text":"of the futures contract.","page_number":70,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"068f99b1-d4bf-4eb9-9c8f-0ca4c08710ee","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":70,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"cbd2141d-8243-429a-9cf7-d952a0b1ca65","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":70,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"8e91107e-3689-4d42-832d-5fd68ff75454","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":70,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"62ff2ef3-6f95-4d02-9bb9-0ad7c39585eb","block_type":"box","text":"relating to the futures position.","page_number":70,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"18927c7d-b675-4ca8-95c0-4311eda38afd","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":70,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"717a5eae-8d6f-4c11-9446-4063568c84dc","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":70,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"1926573f-7e44-4682-be76-4fb4269367a7","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":70,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"6971935d-a6c3-46a2-917e-788290233841","block_type":"box","text":"Regulations” above.","page_number":70,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"a4b94286-c85b-478e-ba22-88aeec72d99f","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":70,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"3f68bd79-37d4-4f92-9e42-039ca023ebf7","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":70,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"2bb72f55-d8c6-4969-8d5c-ca433dd415b8","block_type":"box","text":"(","page_number":70,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"9c7a256d-2774-4bbc-8888-de8adf0b35cf","block_type":"box","text":"i.e.","page_number":70,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"ee4e7885-4363-4162-8e61-f00663d141c2","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":70,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"3900cff6-bc54-4d11-b5d8-df57865b6858","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":70,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"4e3ad80c-524e-4e16-a87f-1e4ea13bd516","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":70,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"d0330979-7bd0-4e7a-831d-0ec099842e67","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":70,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"fdc65b38-3ce6-4b34-93ae-7505ca5e666e","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":70,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"803dd36f-375c-438c-9c9e-817ece789aa1","block_type":"box","text":"Fund intends to purchase.","page_number":70,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"7f760ba2-d7d2-4f29-82aa-9fbb19af99bc","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":70,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"0c5d43c5-6f29-4ef8-a4cb-2017399233e3","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":70,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"67e7fba8-c814-4824-8618-935a9f9a49e8","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":70,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"80db2f1a-f378-427b-8997-89f7f2ede7d1","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":70,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"10858bd4-685e-4ae7-8c97-95ed823a6d88","block_type":"box","text":"illiquidity.","page_number":70,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"6fe3d956-4865-47a0-8ac0-198c7d3820ba","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":70,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"3ca4d38d-b890-40ba-a798-c3a348ecfe3a","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":70,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"669ac860-6e4d-476a-b01c-496a96d18b13","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":70,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"91cc1ed6-2a28-459f-8330-918aeeecd0ef","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":70,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"1b76864c-6e4c-421f-86c2-781276892b59","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":70,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"22d2dbcf-3175-4747-af41-9aee98a1b621","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":70,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"ae5a3be6-c125-41af-b040-2eedf0585538","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":70,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"27fb0ef7-b6b0-446c-aa93-c493d6d3ff92","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":70,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"02336451-4d8d-4dda-9b36-7e045766d796","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":70,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"80fffcab-b14e-4750-a39c-cde198e541c2","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":70,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"4bb78701-40de-479b-9429-823ee4c187f1","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":70,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"90e29d6a-dd2c-44da-b5e6-649f8bf5d2f3","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":70,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"2ba19d87-d72a-48bc-bdaa-5f1edb23dbfb","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":70,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"47d6fdb3-1600-47e6-889c-161e90795784","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":70,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"2cb97e3a-3556-49e1-a05c-89eb5b36ca5d","block_type":"box","text":"Swap Agreements.","page_number":70,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"b3737b30-e163-4351-9bf2-b895ea27acce","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":70,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"532fb1e3-8d22-48db-9d53-507915ee066f","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":70,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"ea1d12b5-a5cb-43f1-bfb5-1369fc6f5ade","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":70,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"f69f412f-bcf1-44ec-828f-0dae79f6de59","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":70,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"f332b0a6-3143-46c3-a418-47cada880873","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":70,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"826a09d5-4f3b-4d32-bcaf-490283c25751","block_type":"box","text":"a “notional amount,”","page_number":70,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"4a75c590-4c6c-484e-98e7-bd23525d7746","block_type":"box","text":"e.g.","page_number":70,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"ccbb9c50-ab76-4036-8e2c-12a609ff70e2","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":70,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"1c37a3f4-f9b8-46ac-a8ea-abe4157cd2cf","block_type":"box","text":"II-17","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"85e5fc7a-95a3-4ca5-a2eb-bccab7c1a360","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00105f8f-36da-4261-bc69-e22b712e01dd","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":71,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"013cb82c-fa1a-4970-88b2-adc1a6b80e42","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":71,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"0b013ff2-99ff-47de-b32c-5ec268fdc60d","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":71,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"457a7a74-56ec-45b7-a8b4-0463d31e390a","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":71,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"c1af9978-ab22-475f-8c47-41e30edb6fe8","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":71,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"e44bbf1b-5e1e-4ce3-b8ae-8f2c29618e23","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":71,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"a846b4d7-9610-48bd-ae6d-1a81fbd5291f","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":71,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"690c692f-daab-436c-b6ec-ded917596c11","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":71,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"b9ca1337-eccb-4375-879a-c6ad7291f6b7","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":71,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"4ee2d833-05b7-45bf-aa3c-70896a5fdd59","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":71,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"b619db96-5c1c-443a-96ec-40e0419f0077","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":71,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"3d70efe4-60af-45b5-a15c-45c773146024","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":71,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"3c94d2f8-49f8-4c55-847c-25d86bbfaec2","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":71,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"1f280121-34a2-4ce1-ba2d-4b9087d15823","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":71,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"a16a4d63-5647-404b-8910-085b89aa65b5","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":71,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"d5a2f218-00d1-44d6-b02d-93a4bf3cc195","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":71,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"67eda70c-4d17-4494-ad01-865337d00c1a","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":71,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"0b53ec02-e7e2-4cd5-8b2f-90f3106d4801","block_type":"box","text":"index CDS.","page_number":71,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"e7ad56e2-7b97-4c65-9152-45bc1243f5c9","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":71,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"94af43d4-fd3b-4ddc-b982-54dee824e994","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":71,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"e0c70955-621d-498f-8b0e-0db0285919ef","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":71,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"577b178b-e2c7-408d-93b3-f9def3b9fad2","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":71,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"10cbe7c1-22d9-460e-8d25-c0964fd86efc","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":71,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"6060e7f2-aa76-4c2b-b4c7-1d9c61cd8218","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":71,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"54cbf755-b69c-4ef9-97d1-ed07d9a94567","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":71,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"30d6f1e9-85de-4cc2-b3f4-367136d6e415","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":71,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"440e189f-e9c7-44a2-ab6a-118dd280323f","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":71,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"f09f8f86-3f8f-448c-8ba4-4f2f042cc2b2","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":71,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"c292e5c4-babc-404e-9cf8-7b9bad4c4455","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":71,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"1627f846-bbf7-40fb-9f7d-8b70dfbfc5c4","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":71,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"f32d9fca-f1ba-4fc2-a7e3-9124dd7cca00","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":71,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"9f9c3ca7-6017-4181-972c-33f166881528","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":71,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"f128142f-6ff5-4d98-8081-44db32e4c577","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":71,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"d6b03d29-b4b7-4b14-8ac9-e99f634af2ef","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":71,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"4373cf4a-7e35-4b5f-be47-554ed2fa7034","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":71,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"3667d5a8-2218-42db-ac45-b6987fad57ed","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":71,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"883c7a2b-dc67-4517-a9ce-e35a4a9c9c1f","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":71,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"42b09819-3796-4c38-87f0-35d4d32a2f62","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":71,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"e50b6066-44e2-49d9-a86e-2fda7f1f494c","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":71,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"ba7057ef-00bd-4b44-9f6d-da999fe7c8e3","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":71,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"7b1883e5-7a69-4c9c-bad7-7bba6524f715","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":71,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"ed285284-5a2f-415b-a157-0eeff9f69482","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":71,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"bd3b31a0-32ee-41ce-b820-5e0e5e2c04ea","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":71,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"772de8c6-1ea0-4fa8-9eed-8011c007762b","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":71,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"82c7ed52-5d89-49f9-9f1e-651e17a9b123","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":71,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"c4a09bfd-940c-4e13-af4e-b8192f36f5f3","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":71,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"cc920064-8cbf-4cae-a350-4b357538a4fb","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":71,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"44835b2b-dca8-44d9-925e-dbb8c5525294","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":71,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"89915aba-b459-4bce-98df-b7cb03fc1702","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":71,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"ddf3bec2-7780-45b7-bcdb-7fcbccd9087d","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":71,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"5bb05f5a-554b-4be1-bb73-5a766935d394","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":71,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"bec3752d-2754-402a-81ac-d5a36e318f9c","block_type":"box","text":"conditions.","page_number":71,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"9ecb91db-9503-4669-98c8-fd0375a1005e","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":71,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"88a911f6-0de4-4c6c-a022-03f4dc9cb92b","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":71,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"9dd84c26-9dfc-4db9-9346-75d6d089567b","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":71,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"7ee4c94a-e779-40c9-9bd0-776c1b22e459","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":71,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"e234c58b-4f97-4a40-8610-4657156ab13c","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":71,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"49859507-5ef1-4a67-922e-36f6ebcbda59","block_type":"box","text":"II-18","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c7517687-d5dc-431c-addb-b51ef29b43c8","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b4932d8-d199-476a-bb8d-bbc1ac7ef36e","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":72,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"0a11411a-f08f-487f-8485-e8d40f66ecc4","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":72,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"974d44d4-0000-4b14-a5a3-79d4c0737620","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":72,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"fa7474a9-7676-4ad5-a200-99edc534c7fd","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":72,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"421e3634-cb46-4bff-bb10-a74b6fef0e0c","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":72,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"e42cd912-3c5d-47e3-8fd4-a6b90b9c4157","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":72,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"783082ac-96d1-4e47-94d6-0990de1b2437","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":72,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"bf82e3f2-ff3b-45e6-bb21-c6f61684ee68","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":72,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"73fbb9a2-28bf-4a7d-a847-57bc99d26d43","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":72,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"83336ef7-511a-4220-bbf8-9a8650944a46","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":72,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"782902a2-3fc4-4c13-866d-8a6e9dbda566","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":72,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"7c91e533-4a12-4bee-af13-c8822c068084","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":72,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"3dbd5b6e-db79-4155-82c1-976639d840de","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":72,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"a4a94190-3c18-46a4-9cfe-ba11b3041d7b","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":72,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"c4607085-9d3c-4b32-9c2e-4dbab6f5f97b","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":72,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"118f0861-6e75-4a4a-9a36-12afd30e29da","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":72,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"8c00c50a-26c8-4914-b91b-6f6f82f02327","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":72,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"bf5aa3e0-29be-42cf-9a64-bb2f4f5216f1","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":72,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"7d50479d-ed8d-4cc7-8674-e99e2e275fc6","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":72,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"0bb39e35-667e-4a51-bda6-ae2ac201aa66","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":72,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"2df379a6-9ea9-4327-98c3-952ae7b6e0a8","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":72,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"3b74a3f8-f6fe-407c-8789-d5eb19887cba","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":72,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"6588b3e0-2215-46c6-9477-611a01b72f90","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":72,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"4e8949e6-9346-4c1d-9c2e-a26052e867e0","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":72,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"9074ef5e-81c0-41dd-97bf-a044eb42e5a6","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":72,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"0ee860f0-3201-47c6-b621-84f1312d0c8b","block_type":"box","text":"cleared interest rate swaps.","page_number":72,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"440f25e7-4588-4e6b-994d-3afddceda8c7","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":72,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"54110ece-dd5c-4876-b9f0-16473f52e730","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":72,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"ac346524-b25d-42a2-a277-c36b6830bdae","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":72,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"3a2ff4ed-a9b3-4bfe-92d8-7c12bbd207d9","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":72,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"62c983c6-5925-4619-b2d5-0a5700604f4a","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":72,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"33a900d3-e319-49dc-8eff-13f00ff9316e","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":72,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"4bde554a-1e95-4958-8e1b-455865ab8133","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":72,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"05514a88-06a8-4746-b96e-eab1c1a5cd51","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":72,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"ac6d2258-7440-4191-ae12-963938f208ea","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":72,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"9c30d057-9122-440d-be42-855776544c68","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":72,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"b393bfcf-e672-41ce-a7ff-1b37e464e81c","block_type":"box","text":"or variable interest rate, index or asset.","page_number":72,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"4120c555-6478-4ea0-a139-4dbebf05f428","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":72,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"60e3a4cb-892f-4357-a0e6-2fcd790382fa","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":72,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"dde0d8b8-29b7-44dc-a4cd-b1d2118e41fe","block_type":"box","text":"such interest rate floor.","page_number":72,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"b5723f0f-f71c-4306-a13b-20a535089bf0","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":72,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"0713ec29-3376-4225-b187-145c54ad26a1","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":72,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"b34d3e3e-1f2a-4b80-9233-96a0fd739e98","block_type":"box","text":"such interest rate cap.","page_number":72,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"0e6918a5-f16c-4406-9107-f5a59bd4ba76","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":72,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"91e9ce39-b575-4b4a-9e41-bc0e31f9ad90","block_type":"box","text":"commitments to pay or receive interest,","page_number":72,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"07364bff-f355-4518-adbc-67fe0ab728fe","block_type":"box","text":"e.g.","page_number":72,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"9b34f2a6-f32f-4465-9b12-619c85cbe33c","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":72,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"7ed51a59-bc78-4f86-a15e-1072bc6c1294","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":72,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"e5bbef6d-3d38-4d19-b73f-c90aa9291134","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":72,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"a6df5287-6417-467c-a343-f43a18d23931","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":72,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"f30b654c-3929-4ffa-bef7-396d4edf7aff","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":72,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"c6c8db1f-ab7d-4168-811e-0b897a6a42c4","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":72,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"112889a8-779d-4513-9191-33b5ae07585d","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":72,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"fdb4bf6e-4242-456a-a758-c46ef6ee919e","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":72,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"259349f5-5e22-4856-b983-93d5010fad7a","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":72,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"35851d68-cd97-4160-88b0-7587fb57f8ee","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":72,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"93b622be-f06e-4622-a992-9336b9162249","block_type":"box","text":"II-19","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"df47b816-921e-4753-b9a2-7a927844af89","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85b8d563-aa51-416c-b7da-686dd2d40a4b","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":73,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"ddc61f4d-0181-4486-91b7-844755879272","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":73,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"c0983539-9f36-487c-b1a8-3d85e6404868","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":73,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"9794dd50-9104-4b28-8fb5-416e2afbc860","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":73,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"e4548608-1e80-4c39-a1b4-d30a8723d66b","block_type":"box","text":"Total Return Swaps.","page_number":73,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"56fffcdf-7fe9-4f98-a852-3476de815add","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":73,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"25c30711-cbbd-4780-a23d-5abd6a93e2cf","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":73,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"3b820511-b6c0-48a6-b043-1050792857c1","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":73,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"2441fe9d-3642-4a5d-90a2-6671dc0b7025","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":73,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"88344c89-6b8d-47b0-9d1a-ae19e1282ae1","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":73,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"7a40deb2-7ed4-4710-9227-5e2071be2e67","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":73,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"93b38c76-0286-4e97-8ef9-6369ffb69e79","block_type":"box","text":"“contracts for difference.”","page_number":73,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"13da8120-6116-4262-a8a7-55732a3c6702","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":73,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"ed946385-e895-401c-a93e-ff8e1f75f794","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":73,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"2b8e7a73-595f-42d4-9b19-68f48e8c6fe8","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":73,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"adb28656-7253-43fd-85cb-b823c2b7c6c7","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":73,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"299a601e-a11f-412c-a788-0f02cc6eb43f","block_type":"box","text":"the notional amount of the swap.","page_number":73,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"c45447e3-a868-46b5-bc17-cf1372ebe4ac","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":73,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"c301716b-a9a3-4aa6-a008-8d540cb45c9a","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":73,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"7b1eae4f-1405-49de-9271-cc325a6b06c7","block_type":"box","text":"Options.","page_number":73,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"be0049f4-eca5-498b-964b-a6269e6298a9","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":73,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"570948ea-07a8-4e1e-a818-d0dee2718be8","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":73,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"fe558aac-11dc-4c8c-9b4d-71fbcb2cdcaf","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":73,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"baa4d17f-8778-4b2d-885b-9f9e0cfed962","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":73,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"1035ac2b-a7ec-4567-991d-b3ce3f1ce518","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":73,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"b029388b-7e87-4f32-862b-b78cb7574b5c","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":73,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"edb05200-0bd3-4269-81f6-79ca3892738a","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":73,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"13611cdc-5403-4c32-9009-5d8140c4bd2c","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":73,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"452f2ea7-2e7a-4dee-853a-763b38e06388","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":73,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"175836b2-d609-4e7c-8278-b43a50a3aa35","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":73,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"c4918d9b-2e25-4eda-ab89-a99003329bbb","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":73,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"1584718c-ce5d-40c6-a5f1-57da93d1f80c","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":73,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"776a03e9-65c0-4c43-bea0-13e51f39feb4","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":73,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"6ca7ebe8-157f-424f-8901-d9f7dba82537","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":73,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"0e6f3520-8a9e-4ba2-a2c2-c7bf8542e246","block_type":"box","text":"OTC markets.","page_number":73,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"47cfde9d-6216-47e3-ac4e-b437aca83fcd","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":73,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"1901e761-6882-4729-bb14-a7df2056d4ea","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":73,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"5d7d77c2-4503-46a1-bf62-a888365c777a","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":73,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"31c0bbb2-50f8-476e-bf81-e096aa4f2817","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":73,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"03f8e8c1-24a2-4a83-ba6e-f9571ab65704","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":73,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"73f6bcff-2e91-4789-8cc1-d90cb560ec11","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":73,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"28146bfc-46d8-4eb8-839b-f4764f71b57f","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":73,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"5f3812ff-0cb3-4d7c-9ecb-414a62cdc3dc","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":73,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"fa16edd8-09f2-4095-9fb7-942a44b13d08","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":73,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"ad51e3cf-29f1-45d1-bfbc-29986c1a74ad","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":73,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"46a4437d-364f-4897-b585-649e1e3ab3de","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":73,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"e022164a-bf94-4ab6-ae5e-36ec337b1dab","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":73,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"6aa34318-3a2f-44f3-bb39-7c5fd56035a4","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":73,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"631264f3-716c-45d8-9db4-008420cb42c9","block_type":"box","text":"terms.","page_number":73,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"92650b3c-498b-4e3c-a3f5-b781c2956ba3","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":73,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"dcec842b-c144-49e7-a217-ca10655b62f1","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":73,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"4e7262d9-a160-47fb-8839-61ae684be62d","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":73,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"c86c0243-8633-4393-9951-c342eee6c5f5","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":73,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"b3ab4cd9-1f62-4793-a084-fdd47eb38f2d","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":73,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"fe4c0f72-244c-46c2-b538-716ada9447e6","block_type":"box","text":"II-20","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"685cd381-16e9-4525-b2eb-89624b405b3f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"310ae361-3074-4974-a77a-5c4bf3c8e644","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":74,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"f49b9cdc-689a-40d2-bb42-28ec058ab9e8","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":74,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"ab19fb76-d874-474e-bb1e-8b9b729a984a","block_type":"box","text":"Call Options.","page_number":74,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"2999836c-3878-4237-9bbe-bb0b66366170","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":74,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"ebd641c2-c37a-4d02-aaec-1bcc20d44656","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":74,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"cd990e71-b3f4-4e86-9ec7-5df1f15b0968","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":74,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"9bea8739-fffa-446d-994c-c870f4cf3545","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":74,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"fa00fa1d-9d76-4579-90ac-9ea33808178a","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":74,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"d1f39202-3260-4f68-b571-cfd6a23c3d66","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":74,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"c65238dc-6a73-43bb-852a-49bef4ecd491","block_type":"box","text":"of the option.","page_number":74,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"da549f10-cd71-44b0-bfaa-199ac1b43b15","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":74,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"dfc0fd09-b1b4-4899-9ad7-ecbe9fdef414","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":74,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"6e681424-e4d4-443e-bb7b-864787028848","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":74,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"7b8af0ab-67f6-4007-ac3c-ce5a785d396b","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":74,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"56da8902-9a98-4c92-b4c0-e4dba2c48dbb","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":74,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"7f69d441-6401-43aa-9587-e41044dcee94","block_type":"box","text":"A Fund may write (","page_number":74,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"cfee851d-1b2c-4c26-a533-b7f361281f4e","block_type":"box","text":"i.e.","page_number":74,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"7e3f3ff0-db2a-405a-aa2f-b0723786316b","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":74,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"9243cc08-6e84-4339-9fd3-399cd81c93f3","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":74,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"152711e1-aee3-4c23-a523-b087779f85d6","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":74,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"61ec64f6-5236-4fa5-9b28-8fa016248ff2","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":74,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"15ea27ff-d495-4263-b30d-11a77d3d04ed","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":74,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"87f67fac-bc5d-4ba7-8246-7f5ea4ec4506","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":74,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"aa96584d-635a-44bf-9f2b-f91af7b9ab6f","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":74,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"a12ef748-798a-42a8-bae4-13227e632f0c","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":74,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"45498438-2e7c-4e86-b168-df99508262d1","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":74,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"8979b6b6-3831-4791-a78a-d743880a18be","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":74,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"f7648734-26c5-4e42-bee3-4385bc311f06","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":74,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"ad170f07-7aff-4ff6-8969-d49b7168416f","block_type":"box","text":"A Fund may write","page_number":74,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"63ef107a-eda5-40ae-8ed1-6c6cbf53f15a","block_type":"box","text":"(i.e.","page_number":74,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"ec4cdf77-1820-47e3-9f93-1b26f7d56afc","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":74,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"4e52a243-6093-4afd-a104-a8af46db5bdf","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":74,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"4643620c-738c-4250-af3b-89b3813ae5e0","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":74,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"a629ea93-8e21-421a-bc3e-ce03415e7fc1","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":74,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"ac52a862-4dc8-4466-99f9-b7b73078f21f","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":74,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"1837d163-3ca8-4e0f-b062-08a7039c380e","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":74,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"d006273e-279a-4d0b-a25b-6ab3c12c8176","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":74,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"50807361-bece-41db-957c-6f1bca0bc17c","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":74,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"e0b5109d-bf88-446f-8972-aee63b75fe5c","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":74,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"cf6d11f5-4f78-492a-9bc1-0913e4ed4e90","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":74,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"a952b702-f69c-4da8-ba9a-6b7254a98e71","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":74,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"2752c085-31cb-4acd-84d7-d70816c533d6","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":74,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"ddf0d53c-c496-4bce-a464-6ddeed158954","block_type":"box","text":"Put Options.","page_number":74,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"54f38865-d05f-4fef-bc79-bbc6e36a0207","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":74,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"bc1428cd-af38-42eb-84e3-3b765214379a","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":74,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"582a3b0b-2783-4017-887e-e6ef1dff9459","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":74,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"c50822aa-d8fc-48ab-84f9-b4167ccdc087","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":74,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"56e54fa5-b8ce-4e9a-abcb-451fec862f9f","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":74,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"61dddb7b-f35a-40e6-a768-e53e50731275","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":74,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"d08a03b3-23c4-4c5c-b28a-b55a02f0c4a3","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":74,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"69dbeb96-4809-497a-80a1-53e2f4f55ed6","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":74,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"59ef3ea0-56b2-4dcd-beb5-5b312e667f22","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":74,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"2847db35-d07e-435b-8cac-6802025eb6e8","block_type":"box","text":"purchase uncovered put options.","page_number":74,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"62cc38c2-320d-447d-b921-d338f3e97ac0","block_type":"box","text":"A Fund also may write (","page_number":74,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"6a691499-1d2b-4a2c-808d-7165afd1bf15","block_type":"box","text":"i.e.","page_number":74,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"f3d1fab9-2f49-40e8-bb51-177823cbf947","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":74,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"6cf15eca-e61b-4c49-9b64-1b3c97df865f","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":74,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"62cf385a-2ce6-408d-859b-dfe359dadfab","block_type":"box","text":"A Fund also may write (","page_number":74,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"c0cd26d6-b93a-4cf3-b50a-6e134b8a0896","block_type":"box","text":"i.e.","page_number":74,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"354f082f-1b4f-4c83-b3ee-96a65018dfdb","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":74,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"a8ef22ce-e799-4dc9-8ae8-9c76ce166bb3","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":74,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"e28b8c1b-b911-4bc9-bf07-7620da47ad80","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":74,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"7e46e160-5e9a-4e36-bf31-9f05f8c2837f","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":74,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"dd9c8767-1945-4bf7-aa89-d01a79b5dc40","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":74,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"ccb0d871-88b6-4a0c-950d-5a28e06c42c0","block_type":"box","text":"II-21","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fa3b9bb2-3198-4e27-81a2-65b328abce6c","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52039e68-9c21-44cb-aa45-410403cfdb0c","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":75,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"8c8adbfd-8587-48b8-b1bc-535e2ab506a1","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":75,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"324a4784-66cc-4522-81d9-1dad980d6a1c","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":75,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"9b2f8f2f-f6a4-4ab3-ac59-201b30ce4072","block_type":"box","text":"the exercise price.","page_number":75,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"8ee5e97f-5130-42ce-8e6f-420309510f8d","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":75,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"2cbb786d-cac8-44c0-b72a-7c290764126f","block_type":"box","text":"The following information relates","page_number":75,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"e694e593-379b-4400-8e84-46fb04628fa3","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":75,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"aa43fe7b-f8bc-4b0e-983a-43cc7fe30ae5","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":75,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"eeb86203-a66d-4897-bd4d-6268d4d3cf31","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":75,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"0db1b397-23a5-49fb-9e4d-f71f66de1326","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":75,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"4184ba5e-aa67-495d-925a-3e45a0f5d626","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":75,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"5fd9910c-0d1f-4c5f-81c0-fe6717461607","block_type":"box","text":"market in order to maintain its “cover.”","page_number":75,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"3d0d5ea7-dc8b-4973-9bd6-abf05973da17","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":75,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"e31be15c-eb77-4658-b30f-394819ef4700","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":75,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"ab12989a-1a7b-443f-9532-8de97bd3be24","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":75,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"4032f957-5ffa-417e-829c-ecb19423e24d","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":75,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"baa5c14b-15f0-43d5-b3bc-940f471b90a1","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":75,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"d346b3c0-0c3f-4eee-997b-bfa5612a15ce","block_type":"box","text":"and incur transaction costs.","page_number":75,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"cca877de-a41f-418a-9d26-5c7ef306d34a","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":75,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"819ba626-3943-42d9-9c61-f7474cbe9b7a","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":75,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"1c8e4b8a-9329-466f-90e6-95629ab1c2f5","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":75,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"8bc52452-0886-46e9-aead-4f16e1baa266","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":75,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"c9ba1a6e-8a51-4619-ab8a-dee719617eaa","block_type":"box","text":"i.e.","page_number":75,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"e31a4da7-59f5-484b-b7bd-50f7ff8226bf","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":75,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"cd3b1bce-b126-4cd9-89f1-9621e9f74728","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":75,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"1bf7a39e-5c09-4c53-9cb1-67c57ae165c9","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":75,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"fe8f9f16-dd42-4b5a-8447-9d0c853de169","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":75,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"fc7f0fa4-af55-401e-b80e-9c2c0a7a01b2","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":75,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"0242d85a-d1f8-4e07-84d4-8a882cf369f1","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":75,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"fa3008c7-a483-4dc6-85e2-304b0be0e378","block_type":"box","text":"required, to be cleared.","page_number":75,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"09707b20-28ae-47e8-b44b-f90392ec90e2","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":75,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"6b4e153d-3ff4-41d2-853b-6d65b5e5f562","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":75,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"d8e32fd8-cf31-4ad0-b001-298a0674ec84","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":75,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"62caec17-7e52-4186-b4c4-fc58015401dc","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":75,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"ff52ed6a-1065-431e-aeff-6fd11fe40e5f","block_type":"box","text":"Derivatives” above.","page_number":75,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"d95495b9-824f-43b9-aa59-aa9e0df4bf10","block_type":"box","text":"FLEX Options.","page_number":75,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"cd835fba-af9e-4b03-a975-49773637021d","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":75,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"465faf90-8d89-4d31-baa6-16a2e4ee41d5","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":75,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"6075f38c-6d9c-4b12-8d97-cae7eff40843","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":75,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"e6af2e91-7dcb-411a-803e-604d66fc45b2","block_type":"box","text":"exercise prices, exercise styles (","page_number":75,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"5c934a29-f340-43c3-833e-e9418d137390","block_type":"box","text":"i.e.","page_number":75,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"b62a7a78-7f55-4d88-ac2d-431813efce70","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":75,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"25c21811-8d9c-4df4-92a7-eb8d25a99df0","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":75,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"fc25dfcc-a223-42e8-ad5d-883e04fd02a5","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":75,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"a4800df6-af2f-4001-bbb2-20196979e141","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":75,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"3bc23fd8-be86-4b90-83cf-3839de04297f","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":75,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"0ffb93ea-ed9c-4ed1-a040-9166b864d9ef","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":75,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"118bbaac-fbd9-4e5e-8271-21059a54c1ae","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":75,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"a4544611-405f-402a-83bf-5b96a7e39e50","block_type":"box","text":"FLEX Option’s expiration date.","page_number":75,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"801bc6ce-d02d-498c-bb12-653d0908bb89","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":75,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"75d3e20f-a457-42b0-8949-88efb1f32d2f","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":75,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"67e45e3a-c033-43df-8ab4-7e196d0e19c9","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":75,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"a8e7e058-77ec-4652-b017-5d99be205e39","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":75,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"c3826c36-25cf-4b92-8aae-4ec7acbb0ba9","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":75,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"e2308a64-18a1-4480-81ee-610cb38978da","block_type":"box","text":"FLEX Options contracts.","page_number":75,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"92b424cd-71b0-4978-8724-2c006de77a05","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":75,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"b497e8e1-5d3b-46b5-985e-992571640654","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":75,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"491d0bae-7a80-4982-ac96-eb1400fe7643","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":75,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"14ccde3a-4f58-47f2-bf87-6c88cdc2d9ef","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":75,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"6624b303-98b2-4334-a9e9-ac3794f298be","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":75,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"8eed4ef3-f3d2-42fb-a9cc-3bb1c6191a41","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":75,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"5c3c4710-da03-4bf3-b8c1-7d7a18bf981a","block_type":"box","text":"II-22","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c9c4f475-dd97-4d99-983a-98198568d385","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d597ad7f-608a-42b1-ae31-05abf6c20adb","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":76,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"6d5aaeec-0bd6-45ca-8695-21c344314ac0","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":76,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"f393b414-4cfd-4530-8d2a-771d23d3b38d","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":76,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"3994352f-5097-4b03-bec3-04e14c50d14d","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":76,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"99642da0-7501-46ec-a365-18e7b3e77c6f","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":76,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"15cf4f43-3c52-4141-b66a-35c9b6ab66fd","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":76,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"2af21364-77c7-4e2f-b7ea-9c69cc7dff99","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":76,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"4c95d760-d1d0-44b8-b058-d1f98e29c27a","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":76,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"b3852508-bfa9-4024-9e04-b092977620ca","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":76,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"ffe4d3ec-78c0-4075-af60-ae578e6ba34f","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":76,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"a00d394e-d14e-4500-b3c2-d0c838df4b8d","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":76,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"1ffcb17f-3390-4190-ba52-faf725a42e29","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":76,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"728bf439-b3b0-4063-9bb6-f6a22bffac1b","block_type":"box","text":"expire unexercised have no value.","page_number":76,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"9b795689-fd1f-4b47-814e-540c905b9e17","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":76,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"8a159e17-c212-4a1f-ad55-c6648f7743d8","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":76,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"d532f868-17c3-487e-9c40-525f802697cd","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":76,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"96d9afa0-468a-4108-b6fa-5d0c4c19b21d","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":76,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"c3dee3e3-43fe-46ea-9857-35a15f8912c7","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":76,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"d2e87d70-52bb-4187-b9bd-0221474687d1","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":76,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"4a61032b-d5fc-4e11-a975-f804f8656c38","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":76,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"3d507c09-a87e-4116-82c9-5b6d48d7dc45","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":76,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"be42cac3-caaf-4993-b98a-930562cd5d80","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":76,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"e157a3d8-bb5a-4cb7-b377-ec1692bf0123","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":76,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"a5331ccb-183b-48a2-bb32-a6abc00ebf57","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":76,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"14483114-620d-4fcd-9a9e-b8f7ddbb323e","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":76,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"3be4a39a-cf09-4d1a-a2eb-610850fd9739","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":76,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"544ab80c-a657-426f-bcc3-5b7aa39c83b4","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":76,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"5470190f-f16e-434a-8d14-edd20a0ccf7e","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":76,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"be23cb9d-20b6-4389-8888-86fad9d34830","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":76,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"56777e3a-8005-4744-9b1f-f3b88c2acaf5","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":76,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"c9cf8bce-526f-483a-ad00-007630d9f5c4","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":76,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"88be77b3-2b8a-44db-bd9d-4d430f7ef462","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":76,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"449ecbd7-7da1-4a27-a741-8c84a20de261","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":76,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"775fd2f2-74d0-47d1-ab77-ef277ce60e21","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":76,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"d4d7d762-770f-4977-8b64-f5a7818a0591","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":76,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"b82652a6-1316-427f-90ce-8519acd5c386","block_type":"box","text":"Foreign Exchange Transactions.","page_number":76,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"2aff77e0-4aed-4332-9234-b8ee7e4bb2c9","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":76,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"ca90b1df-0d8d-4612-9aa4-a5cfe5fe6ecc","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":76,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"a12ccd46-737e-45dc-9604-ef0e462fcbab","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":76,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"5ff34001-3b08-49b0-a025-98d6ca0bb373","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":76,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"6be05315-735c-4e71-948a-ac5f94013cff","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":76,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"89c23603-9fec-47c6-8781-6ab31f123d37","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":76,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"a1e9eabf-7a7c-4233-a02a-997b5d9f6038","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":76,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"b0328a7e-8645-45a9-a987-4e7123d26d04","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":76,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"56cdcf85-6fe6-429b-9ac8-0eaf979e3f6f","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":76,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"8110ce9c-5be1-4735-8b38-695eb17eec0b","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":76,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"e328e19d-14e1-45d8-9372-0ff9235f8a8a","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":76,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"95f62773-6223-47cd-985f-8a1a91b0330d","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":76,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"93a830f1-cd30-49de-905a-a6fce681b488","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":76,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"a8fc73d5-cf97-4aba-b485-c9333655d543","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":76,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"64076c75-03cb-45e5-aaf4-5b4cb1454437","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":76,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"ca8c6d1c-54ca-4809-b5b6-3db499767ec4","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":76,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"b89917e1-0d44-4556-aa75-b8aeadb5bcc9","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":76,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"b5757815-933c-4a87-b6b7-3434f6086060","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":76,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"2937a376-2ddb-4a98-ba05-049e0fb1294c","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":76,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"7b181f60-d2d2-4336-bf9d-eebb74e23a71","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":76,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"48da3f90-5b5f-470f-8a2e-b28d441968fc","block_type":"box","text":"II-23","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e73550ed-193d-4aca-9048-0d6fcdd1fc53","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"990cc9d3-c79e-4d62-9447-8a9b96e2d12a","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":77,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"4ab62e2a-aaa6-4ea8-9b80-b192faf98474","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":77,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"70253851-3940-4e90-b46e-6b6fd7b029a2","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":77,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"533196fb-565c-4fea-b152-d60b3b9fa802","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":77,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"cf83ecbd-4390-458e-a957-032dcb632af2","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":77,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"e332fa74-d7c7-4f24-af85-6c5f92a09797","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":77,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"7df59d65-7ec2-4f03-954a-9d8e50bbb264","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":77,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"2587f09c-b2b6-4a9c-bc10-09021080aaaf","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":77,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"1d5bb53c-bc94-411c-9e71-32141f70f7f2","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":77,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"a83c8020-90d5-40c1-ad5e-fff9f118770b","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":77,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"d935b678-5b69-4521-9877-f580656d2c9b","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":77,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"52bb42f9-8dc0-4f06-a7bb-2ec23fa34979","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":77,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"cd5cfaa7-4c7b-445e-92d9-30c4bbfb72db","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":77,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"19ba35cb-ed20-4d43-bf6e-6312758622f7","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":77,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"1104d735-41c2-4618-b1fd-01119d88c285","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":77,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"2c69a141-5373-4534-bbf2-b0bf56830159","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":77,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"cd143032-7139-473f-aa97-9ef25eac7ae4","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":77,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"800df8f0-7b61-4860-b334-98fb06e7420e","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":77,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"38ff926a-fdfd-427f-9d93-80f8acefe1cc","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":77,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"f8914721-fb23-4553-b3b4-2b64102b5ac5","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":77,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"0f44c1a4-e3ce-475a-ba9d-ed25698506f9","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":77,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"e6b32af8-7fc5-48a6-97fe-b40955be3be1","block_type":"box","text":"involved.","page_number":77,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"3850adc5-0462-4cf7-967f-0903a001f7e5","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":77,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"526b83a6-fa65-4dda-a7d6-6b8c1177b67b","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":77,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"370cb27c-04a6-4c35-a4c2-61a53b0618f2","block_type":"box","text":"denominated in such currency.","page_number":77,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"5d04f7cd-93dc-4567-bfde-96e989d423a3","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":77,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"1dbefd6b-9136-47ed-878f-3cdb64d5a7d0","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":77,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"b723741b-0b66-4e70-9245-fb9e3f484e53","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":77,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"4255b19f-6780-4909-b200-4263fead872b","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":77,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"4f7823c0-52d2-4257-b3d5-82b7535ba16e","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":77,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"b2479044-469b-4b2a-9583-f723f7bef013","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":77,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"35db8b28-26ba-467e-afdb-4eacadc4dab8","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":77,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"30d6d1e7-d3e5-44ab-8c0f-8cdf482ab9e4","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":77,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"57718191-00a0-40bb-9aac-d51691aa030d","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":77,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"93e96636-f4c3-4728-858d-738e9cdfdd95","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":77,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"eb797237-5e9c-40f6-9e60-4f9fe0c29e8e","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":77,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"dc2e6280-6d0e-4dd6-bc91-c0f30a8acbbc","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":77,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"ee7b6d44-8258-42fe-b90c-0d970fd68bad","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":77,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"5c3147a1-0ba6-424f-b2b9-96b117e9a47e","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":77,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"404d7cbf-3e7b-48b0-aa73-fc63e83c3152","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":77,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"e363abb4-0f7f-4cbe-a173-12cfe5148f47","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":77,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"b99eae38-98b8-4ba7-9080-629a90ed2888","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":77,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"7f7bea45-9805-4836-a903-1b405b5725c4","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":77,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"31e106dd-2851-4b15-9bf7-507f91f4557a","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":77,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"47cc69f7-f6f4-4fd2-9ca1-79638e92d677","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":77,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"2c2ccf1a-a00f-4984-9135-0aae180b568a","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":77,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"f39eea4f-d59e-4b84-8a34-f40f25bdb880","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":77,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"358aafe4-1f11-4ff4-b675-75ae7e849032","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":77,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"4fc03d52-2745-46c5-8102-5b82e6c0b1d5","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":77,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"962a825f-ef97-4527-b48e-e503e7474935","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":77,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"b1004a43-85e8-4289-9225-f5d22265c61d","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":77,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"b5dcfe3b-3257-45b3-9af9-f27da7cc070d","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":77,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"cd0cdfe2-0312-41b3-8637-ae5ff09b109f","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":77,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"e15decdf-f17a-4915-b8dc-e2b56ac25235","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":77,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"751930d1-e01c-4e51-b347-bd83c843fde7","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":77,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"ec344a82-6d18-418f-a0a4-e4f39ae8dd10","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":77,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"1fe73fb1-d158-49c4-b1af-6c023bb1b7a0","block_type":"box","text":"II-24","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b25adc1-ace1-41dd-93f1-baec14a4bf34","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ba8ed8a-0c12-48f5-9a8b-77f43e3edc5d","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":78,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"2215b50e-e4e2-43c5-ac8d-00c5c6c8f254","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":78,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"595682c9-797c-478f-9cf1-a1e10312f303","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":78,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"94b1af98-35ad-4389-afe2-f763dd51f6a4","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":78,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"29a96c4b-7cd1-45d2-aba5-899f93bb6734","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":78,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"fb8a66c9-7320-4fd6-b920-627fd11d48c2","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":78,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"712e5845-fa53-4d1f-99bd-41764e1cfbb9","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":78,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"12907e36-0562-42e7-ba57-b6fa2c7ce472","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":78,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"e83b00c3-76f0-45de-89a4-3433df9375ce","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":78,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"864f49a1-7b31-4364-a713-b93c2322b168","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":78,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"22d7d4b2-d6b9-4fa2-a6b8-9624e8d9e577","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":78,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"67fdc99e-7903-4666-b360-3579c56d4d47","block_type":"box","text":"traded.","page_number":78,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"95d19cf1-4a1b-4aaf-8e24-7f6afc1940fc","block_type":"box","text":"Currency Futures.","page_number":78,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"a0a75eb5-add5-43ff-91ef-fe03808142c8","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":78,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"6db4ba70-0a42-4522-9b05-5e2a775eabe7","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":78,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"2b0a59da-f9f3-445e-b36e-995d6c6aab51","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":78,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"9d76dc76-1b9c-49b8-ba42-c7d3121d037e","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":78,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"7e771387-7cad-462c-89ae-37e544b80ee7","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":78,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"b813b887-1283-4807-ae61-004ea76999ad","block_type":"box","text":"Currency Options.","page_number":78,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"f827ebcb-d11c-400c-b611-7eee56aabd61","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":78,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"5e35b5c8-595f-4e42-b426-087c9986a446","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":78,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"c69df130-ee64-4032-98c0-2e13ba0ee7b7","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":78,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"63d6eb12-12b7-441f-bcc2-29f123d85c7f","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":78,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"df1e0077-cc49-4251-ada0-0f02cbde8f3e","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":78,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"8f8107ad-731c-4d5a-8a68-1641092425cf","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":78,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"ffad1f50-5f53-46f6-b381-3d027452acc0","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":78,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"080dd823-1fba-4f29-838f-70e22f55ca1b","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":78,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"8a6c96b7-cf58-4d63-b1e6-0f620b24c021","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":78,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"ea6466f1-5b5e-4752-bbfd-cb00be1de26c","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":78,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"168c6ec9-a76b-45f8-93c3-8f0ac2ba5654","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":78,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"d14f0648-6acd-4317-8f58-6835a500fd32","block_type":"box","text":"Currency Swaps.","page_number":78,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"8ff951b9-c771-4db9-ab8b-ee0128bcd541","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":78,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"ebf81562-4668-4d39-b4a2-0f1dfd56ab48","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":78,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"55b4d2bb-2e2c-4775-ae88-ca3e701cf2c1","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":78,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"861ea0c5-fd57-490a-80bb-2f6c83cd74e7","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":78,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"52e66f1a-4364-439a-8f85-9657c8489c0b","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":78,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"7ba40e08-57c3-49f9-b835-7d0bb1b7fd40","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":78,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"c75f50e0-2666-47f7-991a-82d1dea1bb20","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":78,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"6b07d383-30b5-4ffb-8be0-362bcc571e43","block_type":"box","text":"Distressed Securities.","page_number":78,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"527f9def-4928-4c21-9f8d-dea053eac4cd","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":78,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"abf24fb7-b782-4a06-8e14-36be9b9a968a","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":78,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"1aa50d0d-18ff-414b-8f7e-d4d2c7811834","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":78,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"175f5a2f-cd71-4557-b638-0d9b59a89474","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":78,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"efd4b566-5760-4bcf-8f31-f47b23e982c3","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":78,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"a5939888-6299-4fe1-8924-0ebd7d4ced53","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":78,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"8a292b86-10ba-4e38-a72f-ed353f86e2e6","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":78,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"b05d9a9b-403d-4f84-862c-df07ee2c5d3b","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":78,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"601f5996-eb84-4d58-8ed5-7a8e2567b48c","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":78,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"7c52d121-91ba-40dd-85c8-2273a385a933","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":78,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"2d62ea12-990e-4b3b-a01d-016feb43a56e","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":78,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"630efe90-3007-450c-944e-be110c93b663","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":78,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"bda019cf-a342-41cb-a39f-6cf023db7997","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":78,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"bf66aaf3-1dbb-479b-ab85-a34459ac19a4","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":78,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"8bf678b9-9cd5-4864-a987-621f677f9cd7","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":78,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"c8aa0b36-8da0-4113-8198-c12ec5a4708d","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":78,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"3d2ee59c-046e-4962-869d-20dee4373d39","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":78,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"6eed6b7d-7f0f-4942-a202-86e61eebb997","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":78,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"0d1746c9-1617-44ac-a624-6afad3adf7ee","block_type":"box","text":"satisfied (","page_number":78,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"ba9be962-dadb-4c21-822c-03ad45ce167e","block_type":"box","text":"e.g.","page_number":78,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"3a2f649e-6ec6-4cda-b739-21b812dd6245","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":78,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"6e07367c-b26a-496a-8b0b-cf93e87626bf","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":78,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"0f0f6369-cc59-4ea8-b5c2-4f015c855cfd","block_type":"box","text":"II-25","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"757cfb68-f1bd-4804-9d17-331d2f2dfc0f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"368ff661-1380-4de1-b6d8-d8c25adf090e","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":79,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"45a2b4d8-66ac-44e3-b7d1-db10bcc6f425","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":79,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"a88e5a73-8901-4087-a82f-48ce3e4baf3c","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":79,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"c531111b-ee5f-45e1-b277-ead8283cadec","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":79,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"696dd659-eba7-43d2-aab0-2cd48a78ac39","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":79,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"ea72c3e1-c9e4-44f5-821c-d03304ba8160","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":79,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"fe4c5b03-f72f-41bd-bd90-c6d3c8feba43","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":79,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"56625854-e466-477a-b878-3b4c781d33f0","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":79,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"7690f696-44cc-483b-8dde-cb18ab6cdab1","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":79,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"7738fc6d-b5ef-41a8-9242-63429916d780","block_type":"box","text":"affairs.","page_number":79,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"9c02f25f-3232-40dc-972d-651a2b1d9155","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":79,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"ec36fb9f-ba86-4283-9f87-d54c2666e3c7","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":79,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"85d7506f-01d0-456a-ab68-7c2d17df4e51","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":79,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"9cba88f4-5a9a-4f2d-97c2-01793b8e657c","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":79,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"2cb8ffd8-f543-459c-bbf4-8c9c06c6da5a","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":79,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"ef6c96ca-d7cf-43a6-83ec-ab8923dd4869","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":79,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"d126451b-aea5-4d3d-a653-31602300a881","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":79,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"d9005beb-366e-4364-9efc-4c2ee0479481","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":79,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"8841e111-e609-48fc-a29d-2ec1e3c5f9b8","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":79,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"d1865761-065e-4bdd-a4ea-c6a03374fec4","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":79,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"7a065ad0-f1aa-4f04-b496-54f3a0f6d982","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":79,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"f1a2c654-bb63-48c0-aed8-9913abbfb69d","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":79,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"528db279-ce63-470a-9db1-2e922a4bcde3","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":79,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"aca03e15-681d-4f98-a397-9d271ed67e96","block_type":"box","text":"Equity Securities.","page_number":79,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"5f041a27-ada4-4a04-9cfd-e4ea4bb05c81","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":79,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"373029bf-fd2b-4ef2-b337-5888f1ec73c5","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":79,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"fd5077d7-6767-4c00-a91f-801670c92eb9","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":79,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"1fea40d3-e3c5-4a95-8011-9ac2bb67b8de","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":79,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"c86ae207-395f-41f9-ad61-ef9953b2971a","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":79,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"b9327d85-4510-4960-ae69-abce2fd7b684","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":79,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"bc065177-e040-4460-83ef-ecdaab9b2188","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":79,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"4baefb64-ce68-415b-b196-122bb8462833","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":79,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"ad8d22c1-8cec-4e88-83ba-b8e6d80cc319","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":79,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"f250a8d7-84f0-43c3-8cca-5c9bb92b6c08","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":79,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"a1435cc1-2f11-44de-8d92-1850cd089679","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":79,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"aa2cc69d-98ce-4bbc-9a75-e25c9e69adf5","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":79,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"5f280637-fb68-47e9-a338-4d7680577414","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":79,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"1b8428bb-6fd3-49a3-8a66-b0303d7320bc","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":79,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"484283fa-ba81-405b-9d7a-881aece16e2a","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":79,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"3867692f-36ca-4690-9508-9ef6f721c789","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":79,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"8246c388-60bc-4498-bcc4-a54037206cf4","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":79,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"492c6f40-3c9b-4076-824f-a814b2ef98ec","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":79,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"a2322c65-1d36-4e65-957a-42362a18adff","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":79,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"29ec9d65-06fc-45ee-a37f-214a46085c0d","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":79,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"614e2c86-3a06-486e-a5a0-1e830d0cb772","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":79,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"ab2a109d-feb4-48ce-a6d6-1851f9c2d585","block_type":"box","text":"initial public offering.","page_number":79,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"3362ce11-6f06-41c6-9fad-9c74f577f61f","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":79,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"993c0ab9-40ad-48c5-b6c5-735ec1f2ebcb","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":79,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"abc7aac9-e57e-49e8-b2e4-29478879c13f","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":79,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"8bc9a7bb-814c-471e-8a75-8ba096d2e0b4","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":79,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"c3cb4d26-2145-493b-a11e-2befac34a4d0","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":79,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"6b2bff2a-939d-49b1-af09-ed4e1540cd09","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":79,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"1014f6a0-8b11-4a4d-9f55-010e23716856","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":79,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"64cb192f-da6c-4d21-bb0f-1e7ae1baeb05","block_type":"box","text":"more established companies.","page_number":79,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"a4a5be80-1fc5-468e-a33a-66eda4d5b029","block_type":"box","text":"II-26","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d4f17aef-7231-4d91-89c5-42924c91263c","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f656eb6e-357b-4cfd-a699-f11bd72328fe","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":80,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"dddc531d-8bd1-4292-90ce-aae24f39432b","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":80,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"9d29675b-6749-4818-bf15-c1e74ab73bd4","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":80,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"363bb23d-253f-4c10-8197-cc886d9ef3f2","block_type":"box","text":"below.","page_number":80,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"b384903f-482a-4bd7-8d01-dcb4e640faed","block_type":"box","text":"Real Estate-Related Securities.","page_number":80,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"bcf2d387-b222-4b31-b7bd-670df5d279b2","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":80,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"d7759f0a-47f8-4016-b4ee-14c49f8cf558","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":80,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"1243b436-ff38-4827-bf41-328b44b04a92","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":80,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"48132fba-0eb4-4a47-8bc1-787ac1f72dee","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":80,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"f5eb5137-ec29-451d-9a7b-44b3a5c67e50","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":80,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"1e3274d7-e8e4-435a-a466-e2eeae2d7b76","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":80,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"03cda97e-a998-4e85-ae20-1d127742bf68","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":80,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"5c838103-337c-4ea7-b3e4-bc17b1d2abaf","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":80,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"9c3cd4d2-58d7-408c-9c3c-5c068e9529bb","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":80,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"766fb78e-fce3-43b0-b331-05be1df5a0dd","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":80,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"e46bc667-7338-4eeb-b21f-c062d9a5070c","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":80,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"014aa129-cf8a-4985-b65c-6201e84f0bf5","block_type":"box","text":"type or in cer tain other respects, the Fund may be subject to cer tain of the foregoing risks to a greater extent.","page_number":80,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"c9ed82aa-c2ac-48f3-b695-ce1f92c29dae","block_type":"box","text":"Investments by a Fund in securities of companies providing mor tgage servicing will be subject to the risks associated","page_number":80,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"22be7979-19b9-4a3c-87e7-b0a4a0e9e3e8","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":80,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"2bbe5cbe-733c-4b18-978e-4d66abdf0fe5","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real proper ty acquired as a result","page_number":80,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"db5af398-6c14-4ef2-8425-ffc1eb5a0e50","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":80,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"4f50fa62-270a-4342-979d-456dface480f","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":80,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"c5966eb1-4149-47c0-a17f-92482c7363f5","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":80,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"00ed8e8c-a8c5-4ab7-a3e4-87fcf9919427","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":80,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"8b82102c-f211-4b4e-840a-da096c8b3661","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":80,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"27c5be13-5789-434f-95a3-2d9b9770d76c","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":80,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"eda52524-ec1c-4a58-b8ed-6581499f8502","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":80,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"4fd9c46e-8b3d-4867-9e6b-56ee95fbd96f","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":80,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"4f30d5d9-b49b-4b80-ba0b-38e19e074391","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":80,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"923fe392-a8a8-4a1f-909d-f707d74c3d6b","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":80,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"e482a04e-f535-4a26-a973-9b13fcb9055d","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":80,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"ef6ef802-cd7d-472f-b074-c74cdcbd5fff","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":80,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"f3ea0138-d9af-4bad-9681-0beecfb732d6","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":80,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"f15fc827-77f7-42e8-9747-6135c6c8dcc2","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":80,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"50da4364-8cc7-4c9e-ac08-1ef7f6dacbc6","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":80,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"e2556ea5-9ceb-4504-bbd6-7e8e54e875a8","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":80,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"feca97c1-52de-4e59-acaf-e827fea15b56","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":80,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"c183f0bf-bb96-41e2-8a34-b37ae7743de6","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":80,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"90ebfbde-dd1c-4e7a-a334-811133bad538","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":80,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"bdb14081-3231-47d5-85b2-0754cddb59db","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":80,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"ff10dd33-bb15-4096-be28-cf115f8955b3","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":80,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"bb584edf-8d2b-4613-b273-9a694a809891","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":80,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"b0e797c3-a122-4e9f-bec5-e6025fcea8fc","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":80,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"fc7c9d84-6a41-4e02-9556-22bfabe5d027","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":80,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"c1c52a35-9d71-40e5-b308-62d9f42c38ff","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":80,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"53d14765-5eec-465f-b047-0faae2c51d78","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":80,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"72d218ab-c149-4cf8-ab7a-71440a5986ac","block_type":"box","text":"cycles.","page_number":80,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"fb1e489a-80e5-4320-8941-7feaa8b05ea5","block_type":"box","text":"Tracking Stocks","page_number":80,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"c4653ab9-82b0-40e1-bf2c-5a0fc6a6fa47","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":80,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"d3f25917-db9b-4c48-932e-04efdb9e3bf6","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":80,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"eda0af8b-2490-4369-8ff8-a12a769670f1","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":80,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"c1b5d406-aa1b-4f40-a251-a9b06c4d6d34","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":80,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"7db1e949-62f5-4cf5-9170-33e6ee2a121b","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":80,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"61e5f19a-468c-489d-b1a0-8be572842b18","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":80,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"c1178af5-c990-46b8-bea7-960a2834e371","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":80,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"40ab2b26-13c2-49bd-b46e-596680637ccc","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":80,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"6518476d-3dfc-4847-96e7-3ab7d4c95640","block_type":"box","text":"II-27","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"29d8830b-ac7f-43ec-af76-6b5309dde545","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5343bf96-891d-421e-aab6-d09cc91fc22f","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":81,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"b83c7fe7-a901-4dac-868d-9fc3ed0dc1a4","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":81,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"ede4c238-fcc1-4696-8ed8-039596662cb6","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":81,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"2da4d54f-97c9-4542-9f3c-2f1930c16fa5","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":81,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"1bc000e1-2df3-4410-92b6-b9f73e6b5a9d","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":81,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"065c5f93-64e1-4bd8-a685-b8dab66ad684","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":81,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"216a2e9d-29fe-4193-8265-af3c938b11ba","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":81,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"0751c819-aca4-4479-83d5-635a91c6097f","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":81,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"ab4a2979-5e1f-48d4-9d6d-41079b167e25","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":81,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"1a457e56-2e8b-4e94-979f-1de5cd1740a6","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":81,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"dfa01b80-0f1d-4890-becb-be930407369f","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":81,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"1eb12599-a75b-4e16-bf8f-c7ad063ea446","block_type":"box","text":"ETN.","page_number":81,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"e8581400-db3a-4c5a-b76b-b3855c2c754a","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":81,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"5b29933e-8178-4f67-b3df-bbcc86b8d009","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":81,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"615b3492-6ec9-4942-a0de-a60f1fa42947","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":81,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"be0b3c86-cbd8-4e03-94cd-b44816c50ab2","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":81,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"d9952821-278c-4cfb-9900-69c03812bfda","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":81,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"9e91d94c-cd66-4ee6-afe7-f50a1b6d27cc","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":81,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"e6f48695-939d-4ff1-95e3-2db06b8b7b14","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":81,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"ad2c195f-800a-4e9e-9315-a6f71c619aa1","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":81,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"bdeeae3b-9e37-47b6-998a-5ff2ac053458","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":81,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"3cb7b0da-883e-4318-ab7f-ec73c3679f33","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":81,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"892e74a2-2be7-4c0c-b733-165adc87a5ca","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":81,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"02149f6e-0780-4959-948c-c8da93f07c33","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":81,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"266f9748-09f0-412f-861c-0d3b17215b11","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":81,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"ab927bd7-d143-4469-b6ab-9843fe054f1f","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":81,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"49aebc9d-9ca6-4b2a-8cc6-6c7fdf4c1a34","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":81,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"9971c847-b1f5-499c-b01b-d901f546b720","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":81,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"87fb5d67-b1b1-42ac-894d-112f7e07fab6","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":81,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"e92019c3-db38-4eb1-939f-3527fb1f6482","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":81,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"968ee71c-1ae4-4eb7-9336-67e670782867","block_type":"box","text":"Foreign Investments.","page_number":81,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"142d14c6-0055-4404-a4ca-51be4b948308","block_type":"box","text":"Foreign Investment Risks.","page_number":81,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"bbec4b6b-e5de-4c90-be3a-4e8ac64503a1","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":81,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"2162f48b-797d-4a15-8131-5b5c80ed3553","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":81,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"d09f38ac-bb13-4d54-b827-dcb3638366ba","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":81,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"c6b4c2cd-b065-4de7-8502-5ac429859fca","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":81,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"1ef4cf12-196f-4fed-aa74-425a094b23fb","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":81,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"cf0c8be1-fcaf-4515-be03-5bdcee63f854","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":81,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"ca2f6654-6169-498f-b85f-00648708fc87","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":81,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"3c2f9c73-a62b-425e-a067-13241a0f9b8a","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":81,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"63e11b75-6944-447d-835f-decef1e27329","block_type":"box","text":"benchmark index.","page_number":81,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"6b412775-4680-48ab-a0a9-4c64687c3b32","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":81,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"a7fec4ff-03fc-4f58-9d24-70e9bc49fa8a","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":81,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"23d5f16e-4821-4d95-9ff2-84af09c1cb6d","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":81,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"3a078a71-17ee-4579-a49a-ee99a41da0d2","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":81,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"b26d32a0-ca8e-41ac-b7d8-0f818febaf6a","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":81,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"c8b32879-609f-4b9d-9a5a-a9c0853b0bb7","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":81,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"4cbe4114-7d39-44d1-a106-4a21f07d98be","block_type":"box","text":"securities and zero-coupon securities.","page_number":81,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"2770c2f2-99aa-493a-a3a8-d59b70ad1cdf","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":81,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"d9276642-3589-4763-84c8-ec3a6b0ddaa5","block_type":"box","text":"taxes.","page_number":81,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"92289383-1674-4875-a82d-038a3d2d53ea","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":81,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"d70258dc-5a36-4ca0-b469-6a62735cdf4f","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":81,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"575e03c1-6d07-4e3c-9f80-b203c67ea134","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":81,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"15774290-058a-43b8-9119-9e0e541e1cd8","block_type":"box","text":"II-28","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"34a52ee2-9f69-48c0-83cd-5509c5e35f0f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6c01d0e-fa48-45e0-aa70-23ee0bad1e7d","block_type":"box","text":"underlying security (","page_number":82,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"797261c3-0833-4686-94de-821b69c33f14","block_type":"box","text":"i.e.","page_number":82,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"00b307f8-0747-4c97-8122-8a9e9ff5906c","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":82,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"056ff36d-d288-471e-a1c2-06ca9b348b0c","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":82,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"1079bc3a-e7ce-45a4-8fcb-64497d9572ea","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":82,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"03151509-9202-4a20-acd9-a7430246aab6","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":82,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"0f0d927a-bd18-49ff-bc28-27d6902382c8","block_type":"box","text":"Foreign Market Risk.","page_number":82,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"cc6792ca-b7c9-444b-ae4a-fb8e65e74943","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":82,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"c33764c5-3061-4454-8bd3-3657fcd300ab","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":82,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"21159fa7-7098-443d-b703-2704719bcb33","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":82,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"ee11f94f-3a89-41b8-95af-dec9c1e973ad","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":82,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"623bc00a-5ddd-4d7a-8587-bb696a321cd7","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":82,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"411d872e-383e-4360-b9d9-b8c8175cf3d3","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":82,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"79fa8396-c93d-4bce-843a-e1c05ebf68d6","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":82,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"6fc02aaf-7403-4cfa-8ed3-62a9e93f2a02","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":82,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"4a1627c2-df49-4b8e-aa9f-bd8fe246c4f5","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":82,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"c3fd1e12-b016-484c-9093-30ddf4353fb8","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":82,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"31e3980f-ffa5-4d07-970f-1d2eecc1eedf","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":82,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"bd53ecfe-83cb-4cd9-a105-bc8bb738274e","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":82,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"1ead3cde-27d0-4ade-9044-bac547f649dc","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":82,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"0e3da944-4424-4dcd-951f-4ba5b56265f4","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":82,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"b83b0ed7-c4b5-43c4-bdc1-bd5e0cde9b20","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":82,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"6fa4e5e7-bffe-4d7d-9e77-caa0ca2919a2","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":82,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"d019f0da-1898-4054-9707-84ba614fb95b","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":82,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"8ffa7b2d-3547-4e46-862d-4a115bd4c277","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":82,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"9fe55328-9f6e-44f8-b44a-e50a4eb60bbc","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":82,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"d7489f18-a94e-402e-8648-ad582397e470","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":82,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"89a92d09-bd5b-41a4-9acb-d545fcc6ec04","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":82,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"78b5ddee-5a68-40e1-8b2d-5fce14346ee7","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":82,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"4f5d9790-e771-4d2e-8891-a978bf15daf0","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":82,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"26a29c8a-a0e1-49e9-bdd8-1c465368f6be","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":82,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"7d20f407-8c83-446b-8c9c-57405d32cbb7","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":82,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"b60b9cd4-f643-4449-a229-b41ae37be573","block_type":"box","text":"Fund’s operations.","page_number":82,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"5c784697-7588-489d-9b8b-0cc691ab69aa","block_type":"box","text":"Foreign Economy Risk.","page_number":82,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"2c3b4bbf-eefa-45fb-ba59-197efa34bbeb","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":82,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"962e0c62-40d4-4d22-be5a-6cb9b5fb6323","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":82,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"d4b0c990-1f33-4a5e-af9d-64a71388c7eb","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":82,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"b22cbdd9-643e-453f-ac19-20e913f5040e","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":82,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"69dc27db-80c4-4467-8691-400589ce8a90","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":82,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"66e0cee4-2529-46d5-85bf-56f38b6dc3a6","block_type":"box","text":"measures.","page_number":82,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"f27397a4-4a91-41bd-ba27-ffec02e4d0a6","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":82,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"81102353-7f55-4c08-b78a-e2b6eb9f7f53","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":82,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"a18a6e6e-9cfe-4535-bc94-2948d420c880","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":82,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"76ba97e6-9ddd-4f2e-8aaf-206287f644cb","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":82,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"2725198d-d5b0-44bf-9a4c-5e49d5adfd3a","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":82,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"d797c7ce-ae3b-43fd-9dd9-e1fc62ceabfe","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":82,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"f9b383e5-efc7-4b69-bfdd-cb91bc60f244","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":82,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"13215f97-6618-4a8d-abc6-ef4f8e4aa3ad","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":82,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"536c98af-1323-4f50-b4e7-f15f7be75dc9","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":82,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"4c490902-59a2-49e2-b919-a638173d453d","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":82,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"301e480d-e6f9-445a-a6c5-97529607150d","block_type":"box","text":"United States or abroad.","page_number":82,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"204b3182-1586-4774-8c47-c923e84dbb46","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":82,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"f3a621fb-c804-4b92-ac1e-84f770b5e65d","block_type":"box","text":"Many foreign governments supervise and","page_number":82,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"96406eb5-21fb-4593-8936-1349e89a82fc","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":82,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"0790f257-3417-4adc-8b9f-0a2b4473571c","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":82,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"311ab05b-ac37-4417-a733-71094df5946f","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":82,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"b6b2bf08-1385-494d-8bb6-9fbd96e89c7e","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":82,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"d3aa8fd8-18a2-43ac-999a-dcafe025a376","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":82,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"b1befc09-a04f-4533-848c-e60d26ce5243","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":82,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"d18e45fe-990b-450c-9ea4-f8c166de01cd","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":82,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"6140205c-bd52-4dfd-95db-90b1d0ae9a8e","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":82,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"b4d2d289-c816-465f-8569-28e6380b301d","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":82,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"8d85fde4-f275-48c9-961f-fecabbeada23","block_type":"box","text":"II-29","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9fbb25d9-bc07-4589-b19e-894428694322","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"00778a7c-3eae-4d56-b9cc-a8a90226f52e","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":83,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"c4a1c7f5-fd6d-433c-beb4-171d9274b65f","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":83,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"308b40de-1c65-403f-87fc-4d2b12a8c084","block_type":"box","text":"investments.","page_number":83,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"8eb018a0-31d2-4c21-af10-57d750e89796","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":83,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"5850450b-279f-402f-bb99-607f057bbad5","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":83,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"5ceccb6c-e9a1-42d3-99d7-b1b204b89b9f","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":83,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"8f9a55d1-5b3b-4bbb-97ac-56daa97634ce","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":83,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"7b363738-684f-48b8-b52a-10798b178f3e","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":83,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"0ae18c04-285a-43d2-bcb4-42c73f192c65","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":83,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"0af695f3-7682-4381-8475-e44b0a234057","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":83,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"2ea70f62-bc7e-491f-8396-1797f9096702","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":83,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"fdc8507f-6989-4705-af64-8ed3f8a4ea67","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":83,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"bc4b6494-3c31-4a06-a39c-8d0e9b02e292","block_type":"box","text":"States.","page_number":83,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"693259b5-354b-460f-88b3-67d0d0585fd4","block_type":"box","text":"Publicly Available Information.","page_number":83,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"ffa3bf34-e24a-40dc-977e-e661aeabef11","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":83,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"df8fa867-e40e-4bcc-bfc8-24bf626bf9bd","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":83,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"f3b4ee3a-82d6-4cd0-b60a-3ed3a5bbf741","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":83,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"e512fb44-9ba0-4947-a761-9bc18e788b6a","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":83,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"15e80f9f-90d5-4129-b56b-22316243d9b1","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":83,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"ac12c22e-133d-44ab-a0f7-76f057c27d6b","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":83,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"f48c2bf3-fe9d-4e6d-8915-7ced167a28d1","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":83,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"fe524ea2-1f8a-497b-8a88-c61ead19ab3d","block_type":"box","text":"United States.","page_number":83,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"a8e19621-062d-4d46-a5be-7c313486ef4b","block_type":"box","text":"Settlement Risk.","page_number":83,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"5850c7e1-959a-43c4-9b2f-e6c40269099d","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":83,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"845105a0-df13-4b17-a835-022e19716446","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":83,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"79e73230-4f79-4f21-bb92-01af60b0354f","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":83,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"1698b247-50e0-42d7-9e96-cbfa53afc4c1","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":83,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"881fa358-caed-45d1-8cca-9c8b5262a2d2","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":83,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"288a22ae-c131-4a1f-a820-1953572a4fd3","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":83,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"f6a7e367-1ad9-4704-a8d7-e65a5c5acfa3","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":83,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"28eed4d8-102d-4f6f-b166-e3e0a924031a","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":83,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"72005b2f-e9ee-43d0-a3af-fcf81abd8788","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":83,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"3d4f08fd-665f-43a6-9f8d-ef06cdff62c0","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":83,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"b01b59c0-4ad4-495e-8685-6b005a886f71","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":83,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"0867bb77-3819-43ec-a125-7d66ea78079a","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":83,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"16f339ae-fd95-436f-940a-be3d9652ae20","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":83,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"c7fd2e09-3b81-4d6f-9a60-2d4fd270b5ff","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":83,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"d2941930-435c-4b7c-99c4-fc1fce5481b2","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":83,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"74f7c6e5-b05b-4961-a1d4-792b54d848c2","block_type":"box","text":"Sovereign Debt.","page_number":83,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"17a763f6-8c4d-44af-9513-ccbfe51adb45","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":83,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"336c4142-a621-4423-95c9-c44d16de4a14","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":83,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"523b6019-48e7-4e69-af4b-63719abf82ba","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":83,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"7bb1070b-a243-417f-a4ab-c71635c052f4","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":83,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"9f15da9f-22f9-4776-859e-cbe88b33452b","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":83,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"9732a196-2f14-426f-b93a-c37dc1a32896","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":83,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"f5842439-a6ea-4cdb-b4af-08e53988b6c2","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":83,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"33813802-23fa-469c-afb4-708556661d16","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":83,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"c8518298-594f-4d18-bd4a-41108a3bfa9e","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":83,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"4cc5279b-083f-44e7-b719-13d6d50c7764","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":83,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"d61e0e97-c205-4dc7-8810-2cde390a77af","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":83,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"596cedc2-d216-4c4d-9ee2-653ff223a73c","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":83,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"052c1c68-3d08-4e0a-950f-b38703568b58","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":83,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"9279d700-04f2-433c-abd2-5dfaebf4ed4c","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":83,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"7cbf222b-c243-452f-a63a-25901d88e098","block_type":"box","text":"debt.","page_number":83,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"d85382ac-569b-4365-b709-71c4388ae624","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":83,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"542fb33b-f568-421e-990a-d66d416fca92","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":83,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"22bd8c1a-aec1-4ad7-82af-3dad1b9da2f5","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":83,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"b9748904-f16c-4062-bcba-8b1090b62a5c","block_type":"box","text":"II-30","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ddfb071-08fc-4c8b-8283-dc29ef238d04","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c336113-8926-4ee7-b46f-bd74bcfc5071","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":84,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"4c68b4c6-dc4c-4805-acc5-fbc753336906","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":84,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"d5a82493-591f-47ba-af84-a65eebefcfe5","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":84,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"e9505bf7-ecba-4965-aac3-8f249ce55872","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":84,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"48e110c0-8ac7-45e7-901c-f6dc29bbcc50","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":84,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"3c6c2e08-090c-44f2-bf04-2913739c3134","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":84,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"ef644446-22ae-48c6-8da0-951f648d3ed5","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":84,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"056e631c-e3f4-441f-9588-23de0ae4c8be","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":84,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"6d7f2fdc-138e-40bd-ae65-54c4dd372c84","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":84,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"b30300d4-45af-4486-a77d-4081b139e0ad","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":84,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"7da8536b-c1aa-4188-b746-7dd42b42c4c8","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":84,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"ef1b438f-cb73-4f93-9cc4-81055be70f43","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":84,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"5de8c6a5-b427-4749-b365-a7c2eeab04ab","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":84,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"a4ba6e9e-1a46-40ac-8d5d-27a936ae0257","block_type":"box","text":"in the Fund’s net asset value.","page_number":84,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"aa3740b5-0e0b-4cd5-99c1-d108f7f17326","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":84,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"4f7e4c7d-25a7-4cf4-933c-02da40adc7d8","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":84,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"adf3ca49-25b0-40bb-af03-0ffb1aa0dd15","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":84,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"410f2b53-984e-4490-8655-b98d5089fc7f","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":84,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"cf61a9e8-44b0-4d44-ba02-893c4fb52e98","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":84,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"1e771b0a-5023-4cf6-8a7e-05d3b51f51c5","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":84,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"0bde8065-6589-4669-8471-fac1456aeda7","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":84,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"42c67167-cfc9-48d4-bdcb-9c4e8396190e","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":84,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"f10230dd-f200-45f6-9bbd-7d9eedb602ad","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":84,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"3bb4292a-ca2a-47da-affb-762f2350cb0c","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":84,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"effdcd24-12a0-4070-b5a9-6a464e26c54c","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":84,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"88a2286e-0084-455e-bca1-2d3ab1c420a6","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":84,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"5c8fee38-c8be-4939-aca3-b11f943e10f5","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":84,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"44f7830e-5d79-4094-8d9d-14165de17190","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":84,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"a24bc432-8782-44d4-9930-a86f5342d094","block_type":"box","text":"Fund may invest.","page_number":84,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"1670eccc-36a4-4cfe-98fa-e25d62aba02c","block_type":"box","text":"Funding Agreements.","page_number":84,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"8f1f8a9f-aed1-49a2-b930-4a427728184d","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":84,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"af3eaf54-c751-4561-a3ed-2f8ad63b6caf","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":84,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"ba5f7c15-f7bc-43aa-9e9c-8fc98dfbe15e","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":84,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"3fddfe12-3d3a-493e-81d1-9427cb37681e","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":84,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"09df4b03-1e96-4ef6-bdc1-e02914d37f0f","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":84,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"d51a7ce3-c29a-454f-b506-ff77ab5e4127","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":84,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"9c28c927-6c95-4b19-ae4d-a68086b1e3b9","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":84,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"2cf37e65-9c1e-4daa-a4d2-0f36d5727cf7","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":84,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"f0b87555-548b-4f30-83c3-47c65c267416","block_type":"box","text":"Guarantees.","page_number":84,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"942a5e6b-f692-482f-9595-52c5efe8a4cc","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":84,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"d1d74a9f-80b3-435f-a7d6-60f00afa9e58","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":84,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"7220bd8e-4e0b-4164-8de1-b813cecf1f32","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":84,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"4f316a0e-2777-4ae3-953c-9d2d23dde1c2","block_type":"box","text":"Illiquid Investments.","page_number":84,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"123b9ea9-7c77-4f9c-921e-077daf4d8d5f","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":84,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"1ea22848-643d-42a4-a688-aa97147764b5","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":84,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"d6e1b8fb-faa2-4263-a125-15e3346a0b26","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":84,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"47068a44-618a-4186-8422-2c293dc87742","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":84,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"8eba4f0a-db65-4225-9b01-91c2783fcb3d","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":84,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"b286ae23-13b2-49b4-b533-cd84e7b8560b","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":84,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"c5b5e39a-a60f-4914-8171-b3b8796f0444","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":84,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"c230025a-6197-4cf0-813d-f3d5738b0836","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":84,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"f7b93ce9-cfd9-4fbd-a6dc-cda5a6b244c0","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":84,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"ca2d7ff1-8de4-4ff6-b23b-3e645d462d10","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":84,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"b5402750-e88c-4f92-8ffb-8a1893917c60","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":84,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"762be9fd-5e63-45ba-82ec-8c8d4589f1f7","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":84,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"a7a7d529-3668-48e1-9bdb-f9341f4ca3df","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":84,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"98bd9593-f63b-45fd-9342-ae82760b5b6f","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":84,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"b980000d-b92c-428c-9806-19fcb503ef24","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":84,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"9b07391f-1c3d-4a2a-8802-e759d685bc67","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":84,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"e3d49a77-7838-411b-8cf0-405452eae62d","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":84,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"bd51ee97-b2fc-4704-ba4f-97cd9cf8e089","block_type":"box","text":"II-31","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"311a5dfc-d762-40bd-8df8-b3474cd67e07","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af4276d7-349f-4694-8baf-69c383911c13","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":85,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"e573eab5-f5ee-483b-bbdc-32f856244ffc","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":85,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"3b165d40-a029-4311-b09c-de2cd1e7c3dc","block_type":"box","text":"Index Funds.","page_number":85,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"7ec7d3df-c35c-43f8-8d94-352c6a44f031","block_type":"box","text":"Cash Flows; Expenses.","page_number":85,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"436513f7-ec80-4b3a-8efa-15361c79268b","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":85,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"1eb5ae2a-ab65-4ab4-8211-6bcd23c780dc","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":85,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"7dfdc172-d6f0-4bf7-8238-492e502bd96d","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":85,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"e95fa8d7-1df0-4e5c-afdc-26c947d9da53","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":85,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"aea321e5-5fe8-4eb6-928f-5471fd018611","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":85,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"d89719c7-cac8-4180-8d3a-94aad1f6e0ab","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":85,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"8d44a1c1-b0f6-41de-8975-95818c90bf56","block_type":"box","text":"(","page_number":85,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"f7cca07e-4eb4-4001-b3e9-594d30dbc8fb","block_type":"box","text":"e.g.","page_number":85,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"d4454587-891a-49bc-9887-b97e32fb7fec","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":85,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"78ac20c3-dda9-4a52-a730-cd9ccee35933","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":85,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"b5e128d3-51a6-4eef-90f0-575ee140bbbd","block_type":"box","text":"par ticular security as an investment.","page_number":85,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"534a8320-3fc6-4c0b-ad9b-3a75b01a767d","block_type":"box","text":"Tracking Error Risk","page_number":85,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"df8d74a8-2f00-4157-92e7-9565bd19dd64","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":85,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"f57652c4-338d-4173-83c5-93cf571a0600","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":85,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"dac23c56-44ef-4e88-b83a-0ec2f16e23a2","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":85,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"6c089c8d-a0b3-4381-83e1-82761bc114e9","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":85,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"0f6af78a-4e24-4aee-a5e3-350f0faa3a4f","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":85,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"4ca3957b-567c-4bdb-8d4d-24555dc5883a","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":85,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"222cf68e-f034-49f8-b40b-4c683722acb7","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":85,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"c043ae65-e145-4b65-ba62-4d0a1ef3fd47","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":85,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"d8bb51b9-19df-4de1-8d13-80e883096f59","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":85,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"3353d33b-9240-4ff1-8f35-b0f9b205e2c7","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":85,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"a8582a02-5c91-4fc7-bfbd-eb88b756428b","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":85,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"05c851be-16e2-48e1-b8b5-84f79711b1c8","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":85,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"b52d9eff-98a6-4e20-928c-56e91b05f8fd","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":85,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"4eb08e05-ed9b-4a66-9671-ceba8bd4ef2e","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":85,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"bb99546c-985a-48e7-b8a9-44b5085912bd","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":85,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"6de38bf1-078b-4763-8d17-6836ac096d9a","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":85,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"55a50242-748b-44cb-bb12-205df40617dd","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":85,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"5e75c793-1329-4521-a4a2-ff4f98d148db","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":85,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"8daf41c3-ef32-48ab-9bbb-e18bc536e20b","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":85,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"f8c86e31-0881-4e44-a5d9-fdc1207663d8","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":85,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"7f76528c-41dc-4c2a-bf94-c638b7b31f49","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":85,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"7042c4dd-3794-4c9a-8f0d-6366e6b618fb","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":85,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"8cd49fa1-2157-49f6-9681-5355a0d0c48b","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":85,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"dcaaaa05-d53d-4930-bc0d-3d91c9abb2a6","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":85,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"2fd69133-84a2-43ff-949f-8c1b230c66f5","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":85,"box":{"x":68,"y":619,"width":536,"height":9}},{"id":"de972ade-32ce-4fa4-ada4-da15e95c50f5","block_type":"box","text":"S&P 500®","page_number":85,"box":{"x":102,"y":642,"width":64,"height":9}},{"id":"ea386052-ee51-4185-9fc8-278bf4aab2f8","block_type":"box","text":"0®","page_number":85,"box":{"x":166,"y":642,"width":6,"height":5}},{"id":"556106d2-cd7a-4051-9704-0be4a5f6e372","block_type":"box","text":"Index (“S&P 500”).","page_number":85,"box":{"x":178,"y":642,"width":134,"height":11}},{"id":"bbe06b97-6c36-4171-b272-39e30056a0c5","block_type":"box","text":"“Standard & Poor’s","page_number":85,"box":{"x":320,"y":642,"width":136,"height":9}},{"id":"8f64054f-afe3-4384-b69d-e8a2562cae93","block_type":"box","text":"®","page_number":85,"box":{"x":457,"y":642,"width":6,"height":5}},{"id":"51905628-ade9-4831-928d-2e61848fa099","block_type":"box","text":",” “S&P","page_number":85,"box":{"x":465,"y":642,"width":53,"height":10}},{"id":"d91c8dda-6f35-4d4c-a333-e8462e9a6fb4","block_type":"box","text":"®","page_number":85,"box":{"x":518,"y":642,"width":6,"height":5}},{"id":"258b78b4-d91a-4c1d-b485-fda0186f0db7","block_type":"box","text":",” “S&P 500","page_number":85,"box":{"x":526,"y":642,"width":87,"height":10}},{"id":"0137d244-7192-4852-816d-80d264a58401","block_type":"box","text":"®","page_number":85,"box":{"x":614,"y":642,"width":6,"height":5}},{"id":"87a267f9-12d5-49f5-b787-7bbf355d8779","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":85,"box":{"x":621,"y":642,"width":280,"height":10}},{"id":"5c8c1874-49f5-4ecd-b7a6-6a935ad1e44a","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":85,"box":{"x":69,"y":657,"width":837,"height":11}},{"id":"fc98989a-d9ba-4a33-8304-cd4e78b8b7be","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":85,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"27ff72c8-6562-4ccd-a26b-8c519d49f3e6","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":85,"box":{"x":69,"y":687,"width":818,"height":11}},{"id":"dde57448-544d-40ce-8c46-fd0d3abe81db","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":85,"box":{"x":69,"y":702,"width":783,"height":11}},{"id":"36a9339f-7323-40ae-ac4a-bb5e233e286c","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":85,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"847ddd28-c638-4016-8445-f6d33b0432d1","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":85,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"b6ae0694-73c3-412b-b5f9-e05b79018df2","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":85,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"8369a33c-ef5f-48be-b784-1f1a2e8c5d79","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":85,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"aac5c17b-7d80-4cc2-ae63-dfcef5f8ec95","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":87,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"0540751a-43a6-4795-bd29-5678f710a023","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":87,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"c90c9dca-9fb4-451d-9d6b-b140ab4467d4","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":87,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"7c27feeb-2fed-4f00-a306-bb9457fa553d","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":87,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"cf74729e-d757-4ede-957c-46ecb66b27e1","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":87,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"6499547d-ba4d-4157-ad40-6a80baefef4e","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":87,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"ea3ba79f-cd8d-43aa-8083-523fa7996738","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":87,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"7e944ae0-17a5-44f4-9247-a2dcfc5b7952","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":87,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"85eaebbc-a120-4dd4-9d80-ddd9ab944993","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":87,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"05a43eca-4711-43d5-9f18-02c978c04323","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":87,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"1e37b231-dc99-400d-abaf-c3ce5ee6ed9a","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":87,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"3aabd2ff-b05f-457f-9998-038405690c71","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":87,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"fe4e533f-c51c-4129-a24d-1865446fd70e","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":87,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"653210cd-bcff-45ac-89e8-d2ef32e516a3","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":87,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"3874db25-1876-4502-9499-26b9c42ba8e3","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":87,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"ceeb6fce-afd5-4c4a-98b4-92b2e3cf351e","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":87,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"dc13ffd7-0347-4b8a-b1a3-04bd483eb85d","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":87,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"abfb32ce-e7db-415c-975f-de392dc01881","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":87,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"01936a79-29cd-4889-8e2a-fedaf48030ab","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":87,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"3b432037-894f-40bf-844b-525d23022f7a","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":87,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"b56bd7ad-4cd0-4458-aba9-6295c92a5146","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":87,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"a7bb7c8f-4f5d-4bf6-b136-98e6fe16afd3","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":87,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"c75a66ec-75b8-43c2-b5e3-ad3178741782","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":87,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"175699aa-ffdb-4f73-8ce6-a2e603f8c79f","block_type":"box","text":"Inflation Risk.","page_number":87,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"6e1b7948-7430-48e2-a6f2-af4d48ecc96c","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":87,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"c68f1815-8f18-4cb8-ad6c-988457748959","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":87,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"153f4769-4ce9-4d45-a845-ab83934ee6b1","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":87,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"33c07e86-8bd3-40b4-a8c5-125cd19f1a7c","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":87,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"9f55546d-afb0-4352-86a9-5c362d6df80d","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":87,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"6db6680f-64d2-4355-91a6-3af464eb5ea0","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":87,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"2bcff637-46ef-4a0a-9c9c-93cd5fe6f2c7","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":87,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"e155fed8-abd4-4bf1-abff-51d100df87e2","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":87,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"77b6ad33-e395-4c91-af8e-24632cab21b7","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":87,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"889d065f-d5c5-453e-82cb-a82387ab612b","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":87,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"653ffeea-c935-49e0-a2b5-b033be1195f8","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":87,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"5dcc5b8d-6764-4804-887f-6f4c5479a082","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":87,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"2a5591d0-8264-423d-a6f6-57d4015dbab2","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":87,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"6cd1c5d6-f9ad-46a2-8f26-4b00cbc98224","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":87,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"b4a77983-d0d0-4395-a1e9-0bfd52ddeb85","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":87,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"2ef15db1-5565-4638-936f-d888bbc39e87","block_type":"box","text":"II-34","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ecfab5b5-293b-4183-9976-4f76b6653944","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9630cc6b-6537-4766-8e38-6af7cd6f8e4c","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":88,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"26cce323-6e54-42f0-8022-5c295abc26ab","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":88,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"4acdd6dc-aed3-47be-ae64-986034f66aaa","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":88,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"21f442cf-10ae-42aa-8b59-0e201fb20333","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":88,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"a3217a80-f494-4a84-896e-0b68191cef28","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":88,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"1b32d12b-624d-4e7d-84dc-229535dcd5f2","block_type":"box","text":"be available for very limited periods.","page_number":88,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"3a4b02dc-897a-475a-a352-08a80c646f4c","block_type":"box","text":"Investment in Emerging Markets.","page_number":88,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"f47cb6a1-2c5f-4476-9981-8c1475abd3c2","block_type":"box","text":"General.","page_number":88,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"9ae6eaea-82ee-4a33-bd1d-660b74ef5a45","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":88,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"d5a8bcdc-eb48-450b-8995-84a3dd7bba25","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":88,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"30135bae-6f30-4a70-8f9c-e6fdc5d0a316","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":88,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"f56eeb92-ae0b-44cb-abe3-21e192d9c348","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":88,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"29bb1ee0-8e75-412a-8ba9-01410fda0b4b","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":88,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"1d2da587-49e5-472a-a952-a84fd0252cf8","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":88,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"a1229411-564f-4d21-a0dd-70b2dd8b81a1","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":88,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"4ccc1220-d18e-4410-b9ef-ac6b92d06fbe","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":88,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"a4397670-1f4f-4653-841a-6491883d5545","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":88,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"05f14c26-0e22-4041-a453-def703dfeed8","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":88,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"7360835e-2b55-4ae6-91d7-b74f1ce8711f","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":88,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"96c9d031-2c5c-4fe0-bf6b-34699999b15e","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":88,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"beeebe6b-0577-4c2d-8e96-d84f6164438b","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":88,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"4bb802a1-1d59-435a-b265-ead1c8e77042","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":88,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"0c339660-f16d-4832-ad78-250f519769f5","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":88,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"75441a50-b216-474f-bdd2-d8b890de72c1","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":88,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"2a20b7aa-4e4c-4b6f-b84e-f39f9da25fac","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":88,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"bb5c7e54-23ec-4a37-92fd-8ed44caa8209","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":88,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"55ddea91-bb19-4468-9899-f0fb4cf2a408","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":88,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"db42d47b-de98-4781-8d5b-87900d5365a9","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":88,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"bd5d3729-87b3-4dfc-b98e-b490714b8246","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":88,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"ca6bfa31-b9f6-4c25-917b-5d7f09dfccdc","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":88,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"34a75065-2a73-4dbf-88c5-45c90144e222","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":88,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"0388af21-169b-42f1-9b9a-88ad9a0c2f24","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":88,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"ef3f3ff3-4d7a-4bc5-ab62-c779e12865eb","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":88,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"4d7bef68-cd59-4835-abb2-53e79703cd3e","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":88,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"44075f60-c98f-47a5-89db-01f5045a13d8","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":88,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"64052564-f4f8-4543-9624-28adaf20107b","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":88,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"5cff7f67-b2fc-457e-8a8a-2bc8e671a032","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":88,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"7f4cb157-b5d1-4b01-ac53-785759fbacd0","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":88,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"7b1c381c-646e-4582-99e9-4c66c52b1f1c","block_type":"box","text":"volatile than investments in more established markets.","page_number":88,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"b8d8b59a-750e-4b9e-98d8-0596e9e8f1d3","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":88,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"3a25afc0-c5a3-44a3-b2f9-6e5995e35243","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":88,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"61d105dd-0b9e-45d4-83a5-095d233d3004","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":88,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"d54423b1-a26c-4b7d-8757-dd70b8ec2b1a","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":88,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"37660995-1b3e-4db7-ac06-f446d13d5e9b","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":88,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"fb4cde0f-6dfc-401e-bc2a-dd6467cc16a9","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":88,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"70e9628a-7cf3-4476-8efb-fedc41a6f0e7","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":88,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"d538e9dc-80db-4c3b-bee4-4459f54b9518","block_type":"box","text":"acquisition or disposal of securities.","page_number":88,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"a2cbada4-5d3b-4214-9fac-fee8279c1ced","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":88,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"4d8aedc7-46c2-4c90-b3c6-cd3437b43733","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":88,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"3700d958-5f19-46ca-965a-dcd8d7c1317d","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":88,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"71600c5f-b7f8-421c-a43d-9b6a199e84df","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":88,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"b1fe9c29-fd2a-44b1-af36-a42afce0ad2f","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":88,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"b60ab105-92c2-497b-9ddb-f700fa9b8792","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":88,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"233494f4-ccd8-4e6e-8f8e-a3b085124596","block_type":"box","text":"II-35","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5582d63c-b0d4-4197-a095-4b4e4af73eea","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18e830f7-a18f-42fe-b836-626075c9e065","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":89,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"63081bae-5da7-42a1-adc2-950c8a500dbe","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":89,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"e1ae2a91-0bb4-4de4-9fd1-a60a5f8e48b7","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":89,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"802c6294-712f-4ad1-b415-6af4fc99266b","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":89,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"b2cd07dc-7225-42f6-bff1-20f43ff406be","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":89,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"40a45383-c267-47b4-9d62-b6d7439d2db8","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":89,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"9fdaaa0d-ba43-4bae-b8a2-82f18f4313eb","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":89,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"ed872b47-9d28-4992-9f11-af03bca4bc9c","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":89,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"8b0be972-1e05-4709-be0f-230eaeed32c5","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":89,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"a325688f-98a8-4ad7-b881-942b798cbe3d","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":89,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"dc7d186f-8eb4-4a13-ab19-5e95926c0596","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":89,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"717220a0-e9c2-48bc-9d71-0e2f13f7323e","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":89,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"a6540acc-b511-4e2f-904a-077e96bbe2d3","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":89,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"e63e7405-9ba1-4f8b-9c0a-64798073273e","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":89,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"52281d2e-ff10-4762-8a88-9576576fbac9","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":89,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"84d0e80f-57b5-419c-a6ee-08081821177e","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":89,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"58c4fcb3-403f-41b9-9abc-21cc46b52d9c","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":89,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"db16dd79-3ebf-43a5-9960-433a2a49d293","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":89,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"0bb85832-33fc-4ae0-a15c-d88eb9823b0b","block_type":"box","text":"per formance of the Fund.","page_number":89,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"78e19ed5-a3a9-4e7c-98e2-860e8c5d1994","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":89,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"6ef4c4e7-03e4-41c4-8924-fde752b10137","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":89,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"ec633cbf-6aeb-4923-b469-dabe5f51fa48","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":89,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"89818951-5d69-498f-b2e0-b1d7490563c0","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":89,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"9aea9df0-af86-4aef-958e-50ebdcd43637","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":89,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"321200e7-8bd0-4aaa-8ee6-d71c6336a8ca","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":89,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"e8c82b44-c550-4602-bead-3192e8ff4c10","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":89,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"68b1f938-6b87-4b3d-9648-e50ad2a3685c","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":89,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"1b8d4e2d-4c82-4150-acbf-0d190d5b8f70","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":89,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"6b23f8dc-e829-471d-8e9d-af5f79f552e9","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":89,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"5e5d0df9-5211-4364-aab0-db70737515be","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":89,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"854393b3-ddf9-4caa-9329-5b19eb5dae06","block_type":"box","text":"affected by a variety of factors.","page_number":89,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"cc7d00d1-7fe7-42fd-9463-6df7f34bc95f","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":89,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"7036f623-7937-4742-8abe-6f1fa5b9bf80","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":89,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"1df94fbc-caf2-4ef5-8d9d-2418cfeaf049","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":89,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"e526a934-af2d-484e-91e3-832b24b75f1c","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":89,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"d3dcf4f2-efee-4fda-a77d-3a2a5911dc06","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":89,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"dfa87c0e-7c80-41a1-b5e2-42b6daaa9e86","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":89,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"38a1055c-c963-470a-8ed9-8ae775b45a90","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":89,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"7ec512b5-1ed7-4281-8426-49e914158835","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":89,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"e4dab2b7-0daa-444f-b68e-c0f2fd8e26ae","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":89,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"46135f9e-f7ba-474b-b4f9-bb4d9415b7ba","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":89,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"22673848-ce7a-4ae5-80ca-3af950fef38e","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":89,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"5fb2b2f5-8c39-4540-83a2-9d7c07a35ee9","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":89,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"86d11213-2ad3-41d2-8ace-185201df2457","block_type":"box","text":"nations.","page_number":89,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"0919ea2a-28e9-40a3-aa17-a4f1fa11b30d","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":89,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"2f810422-dabf-4750-b196-58249d02920c","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":89,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"2b351d6d-df6d-4c94-96b4-0819d92109b8","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":89,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"05cc64ec-21d2-4922-b364-b9cebec662f0","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":89,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"fed7e091-7f4b-406e-8073-883bf2f2e617","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":89,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"ff85eba4-0504-4bae-adf6-bef666bda43a","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":89,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"9c3562f5-fd1f-4dcc-8e6a-94a6a7900dd7","block_type":"box","text":"market Asia-Pacific companies.","page_number":89,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"abccec0f-1338-44e3-b391-07f6d843878d","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":89,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"4d257612-e544-4ac8-8fdb-37cf26e436f7","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":89,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"c36c7554-7837-4be9-a4cc-69671574728e","block_type":"box","text":"services for such securities outside such countries.","page_number":89,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"8da15f44-1a36-4d28-b5d7-3c5f8fa9b5cd","block_type":"box","text":"II-36","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bda30765-4619-427d-b3e3-27abfdb6f842","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94d5c697-1259-4a38-89a5-04e3bc7cf924","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":90,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"3a4d2d46-688d-49ab-ae0c-745457b867bc","block_type":"box","text":"to commercial banks and foreign governments.","page_number":90,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"fec55e4e-227f-418a-9244-e23673146057","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":90,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"2ed4cfc1-753b-487d-8867-dadbdae2aab1","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":90,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"f9b916a9-178e-4b55-b279-6b7f907cc169","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":90,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"473af149-be69-404e-8f7a-a3e17af7c38e","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":90,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"785cc2b1-ac92-4f64-9eb5-5189de0c6105","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":90,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"cc24e103-3865-45cd-9c9a-61d7a476ee40","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":90,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"89ca524e-3c36-4e26-ace4-4648acddf733","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":90,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"33ae8115-f592-444f-a43c-8afac649bc54","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":90,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"bf9ae9e0-b568-4e7d-b71e-036b2fefa4b8","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":90,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"7ab0435a-5448-4f87-9223-1950e03e89e3","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":90,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"b55b6c66-6ef4-4874-a257-845556d6a725","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":90,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"979c1620-1f11-4fce-99f5-1aa967a61d16","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":90,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"a629ab31-4909-4fa9-b677-78563d230460","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":90,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"73bb9b21-6982-41a4-969f-ed5a92d7e8af","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":90,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"a05f2c04-5847-42cd-812e-77e8418d9bc2","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":90,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"10789f10-a660-4b2f-a377-2f2e251f1143","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":90,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"842f02ca-dd5e-4caa-8f66-905a052a2dae","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":90,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"d8c778fc-a87b-4ea2-a362-d26a264b28e0","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":90,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"e73565c9-e116-40e2-a793-92486885256f","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":90,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"b68ff64d-3fc2-4dbe-a8fc-926b617f053d","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":90,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"a2821225-5548-404c-bd64-233436abd85c","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":90,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"911a972f-48cf-4327-a215-c61a102ffb67","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":90,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"82d30553-3bbd-46f0-b1a5-a705205a014b","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":90,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"deceec60-8b42-4d69-98af-db5d82e640c5","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":90,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"cb7b5725-e0bf-4edb-8dca-936548eed7b1","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":90,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"39718cb5-e897-42f7-bf48-a1c36b15cf90","block_type":"box","text":"investment at that time.","page_number":90,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"f54e1b48-c7c9-495b-a221-c503116280a2","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":90,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"7eaa29a3-ba0f-461e-84ac-0ababe5708fe","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":90,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"1f3f663d-57a3-4e58-8f88-bf9bd4eea6b3","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":90,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"95b9ee28-0ea5-4484-9124-b4f00a2dfa98","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":90,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"e7c70a58-7c07-48b5-b5bf-2018440feca6","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":90,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"799011c8-5c3e-4ee8-8152-0faeeb654410","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":90,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"fdf1e23e-c222-4ceb-a401-00264462199c","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":90,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"3984b645-41c9-45e4-95e9-bfee41202244","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":90,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"a0737b88-c91c-49d3-95bd-34984c53d5e2","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":90,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"9b4dddf5-8d38-4023-8b30-86cfb53cf565","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":90,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"0606ac2c-1dd5-4cc3-a01e-1f6950e7c1f7","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":90,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"766490f7-1e17-425a-9a27-1e42dee0786e","block_type":"box","text":"government).","page_number":90,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"082f10ee-17f0-44ea-8570-f4149dab00a2","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":90,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"23b50a64-dc5c-428e-8518-fd676177cd68","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":90,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"6d86cf08-7dfe-453f-a1fa-52ba810997f7","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":90,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"1a966236-8c18-4ba3-be1d-2885913c4f0d","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":90,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"39648536-dabc-4718-ae4c-1028497b580d","block_type":"box","text":"foreign banks and other financial institutions.","page_number":90,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"fb3a9bc4-1aac-4543-bc1b-20dd39dd859f","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":90,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"a30550f3-b429-4e29-91bf-65ac9fbf8f8a","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":90,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"4dc56aca-9a7c-4ddf-b6e1-53a37c3b36f4","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":90,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"48b72df0-82b8-4318-a716-fa3fb6447aa1","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":90,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"b4cb14e9-7864-4576-8b61-db935f2b3334","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":90,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"906b8fb5-d4cc-40ff-9335-68cc9e3f922a","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":90,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"3346ef67-d76b-488c-ae6e-7d668f024a7c","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":90,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"b5256046-555e-4163-8c61-0474c0491c3a","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":90,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"55a980eb-1743-4525-b01e-60a850d32923","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":90,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"e58ba945-57dd-432d-a0d1-7c28def34995","block_type":"box","text":"II-37","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"00aa84db-4585-48ad-8936-34ece1fd0441","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4210d03a-173d-4bb8-a50d-3acfa55054c3","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":91,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"8011df6b-50e8-416f-9473-316cf14dd5b4","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":91,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"319f73f1-d70d-4acb-9a74-f8d8fcae09a9","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":91,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"33fffa4b-8ad8-4cea-9b0d-2241c09c978b","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":91,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"d60407e7-c065-4c75-8b53-0c5733454856","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":91,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"7f01db04-d6c0-4193-918c-c0a586b7b0e0","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":91,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"a1708cb1-7237-4ea3-a73a-3cc7c3816a46","block_type":"box","text":"foreign securities.","page_number":91,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"15906507-67df-4200-997d-b9bfe149aa92","block_type":"box","text":"Risks of Investments in Russia.","page_number":91,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"a41c1918-1187-457a-a906-957398e28479","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":91,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"8b404db1-c11b-4052-9982-febdb9699891","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":91,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"d51c2530-4dd2-418d-9e36-5edf0fc6de3f","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":91,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"4da2e751-6f36-4108-9193-9384f3d5a13b","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":91,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"7ce23283-1574-453e-9d96-08f387c4059b","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":91,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"45387cd1-24c3-4ecf-8057-ba383e911442","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":91,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"e86dc537-193b-427f-8755-103a404ce452","block_type":"box","text":"developed markets.","page_number":91,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"85c373e8-d071-44ed-9266-f982be352c4a","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":91,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"b39fc7dd-2e00-4f58-ae19-221a34e1f45e","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":91,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"48a51e41-da24-4bab-84fb-a4cf86c67e0c","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":91,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"67fe80fa-0d90-467d-9783-232657906a60","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":91,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"1f57b80c-f5b1-4015-8722-e89d28730016","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":91,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"9a2df4cf-2451-42ab-9a57-2b91bc025456","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":91,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"879fec7a-701c-4345-81c6-f9feca049b68","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":91,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"3885da13-7005-4ae3-9433-5097c9dd5776","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":91,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"2b7e20b8-776a-4560-902c-2951d98f06bb","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":91,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"38d234f5-4518-46ee-a5ba-77c673461e0d","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":91,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"b3eaf158-24d6-4cff-a992-05bd202e629d","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":91,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"f3f31de8-5704-4063-b657-dd5f68baf783","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":91,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"aaf23b2a-c604-442a-a1db-83ea539d11e1","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":91,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"cc9bb21e-ff1c-4376-a384-7fe9b6af114e","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":91,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"e8e0ab61-af93-4b57-abe8-a8be2c113bf2","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":91,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"fe74d944-03f3-4d03-b410-f3928aa677ae","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":91,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"e63309d7-c74a-429f-b2ac-8f4755aceced","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":91,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"df301211-327e-4ace-9ca1-c5fb391c4d46","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":91,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"1ee9d01d-5eb8-4bc0-8bd6-d78ab931385b","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":91,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"ba07eb5d-3680-405b-8e15-be75e50a44a1","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":91,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"aa3a3596-c99f-4689-a3e7-95e3dfb90815","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":91,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"959c18af-3897-4585-ac24-cf5529304b98","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":91,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"731a745d-aa21-44c5-9902-55e9455e94d0","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":91,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"48f8fb13-bc35-4150-8056-8e4ec1c2d725","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":91,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"f8166457-291a-4194-8301-c286932516c2","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":91,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"474f05ee-70a7-4533-ae83-37762a13b182","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":91,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"6744fdcf-6d0c-4619-b705-7040f0561cc7","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":91,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"ad4f85ea-e790-49f6-82e6-af963da75b07","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":91,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"914583e4-6fd2-4938-850e-6f637bb1b801","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":91,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"a1792668-1d1b-4232-93c5-c263cdaabbd7","block_type":"box","text":"sectors globally.","page_number":91,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"b474009a-0de8-4a2d-9e91-c0e636ff19a9","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":91,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"36b2c9d3-1f23-48ae-9fc2-9aaa944f8ad8","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":91,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"69a44a6d-f406-49de-a27f-17c51f872673","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":91,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"c4f653a5-1138-41b7-857e-635c55ea184a","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":91,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"76ee7d1f-1288-4824-8b73-4fdbacf6a1cf","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":91,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"419b50cc-ce56-4b2f-a6e4-883dcf4d1b10","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":91,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"de0dcb97-5833-430c-9433-dd69bebfc3d6","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":91,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"adf946e4-832d-43a9-ab54-7090e7e8e41c","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":91,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"9e44444e-2b6e-4db9-8242-a0b30264badd","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":91,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"ba642887-6e8d-4bbd-97a0-d094ae0529cf","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":91,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"65bf2163-4e32-40f2-8da9-94964cbca406","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":91,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"838f4a9b-a6eb-4b44-95e1-4ddc2494b143","block_type":"box","text":"II-38","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0c8ff287-cdba-4dbc-bbd1-d51631e2869f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"42f859fb-1ec6-47ea-827c-9c02714b6c91","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":92,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"2d30d100-f836-4223-85f2-1e7966e00c51","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":92,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"46d33233-962e-44ea-bb47-8e7c8992d040","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":92,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"b3fb9f69-be43-4d52-9bb0-7ff69e899fce","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":92,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"c493f5d1-48b8-427e-b837-e73be46b6498","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":92,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"fcd714c1-03f3-4a62-84a8-5899e3ca5a18","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":92,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"ad71daae-ba13-4576-aa48-cb97785b3873","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":92,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"48b613fb-c607-4f7e-931b-c68b22bd43f7","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":92,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"d2fbbffd-278f-4e59-8812-847db9df2a9a","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":92,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"d6cac353-c9d3-416a-bc49-855387bc178e","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":92,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"450e0e3a-07c3-4029-ba7c-a4d04bb277c1","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":92,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"c2851c72-8a0a-4458-9161-1cc62139eaf9","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":92,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"40598c44-94c1-4fd7-b60b-9a8a226d6ad7","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":92,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"98213ee7-8f77-4d67-be7a-d5022bece881","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":92,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"3704750b-b6b6-4bcc-988d-9cd284875f23","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":92,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"0967e275-4066-4a5c-8fd6-5bc56b84ae45","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":92,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"fd5ddb07-bf72-477b-b516-911d8922a668","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":92,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"cc4f3e06-435a-45a6-9eef-54872f92d344","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":92,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"f20d2fa0-a6f3-4a6f-b03f-c139f2b50aa1","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":92,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"537871d8-050e-4497-a1b2-36acd37694a4","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":92,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"836a290a-3f70-4bae-8f85-ba817b992b5e","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":92,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"ce957bd8-11b6-4904-a516-1ea826a0d3ff","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":92,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"cd72c5ec-484f-42ab-a947-4ed368d4159d","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":92,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"be8b8cc7-378e-4117-8df9-8638f9f18e94","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":92,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"bdb8f8d0-eaba-45b9-805d-907169483fff","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":92,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"3d0d81f5-281b-412b-8dc8-463ea1a8b072","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":92,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"5ff63ae6-8ffb-469a-8fcd-82e83e1c7425","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":92,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"a458614c-89e5-444b-ad11-f6b79a84f44b","block_type":"box","text":"impacted.","page_number":92,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"b17c88ed-e7f6-4285-b927-dafd7ae7a162","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":92,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"56c3a164-4815-422a-9255-375e897b1e6d","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":92,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"dc0803dd-6e6c-4897-ae17-477ab01da25f","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":92,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"6ef358ac-a5fa-4b95-899e-4063acb7a0ea","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":92,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"230feaaa-e8de-42b5-ad4d-b13f834f6f04","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":92,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"aeeaeab3-dc87-4a06-b920-ea6c18b4fedf","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":92,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"3c68d1b6-3610-423b-8d20-95ed807a0f06","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":92,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"a0120abc-421c-4aa9-ba82-038efca37a45","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":92,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"7be35fa9-72e3-49b5-b054-33e5a24c63ec","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":92,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"3eb76f76-7de7-4cae-95bd-d77b2e451a54","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":92,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"6dbea447-9563-4c6d-bcda-7f1176abb0b1","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":92,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"36722ad1-431c-4dca-862f-7c673bf2a1e9","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":92,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"5261dab9-f518-422d-b26d-93f399f90cd6","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":92,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"bcd633a5-4420-4f41-be19-5c04a3bdd5b7","block_type":"box","text":"economy.","page_number":92,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"42fdab42-869b-4858-9979-3d9c1721462a","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":92,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"0a2bb4c9-99e5-439f-895d-7ed38b9b4e8d","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":92,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"4aa0f641-21b2-4d60-8dee-53040b386627","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":92,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"876b246a-d047-4a3a-99a9-f2f21e8a9fa0","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":92,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"43768caf-8fb2-4c30-8812-16199a3922ee","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":92,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"608293f1-92ea-4d59-891a-05db856c3ac5","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":92,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"3d3d18fe-a91d-4cfe-bb86-a40f28fda216","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":92,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"685850fc-ee9e-4b7f-be8c-ae60c126d8c1","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":92,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"ca4e7d91-8d28-428b-85fd-f99d13f01638","block_type":"box","text":"typically the case for investment managers.","page_number":92,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"4fe73b8b-40c2-487c-bc32-c329d2a17a61","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":92,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"47bd0c83-33d3-4961-84e8-0ecab75b90d3","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":92,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"e5c08892-9875-47f0-8f4b-f5ee683dc357","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":92,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"aff0a46a-0cc0-4806-ac9e-27841c510e98","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":92,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"1049f08b-bfe0-4548-b713-fc51145a8f4a","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":92,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"6117e4c5-b6ba-4a91-8e75-60275906dc0b","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":92,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"34e7947a-fa84-43f6-993e-730222e318ca","block_type":"box","text":"II-39","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f866790e-0e20-4d82-926a-56ea02e78229","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9170e38-61ba-480d-aac9-44eb8fecb76e","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":93,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"eaa0fc84-2840-478e-baea-fad313d5cb9f","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":93,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"5d91e5f6-e4c4-46c4-8fb7-ce3197ae5401","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":93,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"7decd14e-c80e-4a5a-8ba9-882bb38dedf0","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":93,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"12f1d76e-b72c-4db1-8b0b-97b67d09a8b0","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":93,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"e497cac7-80b8-43e3-8f36-a8f9d98bd7b8","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":93,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"5c6d6132-e733-4281-994a-9d3d467dd29d","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":93,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"59a0e4c7-1175-4d05-b03c-6b455d627ca2","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":93,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"7a0074e9-ac37-4933-bf4a-476e37038e0c","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":93,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"0fa4dce9-4236-4c50-8e58-e32040662c77","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":93,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"06444830-4c8b-4b04-bcbb-af904d14090c","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":93,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"b95d864a-5e0e-4d53-ba62-95072e1727f1","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":93,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"1eb66d02-6e4f-478f-831a-a63924b4f46b","block_type":"box","text":"will be indirectly subject to those risks.","page_number":93,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"3d59d044-c3f0-47c0-bb8d-69cc5a84c844","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":93,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"c9f6ab95-cb88-429d-b2ff-b818b4fdbc51","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":93,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"1847b1b3-7625-45e0-be8f-6eaae6bccdbb","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":93,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"8a0a3c4b-76be-4316-8985-ef9c9a758b81","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":93,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"4faba86a-d47f-4800-8981-eaf4afc9fa73","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":93,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"d7b382ac-faa4-45a2-86d3-a09a191167bc","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":93,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"7860cd97-6bff-401b-a534-cde12ab87457","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":93,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"bcc3030b-8247-4019-85e7-c5176a01ea30","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":93,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"b95dc4be-ba84-4611-a426-e721ebb8b562","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":93,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"3baccc50-f35e-420c-ba78-6beb413fd243","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":93,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"437887cc-717d-410c-b4a4-e2d713b62e1a","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":93,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"1c10a815-2076-4b46-8d54-64993c399e91","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":93,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"f9b26ccb-a034-409a-b244-b103145a404b","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":93,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"b5d55c97-6574-4e1b-bbd3-40f4dc85cacc","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":93,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"e4768ec0-03af-43d0-8989-749f47929223","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":93,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"bcddc003-284a-4c34-8293-812ac2c59d03","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":93,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"6de3d843-93ef-4aea-86ab-2ebf9d14d2ad","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":93,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"c43ebe07-8bf1-4c99-8eda-c6dde14e36a5","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":93,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"bb9ed208-43ce-41c1-84b2-5cbe96a0448f","block_type":"box","text":"impact on a Fund’s investments.","page_number":93,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"388f6151-abe5-4a05-ad22-9f4e34d57f1f","block_type":"box","text":"Brady Bonds.","page_number":93,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"23d3436f-bb5e-4e35-9722-2026686b5493","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":93,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"3f2c6fb5-38cb-44b0-b516-30881acccc3e","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":93,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"a17000c7-e326-4111-85bf-cde901cda20f","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":93,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"127b8fb7-1176-482e-99ca-24f8bae15832","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":93,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"3550f320-4391-423e-937b-50d77d9c5b92","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":93,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"041af628-0fb0-4901-985e-2eab22555db8","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":93,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"340b2399-d4a2-447f-a622-90471d01e756","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":93,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"5984eb2b-b6dc-497e-844b-791bbe4beb86","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":93,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"e00c75eb-7ba6-4869-be03-a4fbbf168105","block_type":"box","text":"Venezuela.","page_number":93,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"3ed7b4b2-ca9f-4b62-a96b-29f24fd07d50","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":93,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"05ee44bd-88a8-4e28-af32-c24c076d91cc","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":93,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"bd1aadec-cf77-4d09-bd19-5a9495f6f2be","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":93,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"f65851df-0c5a-4d4e-9500-7d1824909b89","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":93,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"8ce444dd-a8e2-45b4-afce-5977a0d34b57","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":93,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"3380cbdf-ec11-4761-be7f-8155b7b06896","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":93,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"6c65be70-0151-4fa6-a1cb-add8a4149286","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":93,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"e25a1cd5-9a2f-4ad0-9eda-9d7b6f4e432b","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":93,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"e3904b54-4282-47e1-8904-d24d16627b5f","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":93,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"e4d5c21c-162e-499d-a862-0686cc8b23d4","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":93,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"56ae9f62-e326-403a-8f06-ff316b88ca9d","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":93,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"b6bc6c09-6d7c-4610-8bbe-78dc99a4138f","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":93,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"f5f38bee-4217-41f5-b82d-53b7b5128e5a","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":93,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"29bf80cc-0df4-474b-8b17-e9945ebb2502","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":93,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"91fee5ae-66fe-48aa-800a-25392f94775a","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":93,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"e89bb09d-1fb2-4574-b4d3-96c2d68d7c4b","block_type":"box","text":"II-40","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c0e75739-0fd9-4d63-88c5-9e5e6fbe145f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"491072f0-f687-4494-9088-8c809f047650","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":94,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"6e8240c6-0eb2-4fcb-adcf-603c5f711005","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":94,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"0b658c76-7ed2-4805-8679-251c862ed1c5","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":94,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"fa474ca1-8dc2-4425-8350-356c90f33344","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":94,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"67efddc7-779c-4165-b610-1e9214fcf4d1","block_type":"box","text":"China Investments Risk.","page_number":94,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"135c5b39-1f19-4259-bbbc-90a3c846900b","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":94,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"3aaa4d74-34cf-4587-920d-f6e3cd7019d1","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":94,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"334662cd-0fa8-480b-abb5-93a4a9e9679d","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":94,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"8795c545-f27d-43d7-ba22-467d7e5a42b0","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":94,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"703b097b-9ca4-4505-a97d-27f8435efdce","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":94,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"832a0c0f-1c07-4bfb-b289-8efcc0b84823","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":94,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"315aae99-3e9c-47df-9656-15c749f51679","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":94,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"deee658b-dfe3-489e-860d-6d0ee8770c06","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":94,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"7bfe2724-2b0b-4456-9b54-bed1f813adca","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":94,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"ee9a8f28-7fbd-4fc6-a0b0-d6bf52693aac","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":94,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"cbd45196-0189-4fec-ae70-3a2f5bbbbb94","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":94,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"67d40cb9-5bb0-4364-99cc-b6aac4269d34","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":94,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"8e64747b-9315-414b-9f9f-279526e34977","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":94,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"d5b01b47-eabf-4e08-a525-c5f032c60248","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":94,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"2297aaa7-49d9-4030-8f63-831e44becce3","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":94,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"9a72e650-2f13-4d5d-912a-1035b86b6dda","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":94,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"71d4bbb0-6463-4979-a693-9ecdc82a970c","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":94,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"a5c8ff38-39d3-4f3f-a0ed-ebc4b0555986","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":94,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"f7d9fa48-ce2f-49cc-9091-eedeea920e21","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":94,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"ef59bb38-158b-45d3-a62e-8d02c2b1a2e2","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":94,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"1372da8a-cbb3-4bda-abaa-fa4f1523d1e0","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":94,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"33a7afee-36cb-400a-9721-efd102d50bda","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":94,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"b4b84e7d-e993-4eaa-b6fe-d60dd6a8a14e","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":94,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"67e61d44-8b39-4686-82d0-cf22ad0189b9","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":94,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"1d604b93-c933-4197-a35f-fc8138dfc407","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":94,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"2298d106-119f-47ce-b5be-9033f3b0c82c","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":94,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"26d9db47-6731-401a-a759-60a367a544b5","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":94,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"6fdc905f-ee7f-474b-b041-63890e5acc30","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":94,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"66fe5e0d-5fef-4bc8-b271-97a12ad7b58b","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":94,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"29f32f7c-fd58-48c3-bff2-bb106a07ee72","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":94,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"7aa2aa37-d73b-4043-bfad-664b7b22f672","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":94,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"1d6b23ad-7cff-4752-973a-5f1e4484f8f5","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":94,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"4319617f-093e-4a20-b77a-3a70efac6987","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":94,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"4a8ba878-b0c3-4222-8249-9430466298b6","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":94,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"3c434670-e108-4fe6-a2a0-c4dfd18cf073","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":94,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"d88492ac-a14d-4df7-92c3-a451b00b34f7","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":94,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"41343446-e69e-40b3-b175-efbfa6d17570","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":94,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"cc0cace5-7e03-4775-b38f-cb0909978948","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":94,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"121c140e-60e3-40a4-8ed8-d66741e653df","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":94,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"a566a549-42f5-4cd5-9cf2-cd5180cfe14c","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":94,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"d0840483-f0d8-4d83-b708-1d490d0a7ab9","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":94,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"179c29e0-4f9d-4af7-a26d-239a489fe5fa","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":94,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"2353bb48-1413-43b8-a9d0-b5b83e3ba5ec","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":94,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"27bc187b-fcec-44cc-8ea2-4d1f2f29c17d","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":94,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"b277d967-7299-4b2b-9db3-7730584e3569","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":94,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"64687c03-c4c7-41f2-bc50-4101b3a6f77b","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":94,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"c184ddfa-0cfd-408f-ae7a-0cc6f6e691c6","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":94,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"0fc63aaf-cd36-4aa8-b38d-4569f994a837","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":94,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"ca38b65e-14f9-4727-b4c3-00e6ef554514","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":94,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"a1a5eb96-810a-404a-b852-a54485d92830","block_type":"box","text":"sub-custodian.","page_number":94,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"ee7f0444-28d1-4da4-8957-b052522958d1","block_type":"box","text":"II-41","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e0dee98c-4d34-4f9a-a1a6-9107e0508c3a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30380fe0-8963-42e2-a708-6035b67ab837","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":95,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"3deb7ff5-48f7-4d96-a99b-b6da0387f1c3","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":95,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"0be96c39-d61a-48d2-a3f5-cc0cb421a8d6","block_type":"box","text":"on investor protection considerations.","page_number":95,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"1050d03a-13e0-43b5-a2c0-a13822ef852b","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":95,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"c4bca7af-f8e9-4e8d-b298-21ee70703aa0","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":95,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"9c799c4f-f479-4a39-99f0-fbe502119b48","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":95,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"8cea98fe-e700-4a2f-9ebd-7b41dea87a82","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":95,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"249b385a-ff6b-4551-a114-61b79ca39b5a","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":95,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"579135d6-bfeb-4a76-9ecc-62d75281193a","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":95,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"bc43753b-83b5-4813-a948-dcb08f8e1771","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":95,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"210f398a-886f-45be-a81a-ef4a29230616","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":95,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"20b1ee4b-c543-40db-a241-911f0490610f","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":95,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"528491a2-a6d8-41fb-823a-16c3c1b5b443","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":95,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"6a0d0e99-b2fc-477a-8573-7023c4474c96","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":95,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"a77b1bd6-667d-4bf1-b577-fe14219e2460","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":95,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"e3f79c8a-8ed8-4980-bed5-b2dc84975718","block_type":"box","text":"accounting firm.","page_number":95,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"e58d46a5-2e87-4020-b390-6bac611f3e6f","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":95,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"0937118c-2694-4700-885b-955839036aa7","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":95,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"99a1fa62-00c3-4785-ab2c-fa3081db8ecb","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":95,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"0ff9fc4a-3050-4efe-86f3-16b9dc660a7e","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":95,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"c490f781-a308-4b25-a3f3-44f9a190c336","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":95,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"e0b94d11-9463-450b-9f20-34acb5a101be","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":95,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"23da2841-5ad3-4ece-96d0-923c08e224d6","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":95,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"60f5aa33-2647-4b6b-a879-f522f531080c","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":95,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"37df2ebe-4894-4efa-b8f9-8de29c37ec2b","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":95,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"5d5308a9-f285-49c1-bd20-bc780c16bdfd","block_type":"box","text":"RMB (“CNH”).","page_number":95,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"e3a33b09-6bd3-40d9-abb4-86bc6fee3174","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":95,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"82357a7c-b7cf-4e28-87d2-46fcee7ecf93","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":95,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"09caabe4-02c7-41d2-bc87-340b3174114e","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":95,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"925c9a8e-d6e3-465e-9c78-bf8a2ffa6203","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":95,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"b99923c0-115e-410b-a944-1d5a87b4fab3","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":95,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"7902f0eb-81c5-498b-a377-e589ddcac2da","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":95,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"e472ca44-8443-4226-8cc4-8a78bd57a7f0","block_type":"box","text":"represent equity ownership in the operating company.","page_number":95,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"814ef759-bcab-44e5-9721-4012f8f5ef1b","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":95,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"fdd10d85-9f23-4d83-b5ca-c1db4f35b036","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":95,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"d3a86ba2-4812-4dbb-95c6-61ee7be0239b","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":95,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"b212f0b7-2cab-4c1e-a83f-c81523fa6308","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":95,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"a3e55c4b-2caa-4cf9-a8f1-7960ae67c302","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":95,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"c8148201-21dc-44f2-93b6-8843beae69cf","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":95,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"ac17cd37-8908-4a52-b261-0e02749213c2","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":95,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"3ba48349-9b21-4ad9-9874-52fb76a2ffd0","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":95,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"cfdab9b0-1948-481a-877b-64aa43fbed84","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":95,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"ae0fd9da-eeff-4a99-8744-648f3d6ae19e","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":95,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"43608f24-1279-4bf4-82f0-dace5f4b216b","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":95,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"c5eddcca-3601-420b-b147-3aebdbdd2cd4","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":95,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"8fdc47d6-fcf0-461b-9caf-0e286a450f66","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":95,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"6674fef7-7767-4441-98e5-80dd0d2225de","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":95,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"63e732e1-a326-460d-bbed-66bf11243205","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":95,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"27b15c30-9a63-4b09-8348-74bfe175292f","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":95,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"b623d312-3a34-4214-87a4-8f344b39ac4d","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":95,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"ca9f56ec-38e5-47cb-988c-42741429222e","block_type":"box","text":"losses to a Fund.","page_number":95,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"c693b6d2-1b8d-4190-b2ef-3282d9ed80fe","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":95,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"b6232fb7-8f7a-4896-81ea-b642f2491ac1","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":95,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"ea087494-277d-41e7-a268-9264d18534b5","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":95,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"dced27df-d4e7-44b7-89e4-3dab8a340db8","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":95,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"a10ccb6e-7c51-45ca-9628-a48f414d50b4","block_type":"box","text":"II-42","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2fb41d8b-2880-4f55-82a3-47ce1118d73c","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50cf60c8-e4dc-4c78-843e-37a59b42a702","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":96,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"322f0a15-5ab9-4131-ab95-5cb361facef6","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":96,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"dc2639ad-d9c9-4bb8-a7ed-8241991983e5","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":96,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"cae2927e-d239-4593-ad4f-0e0eaa7d3ee9","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":96,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"215c526e-8daf-46b9-b188-57854671480f","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":96,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"dfa14701-8318-482a-8c2c-8f294a766e58","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":96,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"85d02c68-164f-4bf6-872d-90df9ef0fd83","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":96,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"32e1c4e9-8f0c-4ab1-b33c-78407be256e0","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":96,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"f8fe7382-deff-4d08-8500-70a93989631c","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":96,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"43a47b4e-ed7c-4602-8d9b-c5774af752d6","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":96,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"f9bafe26-24bb-4446-a93f-423789e42e64","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":96,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"3ba1a8fe-2d1c-4ddc-a04c-c3cc38c33989","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":96,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"b958b9f3-6231-44f1-8a4b-db8db3b6fd41","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":96,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"3121ac5c-436b-4828-b4a6-b2a4cfdcdbf6","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":96,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"d6775114-270c-4c1d-9ce5-d6a9d5d9c6b1","block_type":"box","text":"such companies.","page_number":96,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"860d6f9a-82c7-4a6e-b32f-bf6157a7dd79","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":96,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"31d3a733-c39e-40c4-9c71-d1d0eda4dba7","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":96,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"d949d123-a84c-4c9f-90f9-150d5a31b51c","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":96,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"799670d6-85e5-4693-85f4-4f346075a3fb","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":96,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"76006863-90c4-4735-9894-756fa7a29cc3","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":96,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"678e9225-8a3d-47cd-886f-04eec5a822b3","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":96,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"ecf9d513-c892-4c2a-a8bb-1c883d4ea876","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":96,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"b2fa0ca0-59f6-42ea-839a-3cee972c4979","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":96,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"2ce1b1f1-49cf-43e6-a23f-e6b9f7acea08","block_type":"box","text":"standards.","page_number":96,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"29c824dd-c70d-44b5-93bd-8a2302a0e457","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":96,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"be8cb70d-d04a-4928-bfe4-1f691138bda6","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":96,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"3cf42465-64ad-427b-80f3-64f0e21c6a1c","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":96,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"8daae9c1-4529-4b68-bed6-71ba3e92f9c7","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":96,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"4a231a2d-119a-4083-b5ae-61b8085596f7","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":96,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"a5472440-d9e9-43f4-80aa-5b8cfe321119","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":96,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"eec7b23b-58cf-4eb3-b911-1408f6226d3b","block_type":"box","text":"General","page_number":96,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"c6804e9b-557e-4c8c-aa6e-780ef56c9d84","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":96,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"65770f63-a1e3-42b6-885f-29c1ac13d6f3","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":96,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"3fe4ad34-3890-4624-bb50-564d8c2ecb3e","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":96,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"9e23030c-7475-439d-9ce3-8a63f69b30c0","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":96,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"d14e3a5b-f269-4af4-a447-fe61802b3ee3","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":96,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"f259e2fc-8cde-4239-8b37-bc22e3a8339e","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":96,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"fc2bf9b8-e646-499e-b6f2-65dac4b8a9ff","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":96,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"a718ddcd-7f45-4589-a521-76961e693c68","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":96,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"1801bd5f-fcdd-4acb-be6d-7c7e9a89bc33","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":96,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"18e3fafb-624a-4ad2-9f31-908535d05641","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":96,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"a46a5cd5-8ad7-4ff3-a060-e6e9728baf5f","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":96,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"eb8d341a-fae7-486e-8299-64347c45764d","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":96,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"29fcfa4a-deeb-46b9-bc28-db11b0985489","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":96,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"64ad9673-1f4a-4889-b5de-1b770f8a672b","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":96,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"47f23eb0-874b-4a42-8445-b4d2f11be1a2","block_type":"box","text":"company established by SEHK.","page_number":96,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"3c5a61d1-8608-4bb9-a300-1db25ed08a24","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":96,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"8ca8a37a-719e-42e1-96d2-57838d9d3938","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":96,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"3108d237-92dd-45be-9b39-16694cd5496d","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":96,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"e8c7d542-cc83-4568-bf48-768dcbf6ac99","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":96,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"b1f914a9-dc22-49ef-aaaa-d976ad3879ec","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":96,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"0defce98-eb42-4e69-a14a-8a456d8ae7e7","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":96,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"3408a711-5b50-4525-85e2-6588779051c1","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":96,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"d84d8274-29a4-4326-8535-95931e43562d","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":96,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"40617458-2d63-479a-be7d-6d8c6570a2ed","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":96,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"c42b71d0-dc38-46e7-868e-9ca0b8794065","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":96,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"1d410468-b0ac-4dff-99d1-f6c7fc2a2b97","block_type":"box","text":"II-43","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"98f15417-255c-417b-8cdd-e0957373044b","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2b3b537-32b2-44d3-991c-bf3c8acf8ed8","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":97,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"e3299d15-2359-4387-87e1-913605da5e43","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":97,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"665074dc-cd6e-4ecb-8e07-e29161496c65","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":97,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"e7a85c6a-8aa0-47d0-aaf8-8515ecd157e9","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":97,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"49d03548-cae0-468e-b3ed-16e898603d24","block_type":"box","text":"i.e.","page_number":97,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"3db6070d-7553-435b-9983-8c7e34c5fabf","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":97,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"071c394d-df29-45bd-b99f-d723d6f29f23","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":97,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"d2100eb7-134e-4d14-b8da-9bc3c234ff90","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":97,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"53d0d024-f841-44e2-9015-54cbdd607114","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":97,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"a61579a7-a26f-4a63-a7b7-755f1a7ad6e0","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":97,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"d90f81ce-5d09-4998-8d9e-ea4738a5e89f","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":97,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"174ca0e0-fd0b-411a-bbce-df20cccfcbf9","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":97,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"bb784a3f-52b1-4a87-906c-59c71dd0af18","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":97,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"2179f465-f7f8-4a44-937c-9eab8353b3a5","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":97,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"4a37b15f-7b48-487a-97fe-5560b0cf6176","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":97,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"14439ca0-c2d6-4d6c-9cb0-cd6e02c51e3c","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":97,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"9c5599dd-2e57-4ad4-9ee8-fa61f97376a7","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":97,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"89a40050-8e3b-4604-811d-19a530765fff","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":97,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"0881026b-25e1-4adf-9e97-fdc55536f3ff","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":97,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"57604ce4-55b1-4e54-b521-6cd81dc88e67","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":97,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"e77cefa4-ca71-4b39-ac22-286ec575b0df","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":97,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"c19f5fa0-7009-44d8-abba-ab03649b77c4","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":97,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"28a9fab7-d7f4-40f7-b44a-eb595b7c9b39","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":97,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"05d5e333-c809-4e3d-b844-657dfb302e9b","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":97,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"89dc9f09-a9ec-4407-8b6b-dd0081d78e4e","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":97,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"10dae1ef-5ae7-402a-ad3f-bdad085c94a8","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":97,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"29427209-ef9e-4d5a-8b85-093e0c8abe4b","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":97,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"47fc7993-a384-45e4-9d87-bee995efc78f","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":97,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"ff68521c-2fe8-4e80-8f98-64e763d3f2de","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":97,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"e921eb22-224f-4729-95ea-2519e1322206","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":97,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"244f52b9-72c6-4f7a-bf90-bb4c3ab3c697","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":97,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"5d3a191e-dce0-4aab-a346-adbb25bb3370","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":97,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"09665461-c7f2-4a61-a785-36f668d48c4d","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":97,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"51a1617b-c887-41d5-a011-d510e42a6d30","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":97,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"ebe38eeb-552c-4122-a594-d4483868c821","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":97,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"b8246f78-0f44-4315-8e2c-ba471f2627ec","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":97,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"5b9dbc13-edf7-425e-83e1-07bfcc912b8a","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":97,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"e6233e7d-1f9d-4e94-8425-5b952a0bb213","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":97,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"3579cde1-db76-4786-b512-dddcd575a207","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":97,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"74ee1cc9-ace2-4866-a308-954c566c336a","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":97,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"6847591c-4a5d-48b4-9698-3320af2f16dc","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":97,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"f400aa89-771c-431f-ac1b-3e684112b269","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":97,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"a65e099c-5b75-43e4-90f3-cb2c3c38ecf9","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":97,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"65db04a1-58bd-4f76-ae11-97abbc961c74","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":97,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"931aecbf-57c6-4fb4-96bf-491dff2cc17c","block_type":"box","text":"PRC.","page_number":97,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"d12a1f5b-d578-4765-b71a-4678d9892028","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":97,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"0258c387-d077-4789-8beb-2b2a17f57e37","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":97,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"a56bfa8b-0227-41d8-90dd-b4773445daaa","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":97,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"300bd40d-2f9d-4e7c-8fb2-2f693afcc509","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":97,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"a4981fc4-4520-4eae-beca-5acd930b22d1","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":97,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"cbbd8d6b-8845-42e3-9cc2-65efd6207a3a","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":97,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"9f2e5f22-b987-453e-8c68-c67cb06eb8f6","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":97,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"899eaff9-bc91-44e7-a8ad-2154ec981683","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":97,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"701023f3-ba4f-479e-95d4-236f4f41acf0","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":97,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"6fddc743-6477-4432-a93a-499994959636","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":97,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"bc811a04-b251-43a6-980a-92900bd2e61a","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":97,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"2ff740b0-d79b-46c4-812b-3434fa48b60d","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":97,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"d901dede-48d4-4218-a91b-77c7642021be","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":97,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"201c874b-27b4-4176-8c45-5940c3f53ba4","block_type":"box","text":"II-44","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c563a93d-cb86-4bb8-8586-5bcd93fa69b9","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2bbc74d3-680f-4d8c-a622-3ae8a23e85b2","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":98,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"8512dea9-a6b6-4155-87c4-671c06dff413","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":98,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"a7048f5f-804c-4d43-a973-a99e38ae2e28","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":98,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"a56dcc5b-638f-4a7d-ab6f-2cd9ae5fa727","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":98,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"e3ee3e68-089a-476a-b090-5cd62f03a3ce","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":98,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"2852ca4d-fae5-4f2c-a0cd-2e449de3ff6d","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":98,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"c652765a-286c-4a0f-b67a-f77a38b0f79f","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":98,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"e24d5b8b-eb92-4fb5-89b7-5df74f3f594e","block_type":"box","text":"Suspension Risk.","page_number":98,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"985d6b5f-e5fb-4709-9b4d-7cdbca7c353d","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":98,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"f6cad18f-f4b2-4444-8409-437bc80b2ca8","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":98,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"78652562-881a-49e0-88b6-0e01da1e5f88","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":98,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"700a71c2-5029-4a49-9f75-9d23efdaf2f0","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":98,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"029b8a27-1750-4329-bc07-0aa3c9412222","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":98,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"e33bf104-d6e4-4b9f-adf8-688eea7e6fec","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":98,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"57615aae-ffb4-400a-8e98-c91e2aa3b022","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":98,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"329a4e6c-0d6e-4fac-a669-35e7de500230","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":98,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"80d468ee-c25c-459f-bba7-21f4d2a8ba01","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":98,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"0a72b13c-68e7-4e79-b7be-0bde624d5899","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":98,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"3e7fac84-d56b-4765-b670-34b2ee61df8e","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":98,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"ca554ce6-1128-4bbf-91ee-6bc6ea9aba13","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":98,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"b865be36-18c7-42d1-9639-7e598ef5aab9","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":98,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"e4221204-d1c3-4214-9db4-908927c72ad5","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":98,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"25872757-b38f-4d99-a035-b1b28c45b138","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":98,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"dd56fbc3-0bcc-4453-b468-1232f2aec136","block_type":"box","text":"A Fund may invest directly in the","page_number":98,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"75bb60e7-4325-4062-9944-e79e183e960b","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":98,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"bf9622a1-a1a6-44a3-b664-7066ada8476c","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":98,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"3f86d06c-612f-4945-9aa6-eb6031bdb1dd","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":98,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"1437b354-97a8-4139-a387-6825414df4f5","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":98,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"4a5117d9-2fe8-40e1-bbf9-b28900e74f5f","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":98,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"d0603804-18e8-480e-a2a1-2420b4dbca4c","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":98,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"68bde137-39ea-429e-bbba-82440ef0a8a6","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":98,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"f7cc75b0-892d-41b7-854b-658bd2ccc9ce","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":98,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"5375c3bf-b25d-4ac7-8b0c-127ca5eab4d8","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":98,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"e2871121-a3b9-42d0-91d1-8554f40cbb92","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":98,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"a8e12605-c68f-4532-9d56-70cb85dc05dd","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":98,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"cd12e8fe-cd6d-4077-bf31-b3d7585c4de1","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":98,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"3dc33a70-1ecd-4006-adc5-5d6b3c33d819","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":98,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"5d2f629b-3b89-4a3a-8cc9-9a8ec9606421","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":98,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"bdf3e1c6-4708-4b4e-8323-10fafce7da39","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":98,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"b2332f67-f94e-4808-bb77-2f2bd61bd127","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":98,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"dfa80a92-d4c8-4e17-968c-14593009eef1","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":98,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"15bbccf5-df0a-4146-b60a-f76943363258","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":98,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"42dc5acf-ae8f-4276-85dd-8929ee2e8937","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":98,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"dda174a9-9d69-48da-bbed-00dce3121928","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":98,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"f09c7444-da9b-4eac-a051-08cbf015860b","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":98,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"3fcfcb5a-97ec-4a2e-a141-9675eb9734a2","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":98,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"b46a3017-40d7-40c3-9bc7-9d8677cda290","block_type":"box","text":"i.e.","page_number":98,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"ddfa3247-0e44-4239-8ec9-d8f4d9bb6ddf","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":98,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"ec903bfe-09ad-4788-92ea-f952cb27e76d","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":98,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"b7f8c131-8577-449e-b968-fb8e0dba87b4","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":98,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"64d8bd9f-e38c-40ec-b7e0-21c2eb223300","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":98,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"6965fcb7-65c2-40bf-ab2f-3f94e0da81ff","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":98,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"318ef3c9-abba-4ea5-b1ac-ea996a9f500a","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":98,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"55f6372a-5b77-42fb-8392-2df311d24de4","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":98,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"df65c30b-4d3d-4cb9-bddf-affc04ff1958","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":98,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"bcfeab45-8f9b-4dda-a190-e27fbbeddc4e","block_type":"box","text":"par ties.","page_number":98,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"0b4e0d8b-043c-4760-b556-1ec7ca2d9787","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":98,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"b321711a-68da-4c5f-b821-4963e1c250d1","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":98,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"f6efb0df-f7a8-4ce5-96cf-7e63cce8ff47","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":98,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"1b415517-ca42-4d1a-8d2e-efb739f52170","block_type":"box","text":"II-45","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3c9a42b8-4e39-4d8e-b6a7-f47bc012e660","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"066fab48-a5cb-4750-8808-f29393749261","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":99,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"f189a8b7-076c-49bd-9dc8-e80539f770bc","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":99,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"d130738e-c776-4bb4-a06c-ffed76af46c5","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":99,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"264068e4-77be-4fd8-b918-28a65ad9ee51","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":99,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"8ce6945f-d52f-414c-8957-f64aef83d805","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":99,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"70673f6d-3ba0-45fa-a005-cce4583c9212","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":99,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"1d8876bd-5f66-40ad-878d-7f30aace72d5","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":99,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"46f38992-0ec4-4196-9d6d-f7d1d1c9770e","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":99,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"2b4f0dd5-99eb-4c12-a03f-cefac9597b64","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":99,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"e4e21e8c-62cd-406a-836d-8da384840ff1","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":99,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"eb416207-cac2-4f16-8fa1-dc86f8a055d9","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":99,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"6aa34e90-93ad-4333-b028-a0bb3d9abfc3","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":99,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"15d72531-3928-4aad-b926-e2ef52be2660","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":99,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"86fa17cf-d465-4d8a-bd42-bee8a99d3eed","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":99,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"3fd83cfa-7af6-467f-85b8-d0588cd9de2c","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":99,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"87e45403-9074-4b3e-92cd-930ef7fe9f51","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":99,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"8257c948-2338-4e45-a44f-6df9f72c95dc","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":99,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"7bf1f88c-5af7-411b-a458-8c6ca6f2ad6e","block_type":"box","text":"per formance.","page_number":99,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"e39759b8-d865-42e8-b014-6bf5f968f149","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":99,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"3ca4d6a5-daed-4eee-b467-54de13dd0911","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":99,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"8cdbb66d-ce63-42ac-a777-504ce9e6e2fc","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":99,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"fff05c28-3335-4262-a772-eaf82db2c797","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":99,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"b6813dc0-4a2b-4298-b3ad-85c965858dc0","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":99,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"f198212e-ada7-4787-8155-50b884924af6","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":99,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"1829caaa-1108-45fc-b355-69a0a6ff109a","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":99,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"0b372636-b0ef-4ac1-a126-ac1cd7309dd5","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":99,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"597c3a00-9b64-4b39-8333-67b732309d9e","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":99,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"183b9d36-ef2c-4775-ace2-bdb0daaa3b70","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":99,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"05f4a6dc-e063-4a6c-8a0e-f89dfa3fa749","block_type":"box","text":".","page_number":99,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"fec4329f-9a84-4eee-a0b7-235417149db8","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":99,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"e9d32192-742b-427f-8a7e-15fbc6c187eb","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":99,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"0460db28-ce94-4ae3-8b53-9fdfcae97cc0","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":99,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"3110ea51-61a5-4c15-a595-78391cb3368e","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":99,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"f6458c1a-dec6-4269-8585-9bd05f10913b","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":99,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"36b337ac-1c08-4409-8c8d-4dd06afa76b3","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":99,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"55c6c81c-67ec-4dbb-b483-09f9ae0b3d01","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":99,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"f7f88b30-7745-45f9-90c1-1ae8a69da8b7","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":99,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"1773006e-5e96-405f-83e2-adc6a933d788","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":99,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"6b9a2868-0eca-4c4e-96fa-6c38c76aa5f9","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":99,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"d7846414-d325-4374-94da-7b8d72f744e4","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":99,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"b120e1f7-b9ff-4ec5-a09b-b2f9a7eeb2b6","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":99,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"f8d2e739-338c-48cf-8177-db8fcb0d5cc4","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":99,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"8628157e-d982-4019-a12f-39bfd803661f","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":99,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"2e840b2c-fd58-4738-b925-1286979fcc89","block_type":"box","text":"without notice.","page_number":99,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"2ccfceb3-24b1-4bf2-8bfb-d96b6dbd0582","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":99,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"87cbcca0-dd57-48aa-acf0-4fc085f5b1cd","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":99,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"13f3a187-a3a3-4f0f-8089-bd5714c74d39","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":99,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"e3f87a87-827d-4669-9065-5c014f084469","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":99,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"fcd2f180-0934-465c-84a6-f40591c81f92","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":99,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"532f5590-0730-4600-9358-a3c830b221ae","block_type":"box","text":"December 31, 2027.","page_number":99,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"52ba2f5f-b21d-4c9b-94c7-f89d84fba606","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":99,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"eb430b4d-371f-4051-9758-92a8398de17e","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":99,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"0b6268ae-4263-473c-8d62-c57c1c1860b3","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":99,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"abdf7e96-64ab-4ee1-9375-09ae76e2daf4","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":99,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"0cdb0cf1-3cd1-4ccb-a395-c704af1c6255","block_type":"box","text":"II-46","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b17c9678-6ace-44c4-86f6-9231408c185d","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ff6f45e-07a9-4f17-b9f8-07c807372004","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":100,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"cf41ae6c-eba4-4352-b313-45d4bf2ddcc2","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":100,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"60cb0366-7ea3-4926-bb50-cd7758a7ac15","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":100,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"7abf42df-8fbf-4db1-81d5-320c589ceb51","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":100,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"63b0e0a8-ae31-432f-bf69-bedc57de5e56","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":100,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"e3737ab0-d571-49d7-b1de-1a1d69c8aecc","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":100,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"a1b5a218-6916-4adc-b09e-0c194c3afc87","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":100,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"ecddfb25-646a-407e-a0e6-bf3426f20836","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":100,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"51ea8d39-f921-4b73-940a-e63b112c170c","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":100,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"34e6a777-d822-4011-81e2-5dd93cdde41c","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":100,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"f852cecc-28c3-4336-92c4-40852444fc9f","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":100,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"29bc1efb-f250-40a5-af81-abaf2e3fc509","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":100,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"776f385e-6557-4078-960e-78eb226d7213","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":100,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"72f8239c-d0a6-448c-b62b-26d723e0b946","block_type":"box","text":"PRC sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":100,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"cd052b45-f753-4fe3-bafb-880bd77cf13e","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":100,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"6759c1f4-6f7c-46a7-b4f7-126a7da5f092","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":100,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"602a1c81-0f7b-4262-95c5-e0f8092c529d","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":100,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"1c18c70b-a879-4e47-b1c0-eec163921871","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":100,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"3b818462-b835-44c7-9fdf-2f847605dd43","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":100,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"fa3f25a2-c3e7-4c22-9f4b-f822b6700c82","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":100,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"8de082c7-d4c3-4050-8850-bb11a10e02c0","block_type":"box","text":"the PRC in notifications.","page_number":100,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"9472a72b-391d-4869-918d-2b3ee9f0021c","block_type":"box","text":"Investment in Other Investment Companies.","page_number":100,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"e68443d0-65e5-4d77-8879-072b0f76f54d","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":100,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"ce2168e4-85fd-4497-96e9-1b394bb5abb8","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":100,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"976b9676-a05b-4011-94ae-b9f5cc43079d","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":100,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"88a2f276-3b06-4aba-9372-28e60737378e","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":100,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"991c7b8e-7903-4bb9-9446-c86b80d21dbb","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":100,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"71672670-b666-4b0b-849f-acbeca92b83f","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":100,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"7f4f782e-8456-464c-a3cd-b33bfcc77759","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":100,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"cb7e12ea-7702-425d-9829-edb3402cfd18","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":100,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"d9376ad1-a97e-494f-ae32-72c839a7af3f","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":100,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"28aeb04a-27dc-4d06-956a-eb73fc908fcc","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":100,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"730ebaeb-7152-438d-91ed-17f4ef0bba92","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":100,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"35647f07-7835-4f59-b6d8-45aa8386dc17","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":100,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"c2c02e39-4cc3-40ea-901d-fc2b0afa10f0","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":100,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"1d62c481-22ab-4ac4-a552-bc9e044e7dc7","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":100,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"5efbfa6d-946f-459e-ad4b-d7c9ec94d42e","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":100,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"700242e4-bf3a-4d84-8395-16f65f65aab7","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":100,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"5bc101ac-fd4f-481f-8c12-d0fa102f6993","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":100,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"b9a91df6-e5e5-406d-88f3-edfa19494174","block_type":"box","text":"subject to cer tain conditions.","page_number":100,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"1c7ab40f-5279-4733-9ae8-de8b98e5e348","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":100,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"9f294de5-99e5-4de8-b125-b7728205c124","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":100,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"b3a09e01-880c-476c-b836-6a3067bb0eb8","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":100,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"f3d8aa73-5509-4398-b796-b51371d519ba","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":100,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"0d4d5d59-82af-45eb-a37e-900e77f2756e","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":100,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"f1b0417a-52ed-44e3-971d-98b230ad2426","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":100,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"9fd90f65-4b3f-4b31-88a7-24aabef2ce8d","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":100,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"8df3968c-1adb-4705-8684-bc568ce99179","block_type":"box","text":"loss.","page_number":100,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"cb468763-eb01-47e8-b06c-4f231b766bed","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":100,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"e6ac156f-8ac7-4a95-97ed-2a86ed2b4ad4","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":100,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"bbcb9968-975c-40d3-9093-916b4f96724d","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":100,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"8a76f4f1-5c77-4a3e-ac17-6d08eac4bf47","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":100,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"4a00ff1f-17bb-4f46-b425-8967f146b8ac","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":100,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"998086f6-1841-40ee-85c5-d02c7b2f190e","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":100,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"e85a7229-b16b-4ddc-9b04-e5a7cd3afb61","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":100,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"a4c74ed2-9779-489c-978e-88891c7011dc","block_type":"box","text":"II-47","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1ddb773-50d2-40c3-8bdb-6ea8413a835d","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b824522-6f58-4bfb-945b-6f7e4341051b","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":101,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"e9825da0-4a3b-4735-a258-06c0294d8490","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":101,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"3d316939-bfe1-4401-a4f2-3f3f98fd5f2c","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":101,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"22e4ebf9-b580-45ee-a55a-a9f7738cc36b","block_type":"box","text":"assets.","page_number":101,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"ea900d81-6631-4362-ad01-1d1252bf5a5c","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":101,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"c0b02854-eacb-4876-a8d8-3e63dfdff2ac","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":101,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"4468687d-a743-4ded-880d-a616a0a5bb8c","block_type":"box","text":"e.g.","page_number":101,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"77734535-277c-41e6-8fb1-8cb388867e8e","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":101,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"eb189e27-7dbd-4943-93d4-32467ab8ba89","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":101,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"8b3ae84d-12ff-4aa7-9275-911e2f567cdf","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":101,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"ceb843f2-d35b-4b7c-8b88-004928b2a831","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":101,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"6c750628-8736-4876-b259-ce7a1731ca45","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":101,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"230bf6d1-7121-4686-bddc-68c281aeeae4","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":101,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"0a7e7158-9f25-4d8a-9e6f-da6d207a183d","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":101,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"02e77d55-f8e5-43ba-b048-740baa3f812c","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":101,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"cf05f20a-0f36-4076-8fc6-29e19813c07b","block_type":"box","text":"countries.","page_number":101,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"a0c37e5e-8702-49d2-9848-697b799d2fc5","block_type":"box","text":"Issuer Insolvency Risk.","page_number":101,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"1683005a-84b7-4de2-8a72-9d43442d1be5","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":101,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"16153152-2197-4847-add7-0a2007e31919","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":101,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"954f8bd2-3ce3-40f7-af47-03a4d44ae4ff","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":101,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"5bbb030b-edc0-494e-8c05-2648e44c4318","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":101,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"7361f5cd-4271-4282-bda0-ba221c73d6eb","block_type":"box","text":"issuer uncer tain.","page_number":101,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"3105d792-3e79-41f9-96b1-7175671f18d2","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":101,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"716fa203-c7a8-475e-ae2f-4cf31e96c4ec","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":101,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"5cb01e07-997e-4981-bb31-d576a2ae0aea","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":101,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"fe7c93da-1d32-4909-8734-d932c16591bc","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":101,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"fcd85fe2-2c14-4431-bc27-766137770a96","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":101,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"25ba2266-c671-4424-9328-9e26d2d80f7a","block_type":"box","text":"eventually be satisfied.","page_number":101,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"2ee81d61-130a-43da-a2c9-0aa2b65c46d8","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":101,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"c27173fd-4c8e-43dc-94a8-8d4e66156fc8","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":101,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"fd1776a0-0163-48a5-bbfc-56c9e6612683","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":101,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"bc1b531b-4214-454b-9c06-36d517237fa0","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":101,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"667bda4d-1bb5-40c9-877d-5cd71094327a","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":101,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"1a599832-ca7f-44e1-ab7f-ca2596b1a325","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":101,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"2f668c35-7c64-48b6-9d69-333e2fad5850","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":101,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"4b572795-cded-404d-91af-54118387ca85","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":101,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"5401c500-3dbf-4074-a63f-418bb9a108ff","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":101,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"9b3898a4-ed5d-417e-a467-c074eeeadeef","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":101,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"77b9b884-0a1a-4e7c-893b-2eceba3fc952","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":101,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"1a662e50-4228-41a2-9369-f3e5caae18ba","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":101,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"78e96653-69a6-44f5-b9b1-e4edd63d97fe","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":101,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"4035a343-6bd8-4e25-bbc2-869950b1322c","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":101,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"f7edf414-c3bc-4f3c-a05b-d24dba80d41f","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":101,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"a69c1bdd-a365-43c5-b0c9-e475cae35a22","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":101,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"07e3c782-8910-46e4-952c-230f7651b0e6","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":101,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"23f9b4e4-172f-4ab9-9cf3-c2de37a7db49","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":101,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"511998d3-a3e9-4847-b91f-24546c6d9025","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":101,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"3e24f5c8-6c88-4f5a-bf2d-48a144805f8a","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":101,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"77176493-5140-4341-be18-db33b5836025","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":101,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"e31e8b29-f212-4eac-ac9b-b7f7e41caf06","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":101,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"97f8d887-181d-4636-bd25-3d36c69d5a1e","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":101,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"f6aea768-5fbd-49ee-bddb-c68e38c395fd","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":101,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"b8a61bcb-96fb-4cff-b835-3a64108e595c","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":101,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"a28807cc-82c0-4901-baa7-10cacea54258","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":101,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"cc3ede3a-5705-45fc-9753-d95eb50cbf4f","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":101,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"2ac5b27e-65a8-4cf4-b52b-2dc308e05e70","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":101,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"587dca7d-bdf1-4157-acb4-67e83d31408c","block_type":"box","text":"that assumed generally by an investor.","page_number":101,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"56a8c4e7-4aec-405b-baa1-78f4eacde5e0","block_type":"box","text":"II-48","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"378bc2b9-41bb-482d-957c-1163614ce1ff","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0650f4f-580d-4908-877d-9de373546e90","block_type":"box","text":"Lease Obligations.","page_number":102,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"8afd41db-010b-4859-8e1b-e493b0ca0d84","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":102,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"404d520f-1a19-4271-9316-6825cccb48cf","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":102,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"d09e02d8-b196-4c83-9959-880a714cac73","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":102,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"470964bb-f6c0-4829-b748-ba45baa1166f","block_type":"box","text":"Life Settlement Investments.","page_number":102,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"021b7b86-52a6-45e0-94a9-660c234261a6","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":102,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"6c356312-80df-4678-b8b0-8ba364631a2f","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":102,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"2cb9b380-0bce-42f9-89e7-b99b8903e340","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":102,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"77ff8cf5-9c46-4ac8-a17e-5fe347720489","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":102,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"b44e81a6-0762-4207-a9ad-845a39f3a33b","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":102,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"f172dc08-9cdc-48b4-8b67-b5d2f46bf3c7","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":102,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"77aa9332-a39d-4d92-95cd-0a13249051b1","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":102,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"ae777d77-9681-4ef7-b8cd-e2159b4427d0","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":102,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"aab84d69-a771-4c9b-94d5-3ee6d5838951","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":102,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"eb968637-7144-4997-90a4-a4f1152f6526","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":102,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"ed978d79-40c4-459d-b18d-cc839a288890","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":102,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"0eaf44b4-1fa1-4c5d-a653-eb2337e07899","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":102,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"373d8a56-e3ae-4679-971b-0154231a7e44","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":102,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"a787bfec-bf09-4903-a32f-2b955100af32","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":102,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"59ec48a7-b8bd-49fc-9d87-e560321275a7","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":102,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"5402e255-2a9e-45fb-b09e-c83d58a7a69c","block_type":"box","text":"Liquidity Risk Management.","page_number":102,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"e2c6b6c0-b95d-4c3e-9da7-63f548f00658","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":102,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"078caa72-e42c-4fb8-9561-4d727ff9f63b","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":102,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"fb1f0c73-ca02-4c0a-b2c9-727473d454fc","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":102,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"6c87ea8f-c40c-4003-a659-a9bcaf398c7b","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":102,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"6d01f7ac-5885-4e89-b232-fb5e6abfffdd","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":102,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"df861684-f17e-4687-8ed2-39c7050eb0b1","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":102,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"70d26a94-de03-467d-a9a0-a700bbb61601","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":102,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"e25a63c1-6639-4432-a3b1-4b4a77ff0b26","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":102,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"04406475-15fe-43be-b1f2-29b33f3518bf","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":102,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"4d02d192-a91e-420c-b2a9-bb54286b69b6","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":102,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"a98f9a82-dc03-41e9-8f7b-9d18d0b6dcb4","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":102,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"b1da12f7-1b1e-476a-8e7d-e7f912b50a00","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":102,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"05788e11-6ca1-4ee5-87b5-10ae648c5952","block_type":"box","text":"Master Limited Partnerships.","page_number":102,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"8543b850-1704-4482-b6dd-e93920e565b5","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":102,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"f5a5233a-501d-4554-83dd-5e5cf1bf08ed","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":102,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"2b88787a-bb69-42a5-a81f-aa7fb3312e97","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":102,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"e56473c8-3a66-47df-873c-a0d07ae8ae09","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":102,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"6ee70daa-3fd1-444f-8804-ee8d12cbee5e","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":102,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"3581b1fe-634c-4cd5-9b01-13e37d32559a","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":102,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"d8e5bcd5-f449-4374-badd-f2ddd92be2fe","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":102,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"b90e71a8-3ccb-4e02-9eb6-dda8efc6f353","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":102,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"f33e5913-9dcd-4b7e-9e90-efa26d6b2b0b","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":102,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"655ec6f7-1f68-4e50-899d-ab679c003fb6","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":102,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"d68b0c39-a958-4c80-967b-d89546e4f8ba","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":102,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"5a7deec2-f631-40d6-a58b-53548403aac5","block_type":"box","text":"in the par tnership’s operations and management.","page_number":102,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"da154427-696d-41db-82da-6b253546bfe2","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":102,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"2dcf0070-a571-413d-b55e-b90bd62aa1a8","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":102,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"e05492f4-f810-42c3-9e28-07a9ca1d6756","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":102,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"9028b398-06b9-4dcf-a4e4-f98244938ea4","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":102,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"82eaf8e2-66ef-4a22-a217-6fb66db9fcf1","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":102,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"665cc413-08f1-4e30-95f1-5d2258c0578b","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":102,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"509168de-75d8-49d7-82ae-d0a2b0139c1c","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":102,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"b9eaa934-6905-4cd7-9dc1-3d15ab410cc8","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":102,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"aea2dcdb-54ae-495f-885d-4663c8041625","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":102,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"7529acee-907d-4788-9558-8603f4636a0a","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":102,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"0a36b352-4b46-4632-b188-a84feb5aa45e","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":102,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"16b93a6f-8985-4802-a899-b517d90925f2","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":102,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"e20b8d2d-7823-4c8e-a263-7125e7025949","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":102,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"f5067728-a37a-434f-b9c9-e4e509945113","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":102,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"6c4f00d0-a462-4a4e-a68b-fa9bf03e958a","block_type":"box","text":"II-49","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"11cb99d2-8e72-4c25-a3f2-2cf9663b4feb","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"012b2e47-bb0c-4f20-a48e-fbc56cff3e0e","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":103,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"f8c677e0-6618-44a3-bd7f-c342719b2fe8","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":103,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"9a9ead8c-df66-4dfc-ad07-cc0c4cb27582","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":103,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"707ab0c1-c87e-4220-9774-ec555ebf493e","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":103,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"f6c164c5-4af1-46c7-818f-e7611585db69","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":103,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"599d4186-03a1-48cf-9088-f5178b0f9b31","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":103,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"2e528bd6-fc4e-41dc-b3d7-a7cbbe8bc4f2","block_type":"box","text":"Merger Transaction Risk.","page_number":103,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"ca11dbb9-ea1a-4828-aa02-4d4929337a64","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":103,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"029e5018-e177-4a6d-909b-151b8aa0a1f8","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":103,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"2093c8ae-7e3c-4ea3-a39c-024d183d7a95","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":103,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"b0d8b7f8-b633-475c-9c9d-acbc74a11073","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":103,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"924cfe04-d96f-4dc5-83d3-da0c213925dc","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":103,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"e872345f-5a5f-46c3-b40d-6cde2f0615a7","block_type":"box","text":"the Fund and may lose significant value.","page_number":103,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"233d7e06-cffd-4b99-b11e-94029ed417a0","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":103,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"9d96a1f4-4a62-4d0e-ad78-e4edd8b3f083","block_type":"box","text":"Cer tain","page_number":103,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"9f1aecd4-a0b9-41de-903d-88ccd7132a13","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":103,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"282bf5e0-c1f5-4360-a59f-b49269f36b35","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":103,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"b0f5be1f-29d5-4fd4-85bc-93fb97d7fc56","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":103,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"8e928073-bd4e-4fe5-bd59-3b3e29d92a12","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":103,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"9c43b8d0-6199-45fd-84ae-ed8f8eb84782","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":103,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"af98071e-5d07-4c2c-999f-fdf5c7986169","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":103,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"c049ef41-c0e3-4643-ab6f-222af7855188","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":103,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"bff413a7-fe12-41d2-ae48-1bb027f2bfe7","block_type":"box","text":"branches of domestic banks.","page_number":103,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"9ac09463-8f38-416a-8fd0-d0399f3a831c","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":103,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"1cfe124f-105d-4b6b-9665-812cd5e5c046","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":103,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"ee31f643-64ad-4c2e-8f22-35bb4d82d713","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":103,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"96d8cee7-a011-45b5-9bb7-986134d73bba","block_type":"box","text":"paper of a foreign issuer.","page_number":103,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"0534c779-9b8f-4adb-8e2f-9a14c6c5f56d","block_type":"box","text":"Money Market Securities.","page_number":103,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"b1ce6e02-4206-40af-bab8-0b7c9efd5459","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":103,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"b8cc9a12-f829-4c07-96f0-73aea34558fe","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":103,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"c144cac9-1493-4eb6-b30e-11344d06d112","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":103,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"883cf42b-94fc-4ca7-82b1-a6418f1e1608","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":103,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"7d281493-1883-499e-8077-8c0417f17ade","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":103,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"0b81e851-4b57-4c82-8f22-48924cf457af","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":103,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"447e1ada-00c7-459e-b02e-1324835b686d","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":103,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"028548ae-fa9c-4af9-97d4-2c075f26314c","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":103,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"faeb410e-6d37-42d8-8438-bb73222f473a","block_type":"box","text":"agencies;","page_number":103,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"cf9208e3-9fd4-475c-a84a-2ea001b88864","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":103,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"53123a9f-bb28-4767-b695-abb0df3211f5","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":103,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"7d1be078-94e7-43af-92ee-55f11c8dadc2","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":103,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"4680f8ad-461e-47d2-acfd-4d07ed1f87a6","block_type":"box","text":"obligations and credit card receivables);","page_number":103,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"6130ebd6-72f6-4d2b-819b-cf49b858cb00","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":103,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"914d1902-0c1a-426d-af8d-576e6b1aa344","block_type":"box","text":"authorities and related custodial receipts;","page_number":103,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"5ef1b67f-9ca9-4dac-8c4e-f4f464f42f4d","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":103,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"6e4fd6f0-0e19-4c8b-97f6-e44849ebaf43","block_type":"box","text":"agencies or authorities;","page_number":103,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"51c7c9dd-3d91-4ffc-ae55-82e5ea2ab7ce","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":103,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"d40866c4-573e-4298-9aaa-b8217de1bbf4","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":103,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"eb275583-7925-4b94-bf63-bbb5669470cd","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":103,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"a097b7ab-270f-4080-a1f3-cd82cd12fef8","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":103,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"ca10492b-554b-4f74-b2a5-12ee85428f51","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":103,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"46b78a19-3375-4a86-a0b6-840866cfd454","block_type":"box","text":"States;","page_number":103,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"e1b5e8cb-33dc-4e66-8607-95a3fa5860a3","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":103,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"9856c937-ad13-4274-b5f0-930801d218a8","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":103,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"d23467be-6a06-45f4-b143-f09c74dcca6c","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":103,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"3c7d04e7-7ea6-46dc-884f-143f25ca2772","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":103,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"f477e15b-5274-48c8-8034-a93161c1d8db","block_type":"box","text":"II-50","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8b24a937-15ce-4732-9d54-89996b4a4b1a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a30a0044-1851-4796-8e60-3537ce0fa560","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":104,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"144a3c96-7577-402b-afa8-2b29c0dc853b","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":104,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"70c3c128-e2e1-44d6-96a0-4ba22a65c64b","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":104,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"bfc2e863-52da-43f0-91fb-8ced33493b60","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":104,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"00a1013c-8367-4350-a421-b39a884cee0e","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":104,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"3ce8e9a8-6d81-4c4a-96f3-fadc6b472207","block_type":"box","text":"States.","page_number":104,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"cfe4f634-42f0-4952-866b-e4d15be077f0","block_type":"box","text":"Mortgage-Related Securities.","page_number":104,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"9916f39c-773c-487e-bd75-dd63e4953d82","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":104,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"92cf45b4-cbde-4803-9777-9c6fd11ede14","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":104,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"4e45e2a5-4488-4b47-ac58-dc798d3c387a","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":104,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"77a91da3-db3d-4f13-9537-1a87b4a43130","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":104,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"5d92482e-513b-4394-a8d2-edd6e0791d37","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":104,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"dc3601a4-af09-4f84-8173-dd464b50663a","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":104,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"cabcb013-3ad2-4f06-aa9b-619a6ce2322d","block_type":"box","text":"maturity or specified call dates.","page_number":104,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"d0930edf-0c6a-4da2-bcb9-ab12fae528dc","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":104,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"4e8041fb-2f64-4282-8adf-9308799dace2","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":104,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"277e9435-725c-4b51-b006-3e78e04244b2","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":104,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"85c854c9-08a1-4c07-aef4-2ebea51c639e","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":104,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"8875d4e9-a398-4675-baca-49f2d1a535cb","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":104,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"c8159043-440d-4650-96bd-b982a6a5a42e","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":104,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"7928b76d-855b-4f56-a067-3641dc1b228b","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":104,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"cd327e7b-8ab7-4926-bad1-1b1bc291c7c4","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":104,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"a461878f-37cf-4c80-b9cf-5cf2514c9dde","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":104,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"41c0e5e0-469f-4d14-9474-3a6666d8188a","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":104,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"054e056f-ed25-4952-bb53-6fe639f41f05","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":104,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"3681f9c5-5c2a-4efb-9d18-f331ca58d5bf","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":104,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"abee4126-939f-4b50-aa7b-0df0b4c5206d","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":104,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"46da7252-8c42-4037-ba2c-6a818ff1cf4f","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":104,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"39e3b92a-dfc3-42fc-9f07-dbd70bb598f3","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":104,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"f45f8ec5-617c-4609-8b98-1be64507472b","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":104,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"e1e19f0f-3f6c-49d9-ba18-a3a41857db98","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":104,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"b6c8cd5e-78b8-45e3-9468-58a7c90f1ea9","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":104,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"4f0294c7-9abd-4312-bb98-a6e2edc1facc","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":104,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"c1ff3264-cbb9-42e5-a3aa-f55d22e7f178","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":104,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"3944df80-26ae-4c03-a0b5-068813b8b51d","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":104,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"8c31220d-9abe-406d-a7f2-82ce96df1295","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":104,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"0d512b37-5426-4b6f-a89f-179564902083","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":104,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"b530f4a1-125d-4a3f-9303-6708fe479ddf","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":104,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"0c6b88e2-90bb-4ae4-b848-64afbffc2602","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":104,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"443f6353-8d67-472b-8373-360a8c8573a5","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":104,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"372da6f9-7bd0-4302-a264-a64d901ed083","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":104,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"d9cd0dc6-3b10-4677-b375-edad7862a65b","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":104,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"ce47f1eb-16f9-4cbb-814a-c911540644e0","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":104,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"715a3874-dad5-4a14-8b5e-178f1699d24b","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":104,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"11944a05-5325-46f8-a6da-7982d6e8fe34","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":104,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"45a108c7-f29c-49b6-ae06-a9c19cd2c5ab","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":104,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"5551c847-8c18-45c0-84bb-6ea57fd0fa00","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":104,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"9fb7acbd-d303-4d8c-b64f-1e11d53010c0","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":104,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"50ee0252-abe0-4ec2-822e-0ad8b07d708b","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":104,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"35fd4638-532e-48e1-bf27-14f70af133b4","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":104,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"d23e1557-dbf6-41a3-97b0-7b32a8373796","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":104,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"22db89fe-5a8f-489c-9b4c-f051ec947703","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":104,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"779c8cff-3052-48af-8f78-bb27ca7b805e","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":104,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"c133099b-e0e2-4011-8f8f-a967ad7b9e0d","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":104,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"0fedb9c9-efef-458f-81bf-95fae3b36f1a","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":104,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"98491d0c-f3fb-4166-aa18-a3b2a0c1701e","block_type":"box","text":"II-51","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cb86bdfa-6b6e-48b9-beb3-3fbc4f32ba2a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93ec207b-d68b-4a1e-b724-6899e25f974a","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":105,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"78d0976a-c4b6-4bbc-8f93-a79ff5808d7f","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":105,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"c0eaa454-0503-4c24-ac59-c8e4cd6f1e7f","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":105,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"c891fa05-342a-46fc-83c2-f4b22782945a","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":105,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"f368f09c-becd-4df7-bbd7-dca10d12a704","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":105,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"6c6021c1-4b3f-4c24-8cf6-825d34e82a54","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":105,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"9323ae65-1573-45c9-81d2-b9dca625c18b","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":105,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"3ceee7cc-cfad-4cc2-9a05-24d1008df7d7","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":105,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"dd629f36-8a4d-4e45-a1e3-8b20db3c740f","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":105,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"c12f5238-b5da-407f-ad1f-a59fbfd006bf","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":105,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"4a7340a6-c999-4fd5-8cbf-90893e23b4b0","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":105,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"9d8fa6ae-9188-482c-9724-cec2abba5cde","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":105,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"6255ba39-20c1-41fa-be3b-67f3d30b926f","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":105,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"a33de771-6aaf-448c-9e60-ed036c9ff27d","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":105,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"06201b9a-a645-4b3c-8be5-d4b15c534d13","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":105,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"5bdbcc5e-7c39-4c46-a5a9-5a8bffaacd9b","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":105,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"3bf916d6-4d4b-4eb1-936c-81d6b838771f","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":105,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"d9efd7db-698a-4eac-a4c3-c5882744da15","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":105,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"7618c117-d3bf-445d-ace0-6b22f4e5d721","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":105,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"f1cce95b-a446-45dd-a370-84891bfc326d","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":105,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"51b6ad0c-af42-434b-8f7f-11b7fdfd10c1","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":105,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"289e707c-874f-4485-8b49-b89a14686e34","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":105,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"75d12424-1cde-49f7-9530-151824fa566d","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":105,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"287d9a4f-b028-4b16-aea2-ce8a71cd1680","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":105,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"522b8ec6-0f85-420b-a389-ee1e34dc2c6a","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":105,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"b9bddaa1-a59e-431a-800d-73194038cb1b","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":105,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"f82c7bb2-ea00-45d7-b9e4-cb100d8fbad2","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":105,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"dd405b04-670a-44c6-b12f-68029e3ed703","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":105,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"ee3f526e-ac27-463b-8319-cc59a5ba5dc1","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":105,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"1e459065-98a9-4976-8c8b-ce8f3f537f14","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":105,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"d762c95a-0af7-4813-8b9e-4d24ae464b76","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":105,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"fb48d03a-25a7-4e5e-a15b-ba48dc6d1c81","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":105,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"6c7099a9-744f-45d5-ae18-50f2e6fec939","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":105,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"51a3cbd5-89cf-4bf5-b53d-2a7e1d4f7102","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":105,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"7f9c049c-1a71-4c19-a0f1-c8d191e279f3","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":105,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"244a0afa-97fc-4d29-9c25-44f4c1d01f25","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":105,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"13ccccef-06ec-4fbc-9ceb-7507714b6add","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":105,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"cdbd4a0b-8575-4bc3-a3e4-a64bc1b80cc6","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":105,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"7b76ab4b-c67b-4a77-b7f5-bddbee6878d8","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":105,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"f556cf39-c9ae-4cde-8e0a-33d24c69bf90","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":105,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"45a9c1e0-f7f3-4d6d-aa03-3c4bb3eb8e4a","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":105,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"1cc89643-a35b-4bcd-a4fb-fc6d5cca2689","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":105,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"d69f4b14-b9d9-4af6-8785-7770af3b5c07","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":105,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"15d16463-338c-4c7c-b82a-b58705530a61","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":105,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"bb856a11-ea8f-4d56-8bcb-37c35018a563","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":105,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"8938117c-2602-46a0-8a11-06a21fd1d779","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":105,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"e8e49039-0164-44bc-8ea1-a9197773f482","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":105,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"266d0b91-6f7d-4460-a246-298d0b65d7d1","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":105,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"486f259c-5e77-482e-9bfe-ef9ee1cf2cb0","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":105,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"be1f4466-97f8-43a1-84d5-05734ec36ec9","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":105,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"037de4e7-75d9-48b4-beb1-24a5eb338b8f","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":105,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"d9cb3cf8-01f3-4779-b67e-bc291621e23d","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":105,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"f4056f90-09fe-4ff9-8986-d0ad8f6ca83c","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":105,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"3b7ccdae-244f-4c7d-b980-efa2e5a0730f","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":105,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"c0bcdc19-dcca-457b-9b95-3d8217906d15","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":105,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"6feec417-f5b5-49c5-af40-ef560b56fe22","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":105,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"b3d9aa7f-4887-46e3-b13c-ff93730c16a6","block_type":"box","text":"II-52","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"70a1d43e-bbd3-4b09-b6c8-d71ea03d7794","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cac23f96-030f-4aee-a239-3b283e6ab553","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":106,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"94317f89-ad88-4d2c-97b4-47c55e4b6fa1","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":106,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"3abe0394-04bd-43e4-9027-51e2e773e178","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":106,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"29e3e39a-0c54-46d8-b3de-720e170c5291","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":106,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"194a081a-e493-49c8-992a-81752298e07c","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":106,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"95b76430-880a-450c-9439-dfefcf503ffb","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":106,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"15a737ff-3a00-4f1f-983b-785f756f171b","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":106,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"5db04f53-7ea0-4af7-9a48-6a98580067da","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":106,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"4c5b3fef-4d4b-409f-a773-f0ce99b0c05d","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":106,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"c511b942-d5c6-4c75-b85e-52ec8fb48f41","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":106,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"29d2a45e-e554-46eb-ad83-fa6fb48909e5","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":106,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"3c9990c4-60c4-411b-8ec6-3163bc0e1ba4","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":106,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"32dbea43-9991-41d2-8ff7-6b43e101a4fa","block_type":"box","text":"of principal because of the sequential payments.","page_number":106,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"9add3e2a-0dae-40f1-bc7e-042dc17139f7","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":106,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"9d881985-9f8f-4b76-a952-8d2685a5a13e","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":106,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"7345cdcd-7051-42b3-80a2-ed372e1ecdd2","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":106,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"55f5486d-cceb-427b-bc61-28599871c7ce","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":106,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"77484230-80e8-4635-8cc9-e14d4e44a784","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":106,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"17c7a608-9069-4128-9139-08b06e624951","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":106,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"2ff638a9-e13e-49fb-8e7e-96a26081f858","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":106,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"d1362854-cc7d-4fd0-ba61-37b2754f8d54","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":106,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"0565ad06-ed88-4761-bb01-f7dde562d1db","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":106,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"2f81b970-7894-4a2f-94a1-beda2521d269","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":106,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"4664fa77-ba51-4dae-9fc1-72ae3a2bf3c5","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":106,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"bee87b98-c15c-4f1e-933b-b81643bf3607","block_type":"box","text":"securities of any single such entity.","page_number":106,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"0f7c2016-2e55-4791-826e-7e2283ededba","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":106,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"5fa6c28b-ce51-46e8-9390-ff63d5d0f303","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":106,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"bb544a90-e5d1-45d2-8273-36a9b086a7d5","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":106,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"a981ca6e-6c09-4c4b-ba2b-9ffa78a79239","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":106,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"795194e2-4ca2-4ac9-a00d-f6db8707a47e","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":106,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"eee6d690-7437-4208-81a1-ae618c550277","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":106,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"0023f377-445e-4e95-b4be-f8535d7ac245","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":106,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"ae3546f6-10e8-4fd5-ae14-634f27682fb1","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":106,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"4127f81f-441a-479e-808f-b798bcf72e2b","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":106,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"bc7b16b8-cf87-46ba-8bf9-8d2566128ebe","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":106,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"2dd4d049-ddab-4abc-a998-7b58cd2b0d87","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":106,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"4bfec89b-897f-414d-a9ad-b18887512cfd","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":106,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"6d06d500-d133-4443-ba23-8175b261a855","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":106,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"bce64ef4-596c-4b07-99d7-19951c89b2af","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":106,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"4b36b3e3-e44e-4eec-b8c7-7fe2b004cfe7","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":106,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"a9d5236f-7b0c-47ce-a33f-6945ea9a1477","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":106,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"4a837102-383d-4328-8a6a-e07a9f82ed37","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":106,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"387cff40-eeff-40b8-b7e5-3a94d0d95b6a","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":106,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"84bd0e45-9802-410b-917f-7ba05f9b1112","block_type":"box","text":"classes.","page_number":106,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"3d880abb-b6fd-4f95-bf28-1f0c0ad88102","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":106,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"71abeb4a-6ed2-4ce7-bbf1-731168a281e1","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":106,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"e55b3fb9-e165-4369-85d3-2c7b5b480b44","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":106,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"b38c0290-d105-44bf-82b0-281b4d6776a3","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":106,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"94d3421e-45b6-4672-b9a7-40121d466f34","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":106,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"1dbd9b20-817d-4f18-a167-fa276713b698","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":106,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"42ef0c70-508e-4a07-b7b2-079ba4e95fdc","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":106,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"709ed43b-b39d-4d62-94e0-226e61ff20ff","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":106,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"fc57e7b4-973e-455c-b9b3-6924c1600710","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":106,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"3d5df04e-5a61-4dab-a0fb-8504f2d1e9fa","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":106,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"b6cd1be6-b04d-44d9-99ad-55a308257742","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":106,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"f8981ed0-5006-4455-8775-a1c2b9e3e75b","block_type":"box","text":"to a designated benchmark index.","page_number":106,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"332f92f6-5113-4d44-a5bb-62345bb7d227","block_type":"box","text":"II-53","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a6df9fa4-e063-45c9-82ff-1f92f98bd0a8","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95ede572-5b7a-4c7b-9387-eabe787c2a59","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":107,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"f8ce9ccd-6f31-466a-a82c-03c9493fc299","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":107,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"4711e559-7726-4e49-82b7-eaf15bdefa22","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":107,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"674dc19d-b93b-4779-b883-92c0ded62999","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":107,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"bd639e89-c06a-4da6-914b-1746ed000a7a","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":107,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"b6f26ebd-1d0b-49e5-96c7-45ce42f0c718","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":107,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"8fcd2593-d2e1-433b-9d73-d539d021e854","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":107,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"657e62bb-042b-44ed-bbc0-96a9eb2dd570","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":107,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"39af6ee2-3d26-4a13-921b-c72063c9e0f0","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":107,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"097890e6-855a-4ce5-a277-c2a6eed1227b","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":107,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"5f888941-cc02-4871-97b7-f8701b1dad8a","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":107,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"6cbcd2fd-591f-4a12-b405-90a1881a953a","block_type":"box","text":"CMO Residuals.","page_number":107,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"90b25656-5fb1-4c78-81c6-9140c2426716","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":107,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"2a26cdb7-c8ca-4095-a239-8efcf8b5348d","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":107,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"4d06c4d4-a88b-4dfe-81a1-fe733cc8a34e","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":107,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"4dedcb40-f507-42f0-9ac4-ff5e13a3eb86","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":107,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"c6651865-81dc-4768-9eff-0f62bce49d38","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":107,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"d1b4539d-c0f6-4c01-bd5a-c6d0c62afa89","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":107,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"69c9c4b8-4b56-4fb2-86ba-d28948b006f9","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":107,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"4f81bc5e-5747-4282-8314-b76fa98af888","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":107,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"86494f6a-b650-49d6-a83e-de598229a36e","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":107,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"fd3a7691-5aa7-4a87-9045-b4191efe87d3","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":107,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"e844ca3a-78ac-4b81-9cba-6fb6558c6089","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":107,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"0339e338-eeb9-4ece-9282-136086fd3e05","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":107,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"99bd1825-9d52-494f-ad57-23f9376f85c4","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":107,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"efad2242-513e-4f6e-9870-ff512508c4b5","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":107,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"ff4046d6-f1bf-4fe6-a882-3561eccfd7c5","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":107,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"355f2a50-e333-4309-84be-c46b1dd590e5","block_type":"box","text":"a CMO residual.","page_number":107,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"15a6a8c6-2889-4fe8-95cb-7c4935d928ac","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":107,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"f7f84669-719c-4ce9-bea1-2db834cad1fe","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":107,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"0a098c9b-63df-4288-afa1-b9cbabcdf9ba","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":107,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"c449838c-0b97-4cc9-94e0-43edf916c1eb","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":107,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"3b2b0a72-b434-4111-88b6-8c1c8cfffe9c","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":107,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"8b616d3a-86dd-4b98-9b40-d3152a60090d","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":107,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"0fea00d4-4f83-4ed1-a36e-95365a403b21","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":107,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"c802994f-cbbb-4ed2-aae3-d5d187bcd716","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":107,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"a6f4e1e4-b2e8-4dd2-b3bf-f0fbdc151123","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":107,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"5e2af814-9097-41c2-ab29-4e1f46d84f72","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":107,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"0a9a6d22-7624-4d72-bae4-aa7102fb7a60","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":107,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"010a3564-102a-4228-95b4-85e5dae8f088","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":107,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"75af7b37-1a07-442d-acd2-8410fb19515c","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":107,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"1c51b4a3-4434-482f-98fd-9c26de000fdd","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":107,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"12e773d1-6c93-4c95-830b-4c794fbf677d","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":107,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"b2e99958-4fd4-4585-bbae-e6b27551b48f","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":107,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"cb9dcc45-1d76-4289-b87e-d3aec8613479","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":107,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"87e40410-172a-43a1-8d25-d6c3b2842a47","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":107,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"eac64409-7bab-4829-b613-4bc53ae5d393","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":107,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"75a4d895-32a6-4d90-bfcd-eb01677e6365","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":107,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"f9526b86-3f60-46a6-bb64-88e7c8d5f45c","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":107,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"9a63e15e-9a8b-4e3d-a22e-bb24e4347ee8","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":107,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"f8cbfe21-fddd-45de-bd91-dbfade460e2b","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":107,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"11525992-95f3-4f92-9a69-932811dfb026","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":107,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"daacda13-a1dd-4417-8836-35f4685397a9","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":107,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"5142f84a-8b0a-4250-9c06-053a61c09d6a","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":107,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"c95e4480-e3e2-4e13-9358-e214aab0791f","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":107,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"09a609a0-2523-4237-99b7-8f4cea7fabed","block_type":"box","text":"Tiered Index Bonds.","page_number":107,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"b08be2c1-ce75-4ebd-999d-5022dd4db7ef","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":107,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"e52450ee-70f4-4ca4-89c9-032e4e43d981","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":107,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"c7ea1d17-d09e-4897-b90e-80cebb7991dc","block_type":"box","text":"II-54","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5bc93910-9640-4ba7-a91a-e8390b4871e5","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90b1dc69-f36b-43e8-a328-a451500acd50","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":108,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"849e68a3-e205-4fc4-8841-34724b4cd611","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":108,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"cabe31b6-0b2f-40b9-8d45-865e7e40113d","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":108,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"01d39526-3656-48c7-86b1-4f7654634692","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":108,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"ff150bfb-5c61-4c53-a44b-7d150915981f","block_type":"box","text":"that of a fixed-rate bond.","page_number":108,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"10e63d19-f42a-4d8c-bfa0-32a6b5da6a25","block_type":"box","text":"TBA Commitments.","page_number":108,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"bd4f9e5f-9171-4580-9090-2c78e3c05fb8","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":108,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"791115e2-6ef0-423e-be5d-87eb60300505","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":108,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"3f8eb8b8-6842-49ae-809c-46e12ebb1988","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":108,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"e5c74e7f-5767-433e-9b40-f94986836d5f","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":108,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"a7162b5b-56b3-472c-9bfa-dfb17081d59c","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":108,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"b4c10032-d40b-4acc-af7c-4dac70fd95a5","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":108,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"0fabcdef-e8aa-4724-92a1-83d6cf56bf74","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":108,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"1c1c0905-4bd8-4711-b36a-389badb73726","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":108,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"5313b5f8-d260-487d-9da9-816db092a2f2","block_type":"box","text":"below.","page_number":108,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"3809ff40-3990-4d0b-b7c3-8b46e04618d2","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":108,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"f1aa9a3d-4709-455d-97f0-28e4671f2551","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":108,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"73dc4eb0-bb6a-4122-ad40-323ea7ccb4f8","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":108,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"e28a90a1-b4ab-44b6-937f-ed966eaad502","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":108,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"2d0f73d2-6248-46b3-a7a3-fd3ee72cc2d9","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":108,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"a26ec84c-f3ed-4142-9aad-cf0a8227dbe2","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":108,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"df249cdb-8771-4099-bed9-9589fc3d6cdf","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":108,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"aad9a852-dbb5-4765-8cd2-e5378d93ab23","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":108,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"9bef04d7-3564-4fea-8c83-12cec8bc37bc","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":108,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"74bfed5b-5e01-4aa9-8aed-c3e685257e4d","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":108,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"8a5ae2ce-b1b7-4a94-a8a0-b0f03ce506da","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":108,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"2343a5e5-0f8d-472d-83a7-87e5ed790fc7","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":108,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"c1044c56-7ad9-4816-9690-7736e84d58fb","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":108,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"613b0458-f6a3-4d53-ae36-23f43c54d192","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":108,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"bd5459fe-be16-4cbb-b2c6-a9ff17825832","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":108,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"d2449d56-a05c-4333-858b-1d8cfa2fb8d0","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":108,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"f42261f5-831f-449c-8c95-93ec5e04dbf0","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":108,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"02faa272-3a2d-49ac-9cae-8ef3b1ba4d0b","block_type":"box","text":"securities in the forward transaction.","page_number":108,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"f42dd080-8ad8-4887-a0de-340b46c5213c","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":108,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"810dbddc-79ac-4f2c-8b43-258a39151d6b","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":108,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"2626db76-8e6b-45b0-bd7c-402399056ee3","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":108,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"b59fceaf-3c1a-4d5d-9dff-cfbb4147f3a2","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":108,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"e8c56ade-5ed6-4ef0-895e-6cecf2484f49","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":108,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"ae0191b6-600f-4ba9-8c1f-73d867624c18","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":108,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"a03046d5-8edb-43ae-bf61-c7d001493dfb","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":108,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"d19fb3dc-f149-48a5-86ee-a0a2972d4614","block_type":"box","text":"securities (","page_number":108,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"c3344bdb-54fe-47fc-b4b8-2202677aba8c","block_type":"box","text":"e.g.","page_number":108,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"36bfea1b-e735-4d6f-a82d-61a084a689a8","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":108,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"1f2016f8-2e77-413e-ad09-4b23ee819c05","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":108,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"ce8ff5e4-f630-420d-8a2e-4439393e2983","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":108,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"106af678-8777-4100-923a-920b19f4f0f1","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":108,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"f01e5313-3862-40b0-964b-6d2773c4e68c","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":108,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"480213cc-7e1a-49e4-aa65-eedd2620b621","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":108,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"4e311949-9e3d-4474-a86b-b1189c1b8ec2","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":108,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"7c8c3a1e-923d-4d00-b5d9-740e168885b9","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":108,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"b700e195-aaf4-4f5e-b195-e44ae0fbb42f","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":108,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"4e9d80ac-40f5-4205-bb1f-68043f28b911","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":108,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"51fb0db1-1789-4898-95db-4b2283de97e6","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":108,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"17057bf4-8177-4531-86c4-f9b372068be1","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":108,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"abf44135-fc96-42e6-a0a1-d6987aa03163","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":108,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"d67d4702-7cf6-454d-b96c-922a1b961c1c","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":108,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"4ee196a5-7dda-4a9f-870d-e7f1d2f3aba7","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":108,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"b9a2d6db-f5e6-4879-b5d1-d5d877428daa","block_type":"box","text":"Municipal Investments.","page_number":108,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"f0d9da8d-71de-400c-a329-3f64e6cf5410","block_type":"box","text":"II-55","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0b8f641f-d02b-41f9-a4c4-e2c94f654670","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08195b8b-e7e6-4cc4-b3ac-84852361abe8","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":109,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"42cda68f-0b54-4a39-9a82-ced8cd79620a","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":109,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"d1149bf2-ff1a-46d4-b480-94ea3bb028da","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":109,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"34f7ccf0-be02-440e-9dfa-fc152a4780e7","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":109,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"7ae6de07-0bfe-468d-8f67-6b1fe83b3338","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":109,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"8aa04b0f-8be2-4b5c-83a1-6d1f110ec5db","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":109,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"ba4af519-7f37-4cf4-b6aa-d9f014943110","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":109,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"51fb9783-12c1-4166-b641-c89e0a1977c4","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":109,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"5c9a5feb-b4ea-4ebd-8c28-b6e3cfd11906","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":109,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"0eb1afc5-1da1-4496-a5a3-d8c493bff7da","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":109,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"08ae3941-b7fa-449d-80f3-d36daa5a4b54","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":109,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"7ea98fd5-4e68-4da7-9984-ed5bff354a5f","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":109,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"3d0ae430-aaac-42bf-8f87-8dc72e218918","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":109,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"9a438fa1-5956-4ce8-b504-3006cfc7dc44","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":109,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"1837a94c-ff65-4385-a6d5-71c4bcbdb426","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":109,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"c3687471-4d91-4adb-9a56-97e76dd4592a","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":109,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"8e3c504d-2473-45ef-8af2-9304ce86dd91","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":109,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"9bf49b18-1f7b-4390-96bb-affc522edf3c","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":109,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"62e94868-af23-48df-896b-0104a0ce528f","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":109,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"378ed4e4-4b5d-4a9f-9a35-7fcc5328ad97","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":109,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"cd363009-f2a3-45ec-b539-f06eece317b7","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":109,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"fd3110e2-3415-43c1-b4a8-0777dcca3406","block_type":"box","text":"The risks and special considerations","page_number":109,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"da4991e5-cd29-4dac-989c-a2c38d9040ba","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":109,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"b7ae50f4-fa49-45d2-bba7-772cc574ce8d","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":109,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"354c976b-66a3-4773-94ff-ce8753796017","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":109,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"1431099b-8095-405d-a9b5-ea981de42053","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":109,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"debe51a3-3cc7-4c20-a821-58068fe0a463","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":109,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"59ceac13-d839-406a-ba17-3ee5c34f988e","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":109,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"aaffbc99-3b34-4556-853c-437cd9fb00a4","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":109,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"00273282-2607-45fe-ad75-0a438b544f9e","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":109,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"7c9f2d20-8303-4aab-a9ec-8ef789c5815d","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":109,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"b3d1b2f4-0999-4833-b735-28642c90ac0e","block_type":"box","text":"II-56","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"93c276bd-f3e7-47da-b19e-6d6ffc5ca3e5","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6667c828-2645-4a16-bab6-6f024ea65660","block_type":"box","text":"Description of Municipal Bonds.","page_number":110,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"e7dce914-c868-4d58-8479-01718b3a8927","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":110,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"426f8159-da66-4125-afc4-a5229574358b","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":110,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"4b87c7ca-a2c5-4dbb-b2c8-6d653ca86d23","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":110,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"bd359e1b-fb3d-46fa-97ba-e1d3649d7cdc","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":110,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"0c04b45e-f386-45ea-aafd-01e1c4b27161","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":110,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"f6d1f45a-7a73-444d-b104-94343db527dd","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":110,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"62160913-eaa8-43dc-b91c-5a3df3293eac","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":110,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"09149383-aba4-4797-ac86-f1bc1a84a706","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":110,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"0a32f063-4689-494b-a72f-5ff360b9c745","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":110,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"7bd285b3-a57d-4e63-bf39-414915210d27","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":110,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"3e0c04f8-8cd7-4b65-91f6-86ec41fe561f","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":110,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"6aa893dd-af8c-492b-bd1c-d13cd5212a8b","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":110,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"d80d3ff4-7eaa-40e0-95aa-36219af150b2","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":110,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"1e633a7d-bcda-4cef-aa42-c687e973db75","block_type":"box","text":"General Obligation Bonds.","page_number":110,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"40da4a9d-1da6-4603-9d0f-0818e4d39250","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":110,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"336aa6ee-9efe-4ce3-bb96-3fa36ae1c4fe","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":110,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"294e3446-7a28-4757-9d28-d6668ae7346a","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":110,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"ff926189-2490-45a7-8637-202f93e89857","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":110,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"7086ecfd-376b-4b1e-9ebf-763b101bd00f","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":110,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"24304c71-4c7f-4ff3-97ac-a5a321aa1485","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":110,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"10a76be1-ba74-4011-a418-b85bfc23a0a9","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":110,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"a7e1c522-3dde-4aec-a02b-1dd26876dfd6","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":110,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"ba03925c-9aad-4437-8660-c78e23cb68a4","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":110,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"da8a1b75-3861-4564-9ff4-b744ff0b03ab","block_type":"box","text":"Revenue Bonds.","page_number":110,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"aa89d67d-e99b-48ed-9a83-26693eb3dab9","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":110,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"9accad7c-5635-4663-9fb2-879737ad0cb8","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":110,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"bd922667-9ea3-42c8-a0f3-42f395bec0f1","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":110,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"b8fdad02-a4a3-4683-9f96-90c1c762a2b7","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":110,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"66ee126e-fdd6-4353-89b1-1bdf07c907fd","block_type":"box","text":"viability of such facility or such revenue source.","page_number":110,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"23ddbf28-c167-4a2c-beb6-d115b46e4066","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":110,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"22a5e18e-b6fa-49bb-9d8f-3707b9641977","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":110,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"30d8cfd1-35b4-4387-88d6-ac8d3cdbbfea","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":110,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"209c0550-0ce6-40db-9f10-4e6a0bb753c8","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":110,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"760179db-aaa2-4873-aaf0-35eda426978f","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":110,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"6644ccf4-05eb-4291-a875-258d20b9bf19","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":110,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"e7cb0756-bd96-4e70-b07f-350b2b0b8329","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":110,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"890c7d84-7c2d-42c3-95d7-ce0762f35205","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":110,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"44ffccdc-9504-42a6-86f5-1ddd8c971a63","block_type":"box","text":"PABs.","page_number":110,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"58143241-f89d-4648-8731-a964621b27ac","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":110,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"5bf68496-8cae-460b-87c9-8dbe35a43323","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":110,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"979d3cc7-bc5f-4369-8adb-7339de50d258","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":110,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"d36a0952-2641-4cc1-8652-8e69a0084b01","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":110,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"23a5f2f8-41a7-4e6e-8c02-b73cc1b69fe8","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":110,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"caee03c6-0cb7-43b6-bc45-8ff23a52105e","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":110,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"2a05b63b-cd7b-4de7-9f6d-845709a16384","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":110,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"fa3e9209-55fd-4287-96e6-5892ac34f291","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":110,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"ed2780ea-363e-4db1-bcff-02c11aa561be","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":110,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"1a0199cf-1cdb-4c0c-b395-284fa006c55d","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":110,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"aaeb9590-0cac-4751-b7b5-44ca2e726f2d","block_type":"box","text":"the par ticular facility being financed.","page_number":110,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"af862949-4dc5-46ad-8729-1df62f2778cd","block_type":"box","text":"Moral Obligation Bonds.","page_number":110,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"90b5669f-afb4-444b-afe5-38c8a36203d6","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":110,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"83411a82-961c-498f-b3a6-153f74f3f9dd","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":110,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"bdce9ab2-988d-480e-b33b-b79e137b4c89","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":110,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"88e90109-0346-4df6-b257-c03fca42b71e","block_type":"box","text":"that issued the bonds.","page_number":110,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"fc969935-b892-4e21-96f9-0c186ac9aa7d","block_type":"box","text":"Municipal Notes.","page_number":110,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"c8939b9c-c36a-499a-a211-0735f839908d","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":110,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"90716267-1b6b-408a-a9bc-62f5a86753ee","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":110,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"0f6b327f-2222-4741-bd69-5c2cae980a18","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":110,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"9724e00e-d459-46c9-8e14-b7b1f302bddc","block_type":"box","text":"II-57","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f13a588b-1a2d-496b-a4dd-5a8da7ee697f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2fd5f2a-3c05-4310-b23f-68c9f3f49537","block_type":"box","text":"Municipal Commercial Paper.","page_number":111,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"9e9b7ff0-ebfd-4498-b596-380e03306701","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":111,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"ea348756-0fbf-42fa-b978-42b7e7f7939c","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":111,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"f7a887c5-bb61-4c83-b16b-45863618d879","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":111,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"f7e23a59-8e37-4ada-b9e5-a4f8341c9e03","block_type":"box","text":"Municipal Lease Obligations.","page_number":111,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"14f1945a-f34b-43e5-8df9-a4727939e944","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":111,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"2ada301f-54d6-43cd-9465-3baf661fd93a","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":111,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"a8fd8c8d-8c35-42e4-83c6-eb13aff9929a","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":111,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"7c222405-3874-4dda-a5f7-fefedcd1e4ed","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":111,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"861e517f-b3b1-4a86-b0a3-8bf822ea7295","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":111,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"720e5d62-c603-4308-bef1-2f31396b6e58","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":111,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"e7fe7a76-4c46-4e4b-9122-84eaff13fb55","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":111,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"508bfc6c-203e-42ea-8e66-8b9ce607069b","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":111,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"bf808269-a3be-4d58-9324-6ce8c6004235","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":111,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"c06f0a5d-39ce-4d57-8c6e-34ca9d585f4b","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":111,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"8c23d82c-9188-467c-a58b-409876928944","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":111,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"b799e7b3-cae8-4b07-9b2e-345f6fa65a01","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":111,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"6a75c9fc-a8d8-45a2-b8d4-fc71b37c6cbe","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":111,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"43ee5f99-ecc4-423d-af60-3bc0ab4e9365","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":111,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"a9dd6164-3847-4dd0-b6ca-b9d92e4f15ac","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":111,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"9a5061ba-9bc8-48c8-8ace-88fea88e7c04","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":111,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"012dd250-d3ea-4ff9-9562-2e9806f40665","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":111,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"07d7c640-92db-4fcf-bb61-235abd1f5217","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":111,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"11b39f3e-57a1-40ac-87ed-3b0970e4a5df","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":111,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"0681929b-d699-4fa3-bdcc-bf1feaeff43a","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":111,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"8023d726-66cd-4315-8460-c92fb82d231f","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":111,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"0ef0c3be-a99f-4d5d-aa31-a04239d605f4","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":111,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"d6303320-b890-43ae-a8f7-852759221b74","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":111,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"7cb52b6e-6062-4254-8950-ddbda2a63f8c","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":111,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"dd274b1a-a6b0-40cd-a125-2bc010b10744","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":111,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"9dabe4d3-d709-4154-9f84-0639b7a0a856","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":111,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"0605b253-3d31-458b-b5bb-1610f82bec25","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":111,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"d4f08eb3-5aa1-4e9d-9f68-6e14237029b6","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":111,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"a4340706-c51b-4b4d-8e54-c67400725fec","block_type":"box","text":"Tender Option Bonds.","page_number":111,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"e677a0a2-b0bb-4715-acd3-bd1a25111d72","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":111,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"abda6a4d-d1fb-4ae8-b925-58bf961f5474","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":111,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"f3749598-fa51-4f1c-825a-c272222f7569","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":111,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"c96e37f2-5df5-4d6e-9236-4057ec28859e","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":111,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"eda4420e-b1dc-4086-a96e-73e308ab772e","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":111,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"211289c8-9480-4b4a-a660-200830402368","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":111,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"37a16716-5183-476f-a1f3-9368e4c96a5c","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":111,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"22153aba-fb37-4205-9ad4-c1774a1b62fa","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":111,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"62301516-662f-49b1-8daa-a2db76369c35","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":111,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"02cae6b1-21ff-4b3d-bdb2-ae1c762cc362","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":111,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"a642f8f6-852b-4fc9-a513-f74cde75bfaf","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":111,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"24bc7b81-90de-4a4f-801a-46485eebdabc","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":111,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"26b5a0e0-415b-42a1-a30f-83b818694fed","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":111,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"11465f44-5837-4b1c-a718-89e05682b0e6","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":111,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"468bea68-ff09-482c-93fc-a7d1bed72570","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":111,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"d939fb51-abb2-4855-a1d6-5d24c5e471ff","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":111,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"a0dc51c6-0cdb-47b9-bfbf-4edbcecbae0e","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":111,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"3e948cbf-7ccb-4f89-a227-b0539a2f1d21","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":111,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"76a9c0f5-fe40-464b-9aaa-ffbfb3dde80b","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":111,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"e6ff5171-ac63-4c75-8d6b-7d7850611592","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":111,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"6eb3e9eb-6030-4590-9235-5293a1c47c48","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":111,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"b0564633-1130-475e-b0ba-a79e6bc2701b","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":111,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"d84e5b2c-93a1-479a-a73f-0137c6fd0bcd","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":111,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"dc87cb0a-68b9-4bb5-9ef6-e525584e467b","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":111,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"ce9cf4b0-01a3-4f22-ac9d-ca1225dca977","block_type":"box","text":"II-58","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4e6fc7ff-1430-4cd2-9a07-79e0a26cbe24","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c643a1e1-ac3a-4c40-9161-65ed3140c681","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":112,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"85ede0b2-f434-483b-b307-cf6148cf4202","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":112,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"a24509d4-2497-4d76-b301-980dddf927eb","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":112,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"e83c9945-4c75-4459-95ba-03b5d7ea8ed0","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":112,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"4dd41d7c-422c-4d90-ba80-f754d7f1d23a","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":112,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"0686f440-54cc-4e0b-a5da-42f10071530a","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":112,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"79886906-411e-4160-9fad-737dfca923ea","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":112,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"fec5a87d-612c-4de6-ba04-b89f5a979c03","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":112,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"f6511ee6-3a78-496f-b743-7e6b97bfeb82","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":112,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"0cb6e2ad-e093-4717-b702-4b934372ce95","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":112,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"7db7db04-6b4b-4a13-b3c9-759afa4d383c","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":112,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"973f1b2d-fd11-48fa-86ad-a7b28f2b1ae1","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":112,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"da460a6c-588c-4c76-aaaa-b50aea8f9776","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":112,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"1b05904e-d972-4111-8356-0bab1e1c0ff8","block_type":"box","text":"issues.","page_number":112,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"9a1711df-74cb-4640-84db-aa7af8175dc9","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":112,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"346beb2c-be0b-4756-8d9e-b3e7ec4a9e6b","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":112,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"3efa2a63-d638-4fe2-8eb5-56018085fd8b","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":112,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"75d9746b-e5d2-4446-8d59-28575476cc42","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":112,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"043d81f8-b2be-4b8e-806e-1ed30dff0704","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":112,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"40fc4b14-932e-499c-af4c-11e4ce2b5b73","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":112,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"95844993-ca93-472b-847b-138d246efb91","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":112,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"171ac892-0df0-494b-97f0-3ad4528f2075","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":112,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"863d1ad3-7017-4408-99ff-fd211ad95c8c","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":112,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"ba66eeca-0293-4c91-8baa-a02cabb84ccc","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":112,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"730e6fe1-64be-4f83-97fc-9d901194aa96","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":112,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"8c961558-f582-480d-925b-4609120db47b","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":112,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"6e9b8a7e-36f1-4d51-864b-f9d5ea469c5e","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":112,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"7eead3bb-4ca9-43d6-b996-6109820a6a7d","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":112,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"85d25457-5e58-45e2-b828-58dec13c6d5f","block_type":"box","text":"i.e.","page_number":112,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"cdfbe7f8-3da1-4398-b668-0e60de869d2f","block_type":"box","text":", the Fund). In contrast, in the","page_number":112,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"3c6a43f3-15f0-4c4f-a7a2-d4f81a40194e","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":112,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"91e21864-6f45-4e01-b90f-233976c69ca5","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":112,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"c3e5abef-0d7f-4124-ab1d-799303c0a6a3","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":112,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"5d77a036-c1b3-4ad1-940a-8f1750d98b5f","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":112,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"9d265aa9-b8a2-4423-8e65-8c7d4ee963a8","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":112,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"0c4f840f-b288-424f-b9b3-03459b375962","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":112,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"de37d4a0-8f84-4e78-8e01-3b5563fe62d6","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":112,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"f7919df2-e228-4ec9-9d94-a366e3a318d7","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":112,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"95bcb36c-7214-4c4b-adee-7b08d97c564e","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":112,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"849f58f9-36c9-401c-8fd0-88204117d8dc","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":112,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"f2186497-73d4-48bc-b214-f94c3be3cf1b","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":112,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"1d6700df-d808-455c-b3e0-4088bd77af44","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":112,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"3a6bc936-4e92-48c7-ae52-f5f66cb69fbc","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":112,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"4718f802-fe42-455e-af49-bcfaed035219","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":112,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"99818cb2-88a2-4ae2-b1f7-ab0795be7f5a","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":112,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"f53b4c7c-90b4-47d1-a4c9-b893a7e3c9ec","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":112,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"9e54522a-72c7-42d2-a505-1c9d7a14f628","block_type":"box","text":"Trust.","page_number":112,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"dec7d86e-96fb-4960-b968-1a4d03aea29c","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":112,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"1266a774-0065-409a-91f2-ba0388f4968b","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":112,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"ca0e72be-7767-43b5-a752-e8877509c8c6","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":112,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"4d253b85-52be-4aa7-b9af-75deb147551e","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":112,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"82b50b4f-7060-44bd-b59c-72e57aee401c","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":112,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"6e6e7969-8b95-4830-bc1a-0475711dd8c3","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":112,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"49bfe5bd-d604-4af3-a4bc-103f6191c0e4","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":112,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"7c69f192-13ba-41ef-8edc-549f6bbfe721","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":112,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"c9bb2cbf-876e-4040-817d-06fe0a4a4350","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":112,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"f4bde870-6729-440e-8b25-4a7e1c1243b7","block_type":"box","text":"II-59","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c6d38a57-7a6c-4ed3-9a5e-7f6e9c7466fb","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73a65a0d-44de-4f74-b2b4-222dd7a24a9d","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":113,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"6e2b201a-6ce6-4d8c-aa8a-cd67472cac0b","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":113,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"5fdabaa1-cdd4-490f-ad28-3106504912b0","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":113,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"36ae09ae-fe69-4056-a76a-dbb3fb77f2f0","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":113,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"8e11871e-80ee-46bd-91ca-17c973a4690f","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":113,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"1aa0e21f-86ea-4ee7-9ee4-dbe67394d3da","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":113,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"2963652a-ba2d-4170-9201-cf6133165bd0","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":113,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"6c5ea7eb-2d89-435f-81fb-0b913869a7e8","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":113,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"9f968ea3-03ba-451c-b0ef-ee0254d3bd79","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":113,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"78c14470-e1b4-4258-b401-025147a03b19","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":113,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"47885642-ae51-4ad5-bbc9-6697aae95148","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":113,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"59b45256-8307-4925-b1d5-3111d1f90f19","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":113,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"a9cde998-7537-4ba3-83d6-35d15783023f","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":113,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"7cca203b-371d-436f-a273-bf961a17a799","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":113,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"a26ef600-f1b4-494a-a5bb-3b44d02c14aa","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":113,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"a6f8a9e5-66a1-458c-a58f-6bcf61e8cb54","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":113,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"3bf13978-40b0-46fb-a660-46fff436a189","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":113,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"ad7d18dc-02c8-4327-9835-bc05cd0dcda6","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":113,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"5f246ce4-89d0-4f8e-8327-dc0e33eead7a","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":113,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"b05d66e0-9636-4e08-bb5d-451743910169","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":113,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"96f32801-d81d-412a-b742-7d8065be3682","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":113,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"45083ce6-1910-4e57-bf1e-77d96bfaf96f","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":113,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"9940194f-28da-4dc5-b3da-b1d0a5699e6b","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":113,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"92e760e7-9dcd-4720-85af-edf3c4579c17","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":113,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"0f9a7b89-7bd2-4b6b-9d30-8db6775c786f","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":113,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"825698cd-4c55-44a1-b662-8eb93a359549","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":113,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"cb570e3a-6731-42b9-8fb9-e70ddd6812a2","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":113,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"d8a30182-bb31-4f24-9ab5-906a7869c523","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":113,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"ec8096af-4744-4cae-874e-e2a8e22f68c5","block_type":"box","text":"i.e.","page_number":113,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"639cff87-0ce9-446f-ba7e-54107cee6463","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":113,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"3855f2f3-477b-4f68-afd9-6eb1c8014b8a","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":113,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"46b9116f-84e0-4ecd-9405-217a87623f3b","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":113,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"98d029fe-aed0-44ae-9ba8-a7995b0ec6bb","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":113,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"ce929df0-ce01-4433-98c7-65f4df0d5976","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":113,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"bbe0a5b6-3a7b-4b55-ad13-fdd38865c6f2","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":113,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"31526bf1-a942-42d3-9d12-fe18ef9745c1","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":113,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"59680ab9-c488-4b9e-8531-c41d892fbe24","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":113,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"8492860a-3c55-429b-9c37-3848c24c65b2","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":113,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"eb853e92-9edf-48f8-89bb-0e00cb11dd6c","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":113,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"16448f6f-458c-403e-850d-b8950e4cdc6f","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":113,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"9b722b01-3cbb-40d9-a83e-40bf44f8c404","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":113,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"89ceb7d3-1f6f-4138-84ef-16d59b721916","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":113,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"b8338759-5a06-47f6-90c9-72d582c6d478","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":113,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"2a70b29a-f744-4159-aafa-a850f5b4d0a1","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":113,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"6acb1b79-54c8-405b-9902-f05c7f0f4cb2","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":113,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"6d3d6e4e-615c-4b6c-894c-31d87bffe25d","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":113,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"e9c8beb7-6e45-4638-a245-9b4ff76b96a5","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":113,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"863c2a6c-d018-45f4-913c-8df71b060d94","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":113,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"2c6aa86b-9bd2-4fa2-966e-129635de5fa9","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":113,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"2346d7d1-2994-4436-b5ab-680531d09fb1","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":113,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"434e915f-bba5-4d47-bf2a-222693f90c32","block_type":"box","text":"market is not yet cer tain.","page_number":113,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"a74ab4af-6698-4fdf-8abe-ac8ca65af762","block_type":"box","text":"Yields.","page_number":113,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"e26ae01b-5625-4404-9976-28dd13211016","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":113,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"7aeeef62-7352-4acd-a189-f134947cda9c","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":113,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"88c103fa-a0d8-43ba-94b0-854246db709f","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":113,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"5e530b88-2e74-4fc0-841c-24d3764d9213","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":113,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"ac763784-d7de-4e64-afbc-dc494fda665e","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":113,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"7aa453a7-19e6-4d38-90ce-4481b03fa848","block_type":"box","text":"II-60","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e1aec95d-4063-49a2-a807-7a1a4eb46f10","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"707f8be4-750f-4cf8-97c2-418fee3543fb","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":114,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"4e9a8e96-53fd-4524-b95b-c1404d9e22c5","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":114,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"da765d82-409a-4b54-ae5a-c6e5b3ca2409","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":114,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"def868da-c298-4813-a491-b3fd6c08aa50","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":114,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"04fd75a8-c59c-47b4-8b78-03568c79806d","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":114,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"23b8f60a-b703-49dc-a0d8-56c1a2b47f84","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":114,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"74d5aee7-9ae3-48c6-930c-1d8b30218489","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":114,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"e7dee743-d985-4c7c-abd2-920f868bf8a1","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":114,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"dd653e33-fafe-4df5-bbc8-5e4867a986b2","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":114,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"5e31b00f-f648-498a-8247-fdfa5e2c156f","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":114,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"698f78f6-e5ce-4bbc-a8d6-a9398c078f49","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":114,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"6574f17c-b4ab-41fa-9c10-e03eb0daa24a","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":114,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"78cbc489-896f-4e66-8e28-719ea53e8be4","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":114,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"6dc90aad-b0c3-4941-bedd-93eed9f75b3e","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":114,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"de56dd10-8b17-4540-b8ef-424cbe7dbda1","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":114,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"f4e5b71d-3bd6-4f22-b005-acd129952d24","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":114,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"75c2d897-ab4d-4198-b8e2-eea5cc6b9c6e","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":114,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"a6de6d15-d5bd-46e3-a656-f59d1def2170","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":114,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"4cd1c1f8-87ff-4a12-b1a9-0290d49bde97","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":114,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"e7f8148a-1c8b-4083-af88-8cf15a19e8d3","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":114,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"39a68e3f-a893-475a-8352-21d11fd3d939","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":114,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"94350e9d-a907-40b2-a7e8-46d0f8ad57ad","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":114,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"11cbb9ac-1fbd-4cdc-9b7b-06da06fc35ce","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":114,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"65c88731-6f6d-4a22-b2db-4489dc331eb2","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":114,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"29882585-1900-457e-b22f-7b0f7698d694","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":114,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"fffc3343-a43a-4165-9d86-b9704aa80208","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":114,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"de6261cd-a78e-4ed4-9c6b-a949d01d7fe6","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":114,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"7d159b83-91bd-4f22-9b23-5c595fbbc829","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":114,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"92be8271-6f87-49e8-983f-00dd32245db8","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":114,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"fa405746-735a-4f1d-8926-99a7e0acd36d","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":114,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"6c9f81ac-af7a-4a20-bbd4-5d1a8d142b73","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":114,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"9a78c575-64e2-4e9a-b330-c451c79953cd","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":114,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"d533da46-62f2-47ff-903c-43af84477e93","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":114,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"f89903e0-13b8-40fa-9da1-a29c6dd56d1f","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":114,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"b6427707-a2db-4e93-bd84-df9042ba0c5c","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":114,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"83525795-dcec-420a-9a6a-be7996049dd4","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":114,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"0b5b1c61-581d-48b8-a2ba-306e9b806341","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":114,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"ff534159-0177-459b-b711-d2101bd0505a","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":114,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"a0e7d913-2533-4314-89b7-56449f8cf0a5","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":114,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"f92901bf-1d38-465f-9288-bee21e3c3c1a","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":114,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"40fce6ef-8df1-4c18-91f6-b2a40ffedccc","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":114,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"3d4ecfc9-31c2-4fd3-ae75-cfc5f08524f7","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":114,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"07fbe184-6049-4021-8399-2d9c49d7f8e8","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":114,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"93ca157d-8f66-4730-93d0-343475dda1e9","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":114,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"61357b20-b098-4a71-8f4b-a20a5c5e4a9f","block_type":"box","text":"Call Rights.","page_number":114,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"eff7caa5-78c9-4be9-bac6-069de571df15","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":114,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"7b5e8e24-e6da-43e3-b4aa-a372e3910961","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":114,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"efa141b9-f47a-461d-b923-0884485d51a1","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":114,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"eaa5f551-bed0-4eb2-87c8-468ad783fead","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":114,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"a558b074-8210-4d7d-a551-fe3e4b52fb40","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":114,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"ce1f052c-bbd8-420c-b518-de3e9ec0e6a1","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":114,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"9760bb51-ac96-4521-8ff1-eed9d15f83b1","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":114,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"660bd89e-da84-45b3-8d68-8bb21917d56a","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":114,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"3d761096-3751-478a-b033-fb91610b04eb","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":114,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"8be78e2e-0d35-4d59-8099-92100849dc0f","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":114,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"57fa6cf7-b298-4180-8246-3db76170492c","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":114,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"8f63cf05-533a-4467-91d9-141aa82ae287","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":114,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"b4737d02-fe1c-45b1-98d3-05d31c07ef83","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":114,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"449814a4-1510-4a10-bbda-ae5d1e7d2be8","block_type":"box","text":"II-61","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6dc9a506-4ae7-4668-bd93-767988834246","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c21777e-2d19-4ecd-9cbc-c3690f04cf73","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":115,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"884b3801-e43f-4054-be74-30716e0a0de0","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":115,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"b2f9642d-f1bc-48d5-ba32-e049167a483b","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":115,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"a9f0d73c-4fc3-43db-805d-2af9b45c54e3","block_type":"box","text":"i.e.","page_number":115,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"20d98f89-6f78-4bf8-8b03-96ab72b6bf0d","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":115,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"f1306ffe-382d-4a86-a451-6d491a7db910","block_type":"box","text":"rates).","page_number":115,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"1d37dade-dae4-4797-865e-36cb3eff26f1","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":115,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"980ed442-7dfe-48bf-be75-f81d26d82187","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":115,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"2a2fb309-89aa-43fc-89f5-23c2367c1a3d","block_type":"box","text":"e.g.","page_number":115,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"67fe6844-1a25-4687-878e-02c623cfb594","block_type":"box","text":", an exchange of fixed rate payments for","page_number":115,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"3ce70d4f-4649-4c1f-94e0-79fcd52275ac","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":115,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"a26805c4-3b23-4d6b-8650-ccd10c4aac7f","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":115,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"91f3be5d-6eb3-4498-9621-98afd4ec3a44","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":115,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"2dce0e58-dd64-4753-b799-ae02282e57ec","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":115,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"d3c7ab7d-782e-4c19-99b2-e6b891ed407c","block_type":"box","text":"with the same attributes as the swap (","page_number":115,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"0294d866-da2a-4b64-ad84-e3b86f834556","block_type":"box","text":"e.g.","page_number":115,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"26bdd471-8333-49e3-9d6a-f9fe8482fa39","block_type":"box","text":", coupon, maturity, call feature).","page_number":115,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"dce8dd41-2df0-47b2-9ffd-77a5266462d2","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":115,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"3cf1479a-fd8b-4b33-873e-cdbb4cb0d4b6","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":115,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"9bf9af6e-632f-4770-8095-c601cba38621","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":115,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"6c3b1eb7-980d-436a-b8d4-38b812d07b6b","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":115,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"a85e756a-24e8-4f6e-be44-0a2e9c62ea49","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":115,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"93c4627f-7629-4dbc-b594-957d244ccae2","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":115,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"fad73ca2-306b-4aa0-81e6-4063ec970319","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":115,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"07b789b9-4683-4adc-9c37-3349ea4a9807","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":115,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"420170ce-f207-4037-b282-445a2c908df5","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":115,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"320440b5-1b06-45be-9b50-ab3ff851c479","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":115,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"d900c469-38ec-455e-89fe-c25bb7372d7c","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":115,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"b534c159-3b46-4479-9edf-b750dae26682","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":115,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"fceab5fd-8b29-4c7f-ad43-9026fd3da8d3","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":115,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"139952a7-d3fe-402d-afc0-cf58627cd7b3","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":115,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"d2e62d59-fad1-45be-bd2a-b64e5a7af71a","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":115,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"df349151-785d-48ac-b9e2-73190a2d8e76","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":115,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"30ba4cc9-d4b9-4a88-814e-c58d00bba3f8","block_type":"box","text":"Insured Municipal Bonds.","page_number":115,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"644ea5ec-a710-498d-90f3-4fb181d54033","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":115,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"a0947830-ba04-4df5-9945-7cf00d5939b6","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":115,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"7f366c93-69e0-430a-a38f-2c5eca634b91","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":115,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"8fa96567-b5d7-44f7-97cd-36d8352b02b0","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":115,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"41ba7dfd-16fc-4965-9121-211775f0956a","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":115,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"5ab28cc7-dfd6-4c77-bc89-3e8fd44a032b","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":115,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"79973545-91b6-4c50-87be-ca964e990615","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":115,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"279e91a3-50d6-4d3d-8e87-5459fc1686fa","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":115,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"3f5f6815-d4bb-4b29-bb9b-5dccd19c57d9","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":115,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"9f875360-c370-4dca-9d17-807bda46f1f9","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":115,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"b848176b-9c06-4285-91ba-d6be1c995a58","block_type":"box","text":"bond could drop.","page_number":115,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"860ed091-5970-4b84-b657-1864d288ed86","block_type":"box","text":"Build America Bonds.","page_number":115,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"2a5c5008-594a-4187-b794-07a8c51ca50c","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":115,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"c925bc4b-a744-48e1-b56f-a361a9f5e830","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":115,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"99e529ad-af34-412d-a95c-d1892b00a723","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":115,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"eb489512-07d1-46ca-a457-19de823b6f3b","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":115,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"518c7c83-1b4a-4f28-841e-9312e4e0b19f","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":115,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"96676463-c5be-489a-b7c1-44556fa2a3b0","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":115,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"49105eee-d647-40b7-8b2f-5a7e241b51a3","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":115,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"ff6d58c8-7315-4e6f-af10-8852b86d6119","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":115,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"f4c4f6fa-9571-4bab-99de-51b87b9d2abb","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":115,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"96d2a80c-51a0-40ce-a42b-d6082caab08e","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":115,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"c2e7c5d7-f317-4682-9cfd-6e99a9d7f4e6","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":115,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"3f35d89b-b384-41f4-816a-46f0740afc75","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":115,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"f0aed92a-589a-4d1b-a5fa-e26cb6a5ea66","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":115,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"3c716e56-3579-4d16-9a78-fa06f8dd40a0","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":115,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"26f4f437-c205-4823-98d9-8b0bfe3476f6","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":115,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"a6ffd651-02a3-4635-9d38-556b9bed98b8","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":115,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"ef717a98-ca02-4198-ac95-3933abf23757","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":115,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"bf089729-c637-4e0e-8ac7-ed86a3690d49","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":115,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"2dc5db72-e04a-4bd4-ab1e-aa9313c57a96","block_type":"box","text":"II-62","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3c6dd739-9b58-47fb-a7d2-4743193160dc","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f5592be-e12c-4317-a782-f5e97cf8a6fd","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":116,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"d83be9e3-d713-400c-bdc6-630e8be58942","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":116,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"63541606-a2bd-42b9-baab-935e92646800","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":116,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"b7aecca5-b5ad-4790-aa62-a67aaec7485f","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":116,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"793914c5-36cc-4827-bd5f-81cedd53800e","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":116,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"a97f32bf-071e-4383-8001-729dafb13e44","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":116,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"ccc37ee8-1d5c-43d8-9d1f-004e5c04e37a","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":116,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"e080aed5-00ff-49e1-99aa-5823ceae7773","block_type":"box","text":"their face value to the sponsor (","page_number":116,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"009c3d28-2b4f-46a2-9911-546e4a3168ef","block_type":"box","text":"e.g.","page_number":116,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"d8bce6c4-13c4-4d15-a86d-32898061d443","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":116,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"178b7954-f49a-4224-9d71-667def0d4bd3","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":116,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"8ceb8de2-dd60-4241-9762-ea09feb4d890","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":116,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"b1421f22-5fd4-4ded-82da-ca17d4a2c686","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":116,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"07120165-fa02-4f53-8f4e-b0ff4237bc42","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":116,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"f82bda42-43e7-4e5d-aff6-de74af3d0fa0","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":116,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"4222afa1-1279-41be-acbe-64da7faaf82c","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":116,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"a1363eb1-b332-484e-9f21-500895a3fa3b","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":116,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"88efabbf-27b2-4f31-b83c-cb7d06382b5d","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":116,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"17b3e094-6d72-460e-8968-17ced75a79e8","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":116,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"248423a4-c63c-4cb1-b225-770a1c066184","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":116,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"4f2a8f21-b1b6-44f5-b8bd-1eabd59b3266","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":116,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"8793bb41-0e73-4a8d-bf4b-3e3f15a70649","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":116,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"58e41f94-8b37-41a0-8bd6-2d660e7f3ea9","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":116,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"1f68a68c-f7ae-497e-9537-8f7eab6bd14d","block_type":"box","text":"such opinions.","page_number":116,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"3c2e6063-ec54-44b4-80ef-12216f62e6f1","block_type":"box","text":"Operational and Technology Risks.","page_number":116,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"4934bc78-09cc-481c-9b77-fd997cdbd375","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":116,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"c0e30da7-dc44-486a-8a4b-4d491d27228e","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":116,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"d37cd135-79e8-4a53-b261-b0c1ebd615e6","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":116,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"2047f6c6-975e-4dc6-978d-ee193483feb9","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":116,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"8dec32fd-29ec-4c90-a254-c18afb585cb7","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":116,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"7a4a7b41-b0e1-4a63-8d33-c793b94d9fca","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":116,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"dd410b64-0eac-4bd7-a8b1-4516c33222d6","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":116,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"61dd94fa-72d2-4d4b-ba7e-2047cc5aa2c1","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":116,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"3b5b7f79-652f-408b-a311-ffa91e217a8f","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":116,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"3992fdef-6a73-44ea-8dfc-5128bd625231","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":116,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"ac6ebd61-ad92-4fd2-bd2c-f4e248163068","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":116,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"8848b1af-5897-4a16-a477-296c997ff93b","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":116,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"1f4c3799-e59d-4c6f-a233-4ea917408781","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":116,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"2dc5ba16-2a20-4eb9-b664-d40daa3a89c1","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":116,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"00e26080-8736-432f-b31e-7be91351752c","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":116,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"31925287-ce9e-44c6-8769-3ce3512dfd89","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":116,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"71f9f89c-ca79-4241-8272-a7a2c4d9f66b","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":116,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"ce73cef0-be20-46fd-ace6-9d506f1f11d9","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":116,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"0404f45d-ee6e-486f-aee1-1ed4580735b5","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":116,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"1a6924e2-6737-4f0b-9c7b-4bb26aa3b6f6","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":116,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"5da7b75b-f4a7-4fd9-8180-1ce5eb57dcd5","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":116,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"ef9ec10f-cc30-4689-9a64-917af915adb2","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":116,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"41e18ed0-5d92-491a-b9e0-d602bea85cee","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":116,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"1e151ac4-f828-431b-a29c-7fa2c3c1a908","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":116,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"354e206b-73e3-4ab8-aec6-311c5f1b6370","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":116,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"f5d0ffc4-8b11-45bf-993f-87687344af6a","block_type":"box","text":"to the Fund and its por tfolio investments. These advancements could harm the Fund and its por tfolio investments by","page_number":116,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"76df59cc-d5b0-4cd9-b170-e09b5791b6c8","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":116,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"e7082f2c-e104-4c00-8bb1-11ce7cbc834c","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":116,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"924e5c87-a1ff-491f-aa7c-eabaabe19ad1","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":116,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"eb9d8a67-65a0-4e84-95bb-604bca642d4c","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":116,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"033bf426-e320-4dd7-82a8-fa473cd08963","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":116,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"31c3dbc7-bca7-4eeb-a38f-f4e6e1df8eb8","block_type":"box","text":"infrastructure assets.","page_number":116,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"ade265a1-ab85-4025-a66b-9f2abbe6477b","block_type":"box","text":"II-63","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"31d83a63-f79a-49b4-b8c7-9eab77f3829e","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34589e38-0084-4a01-b41c-65e33d6e739a","block_type":"box","text":"The Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":117,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"3c921ed9-c557-4527-b9d3-3d09ac710eb1","block_type":"box","text":"providers or any counterpar ties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":117,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"93b42089-e053-427f-be13-5574db9bac50","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-par ty products","page_number":117,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"8b867b39-a392-4059-bb6f-6db244db8fa7","block_type":"box","text":"or services.","page_number":117,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"f8e223d1-d68d-4336-a16a-b6f16b1e0a5a","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":117,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"39b2c72e-e985-4bbe-90f6-7851255b8ad3","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":117,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"ae1f5cb4-d2d5-414a-a8db-e263e00f2c5d","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":117,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"1a721029-8a81-4dc2-9d02-2c0298a83d32","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":117,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"e2943d07-3d92-4ab6-aa45-7a2e20fcee47","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":117,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"543ff3b5-7991-4d9f-949c-a352caf1dd7f","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":117,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"8d7d407f-aee3-4636-9951-1daa0cb4e119","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":117,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"ce723880-6e04-46c7-b5f8-f15661be24ac","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":117,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"5ed28865-74c9-4e2f-b2d9-dc67b9487f29","block_type":"box","text":"incomplete, erroneous, distor ted, or misleading. Fur ther, AI tools may lack transparency as to how data is utilized","page_number":117,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"0e40c067-efc5-4f62-a486-dff76cf514d8","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":117,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"a2220527-1608-4fd1-addf-92ddda0e4b5f","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its por tfolio investments are exposed to the risks of","page_number":117,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"e094001f-2156-4cf2-a084-5a6e08de325b","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":117,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"6324a31c-c0da-4363-8867-8d6fc37635d9","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":117,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"e56ef308-d34e-4fa1-99a2-b3e1c576b7fc","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":117,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"3bb16187-1b6f-4c28-bb6b-8ab582112439","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":117,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"3cae2e00-d987-4b8f-aecb-ba0b1edc5fa3","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":117,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"fce6950b-5aa3-409f-9458-c3b6d0c7dfdb","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":117,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"60721f06-bc23-4b6f-ba7e-c871b33ebb70","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":117,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"0b6306f8-52c0-4b12-b9ec-05c25f41a735","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":117,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"c888173a-eb3b-47c3-a573-f65e8bf34ea5","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":117,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"2795c5eb-67ea-4555-95db-172db392f49e","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":117,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"13170f52-cef3-4333-82b7-94f5d61a3552","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":117,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"f4e5aecb-dfd5-40e9-8da4-4f4bfeb46780","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":117,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"9e93c03d-0c4b-4084-8cda-201151181d17","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":117,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"5a8e382f-56cd-4390-ac3b-82ae0ffbaf0b","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":117,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"f845c095-0e1d-441f-aac3-fc09064c3331","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":117,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"da359b47-8bc7-4e2a-92fb-601ce089122d","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":117,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"9eac7809-a67c-43fd-8722-0533a70473e0","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":117,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"97d7c80b-301e-4768-b802-95afab50130d","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":117,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"b5127fcc-9df9-47d4-836f-c67e113abe87","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":117,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"998dccaf-ad80-4303-85d6-2d0ab3eb53ee","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":117,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"2acc658b-aa9d-4498-a4ab-c7ff1a31dd88","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":117,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"330b783e-42e7-4334-b0c5-69887c4522b7","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":117,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"6e7e497b-298d-4da2-a30b-d3646450f1e8","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":117,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"679e74b5-75e7-4daa-a055-4e7106eeb03c","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":117,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"03fd1d30-a470-4b33-9672-c36a594f6672","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":117,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"ddb31893-1a17-432f-a69b-9f84ad9e216c","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":117,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"e348cb3f-4131-4b59-8592-c28ed7739be4","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":117,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"d21b35cc-17d2-40c5-af39-d99fca4db28e","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":117,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"d0a3d91f-bf2a-43f5-b7c0-5dade963ad60","block_type":"box","text":"resources to monitor and implement required changes.","page_number":117,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"3e1911cc-cc60-42b0-8e1f-3d3bbbe42e9a","block_type":"box","text":"Participation Notes.","page_number":117,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"8d546f55-b54a-4c68-969c-c6a2a8759d38","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":117,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"2fe6a07c-c999-41b9-a136-fd368b92ac28","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":117,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"2ec5e0a3-9821-46c7-b940-a8a5dd22d2f4","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":117,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"6c5d09f1-db84-4f8a-b3db-518db30423d1","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":117,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"6b8bd20b-8ee3-4b5c-a954-02f58f7a1e95","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":117,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"f1321dba-c94d-4df4-9b52-6e4002ece32c","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":117,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"a4a6d2f3-241b-4705-bf20-009096bbaf9f","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":117,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"e9230ea9-3eeb-44c4-937f-7c176776b0c4","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":117,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"91ca6b65-ddbb-4711-831b-87ad4999d084","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":117,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"5aa6790c-705e-4c91-a8d6-1c60aff291a0","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":117,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"abe2b9e4-3ab5-4fc1-9409-225daf0bdcf8","block_type":"box","text":"II-64","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0cc47ce0-cf3e-45df-8b6f-4488ba1a2cc6","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6c5065e-dc0c-445e-978a-ffd104177ca5","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":118,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"f234cc91-a356-436c-b52e-631474629f67","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":118,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"34d3c542-48bc-4946-a76b-1640ad2f8e75","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":118,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"b0674619-98b2-466a-894f-2eabdfee0a29","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":118,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"1b3ddea2-23bc-4fa7-86d2-1e038c081740","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":118,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"72bb61c9-f267-490c-9c65-d1120d1bd2b3","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":118,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"6af3fbc7-a7a1-4b69-a700-13250d3e26b2","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":118,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"07069b3a-ffb0-424f-acc7-4b5d2e34ccb6","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":118,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"2b85734c-9428-44d8-9329-73284b124f94","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":118,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"c7dbf5d5-5980-4dc0-9e51-c63fcb641d6b","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":118,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"1ab1138c-c756-433a-992d-c30507eab3b0","block_type":"box","text":"Portfolio Turnover Rates.","page_number":118,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"b5cd49ac-3b69-4d56-85bf-5322353b5c0f","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":118,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"5702c698-9448-454a-a1e8-5eb448b16420","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":118,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"fa0e7cd2-fa14-4057-9d53-2fdb09299cd7","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":118,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"e45e665c-3682-4a9c-b175-feb92a103e65","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":118,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"d59b30c4-2ed9-46d3-be1b-99f464278b39","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":118,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"96314888-317a-44d2-96af-f4113ed1a1f7","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":118,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"765b6b7a-e293-479a-87e3-891a52888980","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":118,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"1e8d01f8-ef39-4d92-948a-a5558cedc963","block_type":"box","text":"i.e.","page_number":118,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"5886cd97-8609-40aa-af64-2f4bcd04fbf8","block_type":"box","text":", 100% or more) may result in","page_number":118,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"66ee96a5-5049-4b36-ba5b-d9e75236d811","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":118,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"1306029d-951e-4a94-ae2e-5a0a4dde20ea","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":118,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"6328550b-949f-4e61-8daf-30e0bc473341","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":118,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"9670aa21-9093-49d0-bb12-45db15d76623","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":118,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"49c63163-eeda-4d28-9e66-dabb85d9b529","block_type":"box","text":"Preferred Stock.","page_number":118,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"07571c9b-0174-4290-bdfd-48aff376f432","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":118,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"93ca2144-d80b-4e41-af96-a1a39fefc741","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":118,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"1fe4e2f2-3301-452c-b4d9-53eec8cb724a","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":118,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"7cee96fa-fe87-404c-824b-da0f49703203","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":118,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"82c13a56-4093-4678-ab18-deb3aa487684","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":118,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"e8218675-2b8e-4d72-9c78-f4359693f89b","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":118,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"3fdaac75-2311-4213-a10a-d448fbda52fd","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":118,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"2c9c6f57-2103-457b-ac22-d594c831554e","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":118,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"31837fe4-b337-41cc-a063-4f467b90df55","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":118,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"32a5171d-8176-4164-b7ed-1982215c67e3","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":118,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"bcedcc8f-e279-4d82-95e1-82de9d6a0a55","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":118,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"11dea9b8-a414-4884-978c-aaad107f0ae4","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":118,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"d2fb1d81-c4e6-4f43-a420-8726aecade7f","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":118,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"be141cd3-8ee0-4b59-8515-76f1be7404f2","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":118,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"f571629b-daca-4299-ae40-f973c2e42016","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":118,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"cbf82548-8b04-4de7-8bc2-fd22e470813f","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":118,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"c8fad4c1-e42d-499e-838e-6865ed3c3f29","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":118,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"0b506bdd-357b-483f-9c54-510e7295097b","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":118,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"559b2f41-25e0-4469-91a4-8fc6c228086d","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":118,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"a8496a49-a723-4bab-a078-3372f98d2b05","block_type":"box","text":"Trust Preferred Securities.","page_number":118,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"126275d5-9553-4134-bd0e-c57a83dba2ea","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":118,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"3bbebc73-f3b8-466a-9b6e-e9faeea93d68","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":118,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"fddf6cb5-80b0-48b3-9680-219050423785","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":118,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"a609c6ef-3d10-4569-bd27-c38e472c857d","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":118,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"9a424b9a-bafe-44cb-9f4e-44f63ae31499","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":118,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"d9dfaa8b-df3e-4175-8946-f7da3298e505","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":118,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"e3c49deb-6d0b-49a8-bf06-88e6d1536ceb","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":118,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"249448e8-e074-47ed-af17-470728e72948","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":118,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"452bc591-c0bc-40e2-9187-f88295030951","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":118,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"8352e3fd-0e3d-4577-87ae-37e8d9fd06d1","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":118,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"40051ea8-85c9-43e7-9d16-7942ffe2999a","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":118,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"b72d5af6-afea-48cd-91c1-d0e20fafc043","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":118,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"20331396-a73a-4ece-b858-b0f41569778d","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":118,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"a6489461-5bbd-43c3-b6b5-4f1ca4c8eb69","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":118,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"21d541ff-045d-4fd8-8336-49aadf8c2581","block_type":"box","text":"®","page_number":118,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"a29774fc-9154-4e17-8ce9-28f90e22020c","block_type":"box","text":"”); monthly","page_number":118,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"5896b925-d187-4aa7-90b5-672538457188","block_type":"box","text":"income preferred securities (“MIPS","page_number":118,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"7d1f0f6d-35ec-4614-a2f3-5a9983f386b7","block_type":"box","text":"®","page_number":118,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"39da9f7e-227e-4be8-bcbe-01b5dd914a96","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":118,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"9f789f9e-512e-41c1-9012-15194556c4c1","block_type":"box","text":"®","page_number":118,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"cbc5da5a-898e-420c-9e09-e479c8945498","block_type":"box","text":"” ); quar terly income debt securities","page_number":118,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"0401d730-577d-4991-90ca-d6f03cddf8cf","block_type":"box","text":"II-65","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"232e0a79-de7f-41a5-894b-96a6822683f9","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bafb2d8d-e46e-419f-8f74-ec33418bd26e","block_type":"box","text":"(“QUIDS","page_number":119,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"611834e9-91fa-4cf2-96fa-09bd498aafd1","block_type":"box","text":"®","page_number":119,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"919b9841-95f2-43e1-8c24-0dfe3b5115c7","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":119,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"24f1d54a-67df-4de3-ab07-a9f419c18f3f","block_type":"box","text":"SM","page_number":119,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"d2ec0590-889a-485f-9efc-3ea21abd6553","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":119,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"67b4402e-4b06-46f9-94f6-eeae95d178c5","block_type":"box","text":"®","page_number":119,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"8d77c0c9-1f90-43d0-85c2-eaef0680b029","block_type":"box","text":"”); public income","page_number":119,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"c56bebc6-bc26-4b93-a412-9856a8ffa69c","block_type":"box","text":"notes (“PINES","page_number":119,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"6616fd9b-0aad-458d-8936-c8258a61e476","block_type":"box","text":"®","page_number":119,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"d9fcd1be-d39a-4d16-876c-e090ef7aa2e0","block_type":"box","text":"”); and other trust preferred securities.","page_number":119,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"362106c7-82c9-46f4-9069-b23f9e7af0c2","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":119,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"0b83ad6f-c7c7-465b-96c5-0a9f0c7eea3a","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":119,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"50bce754-c948-4c05-8125-37b45c01f699","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":119,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"5aa5bffd-8860-4478-ac1d-42c8c849c5e8","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":119,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"611b1fa2-f23b-4069-8cea-89b55e118161","block_type":"box","text":"regard to whether all payments have been paid.","page_number":119,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"330106d1-9157-4797-b567-3d1aa6fd0ae0","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":119,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"cfd2a30d-6e12-443d-bcfc-24855f1ca0d2","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":119,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"d206e345-d5d4-41e0-ae76-eab4b62a0b83","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":119,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"b9db11f2-1e03-46b3-a6f9-f70c860f0ea0","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":119,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"3f31be5f-bc1f-4daa-a754-06e9404704ff","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":119,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"cde796b0-0792-40e2-8f04-6f0e216ab80b","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":119,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"efc59f7e-5df2-4113-8b9b-162b8023b3ea","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":119,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"b232a963-f531-43e1-a67e-6a5f7a7c648b","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":119,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"179fff37-2589-4761-a350-12659f625695","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":119,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"3d5817a9-ccec-4115-976d-20074548ca17","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":119,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"7acf66bd-f02e-4878-a8f5-0599365720d2","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":119,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"0020ed6a-17e2-493b-822d-50c666a06afd","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":119,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"ecd2aacd-7731-4c1f-ac55-374288c33d57","block_type":"box","text":"debt securities.","page_number":119,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"df758282-04c1-4a7f-bb65-845fbb79bbef","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":119,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"1f77de4e-a1ea-4116-b592-fccd25db10ca","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":119,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"4a548e50-7b9f-4b94-86cf-9778a12315c4","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":119,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"d4696370-d561-491e-9dfe-40d4f7f0fe75","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":119,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"de4796c1-077f-4039-bcff-550b61a7ba75","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":119,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"e8a5492f-6674-4d34-8fb2-d85bbfc97bdf","block_type":"box","text":"i.e.","page_number":119,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"be9b2cff-e66f-4c42-accc-c0666e866873","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":119,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"46b954c7-5ed9-464b-a68f-393fdd2a85c5","block_type":"box","text":"buildings.","page_number":119,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"56d7d4c0-b143-4fae-82f1-700098e30992","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":119,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"15b5319e-52ed-4af9-905f-55b4ea63aaf9","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":119,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"b3440795-6836-4959-8392-e21e12432586","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":119,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"eb68d8bd-ac86-4746-86dc-b2e3a3234470","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":119,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"ec6f7a46-d56a-49f8-9283-ea2cab501bb2","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":119,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"f75e8313-8bfa-48dd-95ec-c81cdc672153","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":119,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"8658b2a3-cdc6-4d56-8e06-cdea33b89982","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":119,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"baac1953-3bda-42a9-9c3d-f48f9c56be8f","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":119,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"d96ae5ff-1b94-4d79-b2a8-918e05e6056d","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":119,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"9d935c03-4d58-4506-aafa-709b1e6bb769","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":119,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"7c861481-e040-47f3-8b78-e9c0f60e802a","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":119,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"fdd03922-c06e-41fb-a2a4-c4f99f69dd5c","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":119,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"52d146bc-9355-4743-9022-4b16a3f0c91c","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":119,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"cafc5484-cb35-4e89-9611-3157360603b9","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":119,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"6d4b3137-add5-47ec-a52e-e08f2494508a","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":119,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"6a68adc6-cdae-4dd2-9853-126d5f99e655","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":119,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"38480fd2-7d0a-460c-8773-4fcd6418c836","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":119,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"604a4504-183b-4dde-9d0b-0581a42ea7c7","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":119,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"e01bf3b8-f5ef-4dbd-abfd-eb52e5bafb4c","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":119,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"5e7ce272-199f-4ef2-9bd8-85e414e502e9","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":119,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"a7634ff6-1cd3-4ef0-aedc-6de5c9c4dea0","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":119,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"2da64980-693e-4c7c-aeff-e7050403d99a","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":119,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"15b574ff-c461-4acf-be66-7de9f563c867","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":119,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"15ecb91b-b504-4744-920f-0c780d3fe731","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":119,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"9d6cb946-87c6-4602-a32e-dfa19312c5a8","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":119,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"480238ab-3248-44c5-9568-88e2501ead0b","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":119,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"b1489dd5-8329-46b4-953c-f6111965d0c8","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":119,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"71359148-e75f-4e5e-ad8c-8c3ab3d62e13","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":119,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"efcfd11b-ab14-4266-8121-7ed528bd321d","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":119,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"e5944f53-0b49-4b71-84e9-3bb1ff458ee1","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":119,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"b63895df-5e74-4b3b-b9ae-7ab5b5e1cb20","block_type":"box","text":"II-66","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b900e293-0778-4fe5-ab20-f7b7e386ac06","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6300145e-052a-4e83-b820-99190f667e77","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":120,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"98c3844d-2f37-4ac0-8053-2903f0ebb58b","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":120,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"97297f05-a96e-4d04-9185-100fcd3ce37c","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":120,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"4d52f03c-7218-4842-a969-f35d487db9cc","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":120,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"828ba58e-7cfa-4f3d-a459-474e05aef2da","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":120,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"6f6aa393-21b5-4525-9019-ce1230111346","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":120,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"104d491b-292e-4e60-81a8-1aabf38f66b6","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":120,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"9414f78d-c67a-4e42-865e-c34fdc6fe422","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":120,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"956310c2-6014-41ef-aa7d-6979d39ab2bf","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":120,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"f41d10d1-ead4-4d50-a202-4e5a57f50060","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":120,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"4affddc0-b71c-4bdf-af54-5294b0cf3fc8","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":120,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"53d9cfc4-dedf-4e29-88be-78476b9f5467","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":120,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"09d44d67-0097-459f-abc9-9f0c7d159d24","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":120,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"009cbf81-d34d-458a-a795-5c7cd1a62513","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":120,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"5294da83-3a22-4b28-8b9f-be897712bc34","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":120,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"8548abbd-2f92-41cc-9b4d-ac966a69458b","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":120,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"81a52055-37ac-44fa-98ab-32f9dd47e04a","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":120,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"7759e50f-8263-4b93-ba96-df15357d2e70","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":120,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"60644f88-6e84-4843-8fa7-27ee627d0933","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":120,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"48842750-3e70-47d3-bf3e-52ffc19fc9be","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":120,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"d2741cca-574f-4081-978e-3994cc775476","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":120,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"db3243f3-38c6-42b2-ac2b-f4b4ed948b1e","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":120,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"feca7d04-4480-4b3d-aa61-6d3dc3e6bdf4","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":120,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"fd009461-469d-4bf5-ab7a-0f3ed351225f","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":120,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"5432300a-e089-43b8-ba24-98e952fb9cbc","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":120,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"721c4898-a81d-4e64-9260-1e132772a0e7","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":120,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"9a1ec66d-124d-480f-8840-91529eeac8cd","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":120,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"53513f45-e1be-419c-8b6a-132849407615","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":120,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"28a7f1b0-d061-475b-b934-08dd7a7840d5","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":120,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"3b9b67bd-5070-4917-9980-d8c007d987dc","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":120,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"f9a3fbb5-d8ff-43e0-be4f-66e1c82e3e98","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":120,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"d5ddb7f8-b993-45d5-b534-079cc81180f2","block_type":"box","text":"conditions.","page_number":120,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"70f9dab4-f177-4e5c-a347-4b8014889d25","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":120,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"f46a6582-c510-4b85-8b3b-d58b13b3c26a","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":120,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"ec7fa802-a79d-4090-bced-7a5952c7bf68","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":120,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"118cef38-82ed-4ede-8fbf-cddfe212b7f3","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":120,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"b2dd928e-8587-4c1c-a2a3-9cda0bc4a1d3","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":120,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"bdb66d7f-f242-4110-a18d-71958871a4e3","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":120,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"c0bf8224-24bf-480a-8a3e-d0e6cff804f0","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":120,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"a6904960-e03e-404e-a021-743ce418f24e","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":120,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"f62e1536-7be9-4e9f-9f26-c35324c5406c","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":120,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"2ff12ce3-5738-4850-aa5e-16c8cc7565f1","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":120,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"6b0c68ce-124e-4971-af6b-fc5ea0c1d4bd","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":120,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"3695ddb1-0e10-44cc-a366-69ff7aeaf7a8","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":120,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"5169f460-059e-4151-966b-776a7123a7ea","block_type":"box","text":"affected by such events.","page_number":120,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"3703ca94-45e0-44fd-865b-8f98cb3556bd","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":120,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"c89bfe66-78f6-4af5-a50e-4ba64dd57d93","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":120,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"c633ce03-9209-4c76-a5df-33beb9455f06","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":120,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"e96b062e-648b-40bf-8767-903ea3a55fc4","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":120,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"886e2e11-a6a5-4c29-af42-785615cb34e8","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":120,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"3d9e2616-172f-4a6a-93dc-d1d7cf073638","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":120,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"85187aff-57c5-4abf-920b-83ea13ec9357","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":120,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"d5b161c8-25d2-4d92-bdd1-5334c519da33","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":120,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"140b20fe-42d6-4b67-baa5-0479c5741e3e","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":120,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"ac88b013-e5d6-4acb-a38d-7c55a5b74868","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":120,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"447c7eb7-6122-488c-a458-314ffe8d181b","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":120,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"e232ed4b-3e9c-46d2-87f4-5d3a9584a9fa","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":120,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"b0efc40a-f909-4ae0-84ba-dad44e32cd38","block_type":"box","text":"II-67","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"45be4c1c-9d8d-43f0-9ee1-e63439066b5f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e57252b6-922a-4aa2-837a-0dd4214a75ea","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":121,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"c1823776-6199-45d3-93a6-3fe3aa4e377a","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":121,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"a5dd33a2-34d1-45ee-8ae6-1ddbb2a4494d","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":121,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"208e748a-fb45-4e0d-8389-7961d1c5c414","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":121,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"2c4319ce-563d-4e53-a906-8ba43506bf32","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":121,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"c734fea5-4a38-458b-898a-af583271150b","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":121,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"15aa151d-e56b-420c-9a4b-7df99bce6640","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":121,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"193ddc3d-ed2a-4c7b-b855-ef6cfd62e1cd","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":121,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"75d3ca24-fd3d-43ed-96bc-be75f85f2b80","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":121,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"6c606863-2f94-4a27-9bd9-ad54451e328e","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":121,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"ab7ccfa9-01c9-43ae-ad3c-40530337434a","block_type":"box","text":"investments.","page_number":121,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"289044ac-5a6e-4689-8b40-5261cfa23226","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":121,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"aa40eb3d-15f5-483a-a2b6-92266f99941d","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":121,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"b2ed4020-cac6-423d-8046-084f695a0b01","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":121,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"8a8275eb-8a2c-4042-b533-8d790e1882f2","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":121,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"03705a22-c121-4691-85f5-7ce375fdc634","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":121,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"ea513cbe-2722-4c8f-8939-5bd0a95a0f8c","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":121,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"31ac163b-0842-4bcf-9acc-ddfebb86e298","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":121,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"cf85f818-9812-4d40-915f-1c832fc02e6c","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":121,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"1d334218-746b-423d-b0b5-01ac0acf4dc0","block_type":"box","text":"Legal and Regulatory Risks.","page_number":121,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"cd063786-5184-43d0-b0b7-73bb2a201b1e","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":121,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"002578d6-8421-4307-8f53-85c18e5ad105","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":121,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"edaf2c36-7495-4566-9fe2-7cdab598c16e","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":121,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"de463297-501c-4716-a2c0-670c2c1ef64b","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":121,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"e0f5b82f-c7af-42aa-98cb-a792b93e329c","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":121,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"ed0139ec-6660-42a8-994e-ed16dac3f197","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":121,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"ecbf6c39-a9ae-4815-837f-999205a96e07","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":121,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"ce99251c-4183-4346-b997-a8c9301d669c","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":121,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"eb721aee-356c-451f-9cea-fd423c9bc226","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":121,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"c7fc6e30-806e-40be-ba0f-67d976915a2b","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":121,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"f9f44a2c-8108-492f-b710-31541f5b5a94","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":121,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"3ced7710-94af-4b48-aefc-6ef6fb2b7638","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":121,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"19b08fe1-7db5-4679-b653-d5f20776f0cd","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":121,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"1b48c0da-da0a-4761-ae1f-3ad7bf59ee51","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":121,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"382b96e4-e0da-4ca9-9855-a00c2f3c175a","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":121,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"dc46e6ab-7886-4736-8e5f-19b1cfbdd9e8","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":121,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"1e83922a-b53a-4647-85a3-a72086313f6f","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":121,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"e42a8e40-52b0-412d-90fb-1cb5f537cfa0","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":121,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"359d6019-b0d9-4b54-9461-bbf87588a8fa","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":121,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"a5748c67-5b44-4aa0-a9e2-e6c4b050ff94","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":121,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"32814f0a-a27e-4f90-8fdf-b94061c0918e","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":121,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"f9f2b276-514c-41e4-9ec2-d7aa5c843ca7","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":121,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"65a71b5e-bedd-4848-ae61-a3aa943f7546","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":121,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"c5bc94f0-4e8d-4f58-b6b5-031568f57fbe","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":121,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"4192b467-eb04-41df-b31e-3179abf34011","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":121,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"41a8c691-1968-4532-9a44-9c6cfb449b50","block_type":"box","text":"Geographic Risks","page_number":121,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"f0c6bd4e-607f-477f-81ae-b8b0e2c5a222","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":121,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"21b468d7-3b1c-4874-9390-ac088dcfb57e","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":121,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"91d0fe4f-0dcd-4e3c-b513-ad7cf016df8e","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":121,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"01553447-bd3f-40dd-bd86-977a1c72b858","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":121,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"bc67a712-5e51-41fa-abc9-ad0d247155a7","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":121,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"6578d81e-a083-4298-8824-e9ebdd36250c","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":121,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"86244297-1b0c-4911-94bc-89f0b479ff4e","block_type":"box","text":"Fund.","page_number":121,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"0f35f591-2d1c-4a28-bad0-64fb5928b76f","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":121,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"ff760b1f-71a4-4bd3-89a8-4d3aa7e070d2","block_type":"box","text":"A Fund’s investments, payment obligations and financing terms may be","page_number":121,"box":{"x":363,"y":846,"width":508,"height":11}},{"id":"94149a77-88e7-4656-a268-0c3ee153e93c","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average","page_number":121,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"3f716230-f4e2-4420-abe5-8915f105ec25","block_type":"box","text":"Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate","page_number":121,"box":{"x":70,"y":876,"width":825,"height":11}},{"id":"c9da7835-f52c-4b11-95ad-6ff5649f29be","block_type":"box","text":"or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse","page_number":121,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"353220f7-8b96-4932-bbf9-a0627a77fb73","block_type":"box","text":"impact on the market for, or value of, any instruments (including debt instruments and cer tain derivative instruments)","page_number":121,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"7b4825ea-d050-4b7a-aab5-0ac3f0e871a7","block_type":"box","text":"II-68","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6f7da0fd-4be2-4339-9c07-e065d3357cff","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4161652-7630-4c72-add1-9c102aa5ea27","block_type":"box","text":"or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments","page_number":122,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"8b9714cf-d5dd-4693-af5d-a970a0277289","block_type":"box","text":"imposed by a regulator or by counterpar ties or otherwise may adversely affect a Fund’s per formance and/or net","page_number":122,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"2d90f063-94be-4342-aeed-ab368a76d841","block_type":"box","text":"asset value. The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and","page_number":122,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"a95b6576-18c6-456d-ab59-e0eb2420dcac","block_type":"box","text":"globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and","page_number":122,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"b08d708b-e346-4855-ae1d-ee63a6961087","block_type":"box","text":"municipal bonds, bank loans, asset-backed and mor tgage-related securities, interest rate swaps and other","page_number":122,"box":{"x":69,"y":105,"width":761,"height":11}},{"id":"94daa076-044d-49ac-86ad-09317889fb5c","block_type":"box","text":"derivatives. Instruments in which a Fund may have historically paid interest at floating rates based on LIBOR or may","page_number":122,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"0bdc8216-1930-417a-9bba-8f96559bf6c9","block_type":"box","text":"have been subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a Fund","page_number":122,"box":{"x":69,"y":135,"width":825,"height":11}},{"id":"cba34c6b-349a-478b-980c-306db5f16cd8","block_type":"box","text":"invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global","page_number":122,"box":{"x":70,"y":150,"width":822,"height":12}},{"id":"cc63fe47-9852-40df-aaa8-983c3727bf15","block_type":"box","text":"transition away from LIBOR led by regulators and market par ticipants as a result of benchmark reforms, LIBOR was","page_number":122,"box":{"x":68,"y":166,"width":822,"height":11}},{"id":"0f00d56c-01f8-4993-9bc1-c031ab7958ad","block_type":"box","text":"last published on a representative basis at the end of June 2023. Alternative Reference Rates to LIBOR have been","page_number":122,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"6485ca06-1e82-4954-978e-5d5036248e5c","block_type":"box","text":"established in most major currencies and markets in these alternative rates are continuing to develop (","page_number":122,"box":{"x":69,"y":196,"width":736,"height":11}},{"id":"8227fea7-7b43-4e10-9182-e09e68116dc7","block_type":"box","text":"e.g.","page_number":122,"box":{"x":807,"y":197,"width":25,"height":10}},{"id":"88fe6b73-b46b-420e-9104-71e380468b73","block_type":"box","text":", SOFR for","page_number":122,"box":{"x":835,"y":196,"width":70,"height":10}},{"id":"8d7a1270-f255-4d47-9dcc-93f45a6a4656","block_type":"box","text":"USD-LIBOR and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks","page_number":122,"box":{"x":70,"y":211,"width":814,"height":11}},{"id":"902ca907-1571-4d16-b578-3685a76534e4","block_type":"box","text":"associated with the transition may remain that may impact markets or par ticular investments and, as such, the full","page_number":122,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"bd87d644-e878-447b-acc1-edc510913628","block_type":"box","text":"impact of the transition on the Funds or the financial instruments in which the Funds invest cannot yet be fully","page_number":122,"box":{"x":70,"y":241,"width":784,"height":11}},{"id":"470ce45e-4238-4b66-8ec5-3b5ae016f721","block_type":"box","text":"determined.","page_number":122,"box":{"x":69,"y":257,"width":84,"height":8}},{"id":"4dbfc4fb-1583-4b91-85ff-acc28f92efaf","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":122,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"6ef7f64c-2fa4-44cc-bfc9-b49a745afdb0","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":122,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"ca82a678-c6c8-4e83-97db-5db3e780bce2","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":122,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"b298b6ab-a729-4706-8fc4-4635d82c760f","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":122,"box":{"x":70,"y":324,"width":801,"height":12}},{"id":"57434638-6ee3-46d7-874d-ef4f21c2a85f","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":122,"box":{"x":70,"y":339,"width":810,"height":12}},{"id":"ac9e7eb2-7490-4fc4-b48c-679b3a33e1b3","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":122,"box":{"x":69,"y":355,"width":803,"height":11}},{"id":"9ef0d143-1de6-4270-94fe-c9f016715c8d","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":122,"box":{"x":68,"y":370,"width":825,"height":11}},{"id":"6b19590b-47a0-4fb5-a04d-c89bcfd0e62f","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":122,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"e546c7b4-44b7-4bdc-8496-1893cc56b5c2","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":122,"box":{"x":70,"y":400,"width":838,"height":11}},{"id":"f4abe41a-107d-47ae-8dae-0f1a920cf5da","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":122,"box":{"x":69,"y":415,"width":796,"height":11}},{"id":"edfbeda5-5e8e-40f7-901a-886c64872ad8","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":122,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"8c443b59-1365-4adb-b453-b41f78bf870b","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":122,"box":{"x":70,"y":445,"width":824,"height":11}},{"id":"ff02429e-2e01-4f4a-a93a-158300524d51","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":122,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"246794a3-d0d3-4866-b72d-351fdc651e46","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":122,"box":{"x":69,"y":475,"width":809,"height":11}},{"id":"4122e591-fa3b-463f-b1bf-ba8cd0474a29","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":122,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"49b9c1a7-6b4d-4fb4-82bb-f7371963bd11","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":122,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"ff4ee737-f688-4f3a-9238-26a864c32ece","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":122,"box":{"x":68,"y":521,"width":384,"height":11}},{"id":"2515b6f2-c50a-470a-abdb-df7deb5aff7a","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":122,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"449c768b-827a-4ff0-b4a3-f9e6df34c17b","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":122,"box":{"x":68,"y":559,"width":786,"height":11}},{"id":"5ae2d117-d4cc-411a-9154-2ccbb83a2ead","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":122,"box":{"x":69,"y":574,"width":746,"height":11}},{"id":"cf7b4da8-573e-4bc6-88b5-1c6bbea4d080","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":122,"box":{"x":70,"y":589,"width":822,"height":11}},{"id":"4acfc146-3269-4be0-9761-8000af44e57a","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":122,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"a3c432b2-39cb-4a62-9b8a-23d0db064748","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":122,"box":{"x":68,"y":619,"width":799,"height":11}},{"id":"1e619b35-69c0-4d68-97a9-6135eaf27a43","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":122,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"097b3b9f-1773-4522-8343-49c4f28d7884","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":122,"box":{"x":70,"y":649,"width":757,"height":12}},{"id":"f1c5139c-1fb5-442a-90e0-f140731cd7cb","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":122,"box":{"x":69,"y":665,"width":802,"height":11}},{"id":"5f28515e-322a-4507-bd3b-5fe62c721431","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":122,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"40184999-96e6-4e92-b50c-15df74b9d68e","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":122,"box":{"x":70,"y":695,"width":782,"height":11}},{"id":"f19fce2c-b569-4016-ad75-9c14365b6112","block_type":"box","text":"consequences which cannot be predicted.","page_number":122,"box":{"x":69,"y":710,"width":298,"height":11}},{"id":"a16f79f3-93f1-40c1-ae68-880132f2a75b","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":122,"box":{"x":102,"y":733,"width":432,"height":11}},{"id":"7acae848-eef6-47c5-9268-00c0ab90cf82","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":122,"box":{"x":541,"y":733,"width":347,"height":11}},{"id":"22db2516-9fe3-4415-a5d0-3e7dc0c80cf9","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":122,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"9792dc4f-09bc-4030-b5e5-c6be9cf0c271","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":122,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"c93ea946-84bd-44d5-bc9b-5cb299498f9d","block_type":"box","text":"term of the agreement.","page_number":122,"box":{"x":68,"y":778,"width":164,"height":11}},{"id":"e054f7c5-4653-44f7-acec-546b50b371ed","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":122,"box":{"x":101,"y":801,"width":788,"height":11}},{"id":"bfb0f23c-080d-4274-b02a-94aa79aeeac5","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":122,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"675c74cb-1172-48f3-bc9a-f8fff7838b2d","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":122,"box":{"x":70,"y":831,"width":821,"height":11}},{"id":"eb9a6840-ec05-4fa6-9683-ec53fa552fc0","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":122,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"29525066-9016-490c-b60e-a8a76fb1c9cf","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":122,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"7ccb5d8c-7331-415d-9b51-56d2193d091e","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":122,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"c99e27c3-cd0b-4eae-93cf-b000a58fd35b","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":122,"box":{"x":68,"y":891,"width":522,"height":11}},{"id":"b4e7bd1f-a705-46aa-9d5f-4b2200b31f57","block_type":"box","text":"II-69","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"48d8b648-1616-4dfd-956b-eb531db86275","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"37cb8337-e775-4824-985e-e181184e5749","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":123,"box":{"x":102,"y":45,"width":792,"height":11}},{"id":"bbbd3613-f4b1-4620-a53d-1edbd3f918cc","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":123,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"3b453cda-9797-4824-8fc0-256d074dd07f","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":123,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"b620a25a-7cec-4c13-af50-37927e5729da","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":123,"box":{"x":69,"y":90,"width":812,"height":11}},{"id":"c56ed20e-39c9-4e30-b218-b79d4a4e3f74","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":123,"box":{"x":68,"y":105,"width":770,"height":11}},{"id":"2c192b75-10db-4e83-881b-33f381054f8d","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":123,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"f03b2d12-2f53-4d89-b10e-c2f94f502c69","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":123,"box":{"x":70,"y":135,"width":430,"height":12}},{"id":"f0b5b844-b92b-470c-92cc-b03f8af44f71","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":123,"box":{"x":102,"y":158,"width":759,"height":11}},{"id":"211d1131-370e-4d01-8b3a-effce3a92d37","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":123,"box":{"x":70,"y":173,"width":765,"height":11}},{"id":"d2624ddd-87f0-4f55-949a-cfd2d943e2b8","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":123,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"7dada33c-7439-4d7c-9793-8c76887423bd","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":123,"box":{"x":69,"y":203,"width":799,"height":11}},{"id":"3746b7b5-2046-459c-8662-cf4ef69b6130","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":123,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"8057a8de-16b4-43df-b50f-a96df1a22b35","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":123,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"629000a3-be59-4eb5-9c46-e41866ac7119","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":123,"box":{"x":70,"y":249,"width":831,"height":11}},{"id":"02a7174e-5440-4995-aea5-7d67136a5a72","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":123,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"4f09b470-1265-4850-abc8-454e57f85a2a","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":123,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"ab0f93d8-90c3-4d2d-a3b4-558e62605388","block_type":"box","text":"or by another authorized securities depository.","page_number":123,"box":{"x":69,"y":294,"width":329,"height":11}},{"id":"dda7b0c5-49a0-4130-aae3-cf2555c8acd3","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":123,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"d5640c19-7d51-4a11-99cb-c53826c23362","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":123,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"45e36d18-9f71-4838-8e73-8fd3f90e611d","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":123,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"f829d5a8-f844-4688-908f-abcd46616461","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":123,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"d7330cbf-06b9-471d-86db-c8cb4f1ea7b3","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":123,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"20779c20-a328-49ad-9989-e525cafb1f0f","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":123,"box":{"x":70,"y":393,"width":810,"height":11}},{"id":"b5474753-83d3-48a2-946c-b6eaf2fb5f20","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":123,"box":{"x":69,"y":408,"width":812,"height":11}},{"id":"e1eebd8f-a0a0-4360-b3ce-0547bd67ab0e","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":123,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"807b04ac-eb71-4b5e-9b44-5bee74a9bef1","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":123,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"fe9ef2b4-09b3-4d58-97f6-0d27596ddd45","block_type":"box","text":"the repurchase price.","page_number":123,"box":{"x":68,"y":453,"width":151,"height":11}},{"id":"994f4dce-de91-4eaf-877b-2a9eeb13b9a7","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":123,"box":{"x":102,"y":475,"width":805,"height":12}},{"id":"f088ca6b-ec93-4f97-8baa-b118eac88679","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":123,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"e4032ba0-3964-433c-8343-4db5acbd2c4c","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":123,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"069742a4-48dc-4b6c-9a6d-a961c8389707","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":123,"box":{"x":69,"y":521,"width":767,"height":11}},{"id":"29537bf9-a164-414e-af4b-8a43cda4e8ca","block_type":"box","text":"strategies without the repurchase obligation.","page_number":123,"box":{"x":69,"y":536,"width":317,"height":11}},{"id":"c75e9a0b-c9a5-48cc-8be1-2cf255059f19","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":123,"box":{"x":101,"y":559,"width":782,"height":11}},{"id":"ef0bbdad-3726-4814-bdaf-7ccdab3c0778","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":123,"box":{"x":69,"y":574,"width":776,"height":11}},{"id":"8d23d593-0e23-4837-a582-2113065d7f22","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":123,"box":{"x":69,"y":589,"width":799,"height":11}},{"id":"e8e9f9fd-6535-4bc3-b59f-22fcb3dab0b1","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":123,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"9e243886-aa64-460f-8799-33ce07132ad1","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":123,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"b149295f-9614-40bf-ad78-613f2ec11b63","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":123,"box":{"x":69,"y":634,"width":374,"height":11}},{"id":"e46034f0-2d76-4688-95bd-039fa33f72e3","block_type":"box","text":"i.e.","page_number":123,"box":{"x":445,"y":634,"width":20,"height":9}},{"id":"9b0113fa-3096-45e7-96b1-352b4db2ed5f","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":123,"box":{"x":468,"y":634,"width":434,"height":11}},{"id":"16d031de-aaeb-4618-bcc5-e9ec220faed4","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":123,"box":{"x":70,"y":649,"width":813,"height":12}},{"id":"e4f5e9b5-24f4-4ed7-a248-892ab407ee4d","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":123,"box":{"x":68,"y":664,"width":816,"height":12}},{"id":"6f246824-da07-4539-9d2a-5e4d8199acc0","block_type":"box","text":"and income involved in the transaction.","page_number":123,"box":{"x":69,"y":680,"width":278,"height":9}},{"id":"59a6992d-2b8a-4862-8a33-a0c7a44d422e","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":123,"box":{"x":102,"y":702,"width":800,"height":12}},{"id":"66c0d7f4-5c9b-41b5-b9b7-8fddb99b0c27","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":123,"box":{"x":68,"y":717,"width":840,"height":12}},{"id":"a4011452-cfb3-451e-bb60-68555d97c622","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":123,"box":{"x":69,"y":732,"width":814,"height":12}},{"id":"4e741571-ca5f-4c1e-8fc8-79ea9490253e","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":123,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"d5023504-7f1d-42cf-92b6-476929b0d570","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":123,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"5a7a721f-b20a-4cc6-b4be-9b0f4971ad06","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":123,"box":{"x":68,"y":778,"width":783,"height":11}},{"id":"23a216f4-d42a-45dc-8d9c-a096cf7e8737","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":123,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"eca5082c-ab7b-43df-b08a-5094c3b03c09","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":123,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"bd9afb68-571d-4b8f-bf8b-f2f96311b1e6","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":123,"box":{"x":69,"y":823,"width":796,"height":12}},{"id":"0726ae1c-ca5b-4aea-a3b0-955db9dc2f6e","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":123,"box":{"x":69,"y":838,"width":834,"height":12}},{"id":"303d30f4-e32e-4aa4-aca0-a969fc1431b1","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":123,"box":{"x":68,"y":853,"width":824,"height":12}},{"id":"b6dbd052-7ac3-4410-9474-f7a9c73c7a84","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":123,"box":{"x":69,"y":869,"width":279,"height":11}},{"id":"732c511d-4ff8-464b-83f6-881bfd1a3873","block_type":"box","text":"Restricted Securities.","page_number":123,"box":{"x":102,"y":891,"width":157,"height":9}},{"id":"212228c1-18bd-41c4-89dd-5755201631d1","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":123,"box":{"x":265,"y":891,"width":617,"height":12}},{"id":"3c650d2e-9ae2-41d0-a672-35859b71a843","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":123,"box":{"x":69,"y":906,"width":801,"height":12}},{"id":"c118e65b-0102-4de7-b7e5-6824f1e22e0d","block_type":"box","text":"II-70","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e2a6b54b-193d-4d2a-859c-6661fc815f5c","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd48fbf6-227e-486b-928e-d70eee585528","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":124,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"4f5da44d-3b4f-4482-b7de-f616169ef7df","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":124,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"d608f7b0-4ef1-4f08-b128-ad2024a37613","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":124,"box":{"x":70,"y":75,"width":834,"height":11}},{"id":"3307ef12-c148-42b3-90d0-2dd60c7606b6","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":124,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"015e0090-a5d6-4a18-829d-3d11c7944395","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":124,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"1b2f4188-0ba5-4863-822d-c6cbba090119","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":124,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"1ffcb832-71c7-4ac6-ab31-7d3b62fcf634","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":124,"box":{"x":69,"y":136,"width":831,"height":11}},{"id":"a391dc53-4748-418a-992e-5615cc39fddb","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":124,"box":{"x":70,"y":150,"width":824,"height":12}},{"id":"b953a267-c365-40dd-8147-1f7f05505051","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":124,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"d9010ea1-2414-49d4-8290-c1be5ab32b87","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":124,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"d4e8eee1-cbcb-476c-864c-a7b29d3adec4","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":124,"box":{"x":69,"y":196,"width":838,"height":11}},{"id":"5220a7cf-010f-47bc-8044-7c389331c540","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":124,"box":{"x":68,"y":211,"width":805,"height":11}},{"id":"1fd384a9-b54b-47c8-9314-36c92c9447c0","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":124,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"8b5377b8-c30d-4521-a377-1263959c8bb8","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":124,"box":{"x":70,"y":241,"width":815,"height":11}},{"id":"ddb92cfa-6a9d-4433-b991-8d1f601311eb","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":124,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"7bf49dc3-43fa-4971-98db-b9f0c2f0f045","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":124,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"cce057c1-9409-4d55-94ce-f5f5b285af1c","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":124,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"6d3f6e63-613e-4851-8e66-1e477d5cfd5d","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":124,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"549893ba-6bc7-4f00-b13e-dfc2d7b52dc4","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":124,"box":{"x":68,"y":317,"width":825,"height":11}},{"id":"f34eb95b-7ef1-463c-8cd2-00bcab7618bd","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":124,"box":{"x":69,"y":332,"width":777,"height":11}},{"id":"e67c77ec-c3a7-4c2a-81fc-a3b68553df92","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":124,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"c19e678b-f5ad-472c-8380-5c03ad11f0c1","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":124,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"e74c46be-3233-486c-834d-e38b7cd56b56","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":124,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"177e3ea8-31fd-4c07-b0f1-7ef4d4e60b89","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":124,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"447ab745-17b3-491f-90fc-bbbfb3fbb011","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":124,"box":{"x":68,"y":407,"width":819,"height":12}},{"id":"e78646bd-edc9-4726-83d6-77e6542e2846","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":124,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"c9998545-98bc-4ed5-81ca-251bcf7ec6ad","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":124,"box":{"x":69,"y":438,"width":798,"height":11}},{"id":"3875eaf1-7b89-44fe-af14-6e0bc23a28a6","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":124,"box":{"x":70,"y":453,"width":780,"height":11}},{"id":"57b19a1c-ad92-4919-aba2-7652d4a552d0","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":124,"box":{"x":70,"y":468,"width":773,"height":11}},{"id":"9a29a97e-0b35-42c6-84d8-57f10567fec0","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":124,"box":{"x":69,"y":483,"width":784,"height":11}},{"id":"9841ad0c-b5b8-438f-b649-b41b6674b9d2","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":124,"box":{"x":69,"y":498,"width":816,"height":11}},{"id":"84d7718a-ec45-45cb-a038-0804db9e7acb","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":124,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"8000b455-3574-400c-86eb-87ee50eb1405","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":124,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"6f4c25bb-efbf-4df8-9ba7-ab543d50436b","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":124,"box":{"x":68,"y":543,"width":804,"height":12}},{"id":"14c5c333-8509-4d43-8558-28c37da91b58","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":124,"box":{"x":69,"y":559,"width":647,"height":11}},{"id":"3fb0309a-09d8-4a46-b46a-3e80109b68d9","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":124,"box":{"x":102,"y":581,"width":714,"height":11}},{"id":"e1c5e73e-0ddc-42e2-88c2-d35def0eef13","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":124,"box":{"x":70,"y":597,"width":823,"height":11}},{"id":"70987df0-b2d9-4219-bacb-61b914051195","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":124,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"ff7b4189-c78f-41de-82f2-768f9d81de74","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":124,"box":{"x":70,"y":627,"width":830,"height":11}},{"id":"a0b68f69-ecfd-4a98-b2af-5a0fa8853328","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":124,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"ecb31f72-12c4-405d-a6e6-42cdd55a68d9","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":124,"box":{"x":69,"y":657,"width":787,"height":11}},{"id":"401a5cc1-011c-44de-a030-07124b2341f6","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":124,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"6b434127-4caf-4cb8-be38-82ec81026ae7","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":124,"box":{"x":69,"y":687,"width":759,"height":11}},{"id":"8cb7f576-6db5-4a9a-a6a4-d422949a8014","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":124,"box":{"x":70,"y":702,"width":833,"height":12}},{"id":"c952bcbd-1101-4a91-8833-bb0f5da969cd","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":124,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"70191347-0007-4591-bc07-f48312761127","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":124,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"348a5969-850a-42dc-970e-b62c5694bc84","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":124,"box":{"x":70,"y":748,"width":804,"height":11}},{"id":"65034454-8772-48ce-a651-42c13bf0d746","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":124,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"85319a60-42dd-4c38-a508-bb90cc9e50c5","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":124,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"97d85004-dc26-462c-a83c-7bb77737b6fd","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":124,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"abccacb3-b942-417f-836a-ebb24ddf058b","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":124,"box":{"x":70,"y":808,"width":815,"height":11}},{"id":"d1d2df2b-5422-422b-a966-8322d25965ac","block_type":"box","text":"especially as that Fund grows in size.","page_number":124,"box":{"x":69,"y":823,"width":264,"height":12}},{"id":"b4474e7b-0d69-43cf-842b-7dfced3c47b3","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":124,"box":{"x":101,"y":846,"width":762,"height":11}},{"id":"869ba87f-9edb-4ac8-94f2-f2f5149b235b","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":124,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"5974081b-b4c2-4a4f-ac62-59823682ecd2","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":124,"box":{"x":69,"y":876,"width":751,"height":11}},{"id":"d624a85a-03ef-4e2e-8ab5-93eb8f8d3ad6","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":124,"box":{"x":70,"y":891,"width":755,"height":11}},{"id":"0e68ce71-318b-4381-8f18-cd8cfacde080","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":124,"box":{"x":69,"y":906,"width":830,"height":12}},{"id":"a1c4154d-d3cd-4550-881e-3849a9020459","block_type":"box","text":"II-71","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4bc33b23-57e1-4b32-9f9f-092133d05a03","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"28704a98-17a7-454b-a810-61a9aa053b43","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":125,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"1b61c635-73f2-403d-95d3-4b4162ddbcd1","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":125,"box":{"x":68,"y":60,"width":766,"height":11}},{"id":"5d8261d1-4ed7-4a47-8a70-6b1b89bed3ef","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":125,"box":{"x":69,"y":75,"width":792,"height":11}},{"id":"2eefc40a-8ed7-403a-aca5-743bbd750094","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":125,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"947b8371-1c51-4195-8ba0-56ee87bd2492","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":125,"box":{"x":70,"y":105,"width":771,"height":11}},{"id":"a7b282ee-87ff-4b19-92ac-efc8d976af83","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":125,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"aaa07870-52cf-4182-a123-c26d6af37895","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":125,"box":{"x":69,"y":135,"width":790,"height":11}},{"id":"62b9929f-c6de-4be8-8453-2810a8af4b99","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":125,"box":{"x":69,"y":150,"width":828,"height":12}},{"id":"39c2c076-b7da-460e-a747-a639de9911bc","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":125,"box":{"x":69,"y":166,"width":810,"height":11}},{"id":"38511d7e-63fa-4352-a5e8-bf6a261a5ec2","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":125,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"3b6736e0-6b31-4e54-ad98-5e2436dcb66e","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":125,"box":{"x":68,"y":196,"width":839,"height":11}},{"id":"9e85c640-f3ef-4843-a620-17410a1e9ead","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":125,"box":{"x":68,"y":211,"width":514,"height":11}},{"id":"c1c6a7f5-8863-4eff-bd15-f785f246b083","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":125,"box":{"x":102,"y":234,"width":385,"height":11}},{"id":"a6219d6e-bfba-4fbf-a852-140db2db2795","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":125,"box":{"x":102,"y":257,"width":246,"height":10}},{"id":"fab3b0e5-6c16-4616-9fb4-29badd7deea2","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":125,"box":{"x":354,"y":257,"width":548,"height":11}},{"id":"c99a9ddf-a60a-4ffd-aeb8-6b584e3ecf30","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":125,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"47060f1b-7bfc-489d-a39a-1cf115f196d5","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":125,"box":{"x":68,"y":287,"width":793,"height":11}},{"id":"b1836c13-7e8e-470e-971e-e7a6dc824f9d","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":125,"box":{"x":69,"y":302,"width":784,"height":11}},{"id":"20d4e0d4-3af6-4fb9-ad8a-4cc9d5405670","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":125,"box":{"x":70,"y":317,"width":591,"height":11}},{"id":"4febc1d0-faac-44a3-85d5-8e6ddbcec3ad","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":125,"box":{"x":101,"y":339,"width":730,"height":12}},{"id":"fa55573f-9202-4382-b4f7-4ca8953dd619","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":125,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"ad439a6a-1f62-4c6c-b877-603421b3c13a","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":125,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"526ad705-46ff-42e8-b28e-5a686d1749ff","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":125,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"8a70f17a-ceec-4ec8-9925-35892583ba37","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":125,"box":{"x":69,"y":400,"width":830,"height":11}},{"id":"45be758a-f55b-4a70-87c0-cf14ad350dd4","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":125,"box":{"x":69,"y":415,"width":354,"height":11}},{"id":"0c54a3ba-0c92-4291-a484-244cd1708f70","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":125,"box":{"x":102,"y":438,"width":769,"height":11}},{"id":"33dcf61b-5182-47e7-b829-558ca521440a","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":125,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"bef2ab8b-851c-40a4-bf7f-1863e979355f","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":125,"box":{"x":70,"y":468,"width":782,"height":11}},{"id":"813e6204-3ef8-47e2-8c9a-db106b56d896","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":125,"box":{"x":69,"y":483,"width":449,"height":11}},{"id":"5f017e1d-6b42-430f-b0af-c0dda22d5072","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":125,"box":{"x":102,"y":506,"width":794,"height":11}},{"id":"e348b7f8-3a78-48ce-9359-d8429d2f7e2f","block_type":"box","text":"similar financing transactions (","page_number":125,"box":{"x":69,"y":521,"width":218,"height":11}},{"id":"523d2ed2-a376-4f0e-99d7-9a12ed599a62","block_type":"box","text":"e.g.","page_number":125,"box":{"x":289,"y":522,"width":24,"height":10}},{"id":"e9647851-eddc-47e4-bf6d-3e6068353836","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":125,"box":{"x":316,"y":521,"width":594,"height":11}},{"id":"1abf03ce-3795-4e70-b843-72e49eb826ed","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":125,"box":{"x":68,"y":536,"width":813,"height":11}},{"id":"cca76636-2d3e-46d8-b898-63e8e25516bd","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":125,"box":{"x":70,"y":551,"width":789,"height":11}},{"id":"21f48724-594b-4277-af78-37cbd1d5b062","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":125,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"ea07441d-4695-477b-8a6b-ddf2b4218421","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":125,"box":{"x":70,"y":581,"width":824,"height":12}},{"id":"33d89832-5630-444d-bbfe-613ca6bfa0fd","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":125,"box":{"x":68,"y":596,"width":758,"height":12}},{"id":"f7ce76b1-afa6-48df-bf30-f898a95a2d35","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":125,"box":{"x":69,"y":612,"width":822,"height":11}},{"id":"52db1f3b-4a10-4b4e-8610-68a63e3ad27e","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":125,"box":{"x":68,"y":627,"width":838,"height":11}},{"id":"b1d6fdc4-912e-4175-ba7d-18260cb44e0b","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":125,"box":{"x":69,"y":642,"width":538,"height":11}},{"id":"38643743-513e-4835-8b8d-eeb1b8ba5ac8","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":125,"box":{"x":101,"y":665,"width":780,"height":11}},{"id":"bdcb12e2-6230-41b0-b35b-8dad2a1a5d0a","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":125,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"56d1d306-f50f-42dd-b403-1b5aade276ef","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":125,"box":{"x":68,"y":695,"width":775,"height":11}},{"id":"f96aa6ba-fbd2-4b1f-96d0-690ee3e2dcef","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":125,"box":{"x":68,"y":710,"width":754,"height":11}},{"id":"f5ff1241-5661-40d7-985a-37a245e48f02","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":125,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"1a420409-8fca-4ad9-a320-2c9e069017b0","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":125,"box":{"x":68,"y":740,"width":783,"height":11}},{"id":"cd30bd20-b662-4e7c-ab8d-cfcda6d473ae","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":125,"box":{"x":69,"y":755,"width":800,"height":11}},{"id":"03910bcd-29d9-4d7c-bafe-1d967805ece0","block_type":"box","text":"amounts to be received under such agreements.","page_number":125,"box":{"x":69,"y":771,"width":345,"height":11}},{"id":"2cde4f57-8e30-494e-9635-35e2a6654512","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":125,"box":{"x":102,"y":793,"width":316,"height":11}},{"id":"2552d8b5-1a5a-4ac2-91a8-11fe1d16517b","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":125,"box":{"x":424,"y":793,"width":481,"height":11}},{"id":"cfee9685-f0b8-4c22-8498-3b922822c65f","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":125,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"a5cf859f-ae57-44d9-8942-b3d6046674c7","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":125,"box":{"x":69,"y":823,"width":776,"height":12}},{"id":"fe8111a0-9b0f-452f-9c27-8a72b5f590b3","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":125,"box":{"x":69,"y":838,"width":817,"height":12}},{"id":"570e0d0a-5183-4fa9-bdc0-36181c0d0008","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":125,"box":{"x":70,"y":853,"width":833,"height":12}},{"id":"d4066db1-1ae3-405a-bb30-95aeaa4227f3","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":125,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"0e831f7f-0e73-4bbb-a925-951881103fdb","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":125,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"9cbee359-6895-4249-ba8b-f38aa75d2537","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":125,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"8a78d381-4672-49ae-9e4e-7cc006470f21","block_type":"box","text":"II-72","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f98ad766-1e95-4369-8a21-4ac7429515e9","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"607a38ae-0154-4324-9914-702c463e9975","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":126,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"89ec608b-74f3-468b-ab52-496486934698","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":126,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"0114210d-2068-47fa-8d49-e2a8ddddfff0","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":126,"box":{"x":68,"y":75,"width":708,"height":11}},{"id":"77e01c11-5efc-4f75-b967-afa9098adc33","block_type":"box","text":"Rule 144A Securities.","page_number":126,"box":{"x":102,"y":98,"width":159,"height":9}},{"id":"ed3dec5e-3be4-414e-8e4d-8f8b92870517","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":126,"box":{"x":266,"y":98,"width":560,"height":11}},{"id":"1879d503-b43d-4679-b4cf-8d7e27c1fb5b","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":126,"box":{"x":70,"y":113,"width":741,"height":11}},{"id":"e5468599-0ad5-430a-8ae7-19bef0f9a099","block_type":"box","text":"Securities Lending.","page_number":126,"box":{"x":101,"y":135,"width":139,"height":11}},{"id":"e873b6df-c1d7-42c1-bfbd-a6c56a98e1d6","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":126,"box":{"x":247,"y":135,"width":645,"height":11}},{"id":"fe667f4e-6311-48d3-9bb7-6b329f359082","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":126,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"9d8ae316-fc1a-49bd-a480-2d1da8e53681","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":126,"box":{"x":69,"y":166,"width":817,"height":11}},{"id":"f4a97a35-02a6-443a-8b1d-be3143287641","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":126,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"484f6f0f-af8e-43a3-aa10-9fcf5c9d52e4","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":126,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"111d0c45-2283-4f99-88ae-39b54ab22056","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":126,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"bb405151-680e-4539-8115-f2630b6a5dac","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":126,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"53907531-eb92-486c-811a-7c7e8c14a6fd","block_type":"box","text":"the securities were not on loan.","page_number":126,"box":{"x":68,"y":241,"width":225,"height":9}},{"id":"6af248e2-ca82-4219-b946-52c1d5639b6e","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":126,"box":{"x":101,"y":264,"width":799,"height":11}},{"id":"cf3cbb64-29ef-4049-8e09-c87abdb3a76a","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":126,"box":{"x":69,"y":279,"width":835,"height":11}},{"id":"71662008-9666-4e9f-a3c1-58468a3cbd01","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":126,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"331169cf-ae65-49f0-8eac-8704d97c976b","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":126,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"310093f1-f081-4c43-950c-31dbeab1c98d","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":126,"box":{"x":69,"y":324,"width":810,"height":11}},{"id":"0669f7af-6ccd-42a6-afdc-05618e69ed30","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":126,"box":{"x":70,"y":339,"width":789,"height":12}},{"id":"f95ac15e-3a4b-4c08-b4f0-0925d0d25166","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":126,"box":{"x":70,"y":355,"width":643,"height":11}},{"id":"95379455-924f-4c15-87c7-e22efd5c9df2","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":126,"box":{"x":102,"y":377,"width":568,"height":12}},{"id":"41d85754-7ed8-4fff-9206-62f9daabfdfe","block_type":"box","text":"i.e.","page_number":126,"box":{"x":672,"y":377,"width":20,"height":9}},{"id":"73282f27-0160-45e9-af34-2e1b95cda558","block_type":"box","text":", the risk of losses resulting","page_number":126,"box":{"x":695,"y":377,"width":198,"height":12}},{"id":"b5d4f92d-6c90-4729-8990-03cfb49dfdea","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":126,"box":{"x":68,"y":392,"width":501,"height":12}},{"id":"8eb210e9-382d-4917-9be1-0a99f2e4f377","block_type":"box","text":"i.e.","page_number":126,"box":{"x":571,"y":393,"width":20,"height":8}},{"id":"a2fcf7a3-fbc4-412c-ba49-d065c1cf410e","block_type":"box","text":", the risk of a mismatch between the return","page_number":126,"box":{"x":594,"y":392,"width":307,"height":11}},{"id":"81137938-498c-48b1-a208-713098d89837","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":126,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"9c839f35-6026-47ef-8932-4bb312d8f7bc","block_type":"box","text":"i.e.","page_number":126,"box":{"x":865,"y":408,"width":20,"height":8}},{"id":"aac0cb02-9e36-443e-a71c-1237700d801c","block_type":"box","text":",","page_number":126,"box":{"x":888,"y":415,"width":2,"height":3}},{"id":"a71f5e53-cf58-4b85-a2db-942fa0fb1ceb","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":126,"box":{"x":68,"y":423,"width":788,"height":11}},{"id":"6889bfcd-ebb7-4866-a33b-13a6656d35f9","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":126,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"98224eb4-f59e-4ca0-8c85-671971757316","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":126,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"8dc43699-bcb3-42a4-b35e-66614662f361","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":126,"box":{"x":68,"y":468,"width":811,"height":11}},{"id":"f1d243d6-83d6-4098-94e2-c78086f21ade","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":126,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"e42ae4f1-c068-4466-9d4d-ac7fb5e6d032","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":126,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"45463b5b-60dc-449c-90d8-beb38f078c7c","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":126,"box":{"x":70,"y":513,"width":820,"height":12}},{"id":"0ba42537-5652-4f33-ba49-a342eac441d0","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":126,"box":{"x":70,"y":528,"width":805,"height":12}},{"id":"565f46c7-8a2e-4aad-9c8f-4cd919bbca91","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":126,"box":{"x":69,"y":543,"width":816,"height":12}},{"id":"6e5d617f-c1aa-41d8-9015-a32a70437106","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":126,"box":{"x":69,"y":559,"width":775,"height":11}},{"id":"0476c157-56e3-49e0-b52e-92a690a6106b","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":126,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"5c3d59a4-cb1d-492a-ba40-3ee916bbd210","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":126,"box":{"x":69,"y":589,"width":838,"height":11}},{"id":"213a4ed9-3d2c-4eb6-a856-0a7b54839be6","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":126,"box":{"x":70,"y":604,"width":837,"height":11}},{"id":"e31e0920-b7bb-47dd-a753-6dff533a5c2e","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":126,"box":{"x":70,"y":619,"width":808,"height":11}},{"id":"17eac843-aa03-4ea5-8623-9e31eee84b29","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":126,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"a6264877-3c49-4dc9-bf6f-829fc5edfcdc","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":126,"box":{"x":70,"y":650,"width":832,"height":11}},{"id":"1e4b829f-035e-4c18-af5c-aafe018433b8","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":126,"box":{"x":69,"y":664,"width":801,"height":12}},{"id":"4f942210-e43a-418d-80a8-fbc339bedafd","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":126,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"6edcca6f-2bd6-466f-9352-c8fdef8c9157","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":126,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"b9d3f04a-e0dc-4cf5-b4a3-7248df351ffe","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":126,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"fb38ab4f-9662-4c11-b5ac-450733265040","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":126,"box":{"x":70,"y":725,"width":814,"height":11}},{"id":"c970156d-522a-4050-9fad-8792682a97dd","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":126,"box":{"x":68,"y":740,"width":787,"height":11}},{"id":"58891098-ef6c-4330-a482-bbca2649cb53","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":126,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"7b306a8e-796a-4012-afa6-59a0fa76d8d5","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":126,"box":{"x":70,"y":770,"width":809,"height":12}},{"id":"be67f80f-a63a-4daa-a235-65d3c91f87e0","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":126,"box":{"x":69,"y":785,"width":821,"height":12}},{"id":"d820e233-1d66-4dc0-afcf-8ff79efd7dac","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":126,"box":{"x":69,"y":801,"width":731,"height":11}},{"id":"cf9bdb20-1057-41b7-9dd1-e28758b50204","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":126,"box":{"x":102,"y":823,"width":800,"height":12}},{"id":"2f41d989-3111-443e-9e07-37a32125f970","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":126,"box":{"x":68,"y":838,"width":802,"height":12}},{"id":"1cf2d6d5-c965-4805-9b95-f915b1a98afa","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":126,"box":{"x":69,"y":853,"width":783,"height":12}},{"id":"41b83a1e-2855-4daa-ac87-7d197b4b7490","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":126,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"fe44b17e-9487-438d-8502-bea7c9178ea7","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":126,"box":{"x":70,"y":884,"width":747,"height":11}},{"id":"7fff89c0-88aa-4002-bbec-7e7745b5bbde","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":126,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"cfd37b89-9e70-4dce-b7bb-6e730defe6e2","block_type":"box","text":"II-73","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f56906b-fb3d-4b83-aeda-97d7a8324e69","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8008687-63f8-4692-a4cf-f79a9696e80c","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":127,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"e5605cd1-26a5-4d19-888f-0acd2ba6d064","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":127,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"c538ff34-89c0-45f2-aeec-531e6ac7f317","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":127,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"57050547-daca-46d4-ad73-a4636e9fa504","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":127,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"bee23138-4821-4bdc-8688-cc4cba4c3742","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":127,"box":{"x":69,"y":105,"width":371,"height":11}},{"id":"242d604e-94ff-4b8a-9de7-d93038260fcc","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":127,"box":{"x":101,"y":128,"width":753,"height":11}},{"id":"08162a54-0adc-44d1-ab2e-732b0e958775","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":127,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"08ab18e4-5d31-4311-93d8-a62403bc5137","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":127,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"f817bed8-130e-4ed7-947a-201a8ae1aa7b","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":127,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"b8dc0b26-1d0d-4354-a7ef-b7adfb66c63e","block_type":"box","text":"the current expected compliance date.","page_number":127,"box":{"x":68,"y":188,"width":273,"height":11}},{"id":"b96442c9-ed44-4f6f-9870-0ef743e3711f","block_type":"box","text":"Short Sales.","page_number":127,"box":{"x":101,"y":211,"width":89,"height":9}},{"id":"794c86d4-d15f-4204-8f62-4812d7895fc0","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":127,"box":{"x":196,"y":211,"width":696,"height":11}},{"id":"29436144-146a-46fd-9f44-71ee8f40a192","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":127,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"5ed35603-3bbb-48ea-8c11-4094bc54ec35","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":127,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"96d56b44-6b04-4168-adec-15c27707779f","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":127,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"37195c60-c3a6-404e-bd31-c6a297c47bd6","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":127,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"4704425e-c6a6-465d-a30a-c0c6ecfe4bed","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":127,"box":{"x":68,"y":287,"width":828,"height":11}},{"id":"6987ebe1-ac2a-43fc-ab29-133419ac9a24","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":127,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"0f7d9afb-d627-4f00-9271-4b22242bca39","block_type":"box","text":"securities to the lender of the securities.","page_number":127,"box":{"x":69,"y":317,"width":289,"height":9}},{"id":"89fe6e9e-0a7a-40c7-a56c-fdf3261ff782","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":127,"box":{"x":101,"y":340,"width":772,"height":11}},{"id":"0316b9ca-ad18-4982-a963-0465ea13bf2f","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":127,"box":{"x":69,"y":355,"width":795,"height":11}},{"id":"ba8f267b-4886-4996-b96a-172ebccc97cb","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":127,"box":{"x":69,"y":370,"width":801,"height":11}},{"id":"ebefd737-902f-4329-af12-129c5c746542","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":127,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"f6f84f54-6720-4e47-8f57-bcd8e7545741","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":127,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"5ba213cd-18fd-4798-bccd-ee76f6d7c9b7","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":127,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"8c8cbf12-d100-46c2-b07e-d0dd50bb746f","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":127,"box":{"x":70,"y":430,"width":568,"height":11}},{"id":"e39f8e21-f905-4468-9bd9-e69a27a502e0","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":127,"box":{"x":102,"y":453,"width":806,"height":11}},{"id":"f316d8d6-eb00-4403-9f66-520e28c81036","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":127,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"3d182f14-ac2b-4ec4-b3a7-04fc82733fe8","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":127,"box":{"x":68,"y":483,"width":819,"height":11}},{"id":"ed6fcdfb-81b7-4367-87fb-3b7952bb8a13","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":127,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"bd71a2fa-12a8-44ba-836e-71b001cddc38","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":127,"box":{"x":69,"y":513,"width":817,"height":12}},{"id":"6586a8d6-d6a1-498e-9d00-71713ad4508f","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":127,"box":{"x":69,"y":528,"width":800,"height":12}},{"id":"00df9a96-35d3-43f0-9122-388580bfd8e5","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":127,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"433a5138-65b0-40c3-a2c4-945997af3f3e","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":127,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"9256f424-8206-4933-9204-a1d57a2124e2","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":127,"box":{"x":69,"y":574,"width":640,"height":11}},{"id":"47af7bbc-e173-472b-a39a-c757aa932880","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":127,"box":{"x":101,"y":597,"width":673,"height":11}},{"id":"ad9d46a4-644a-42ce-ae3c-290ac81c03f0","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":127,"box":{"x":101,"y":619,"width":721,"height":11}},{"id":"3678dbe1-63b1-4428-8641-59458643f897","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":127,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"fda41da0-5cd9-425c-90bb-9b72a8bb65f1","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":127,"box":{"x":70,"y":649,"width":489,"height":12}},{"id":"709a225b-e9bf-4eef-8ecb-23930398e05c","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":127,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"72bcdda7-5dda-402a-b925-2e104da4ebc8","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":127,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"b4be91e1-622e-41f3-b89f-2563c5e0f2cb","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":127,"box":{"x":69,"y":703,"width":796,"height":11}},{"id":"e033f6ee-0339-4062-8460-9a625c07db69","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":127,"box":{"x":70,"y":718,"width":766,"height":11}},{"id":"378134d9-5808-44bf-825c-26beecdad014","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":127,"box":{"x":70,"y":733,"width":754,"height":11}},{"id":"a7c8b1da-6f3b-4fe6-9061-b5cc4e7fa70a","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":127,"box":{"x":67,"y":748,"width":800,"height":11}},{"id":"de391fed-743c-44d5-b17f-c0484f849550","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":127,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"e9073384-9cf0-4325-87e5-89159b68c66d","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":127,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"8e911ea9-234e-45ad-ad27-5fc59f114085","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":127,"box":{"x":69,"y":793,"width":460,"height":11}},{"id":"d493e6ed-2115-4886-86ed-510b45d79745","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":127,"box":{"x":101,"y":816,"width":293,"height":11}},{"id":"b21b35fd-f41f-4503-a58e-a51f64c56f47","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":127,"box":{"x":400,"y":816,"width":504,"height":11}},{"id":"717dd1a0-5892-400b-8201-482ba46bb062","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":127,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"60a4b737-f7af-4cd5-932d-69707ace9166","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":127,"box":{"x":70,"y":846,"width":793,"height":11}},{"id":"b5accf66-1083-43cc-b7cd-a889d3dfcade","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":127,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"b9460f9c-cd22-4b2b-b499-ab3fcb8e9758","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":127,"box":{"x":69,"y":876,"width":821,"height":11}},{"id":"348f6276-14eb-4904-8001-178ae2d52e1c","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":127,"box":{"x":69,"y":891,"width":768,"height":12}},{"id":"62b0a886-12c7-4473-ac3d-4be819bea18f","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":127,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"5fc806a2-f219-4f71-a4f9-650312e729dc","block_type":"box","text":"II-74","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"57c70ceb-7412-4194-8fd6-b0884923a6c2","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"445b33bf-15a9-4204-b901-0a828ed48dee","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":128,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"932528a9-5aae-4bff-b0e3-f2dc46824711","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":128,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"de2d3c66-fe37-4edf-9b12-d3990b35be1a","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":128,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"f1a11b0e-dab8-4c22-bb9a-af608fb9bb29","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":128,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"89d1b202-d555-46fc-9c78-ad2b9e1cc845","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":128,"box":{"x":68,"y":105,"width":794,"height":11}},{"id":"bdb7120b-c38b-4a36-8435-368a04aab54f","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":128,"box":{"x":69,"y":120,"width":820,"height":12}},{"id":"11ceb87a-b2a3-4dc3-8848-99ffc026369c","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":128,"box":{"x":68,"y":135,"width":815,"height":12}},{"id":"2667ac4f-855e-45b1-9aed-69c398a92d94","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":128,"box":{"x":70,"y":150,"width":802,"height":12}},{"id":"74c00ffa-39e6-4763-9303-0e11067b7670","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":128,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"f539d794-6872-450c-b3d6-b990025678e7","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":128,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"59f7fbad-5442-49fd-b448-d4a87e9c4494","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":128,"box":{"x":69,"y":196,"width":806,"height":11}},{"id":"3c991c69-681f-467c-867a-797c13a6bca1","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":128,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"85548b3d-3405-483a-b7d4-f2f9c3d7001f","block_type":"box","text":"Standby Commitment Agreements.","page_number":128,"box":{"x":101,"y":234,"width":255,"height":11}},{"id":"8a5180eb-50a9-48b2-b351-7a5fc63ba74f","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":128,"box":{"x":362,"y":234,"width":511,"height":11}},{"id":"85138898-6186-47ea-884f-85af9e473f65","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":128,"box":{"x":68,"y":249,"width":834,"height":11}},{"id":"30fe2953-2f28-46eb-94c6-6a6e93520314","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":128,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"aa77cb27-e105-43cc-864e-7a93a0f93ba0","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":128,"box":{"x":70,"y":279,"width":802,"height":11}},{"id":"a7087dde-9997-4cfa-8bb7-8a197146b2fa","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":128,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"86a19168-7d42-4894-8dbf-4d615abc0040","block_type":"box","text":"advantageous to the Fund.","page_number":128,"box":{"x":69,"y":309,"width":188,"height":11}},{"id":"266512c5-24e2-48d5-b8b9-9fb19797e431","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":128,"box":{"x":101,"y":332,"width":800,"height":11}},{"id":"26125c6a-89ee-4663-b78d-0913a85b6b22","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":128,"box":{"x":68,"y":347,"width":816,"height":11}},{"id":"9f38152c-f672-48ae-ab0b-f617d2398427","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":128,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"2667349a-633e-45d6-82b1-f819724e8fe4","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":128,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"7fe5ba47-c767-4593-bc9c-fabb717a2271","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":128,"box":{"x":101,"y":400,"width":785,"height":11}},{"id":"d2461792-2db2-4063-8735-8c5445f2b12b","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":128,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"af9a68e9-ebdb-4533-bb6a-7bf8b29d43a3","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":128,"box":{"x":68,"y":430,"width":815,"height":11}},{"id":"cb916ef7-74d7-4477-9a84-6f1c86b6c587","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":128,"box":{"x":69,"y":445,"width":792,"height":11}},{"id":"da952596-c718-438f-99db-b76acb0cd56e","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":128,"box":{"x":70,"y":460,"width":415,"height":12}},{"id":"73df499e-a5c1-490d-aac2-6c31e3d28f16","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":128,"box":{"x":102,"y":483,"width":789,"height":11}},{"id":"b0c56024-08bc-4cea-9708-9688f97908ab","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":128,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"b56e6752-3bfd-417a-81fb-953ac2cdaa96","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":128,"box":{"x":70,"y":513,"width":827,"height":12}},{"id":"4f659cfd-fb34-4697-bccd-b8bf34b853db","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":128,"box":{"x":69,"y":528,"width":815,"height":12}},{"id":"e8f41340-54cc-4103-855b-8fdb100299a4","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":128,"box":{"x":68,"y":543,"width":817,"height":12}},{"id":"e38d5c1a-15b8-4eaf-9898-24047748af23","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":128,"box":{"x":69,"y":559,"width":578,"height":11}},{"id":"5f5cc035-0508-4c44-9829-78b71755f1d0","block_type":"box","text":"Stripped Securities.","page_number":128,"box":{"x":101,"y":581,"width":143,"height":11}},{"id":"3255c93f-37f9-447c-8ca8-594670a2d77c","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":128,"box":{"x":251,"y":581,"width":596,"height":11}},{"id":"8fa2af4c-f3a6-4b36-af97-4a1b6a4533dd","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":128,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"7b1bf4c7-38b0-432d-8442-f8eb5f8cb42f","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":128,"box":{"x":70,"y":612,"width":818,"height":11}},{"id":"5792ecec-6733-4acf-8f3d-17d78605b97c","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":128,"box":{"x":70,"y":627,"width":813,"height":11}},{"id":"545b36b2-5734-4b89-b9da-08966903e68d","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":128,"box":{"x":70,"y":642,"width":777,"height":11}},{"id":"60786f17-543f-4c69-8e15-97039f25c305","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":128,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"2bf556aa-7a3f-4183-bc8c-91431b4f5bb6","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":128,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"19273d9e-743c-4bb5-b268-76d105e69d69","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":128,"box":{"x":70,"y":687,"width":837,"height":11}},{"id":"696bc65f-5650-4696-9132-80416c744101","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":128,"box":{"x":68,"y":702,"width":823,"height":11}},{"id":"fc831c19-b77f-4891-a158-8479def99364","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":128,"box":{"x":69,"y":717,"width":494,"height":12}},{"id":"15f825ab-1545-4ee5-a598-8af299917e73","block_type":"box","text":"Structured Notes.","page_number":128,"box":{"x":101,"y":740,"width":130,"height":9}},{"id":"79e0a098-a4f5-4074-a60d-9c7d26a48011","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":128,"box":{"x":237,"y":740,"width":650,"height":11}},{"id":"5b20d641-20f3-496a-b17e-8fc45daa9d90","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":128,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"1f924ed4-b846-4865-b50d-201a287871fa","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":128,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"09c2dfba-c063-4a21-9607-c1b2060dcbba","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":128,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"bac28eb0-3f71-4659-ac9d-fc4604105417","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":128,"box":{"x":70,"y":801,"width":839,"height":11}},{"id":"3450e52b-2f45-4133-9c86-3a656d65a2e0","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":128,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"60f17bd3-6aaa-4bf3-9cc0-e6dfc92d2539","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":128,"box":{"x":70,"y":831,"width":813,"height":11}},{"id":"b713db4f-f097-44ee-9e6b-c70f3a71f267","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":128,"box":{"x":68,"y":846,"width":673,"height":11}},{"id":"0d360bf5-bb84-44b3-a5ea-0711baea6cf7","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":128,"box":{"x":102,"y":869,"width":768,"height":11}},{"id":"817cce41-4040-4ed8-a02c-9a18ce79bc8b","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":128,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"e9464c4b-d220-4e5a-8da6-e05befffde11","block_type":"box","text":"II-75","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0a5496ff-8173-4bd5-8d37-a4dcf2a93312","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4fc6fd27-acce-4b9b-9079-6d2b5861802b","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":129,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"8b7d8b54-e6d8-4501-b662-6702e6af668f","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":129,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"d005fda8-561e-460c-ac9f-d9f403e35916","block_type":"box","text":"the risk of loss.","page_number":129,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"17250f05-1e38-468c-b4b0-88189837c0b4","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":129,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"bcf31e68-4c44-456d-848c-23357f366c25","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":129,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"024b4c78-8ce8-4827-b455-5f057b32c2cf","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":129,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"35978344-70eb-4068-8b86-5ee7dd061e73","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":129,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"28bca62c-c7c5-411c-b268-8f89a491f335","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":129,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"6a38b8da-e314-4414-b594-75eba236dabe","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":129,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"6db75d65-02d6-47c6-8ca0-205647f98156","block_type":"box","text":"Taxability Risk.","page_number":129,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"259f2888-784a-43ce-81bf-6c4eda0d54c8","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":129,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"ed572e6d-26c0-491a-bff3-415da5ad323c","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":129,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"32809a88-cbff-443f-93ac-dbd9643447c4","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":129,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"b13aa068-3176-4806-a565-a16fea67197f","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":129,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"bb934137-63c8-408e-a62f-c177c3e41e89","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":129,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"904c712b-65d7-4d30-8567-0f51707324f8","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":129,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"caa5c594-241c-47fa-9cf0-d67504361275","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":129,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"bdae62f0-30db-47e9-9179-696c1a8d7b2f","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":129,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"bbadf579-dcb6-44de-9ba0-ea4d7f04a1e6","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":129,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"4356cb64-5b94-4adf-86a3-e47b2dc65c72","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":129,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"4b30fb7b-5319-4128-9f03-d75f9762fc69","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":129,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"51672a76-6d48-497b-a907-8c05c553e55d","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":129,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"93df80a6-bd06-4793-9400-d64a9e1df8b4","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":129,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"7f19e0d2-c03c-4073-a979-a9570f5a1cea","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":129,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"631cd11d-16b2-40cb-ba61-d3e8ec24ee7a","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":129,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"40da2b7f-c4e2-40ed-b44c-e1d9439476e6","block_type":"box","text":"the value of an investment in the Fund.","page_number":129,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"f00afe78-7299-4e55-8082-b92783a0bc8e","block_type":"box","text":"Temporary Defensive Measures.","page_number":129,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"e611dc43-e548-43da-98ce-b4c961c7005b","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":129,"box":{"x":339,"y":445,"width":542,"height":12}},{"id":"2573ab94-e654-4276-9efe-e9941659eaff","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":129,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"7d4ce4b8-d9e0-4289-849b-ece8fdf518b8","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":129,"box":{"x":68,"y":476,"width":813,"height":11}},{"id":"44f15ec0-9d70-42a8-af06-36c194cf9b0a","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":129,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"18f27351-7ea5-45c9-b0f5-fba6fcf54e39","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":129,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"c407e296-65c4-4f0e-9a59-6c80c8b78e9c","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":129,"box":{"x":69,"y":521,"width":795,"height":11}},{"id":"fa87849a-0061-4803-83b3-8b86e3817c79","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":129,"box":{"x":68,"y":536,"width":806,"height":11}},{"id":"a89ad851-3ecc-4705-894a-055c9e1e300a","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":129,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"ec48acd8-61e6-4280-be1d-20de9e526c06","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":129,"box":{"x":68,"y":566,"width":820,"height":11}},{"id":"c86c0280-f812-49f7-ad40-afe35b55e67c","block_type":"box","text":"its investment objective.","page_number":129,"box":{"x":70,"y":582,"width":171,"height":10}},{"id":"7d80f18e-6f1a-4c17-a215-8a05d551a6f1","block_type":"box","text":"U.S. Government Obligations.","page_number":129,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"8be71993-64a3-4903-872a-cae28947687f","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":129,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"5b43020d-c6ad-424e-9c5f-f2a217251e44","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":129,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"0d20c645-4232-4b26-8be2-4edc6f836b96","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":129,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"a6a26551-2ead-4fa2-bcb5-f3a61446cf95","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":129,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"43674c50-a22c-4671-9508-3ff48c6707dc","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":129,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"833ffcee-b718-4965-a704-2b812118a380","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":129,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"5d00b289-13f5-4271-8673-ed397745fc1d","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":129,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"ffe7af68-f5e6-410b-ac5e-03f4ba437e07","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":129,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"f3cc0e8b-9cbc-45d4-8258-73def50d9ea7","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":129,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"b7642a1c-864e-4744-a4f8-2a90cf3db923","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":129,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"8c33ea4b-66e8-41b8-8180-ec8b300d2531","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":129,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"30dab972-9f33-4776-b534-df7520f0e842","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":129,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"f1530f7e-6909-42ea-b7df-3204b97a2f61","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":129,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"6a6c3777-5066-4cbf-9724-fe26382ce52a","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":129,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"6dbe63e0-956c-4376-aace-e369e74d0f91","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":129,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"3951ebfd-5bd4-467f-82ea-4d5e92438381","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":129,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"4e27c570-644f-4ba0-b107-5aad3e5d4ed2","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":129,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"17f0c08b-37b4-47d6-b321-a169200a7cb4","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":129,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"09869588-3655-4a17-9b0a-7bf9e1a76f7d","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":129,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"41aee648-01a1-4020-ad07-2ae5ee9a30d6","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":129,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"0b440a9b-551d-4357-b67f-eba96256af61","block_type":"box","text":"II-76","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4e0540c7-d6eb-4374-bf52-5294dc566876","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd664a8e-850f-4e6a-a5d1-261e98e79e9b","block_type":"box","text":"U.S. Treasury Obligations.","page_number":130,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"a6f1f15c-3cd3-4a64-84f1-ed7129bb39f4","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":130,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"ea2c98ff-ef09-4e37-867e-5d336712b6de","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":130,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"41359539-a2ca-4726-9446-f81124b65587","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":130,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"ad5e9248-de5f-46f0-8a8a-76427fa732a4","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":130,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"b6388a5e-3880-46a2-979e-21ce49de794b","block_type":"box","text":"do so.","page_number":130,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"85983905-8a7f-49a3-9c99-7bae32f7663e","block_type":"box","text":"U.S. Treasury Rolls","page_number":130,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"6246f929-9336-4425-aef3-854b87a13cab","block_type":"box","text":".","page_number":130,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"c2b6c85f-71c1-41b4-9ff0-dfb3c6a40159","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":130,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"e4af1c3e-05ff-4a43-af2e-5ae936785665","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":130,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"a6f6ad90-8f7c-4061-be1a-763b04828c91","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":130,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"4267e763-ca24-4e60-9fcf-3b1e9bb5c9d9","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":130,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"e8de7365-3053-4c81-b919-2f1d7c1e6fb6","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":130,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"e0df3b6e-7466-42b8-8ad2-667d19fc2d14","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":130,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"2ab72bbf-ff26-471f-9e62-3dea61093f82","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":130,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"cb3a5e96-2c6a-4b4f-b15d-58d1f642f1f9","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":130,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"fb448630-0c43-42c3-a30c-cc766f7ce182","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":130,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"754537b5-ce13-44e7-b30e-f333746dd98d","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":130,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"a9a30b47-2d6d-494d-a04f-8e89acd15193","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":130,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"2fd03319-cc82-44a1-a17b-4d4c50c2f4a7","block_type":"box","text":"Utility Industries.","page_number":130,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"c2bb825e-acec-49a2-85cf-320dd662d819","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":130,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"245b9a59-c8f3-406e-8414-b8b27443d4b9","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":130,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"babcf105-a01d-48d1-b839-e5a183883aae","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":130,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"8e2989ea-47e6-43cb-b42a-334585edc1c7","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":130,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"477ea18d-8ae6-4c89-ac94-eb9b69fcef2a","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":130,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"b928e1a4-80d7-48f7-84a9-36bebdebb68f","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":130,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"bd5dbd85-fa02-4eef-ae91-37910d66c835","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":130,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"99000cb5-7b71-4ca0-a8a7-6071432b7ba7","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":130,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"8cf50e1c-197b-4f81-8b1d-8f95a5c24ab5","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":130,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"77e0bf47-5da6-45e8-8277-473bdb9a4cd3","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":130,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"b33341cf-9750-439f-86d8-854e5189ed29","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":130,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"9585859c-ac79-4ef2-a5d3-e38f7693f353","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":130,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"424339de-6688-45cc-8a52-072c7e5f7a61","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":130,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"203d55c0-bb6c-43b4-a453-a33aa835cf5f","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":130,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"e667ee0a-376a-48c3-97bd-3e7861b93c99","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":130,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"c582e390-3b04-43e3-a524-015fc9b5fc6d","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":130,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"ab362210-597f-4b43-a078-a917bc16d4b8","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":130,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"85fd4827-8fa5-4c66-9dbe-339f4fec8c65","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":130,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"a0c60eb0-b1a4-49ea-93c9-4ce3ff9937e0","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":130,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"21114318-d982-4332-9d04-45ec9d3016e9","block_type":"box","text":"utility.","page_number":130,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"e570adf3-afd9-494f-944d-5518ea10a82b","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":130,"box":{"x":102,"y":619,"width":744,"height":11}},{"id":"40fbf392-a78b-46c8-a0bf-8c3edf92bbdc","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":130,"box":{"x":70,"y":634,"width":828,"height":12}},{"id":"8cb0c063-efbf-4b86-a42b-60c45b62ebaa","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":130,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"fc3e901e-c383-4d7b-b1ae-29a900dfd8be","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":130,"box":{"x":70,"y":664,"width":464,"height":12}},{"id":"00a19f11-2531-4a77-aa3c-42188192a3f0","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":130,"box":{"x":102,"y":687,"width":789,"height":11}},{"id":"b264c9e1-b038-49e8-aaa3-6c4da80a3d24","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":130,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"4501c680-cb45-44e3-8974-b80cd9d27f76","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":130,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"eb04b746-4f63-4274-b32c-95a6bb1c6918","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":130,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"c8fa39bb-bc2a-4f15-a67f-650b41e412cd","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":130,"box":{"x":68,"y":748,"width":781,"height":11}},{"id":"ce97001a-b4d8-4cca-807a-e62878523b5b","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":130,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"2cd0f518-108a-49b7-950b-33aa9909c982","block_type":"box","text":"continue in the future.","page_number":130,"box":{"x":69,"y":778,"width":156,"height":9}},{"id":"01431324-15ea-4ad3-8cb8-a154e05adfee","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":130,"box":{"x":101,"y":801,"width":763,"height":11}},{"id":"8760da9d-97ad-40ce-8b86-ac1418820a8a","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":130,"box":{"x":69,"y":816,"width":820,"height":11}},{"id":"8bd05368-fd67-4afb-92e7-f776a362da25","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":130,"box":{"x":70,"y":831,"width":834,"height":11}},{"id":"280d380e-b19d-40e6-98ee-e46064d356a9","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":130,"box":{"x":69,"y":846,"width":784,"height":11}},{"id":"dd2eccf1-8e12-47ef-9033-032c606c1b3d","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":130,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"a1421f4d-e8cc-4f7f-87ce-806e6ad8fe31","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":130,"box":{"x":68,"y":876,"width":809,"height":11}},{"id":"c285b4bf-9a6e-48a2-893a-e53544ab3f9b","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":130,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"1b0af374-847e-4c8d-ba8f-f1f85f4b6c48","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":130,"box":{"x":69,"y":906,"width":825,"height":12}},{"id":"58cb6500-ff53-4e16-86ba-87cd96de9476","block_type":"box","text":"II-77","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8ebb0967-404d-4f7b-bc01-6d93e6bd131d","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c647db34-764c-4a95-9ba7-7530a193a9c6","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":131,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"e1908e97-4f21-454c-b1d1-41b6fb5b2c1c","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":131,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"eca667a1-648e-4af6-8f5b-c415cdd16dd8","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":131,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"2f797c06-dde9-48a0-b97e-1b94fb7f53d5","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":131,"box":{"x":68,"y":90,"width":831,"height":11}},{"id":"5c94e501-47f1-4d27-920b-3583bc43cea1","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":131,"box":{"x":69,"y":105,"width":812,"height":11}},{"id":"74753035-55c7-4843-9cd0-e16044f442a6","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":131,"box":{"x":68,"y":120,"width":833,"height":12}},{"id":"65c19abb-de5b-4e5b-9e7e-72794b5a7bc2","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":131,"box":{"x":68,"y":135,"width":831,"height":12}},{"id":"69cbd559-3fbb-4c7e-8720-1ab7303e7754","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":131,"box":{"x":102,"y":158,"width":720,"height":11}},{"id":"7d22276e-9695-483f-bf45-6cc1630ffaab","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":131,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"8d7b2dc6-28c1-4923-a9bc-de87176210ca","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":131,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"d00d616c-4817-4e39-930d-501387c81ad3","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":131,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"28c1a1d3-c869-4ef8-a68c-0e08f0347994","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":131,"box":{"x":68,"y":219,"width":801,"height":11}},{"id":"5ab5a565-ede4-431c-bd68-824fac10ddd7","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":131,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"031b9d32-10ab-4fb6-88f8-eab94a7b51aa","block_type":"box","text":"ways different from regulation in the United States.","page_number":131,"box":{"x":68,"y":249,"width":365,"height":11}},{"id":"c5678e2c-f1e8-49fa-ac30-211ca97f2a24","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":131,"box":{"x":101,"y":272,"width":745,"height":11}},{"id":"363d02d7-d6d5-42cd-a0d9-90bd593f28f6","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":131,"box":{"x":68,"y":286,"width":790,"height":12}},{"id":"56512a91-0c7c-4762-ac39-3edd8c2db194","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":131,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"576ecdf1-a0d7-4c4b-bd6f-21ec1c2c6421","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":131,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"f90d43df-c574-4967-a1eb-d307b813a42a","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":131,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"c69ee996-fb5e-4c5a-a2f0-99068b706cd7","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":131,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"44a44a04-cb7b-4c31-b5a3-764b7e1d56e0","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":131,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"c074b8f3-af38-4b44-807f-cea5a8cdabf3","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":131,"box":{"x":69,"y":377,"width":786,"height":12}},{"id":"db7ce869-f84d-4c81-bb5d-946869985692","block_type":"box","text":"increase.","page_number":131,"box":{"x":70,"y":393,"width":63,"height":8}},{"id":"334331ef-7e62-44e6-8de3-beb84a2aae98","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":131,"box":{"x":101,"y":415,"width":793,"height":11}},{"id":"12246d22-3fa1-44c0-97e1-50d1b817d4e0","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":131,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"d1b93add-7305-4376-83c6-d2deb588318c","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":131,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"6df89272-05d1-40dd-af26-07b627d04b58","block_type":"box","text":"Electric.","page_number":131,"box":{"x":102,"y":468,"width":54,"height":9}},{"id":"783dd136-9e08-4342-beee-87160f97e422","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":131,"box":{"x":163,"y":468,"width":684,"height":11}},{"id":"7cfda049-caf6-4835-a950-f23623b1c690","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":131,"box":{"x":68,"y":483,"width":793,"height":11}},{"id":"6f51579a-3d2b-4d2a-b512-48bb8eb4d685","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":131,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"34056a15-ad5d-4020-9bb3-f5b53abb9af5","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":131,"box":{"x":69,"y":513,"width":833,"height":12}},{"id":"d44cfe53-de14-458b-9a24-5e2884332f15","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":131,"box":{"x":69,"y":528,"width":821,"height":12}},{"id":"4b6b98e0-38d2-40bc-bf5b-0fd4d4f4963a","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":131,"box":{"x":69,"y":543,"width":823,"height":12}},{"id":"fc7d8b21-c22c-437e-b33f-4f91dcfb686a","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":131,"box":{"x":68,"y":559,"width":803,"height":11}},{"id":"0c044c8c-7ecc-4a06-904a-d5074136993e","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":131,"box":{"x":70,"y":574,"width":778,"height":11}},{"id":"68d5120d-0f06-476b-9cb0-6f1426a1cfa6","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":131,"box":{"x":70,"y":589,"width":836,"height":11}},{"id":"152980fc-7ad8-4400-befb-2daca9201024","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":131,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"37abff22-2f60-4fb0-84ef-5c1799d44043","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":131,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"c9a04238-725d-411a-bafa-90565b30f7fc","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":131,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"241a5b0f-085b-42f6-8bfb-4e2ff8d8677c","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":131,"box":{"x":69,"y":649,"width":775,"height":12}},{"id":"e72fea06-3c12-45e0-bd0d-3008567c52e6","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":131,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"9f2e56dc-8c78-41c7-ab7e-214c16dfe624","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":131,"box":{"x":70,"y":680,"width":826,"height":11}},{"id":"5d02701f-0435-4010-8fa5-c45b52d5023b","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":131,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"3d65198d-df18-4698-baf4-c35b30f6defa","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":131,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"b35ed462-2180-4cc9-aa66-d1d65d9e77c9","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":131,"box":{"x":68,"y":725,"width":826,"height":11}},{"id":"b1fa968f-6170-4f4b-a2d8-6ab33e7bd762","block_type":"box","text":"and for decommissioning such plants.","page_number":131,"box":{"x":69,"y":740,"width":270,"height":11}},{"id":"c91ea3f3-8755-4010-80e9-92bedb6d969d","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":131,"box":{"x":101,"y":763,"width":776,"height":11}},{"id":"1c6f4f93-a6bc-4c9c-85a2-b7eab6c389ca","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":131,"box":{"x":70,"y":778,"width":802,"height":11}},{"id":"4eb8dd26-71af-4fcf-b485-c3988d47c7bb","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":131,"box":{"x":69,"y":793,"width":791,"height":11}},{"id":"f2cad2e9-d7ea-466a-a482-37c6164909ac","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":131,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"2836a51f-3a84-44e4-a324-f4b683c43916","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":131,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"35c965df-b90f-404f-ac0e-8e1de75a7c07","block_type":"box","text":"greater predictability of cash flow.","page_number":131,"box":{"x":68,"y":838,"width":239,"height":12}},{"id":"f7eb293b-411b-41bc-9120-74f757733f76","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":131,"box":{"x":101,"y":861,"width":801,"height":11}},{"id":"6b9e5011-fe38-4137-a7b6-1396322ebd72","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":131,"box":{"x":68,"y":876,"width":821,"height":11}},{"id":"d6b04059-86f7-474c-b201-c8639ba47338","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":131,"box":{"x":69,"y":891,"width":835,"height":12}},{"id":"4743ef2e-d270-4a6b-ae98-4ee44bcaac14","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":131,"box":{"x":68,"y":907,"width":815,"height":11}},{"id":"0d420a58-779e-48c6-9b88-683df28e6bc5","block_type":"box","text":"II-78","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dbc6ab7c-fe0e-41ae-b324-ce02a1e0e783","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51d16c8f-373a-4741-85cf-65c749f081e7","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":132,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"2a59253c-4b23-4ea9-b591-07b0072db888","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":132,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"7f78546b-2825-4c63-9fa5-dc29ce78adb4","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":132,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"b018c55a-ec1c-498b-ad00-dc4cba570484","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":132,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"42f50dd6-d96b-4175-9cf1-c7cc396ac1d0","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":132,"box":{"x":69,"y":105,"width":700,"height":11}},{"id":"ec89e1ba-abaf-447f-afc1-e1e53c50a999","block_type":"box","text":"Telecommunications.","page_number":132,"box":{"x":103,"y":128,"width":147,"height":9}},{"id":"d8fd348c-9728-4be4-81f4-ed755e2841a1","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":132,"box":{"x":256,"y":128,"width":652,"height":11}},{"id":"09549b9a-2045-42f3-9f32-339d53d1bf0e","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":132,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"5396fdd4-c080-4948-b2a1-ed6f06218e0d","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":132,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"434628b7-8a2c-4ba9-992c-fd42c80afbba","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":132,"box":{"x":69,"y":173,"width":786,"height":11}},{"id":"4477b65f-c009-4759-89c2-c4ef52b3b84c","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":132,"box":{"x":69,"y":188,"width":784,"height":12}},{"id":"b82c8844-5ab4-44c9-802c-f6a9b5b96c6c","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":132,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"b4f35b29-34c0-41ec-95d4-1ee89a0549e7","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":132,"box":{"x":69,"y":218,"width":790,"height":12}},{"id":"3e55b767-4b43-4671-96f4-0e4bc793e511","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":132,"box":{"x":70,"y":234,"width":788,"height":11}},{"id":"4d21b89d-e4ac-4e43-ba13-95df86d3843a","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":132,"box":{"x":68,"y":249,"width":825,"height":11}},{"id":"c679aa1c-5959-40d4-b4fc-bb1b82859f62","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":132,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"d71665aa-eabe-40c6-809c-e616aab90ac0","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":132,"box":{"x":69,"y":279,"width":821,"height":11}},{"id":"4842c8ba-1905-4c72-984e-ef1949bcf69d","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":132,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"633579ef-7156-4b22-898f-6cb8ce742f46","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":132,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"4fe9f23e-28ad-4cc2-964e-de54d9a50288","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":132,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"fffcc8e4-4540-4907-b460-4d3cb10dcd8e","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":132,"box":{"x":68,"y":339,"width":804,"height":12}},{"id":"cc6ebc71-d880-4e71-9ddd-15bf5a7297fe","block_type":"box","text":"residential, corporate and governmental customers.","page_number":132,"box":{"x":69,"y":355,"width":367,"height":11}},{"id":"eeb1b5d9-88b5-47a7-8efe-f7f8847a2ab5","block_type":"box","text":"Gas.","page_number":132,"box":{"x":102,"y":377,"width":31,"height":9}},{"id":"91022996-93eb-4f44-911d-00d815fe5f67","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":132,"box":{"x":139,"y":377,"width":740,"height":12}},{"id":"263b8e14-c82a-45df-a935-83c4f1b6dbe7","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":132,"box":{"x":70,"y":392,"width":834,"height":12}},{"id":"44b11ac4-f014-467b-8cbf-5af739dd40c3","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":132,"box":{"x":70,"y":407,"width":756,"height":12}},{"id":"2e04798a-d074-4c8a-9ca3-5b0a14c9b9c7","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":132,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"dc0e0aba-096f-452b-b2e6-b868e53bd4be","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":132,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"5ae6d869-d40f-430a-aaca-8a3cb7d5b88f","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":132,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"532b4030-e0fc-4690-aa6d-7bbada0b3764","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":132,"box":{"x":69,"y":468,"width":782,"height":11}},{"id":"9324bcfe-f8a2-4c76-b856-7bff90405cde","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":132,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"34db82bf-6dce-41ab-9922-3ce471130998","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":132,"box":{"x":70,"y":498,"width":691,"height":11}},{"id":"f12a168b-f27e-4a59-990c-c239c16663fb","block_type":"box","text":"Water.","page_number":132,"box":{"x":103,"y":521,"width":42,"height":9}},{"id":"d95e65ef-197f-4082-96b5-8c114365f63d","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":132,"box":{"x":151,"y":521,"width":754,"height":11}},{"id":"853cfd51-a53b-4d1e-bcd1-b6ee1176bef9","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":132,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"c7842d0f-b340-4ae2-9406-690e16cd390b","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":132,"box":{"x":69,"y":551,"width":806,"height":11}},{"id":"a592755b-1032-40ea-bfd5-08649160643a","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":132,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"0706e82b-14a5-4b90-aa4f-75bc78ec0fb3","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":132,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"cb3709a3-971b-47d3-9a4a-8733699eedaa","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":132,"box":{"x":69,"y":596,"width":832,"height":12}},{"id":"419cdc96-4ffc-4c93-b54b-d7287bf31943","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":132,"box":{"x":69,"y":612,"width":662,"height":11}},{"id":"b1f1c392-5594-4b6c-9e63-10d7cf899ec2","block_type":"box","text":"Utility Industries Generally.","page_number":132,"box":{"x":103,"y":634,"width":186,"height":11}},{"id":"474d0ab8-ff24-42cd-a310-6704a0d8675f","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":132,"box":{"x":296,"y":634,"width":584,"height":12}},{"id":"8d5f639f-9889-4a64-9661-f5c0c05980f6","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":132,"box":{"x":68,"y":649,"width":837,"height":12}},{"id":"cc4d362b-d253-4570-b232-6fb70a68fc4b","block_type":"box","text":"not develop in the future.","page_number":132,"box":{"x":69,"y":664,"width":178,"height":11}},{"id":"e5294bf8-e352-4cb7-8723-22cf89ab1834","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":132,"box":{"x":103,"y":687,"width":585,"height":11}},{"id":"674973c9-15ae-41fe-9cb7-cf45aae428c7","block_type":"box","text":"A Fund may purchase or sell","page_number":132,"box":{"x":694,"y":687,"width":200,"height":11}},{"id":"6283ad6c-65d8-4896-8ae9-5fd876c0d27f","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":132,"box":{"x":69,"y":703,"width":795,"height":10}},{"id":"596de95d-e53d-45f3-96fb-a47a9f617544","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":132,"box":{"x":69,"y":717,"width":777,"height":12}},{"id":"4ac4a748-101c-4bac-b3a5-f450b16bfc82","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":132,"box":{"x":68,"y":732,"width":820,"height":12}},{"id":"7b4d6a7c-dd20-4890-bad8-b07e3f188ed0","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":132,"box":{"x":68,"y":748,"width":807,"height":11}},{"id":"ff7aa833-f6b2-4c40-8da7-3f7c8b4d991d","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":132,"box":{"x":70,"y":763,"width":430,"height":11}},{"id":"ed4e9f77-b850-41b3-92e0-ea926b6012c4","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":132,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"fc18e96f-8b8e-4117-b389-322972a4bdb0","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":132,"box":{"x":70,"y":801,"width":823,"height":11}},{"id":"d6f8d146-263d-41eb-bb77-6ada9b0161d1","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":132,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"2da35f02-2fd4-4a2d-a019-40b87c3dc19a","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":132,"box":{"x":70,"y":831,"width":755,"height":11}},{"id":"bfc5a9ae-0a33-4af3-826b-8bd92a6ed13f","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":132,"box":{"x":69,"y":846,"width":799,"height":11}},{"id":"e9d4f010-a919-432e-b993-811d4a727862","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":132,"box":{"x":69,"y":861,"width":614,"height":11}},{"id":"28705b7e-1dc1-40ea-aa58-6bccf72838f0","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":132,"box":{"x":101,"y":884,"width":780,"height":11}},{"id":"f49ea3aa-cb9b-4791-ac8b-3489d9422cf3","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":132,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"3a328275-075a-418e-8e23-b453c2130325","block_type":"box","text":"II-79","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf3cc3af-9efa-4d76-a9a9-79fd8c580ed6","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fda75d27-e6f3-4ac4-ae5e-4409d36bb3a9","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":133,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"92165abf-4223-4c5b-91a6-42a7c588401e","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":133,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"54e30bfc-b25d-4835-88a1-2425d607396a","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":133,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"1f7f80af-4eaa-48ff-ac63-d5b9f93c8c2a","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":133,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"a17395b8-c24d-4107-92f0-7fab56cebd0c","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":133,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"4fc2d7d8-9d15-49ec-8a48-1859ac1222e9","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":133,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"62db6cef-d4b8-4bbc-897c-65330311d940","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":133,"box":{"x":101,"y":150,"width":784,"height":12}},{"id":"99bf7fb1-6bfe-4dc0-a0cd-ec22b6a33991","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":133,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"e855678b-eb31-494b-92da-483657cbe7f0","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":133,"box":{"x":69,"y":181,"width":434,"height":11}},{"id":"0430e905-77d3-43d3-818b-8f0b17de9af6","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":133,"box":{"x":101,"y":203,"width":745,"height":12}},{"id":"bfae103a-20b4-4873-89bb-a988ea51d5b5","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":133,"box":{"x":68,"y":218,"width":831,"height":12}},{"id":"a3ca8197-017c-497f-ab27-90e3cb9af84a","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":133,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"04ebd37a-3e99-42c5-a9a4-119b7a6b8c7e","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":133,"box":{"x":68,"y":249,"width":514,"height":11}},{"id":"dfd2f51a-9bcb-402d-bc07-3c3c51615346","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":133,"box":{"x":102,"y":271,"width":759,"height":12}},{"id":"7c833965-9d1b-41a4-ac89-3545fbd4e2c3","block_type":"box","text":"securities (","page_number":133,"box":{"x":69,"y":287,"width":78,"height":11}},{"id":"f1c51ac9-457f-4daa-95d7-b66b272bdc3c","block_type":"box","text":"e.g.","page_number":133,"box":{"x":148,"y":288,"width":25,"height":10}},{"id":"96a5f925-2053-458c-a299-d98ef384e953","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":133,"box":{"x":176,"y":286,"width":686,"height":12}},{"id":"ee9ba89e-ef22-47a7-ac27-4678994431fe","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":133,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"7f4e4345-56b3-4420-934f-f36cc8f87c4c","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":133,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"fdeed2ba-5551-4f85-86ba-a66468554f4c","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":133,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"cfae1049-ca7c-4cf5-8954-b27d44cc2b56","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":133,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"8efbeca7-c99f-4a02-ac19-80bafa4418cc","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":133,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"242baa95-4619-44e3-b87e-efa21a8c00b0","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":133,"box":{"x":70,"y":377,"width":349,"height":11}},{"id":"896a3fef-349a-482c-a40c-3b9abc432bf0","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":133,"box":{"x":102,"y":400,"width":800,"height":11}},{"id":"0b8a7bb1-4cc0-43f0-9682-be0b4c0c943a","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":133,"box":{"x":68,"y":415,"width":829,"height":11}},{"id":"e8e5f649-70ef-4560-9b37-fd713de53fbc","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":133,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"d64a708f-1cd5-4fb4-bfe0-eba6b85fe58b","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":133,"box":{"x":68,"y":445,"width":799,"height":12}},{"id":"ea6f8175-ca32-4d62-9815-209e6a939649","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":133,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"36a251c2-666a-4d2e-a7cf-dcfb8fc2640e","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":133,"box":{"x":70,"y":476,"width":824,"height":11}},{"id":"c5cb68aa-521e-402a-a77e-f515ed36971c","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":133,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"b147d939-5855-419f-90a1-bb827a53b006","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":133,"box":{"x":68,"y":506,"width":573,"height":11}},{"id":"220b2cb5-d78e-4987-a574-dbece696e6c7","block_type":"box","text":"Yields and Ratings.","page_number":133,"box":{"x":103,"y":529,"width":139,"height":11}},{"id":"53c27088-4293-4593-8366-0af74c179b6d","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":133,"box":{"x":247,"y":528,"width":628,"height":12}},{"id":"0bed7c72-b284-496a-90ae-13d56ef4fe40","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":133,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"987ac8e6-79da-4a3a-9155-e0ced0f2ab5c","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":133,"box":{"x":69,"y":559,"width":799,"height":11}},{"id":"db660c13-993d-4744-a45f-d882ea6210f1","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":133,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"d3b55304-a48c-4f61-8401-1b5cedaa5e84","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":133,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"75cc864f-99a0-4fb6-a75f-14d0521872ee","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":133,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"ee5325b8-684d-4128-a07c-aa10e60570e8","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":133,"box":{"x":69,"y":619,"width":786,"height":11}},{"id":"4bf2ca19-a9f0-461b-8a1c-5565c00adce7","block_type":"box","text":"continue to hold the security.","page_number":133,"box":{"x":69,"y":634,"width":204,"height":11}},{"id":"23a2b7ad-1ddd-411d-b788-307c5fc32d63","block_type":"box","text":"Zero Coupon Securities.","page_number":133,"box":{"x":102,"y":657,"width":175,"height":11}},{"id":"6fff1898-6094-4dfc-8123-522c07f2c383","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":133,"box":{"x":283,"y":657,"width":601,"height":11}},{"id":"c9fbdab0-89af-43db-9e1f-fb8a8ee1dac4","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":133,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"8d46aa1e-18d0-4f00-a7a1-5cf2d59e657e","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":133,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"0795bf6a-e0a6-4ccd-b4bd-45a6aed55ade","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":133,"box":{"x":68,"y":702,"width":814,"height":11}},{"id":"5e48a32e-883a-4ac4-8f6c-cac50be9e67e","block_type":"box","text":"security.","page_number":133,"box":{"x":69,"y":718,"width":57,"height":11}},{"id":"b6ee99c9-6129-4d01-bc7f-b968dd33987c","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":133,"box":{"x":101,"y":740,"width":749,"height":11}},{"id":"84b0b9c5-2425-488c-a432-5a201b4f3a5b","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":133,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"3f439ee9-ef8a-4bae-9ee1-340e81de1f08","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":133,"box":{"x":69,"y":770,"width":833,"height":12}},{"id":"66d401de-067e-43b8-b242-37c6cf13a262","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":133,"box":{"x":70,"y":785,"width":836,"height":12}},{"id":"9927c0dc-17b8-477d-8cf8-e40b2b6ae3fa","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":133,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"3b200c89-18be-438c-a343-16e019a2cbc7","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":133,"box":{"x":68,"y":816,"width":824,"height":11}},{"id":"2599728a-a78c-4de9-a149-7aa4828e10f5","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":133,"box":{"x":68,"y":831,"width":805,"height":11}},{"id":"105cb7f6-bb35-4740-92a7-8fbdc342865e","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":133,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"3743d034-cf61-4946-b9c7-1cb72fbc403f","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":133,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"315c5f79-46d1-47d3-9b71-a6887fb53551","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":133,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"fd7a81f5-4ebb-42d0-9287-79bca7ebf133","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":133,"box":{"x":69,"y":891,"width":400,"height":12}},{"id":"ce84ebcf-e2a5-4567-b0a3-f85fbe00b536","block_type":"box","text":"II-80","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"22a24dc9-28c2-419c-8f63-3f109132b180","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"031000fe-6c32-49e3-a6cd-2ddfae47c0ce","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":134,"box":{"x":101,"y":45,"width":775,"height":11}},{"id":"a8093042-5ed3-4335-a584-7bd0c498c98d","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":134,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"7a0d03e2-c298-41e3-8442-7db9db18c0f1","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":134,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"d37b1993-852b-4ae9-9980-9f9928bda7eb","block_type":"box","text":"intervals.","page_number":134,"box":{"x":70,"y":90,"width":64,"height":9}},{"id":"c69587d4-ed2e-4502-ab55-b600fb893c9d","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":134,"box":{"x":102,"y":113,"width":749,"height":11}},{"id":"f1bd5347-855d-4876-b8e9-75f5326af4f6","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":134,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"261c2683-8c5c-4550-babb-8c48a065bd1f","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":134,"box":{"x":70,"y":143,"width":799,"height":11}},{"id":"55927dc5-0fba-47d6-b049-51ad4d93c395","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":134,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"7966c2ec-66e9-420b-8512-f82daf6cf5e6","block_type":"box","text":"exposure to zero coupon securities.","page_number":134,"box":{"x":69,"y":173,"width":253,"height":11}},{"id":"2a4c194e-a1c6-45c6-8537-af112c215d94","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":134,"box":{"x":102,"y":196,"width":740,"height":11}},{"id":"878f9c5b-3d6e-4ab2-bd23-8942ceb7a545","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":134,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"04e86c01-0556-48e7-a6ad-12610ee3e6b2","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":134,"box":{"x":70,"y":226,"width":829,"height":11}},{"id":"8509ee79-366b-4028-b5d7-900bedeecb56","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":134,"box":{"x":69,"y":241,"width":741,"height":11}},{"id":"2b804613-4af8-4422-affb-fac052ab204e","block_type":"box","text":"Suitability. (All Funds)","page_number":134,"box":{"x":101,"y":264,"width":161,"height":11}},{"id":"cc011e8e-b2d1-4fce-a57d-6561ebe8d897","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":134,"box":{"x":101,"y":286,"width":793,"height":12}},{"id":"8a656b5c-f7cb-4b71-9ba2-5658b3532c3f","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":134,"box":{"x":68,"y":302,"width":811,"height":11}},{"id":"65f82d1e-3339-4b6d-b61e-601bedfa6256","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":134,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"d3689c50-11b7-446c-90e3-3ed8bd2e84cd","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":134,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"64ad6309-6ab1-49a0-8e7a-06509baa3ea1","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":134,"box":{"x":68,"y":347,"width":460,"height":11}},{"id":"a31b61a0-fe01-4b12-a961-85878e7c9dfb","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":134,"box":{"x":102,"y":370,"width":264,"height":11}},{"id":"cde86ae3-bf39-435d-a512-1ae78aa1ee41","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":134,"box":{"x":102,"y":392,"width":745,"height":11}},{"id":"562cba07-ae8c-492c-9af2-0ad8fcd43ca3","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":134,"box":{"x":68,"y":407,"width":807,"height":12}},{"id":"dd69c523-a117-428e-ba74-eb8a9399020b","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":134,"box":{"x":69,"y":423,"width":528,"height":11}},{"id":"2a2b207c-9dca-414e-9d18-fc5ce0f109a1","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":134,"box":{"x":102,"y":445,"width":735,"height":12}},{"id":"6604a980-0472-4007-9a6a-b643000c374a","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":134,"box":{"x":69,"y":460,"width":775,"height":12}},{"id":"bba8e435-0d5a-4d00-bd65-07b760649562","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":134,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"019dda11-f280-4347-af21-a0e63eac68aa","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":134,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"50c7d3ec-7d18-4373-babc-377c0001c3cb","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":134,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"70181e25-3259-48a6-8a95-d6c584c1a802","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":134,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"1a4307ea-f6a9-424b-8f09-55131c31e730","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":134,"box":{"x":68,"y":536,"width":802,"height":11}},{"id":"27965719-9f3b-4726-8a6b-977d502dd850","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":134,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"ff0d4a89-4ab4-4b90-8747-994dc899bece","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":134,"box":{"x":68,"y":566,"width":819,"height":11}},{"id":"6027607f-b709-4e5e-9034-32d10d08294f","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":134,"box":{"x":69,"y":581,"width":828,"height":11}},{"id":"32cd5059-1f73-42eb-88ac-14ad420067c1","block_type":"box","text":"(","page_number":134,"box":{"x":69,"y":597,"width":3,"height":10}},{"id":"2b527cd3-dc9d-4392-9769-ecc90370022a","block_type":"box","text":"i.e.","page_number":134,"box":{"x":74,"y":597,"width":21,"height":8}},{"id":"0bd59325-7f03-4f48-8e60-17b35fcca983","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":134,"box":{"x":97,"y":597,"width":806,"height":11}},{"id":"f12ffebe-ce12-4dca-9660-2d3b1693f9e9","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":134,"box":{"x":70,"y":612,"width":824,"height":11}},{"id":"2516376a-2d0d-49bb-8f9c-247daaa26c6b","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":134,"box":{"x":69,"y":627,"width":824,"height":11}},{"id":"1bca7399-db41-4224-9c49-61461355558b","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":134,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"1a65d749-b550-4329-9281-41976306e2ed","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":134,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"463faef1-bf7c-4ed9-ac42-e93ad12b8203","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":134,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"3cc9710c-8bc4-4700-9520-a9957f0663de","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":134,"box":{"x":68,"y":687,"width":810,"height":11}},{"id":"6632f905-a70b-47c1-8d8c-5e6fbd3e11ce","block_type":"box","text":"regarded as the sole issuer.","page_number":134,"box":{"x":69,"y":703,"width":198,"height":11}},{"id":"4f8c380e-e028-4b18-aab9-e51740757010","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":134,"box":{"x":102,"y":725,"width":784,"height":11}},{"id":"ff047928-6b7d-4cbc-8e96-377e96d98ca1","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":134,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"f4379b77-d7fd-49d4-b9a0-ca15d11a3fb7","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":134,"box":{"x":69,"y":755,"width":811,"height":11}},{"id":"2e3ab324-bd77-4ef6-94ef-06fba7051e51","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":134,"box":{"x":70,"y":770,"width":747,"height":12}},{"id":"bce868ff-f12a-4edb-ab3c-3b6d16f2c699","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":134,"box":{"x":70,"y":785,"width":834,"height":12}},{"id":"ee1ba280-1971-4c31-a7d6-b1cf68f27402","block_type":"box","text":"75% of its total assets.","page_number":134,"box":{"x":69,"y":801,"width":165,"height":9}},{"id":"705a45fc-1e84-49dc-9b98-70f260830c4b","block_type":"box","text":"II-81","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"43c477db-5e26-4b45-bb16-0d52e10956b7","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8396ef88-db9d-42dd-92b9-45f35176c7c8","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":135,"box":{"x":268,"y":45,"width":442,"height":10}},{"id":"dae2edb1-3697-4ded-9a84-e4789866d68b","block_type":"box","text":"Directors and Officers","page_number":135,"box":{"x":69,"y":76,"width":159,"height":8}},{"id":"50d5fbf2-a049-47f2-a029-8e25c318e830","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":135,"box":{"x":102,"y":98,"width":733,"height":11}},{"id":"bdafca1d-02eb-44ea-9f2b-b7e7538598c1","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":135,"box":{"x":69,"y":113,"width":783,"height":12}},{"id":"e6297157-62ce-42e3-ae02-45899de7d369","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":135,"box":{"x":69,"y":128,"width":795,"height":12}},{"id":"149655f1-2403-4ab3-80f1-aea54fcce2eb","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":135,"box":{"x":69,"y":143,"width":789,"height":12}},{"id":"18590342-bd10-44a7-8865-28904548ac62","block_type":"box","text":"Management Arrangements","page_number":135,"box":{"x":69,"y":174,"width":202,"height":11}},{"id":"b8690905-77e7-4407-9ba2-62b716c58eec","block_type":"box","text":"Management Services.","page_number":135,"box":{"x":102,"y":197,"width":162,"height":11}},{"id":"e78c0851-b478-4ff3-aed1-9b5c0d794a65","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":135,"box":{"x":270,"y":197,"width":615,"height":11}},{"id":"c8166294-9205-44f1-b651-50b5b1aadb86","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":135,"box":{"x":69,"y":212,"width":836,"height":11}},{"id":"dd16b0e2-5bf1-494b-86be-15814e81aa06","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":135,"box":{"x":70,"y":227,"width":820,"height":11}},{"id":"9de2585d-3588-4dcc-9508-a5756e024849","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":135,"box":{"x":68,"y":242,"width":832,"height":11}},{"id":"617bf2c6-d8ad-4e57-bcc5-8a6bf66c0bee","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":135,"box":{"x":70,"y":257,"width":801,"height":11}},{"id":"d7a18488-ee17-4215-bf6f-745e5441d0d2","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":135,"box":{"x":69,"y":272,"width":370,"height":11}},{"id":"0da07486-e691-4140-b210-3eae0a225354","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":135,"box":{"x":102,"y":295,"width":778,"height":11}},{"id":"e0dc82b8-9b4d-4c30-b454-98689819bb93","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":135,"box":{"x":70,"y":310,"width":800,"height":11}},{"id":"cdc31971-b577-4773-9849-0ddec7b4f888","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":135,"box":{"x":69,"y":325,"width":810,"height":11}},{"id":"714b3761-e5d6-463e-aeae-f267fb905c78","block_type":"box","text":"Management Fee.","page_number":135,"box":{"x":102,"y":348,"width":126,"height":11}},{"id":"0b55a44e-8801-4ed7-b7bc-05374733f5c8","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":135,"box":{"x":235,"y":348,"width":646,"height":11}},{"id":"fefc931c-769b-4e7f-b242-48a17e685482","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":135,"box":{"x":68,"y":363,"width":841,"height":11}},{"id":"8ddd87cd-3696-432e-895c-549dd7f1e236","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":135,"box":{"x":69,"y":378,"width":833,"height":11}},{"id":"9d55bb59-2cf8-445e-9355-93fa1ac4f173","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":135,"box":{"x":68,"y":393,"width":746,"height":11}},{"id":"95d07bb0-0a5a-44f1-9bec-06b0773a0c5b","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":135,"box":{"x":70,"y":408,"width":825,"height":11}},{"id":"ca49f67d-381f-4eed-8c66-ae9159a808db","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":135,"box":{"x":102,"y":431,"width":774,"height":11}},{"id":"f696b3a9-ada1-4652-bf0f-416d585d145b","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":135,"box":{"x":69,"y":446,"width":826,"height":11}},{"id":"3254b4e0-94ed-4b20-8d7f-e860b136c44f","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":135,"box":{"x":70,"y":461,"width":820,"height":11}},{"id":"d03a0ba3-ffbc-42ba-87d2-2620be76e7d9","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":135,"box":{"x":68,"y":476,"width":797,"height":11}},{"id":"6566f1cb-e4fe-49b3-b311-ce7d657f2046","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":135,"box":{"x":70,"y":491,"width":830,"height":12}},{"id":"82cd2a21-835b-4525-90a6-e4b5fa9bb2e5","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":135,"box":{"x":69,"y":506,"width":802,"height":12}},{"id":"1ed1f0dd-6596-4eb4-b406-9d5136540705","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":135,"box":{"x":70,"y":521,"width":809,"height":12}},{"id":"5f03bd76-319b-4345-9c3b-5ab7609f77ff","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":135,"box":{"x":69,"y":537,"width":838,"height":11}},{"id":"b39cd3ba-b830-4691-bbc7-235885154a0c","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":135,"box":{"x":69,"y":552,"width":830,"height":11}},{"id":"e1f0200a-07b3-4014-85bf-7ca73f264fea","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":135,"box":{"x":70,"y":567,"width":784,"height":11}},{"id":"b7e9e2aa-1013-49db-bae3-694bf56e8d7c","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":135,"box":{"x":69,"y":582,"width":767,"height":11}},{"id":"9191c8c9-7461-4ea8-97ba-ba21479ccc1a","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":135,"box":{"x":69,"y":597,"width":825,"height":11}},{"id":"f946cf94-063f-4637-a5d0-743d4126f24e","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":135,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"f6903094-d5fa-428a-8985-cea496dad5da","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":135,"box":{"x":69,"y":627,"width":794,"height":12}},{"id":"3f3e38c2-1bae-4fca-a7d6-ac4c127dde86","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. The Distributor pays cer tain promotional","page_number":135,"box":{"x":69,"y":642,"width":778,"height":12}},{"id":"aafe018e-4642-433b-b3ca-dc190be8d101","block_type":"box","text":"expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain expenses are financed","page_number":135,"box":{"x":69,"y":658,"width":839,"height":11}},{"id":"e316ffae-7d30-451e-a394-19a49f290938","block_type":"box","text":"by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the Investment Company Act. See","page_number":135,"box":{"x":69,"y":673,"width":820,"height":11}},{"id":"160f4107-f775-40c4-89a7-8e310d729976","block_type":"box","text":"“Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":135,"box":{"x":70,"y":688,"width":524,"height":11}},{"id":"c4805664-d9e5-4adb-8c97-bcc6d9910d6b","block_type":"box","text":"Sub-Advisory Fee.","page_number":135,"box":{"x":102,"y":711,"width":124,"height":11}},{"id":"5f67c484-b7fe-476f-932f-4ad5dbc9f342","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":135,"box":{"x":232,"y":710,"width":643,"height":12}},{"id":"7a8f1763-8d6b-42d1-a0ae-bd27778e324d","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":135,"box":{"x":70,"y":726,"width":839,"height":11}},{"id":"585563db-311c-4729-a828-8744119e1179","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":135,"box":{"x":68,"y":741,"width":830,"height":11}},{"id":"d7ea6d81-3e3e-4a2f-a567-50839bf63e0f","block_type":"box","text":"Organization of the Manager.","page_number":135,"box":{"x":102,"y":763,"width":204,"height":12}},{"id":"79d10428-bba2-4539-a377-b95a29be3d95","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":135,"box":{"x":313,"y":763,"width":560,"height":12}},{"id":"cf3e5b34-585f-486d-b6af-56e432095ce4","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":135,"box":{"x":70,"y":778,"width":819,"height":12}},{"id":"7ab7548b-16c8-4cc0-bfd3-693b288bb458","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":135,"box":{"x":70,"y":794,"width":817,"height":11}},{"id":"9bf868f2-5204-4e8d-b3f1-865545ac2ce3","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":135,"box":{"x":69,"y":809,"width":768,"height":11}},{"id":"05ae49d4-1752-488d-86ca-3896f03070f3","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":135,"box":{"x":69,"y":824,"width":821,"height":11}},{"id":"fd312c6c-89fd-4bcc-b0e3-5a3b941d823a","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":135,"box":{"x":69,"y":839,"width":517,"height":11}},{"id":"51dc24e2-cffd-47d2-b4ef-ea87dfbb794f","block_type":"box","text":"Duration and Termination.","page_number":135,"box":{"x":102,"y":862,"width":182,"height":9}},{"id":"5e559dc5-997c-41ff-9904-cb31bcf045ec","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":135,"box":{"x":292,"y":862,"width":613,"height":11}},{"id":"83ebf58d-d77f-46ce-88e7-ce8e300d175c","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":135,"box":{"x":69,"y":877,"width":835,"height":11}},{"id":"9178211e-ffd0-4780-881d-948b1198dfae","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":135,"box":{"x":69,"y":892,"width":803,"height":11}},{"id":"c8d0c223-1d52-448a-b614-1ec6847911da","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":135,"box":{"x":69,"y":907,"width":839,"height":11}},{"id":"3e08ce00-3b3a-4817-8435-7f01383e265d","block_type":"box","text":"II-82","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c1e807e5-d5aa-4e3b-8ac3-013929dc486a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a6f4dc0-7b06-403b-b088-eec3b4d8a18d","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":136,"box":{"x":70,"y":45,"width":778,"height":11}},{"id":"ebe036da-bbd4-4fe2-9c3f-c2bece81475c","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":136,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"564652b7-25ff-47f5-8637-e17663445811","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":136,"box":{"x":69,"y":75,"width":388,"height":11}},{"id":"1b080e6a-b565-4f9c-ad13-d2909f355cd0","block_type":"box","text":"Other Service Arrangements","page_number":136,"box":{"x":69,"y":105,"width":205,"height":11}},{"id":"886f61f3-f3d6-47de-aa74-2cc6cfa38dc4","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":136,"box":{"x":101,"y":128,"width":338,"height":9}},{"id":"dcbcd785-837f-4269-a0e0-a58da1dd9184","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":136,"box":{"x":446,"y":128,"width":439,"height":11}},{"id":"ba42d42e-64f4-4652-83be-2bb88b47051f","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":136,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"5bc6fa48-c0e1-4988-9d4e-fe21d377184e","block_type":"box","text":"SAI (each an “Administrator”). 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For information regarding any administrative fees paid by","page_number":136,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"c2541d28-07b9-4e7c-87ea-d2104a38514b","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":136,"box":{"x":68,"y":188,"width":738,"height":12}},{"id":"6d9cf761-4bb8-43f9-816a-3b7d4014c967","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":136,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"3f378a4d-4ad2-45c9-828a-c4c698c530d8","block_type":"box","text":"that Fund’s SAI.","page_number":136,"box":{"x":68,"y":219,"width":113,"height":8}},{"id":"0a5f6e40-b008-4c14-8a82-ecd108214221","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":136,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"912409b0-a17d-41e1-bb64-232b5ff9a198","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":136,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"ca716733-1255-4f77-bd5c-b1e4b67bcc2d","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. 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(in this capacity, the “Transfer Agent”), a","page_number":136,"box":{"x":291,"y":438,"width":595,"height":11}},{"id":"e37e9358-8109-4292-96e6-e66e5dcc56e2","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":136,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"2976bb29-a8a4-4135-a8f4-f917a7237b72","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":136,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"031d2203-5566-4fda-8535-c104f388ea8e","block_type":"box","text":"with the Funds. 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The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":136,"box":{"x":68,"y":725,"width":802,"height":11}},{"id":"98fbcc57-eed2-4750-bb88-0ca1d5fd1f35","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":136,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"8a098e7f-7f59-4dcd-a837-99dde407ba48","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":136,"box":{"x":69,"y":755,"width":792,"height":11}},{"id":"d8793a9a-2805-43f7-a5eb-0b70c33ad10e","block_type":"box","text":"cer tain assets.","page_number":136,"box":{"x":69,"y":771,"width":106,"height":8}},{"id":"315565d7-c3e7-4713-9107-0d1558c33550","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":136,"box":{"x":102,"y":793,"width":716,"height":10}},{"id":"7680bf63-308f-4dfb-957e-3f3aef51f4fd","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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In addition, the Manager maintains an internal restricted list to prevent trading by the","page_number":142,"box":{"x":68,"y":158,"width":822,"height":11}},{"id":"d1fa8689-66c7-4b94-b275-bce79ee1335a","block_type":"box","text":"personnel of the Manager or its affiliates in securities — including securities held by a Fund — about which the","page_number":142,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"1b80f18a-e776-4ce9-944b-36bfe11eaaa2","block_type":"box","text":"Manager has Confidential Information. There can be no assurance, however, that the Fund’s policies and procedures","page_number":142,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"a7087e7d-46cb-4873-8663-1d91e5395aa1","block_type":"box","text":"with respect to the selective disclosure of Por tfolio Holdings will prevent the misuse of such information by","page_number":142,"box":{"x":68,"y":203,"width":764,"height":12}},{"id":"ae16eab2-f7b5-43ee-93ca-b450da5e6416","block_type":"box","text":"individuals or firms that receive such information.","page_number":142,"box":{"x":70,"y":218,"width":351,"height":9}},{"id":"97f3df60-a26b-4bf9-82a7-3c6ab5f4f093","block_type":"box","text":"Potential Conflicts of Interest","page_number":142,"box":{"x":69,"y":249,"width":216,"height":9}},{"id":"e51daa6d-6286-4f93-9d82-0ee0dd55035d","block_type":"box","text":"Cer tain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":142,"box":{"x":102,"y":271,"width":727,"height":11}},{"id":"3bc966b0-3803-4e63-ac8c-0914ca6a67d1","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":142,"box":{"x":69,"y":286,"width":829,"height":12}},{"id":"ad1a9cec-a621-45cf-9778-b368e6bd058e","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":142,"box":{"x":69,"y":302,"width":802,"height":11}},{"id":"b179b5ae-c3d5-41cb-bd50-d57143d83017","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":142,"box":{"x":69,"y":317,"width":507,"height":11}},{"id":"cd8f2eee-b4c3-4284-ac2c-a51c9063cbbb","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":142,"box":{"x":102,"y":339,"width":731,"height":12}},{"id":"4eb36eb0-4952-413f-8597-a4fbdeffeb01","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":142,"box":{"x":69,"y":355,"width":799,"height":11}},{"id":"c23af1f5-5b90-4962-89ce-7e37705904d9","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":142,"box":{"x":70,"y":370,"width":786,"height":11}},{"id":"80859e33-ca67-4c90-90f0-80792c6db5b6","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":142,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"44988cd8-2adb-4cf4-baed-2d71c1fc8b93","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":142,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"10b0cb3d-d3cb-43d5-83e5-783f5845b6c1","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":142,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"179b2eb5-a2ab-4059-9321-6046af7cf38a","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":142,"box":{"x":101,"y":438,"width":722,"height":11}},{"id":"c609c30d-1548-40c8-b1ad-e5582752a3c1","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":142,"box":{"x":69,"y":453,"width":827,"height":11}},{"id":"82a2447c-0156-4f27-ab11-8072e4034e11","block_type":"box","text":"or sold by a Fund.","page_number":142,"box":{"x":69,"y":468,"width":125,"height":11}},{"id":"16ffea4e-236d-4c6f-a125-07890f14ebd0","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":142,"box":{"x":102,"y":491,"width":762,"height":11}},{"id":"c5f5c9ec-021a-422a-ac82-8ea363f1e2ac","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":142,"box":{"x":69,"y":506,"width":806,"height":11}},{"id":"244b233b-6708-4019-9bf4-e5f9446de21d","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":142,"box":{"x":70,"y":521,"width":828,"height":11}},{"id":"bd7852f7-f3d9-4fec-83ab-d1e848839e77","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":142,"box":{"x":69,"y":536,"width":808,"height":11}},{"id":"f6f6c57d-b025-46d7-b612-ec4e65b4ec99","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":142,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"b0862281-9a82-421d-9185-55a78c461a31","block_type":"box","text":"services provided by BlackRock","page_number":142,"box":{"x":69,"y":566,"width":224,"height":11}},{"id":"ecd1e30e-7a44-476d-9ac7-3b3bfa502407","block_type":"box","text":".","page_number":142,"box":{"x":295,"y":574,"width":2,"height":1}},{"id":"c77fa2a6-1a2f-4140-a441-d023c6239290","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":142,"box":{"x":304,"y":566,"width":603,"height":11}},{"id":"738023a8-36ba-4b1b-858e-396e37711586","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":142,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"eaa722ac-7fc2-4057-b451-4b7048c8dbf7","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":142,"box":{"x":70,"y":597,"width":835,"height":11}},{"id":"cafe213d-f053-449e-b2e4-c83df2309956","block_type":"box","text":"a Fund invests.","page_number":142,"box":{"x":69,"y":612,"width":106,"height":9}},{"id":"79e273a5-a58f-4b79-97a8-3d3ee134a3bd","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":142,"box":{"x":102,"y":634,"width":785,"height":11}},{"id":"1a8cd898-0036-4a52-bb70-1b3a9403d973","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":142,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"bb1ec953-a17f-45f0-bed4-3ddb20d164a7","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":142,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"f8c5e398-8e92-41b9-b0e0-d35cea666873","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":142,"box":{"x":68,"y":680,"width":652,"height":11}},{"id":"14f1cdc7-07f7-4e1d-9029-fda1f1ee3e20","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":142,"box":{"x":102,"y":702,"width":787,"height":12}},{"id":"8ef46e18-d5f8-4fb0-b426-ec88644b10f1","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":142,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"974a83e2-e541-4dab-a57b-ed36afe5e40f","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":142,"box":{"x":70,"y":732,"width":816,"height":12}},{"id":"a8623650-89b2-4e02-9ab1-f7e70fa9c034","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":142,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"05217cc9-05c5-45e8-8ae5-f202d594655e","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":142,"box":{"x":68,"y":763,"width":813,"height":11}},{"id":"f61bea32-e0f2-40f7-9c5e-1d7e04af133e","block_type":"box","text":"based on the information received.","page_number":142,"box":{"x":69,"y":778,"width":247,"height":9}},{"id":"302ca920-a1c8-457b-a1df-c4e1da3eb773","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":142,"box":{"x":101,"y":801,"width":777,"height":11}},{"id":"eeb4b95e-db02-41e3-986e-f0bee61b4ac8","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":142,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"8894d60e-7234-4718-ae32-ab98fbf657ce","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":142,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"4c74e1eb-754c-4a48-b7be-9555dcc2a07e","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":142,"box":{"x":70,"y":846,"width":817,"height":11}},{"id":"cad6a16e-a0bf-4a5f-aba2-317f66f0828c","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":142,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"6da2ab40-4cea-445e-9dbd-d8960fdeaa8d","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":142,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"d16a2d18-922a-4a67-8891-7528abe377e2","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":142,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"73c9585b-396f-4236-8f7b-d48b68b160cf","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":142,"box":{"x":70,"y":906,"width":785,"height":11}},{"id":"f2e93448-89ec-42d6-bc68-ad6dac39188b","block_type":"box","text":"II-89","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"70528a15-f639-494d-b717-f3c2c9029b12","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bdef050c-9d43-485a-8c5e-6192f9531c6e","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":143,"box":{"x":69,"y":45,"width":767,"height":11}},{"id":"b2676895-4d85-474b-a15a-b61d230e5ea7","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":143,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"651d1e61-311f-4443-a3b0-64214d0cf6bc","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":143,"box":{"x":68,"y":75,"width":827,"height":11}},{"id":"09c41b63-c95f-41ec-a4ff-ef727f7c349d","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":143,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"dc6cdad6-34be-4020-8f32-5316da65c3ce","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":143,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"44ed8be2-3afa-4c66-88fe-3cbfa698d07e","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":143,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"d3baa250-d438-481d-9514-729aa819af05","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":143,"box":{"x":69,"y":135,"width":787,"height":12}},{"id":"279ca324-e3c4-4e7e-b411-b418b6b064bc","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":143,"box":{"x":70,"y":150,"width":809,"height":12}},{"id":"4507a362-0459-43a0-8eff-e925f1ee8fb3","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":143,"box":{"x":70,"y":166,"width":805,"height":11}},{"id":"8ae6f610-6671-4f38-b63a-94946cc90983","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":143,"box":{"x":70,"y":181,"width":797,"height":11}},{"id":"2e39e45c-5e88-4370-b144-c196b7a2deaf","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":143,"box":{"x":69,"y":196,"width":573,"height":11}},{"id":"fb82604d-4ed1-487b-a52e-c97cf2b2d3b6","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":143,"box":{"x":102,"y":218,"width":797,"height":12}},{"id":"72f5938d-00b6-41f9-9966-d74921d98d7c","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":143,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"5d41f404-0087-4231-8505-e28889557fd6","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":143,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"2c84a1d5-1a81-41a4-93f7-4010af4f7eb8","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":143,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"229af82d-0f72-4661-8b56-1156021364a0","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":143,"box":{"x":69,"y":279,"width":803,"height":11}},{"id":"e96fa0e8-a360-44c7-b45b-97505bb70d1d","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":143,"box":{"x":70,"y":294,"width":783,"height":11}},{"id":"05d274bc-bd47-4661-a610-8025390fd6fb","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":143,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"3719b1cc-6ee3-494e-81ab-47802cab5235","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":143,"box":{"x":70,"y":324,"width":777,"height":11}},{"id":"4dffe3be-c055-416d-aa65-e4b3573e03d8","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":143,"box":{"x":70,"y":339,"width":780,"height":12}},{"id":"a8ddaecf-c538-4e92-8b5d-bf92a2d2149d","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":143,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"a5b6b6b3-74d2-4ce0-8bb5-f4c01fa712fd","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":143,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"1137aaed-6c9b-414c-a5cc-898f91339176","block_type":"box","text":"Funds.","page_number":143,"box":{"x":70,"y":385,"width":44,"height":9}},{"id":"1fe3d285-1b35-4e15-aaf5-e223e8272a66","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":143,"box":{"x":102,"y":407,"width":755,"height":12}},{"id":"f0840d20-c31d-4796-ac91-fd47e9686f06","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":143,"box":{"x":69,"y":423,"width":836,"height":11}},{"id":"13a7c84a-7ba3-4164-80ff-4cb00a9ab9f1","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":143,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"5bb24f3f-32b5-49ad-b9ff-f3392794153d","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":143,"box":{"x":69,"y":453,"width":679,"height":11}},{"id":"7e1b7051-d05d-4d8c-b3a6-be6c6892f215","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":143,"box":{"x":101,"y":476,"width":760,"height":11}},{"id":"22d47039-544c-43d1-a927-b4bd5582cf2e","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":143,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"4c8d4d37-7ce5-4aee-80a8-9cd33ff21275","block_type":"box","text":"for registered representatives, other professionals and individual investors. 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BlackRock may (but is not required to) effect purchases and sales between","page_number":143,"box":{"x":68,"y":574,"width":817,"height":11}},{"id":"42835450-7806-4680-8de4-ffe2e8ddccf9","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":143,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"56d02cf0-7154-45a2-ab47-921d8b549fec","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":143,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"51d241d0-1a44-4d52-9f7e-c7ed553399e0","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":143,"box":{"x":70,"y":619,"width":780,"height":11}},{"id":"945b4a78-7598-42b5-bf45-2908bc04c4a8","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":143,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"758b9cc1-4f41-4f1f-abe7-fcdd49229436","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":143,"box":{"x":70,"y":650,"width":457,"height":11}},{"id":"ef5ce8a8-5ec9-487b-a76c-aa073cd0ec66","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":143,"box":{"x":102,"y":672,"width":784,"height":11}},{"id":"f977d578-1a3a-483b-abad-20a44843ca1c","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":143,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"b579c656-1e7d-497a-b668-344675844910","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":143,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"39ad1e60-bdbd-4e8a-a6e1-2e07c008359a","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":143,"box":{"x":70,"y":717,"width":828,"height":12}},{"id":"b8d9a9be-d47d-4ffb-992c-58b3cc69f016","block_type":"box","text":"case.","page_number":143,"box":{"x":69,"y":735,"width":37,"height":7}},{"id":"18356a65-169b-41d3-96b8-80a942a88d9c","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":143,"box":{"x":101,"y":755,"width":791,"height":11}},{"id":"08143b5f-d4bb-410c-9b26-e1412329d90f","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":143,"box":{"x":70,"y":771,"width":824,"height":11}},{"id":"df4dec70-30c6-4bf0-84d1-19631f3dd2b0","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":143,"box":{"x":69,"y":786,"width":798,"height":11}},{"id":"5be51f54-9563-42b8-8771-917ecbf21fac","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":143,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"552f8ff5-339d-40c9-a2ec-8ffb75a5516e","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":143,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"57e6a8be-736c-485c-b9e4-58c377824ac3","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":143,"box":{"x":69,"y":831,"width":767,"height":11}},{"id":"1ada1139-d738-4862-9496-fedfaff76fa3","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":143,"box":{"x":102,"y":853,"width":766,"height":12}},{"id":"ea5b93f6-ca5c-4b06-b583-77099b8a64a2","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":143,"box":{"x":70,"y":869,"width":786,"height":11}},{"id":"88bb22cc-9fad-4782-aa23-4492d8970571","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":143,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"ea33bc47-2efa-46ec-a666-0d35feddc75a","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":143,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"1ae50586-cd18-4c64-a3f7-409229f2dc80","block_type":"box","text":"II-90","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c8f5fa4-6362-4071-a8e9-95f9f5318fd4","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad573182-3548-4996-8417-cf2746971144","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":144,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"83c60097-f747-44db-95a7-8769e275f877","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":144,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"2081a43a-9655-4bfb-9523-06824cb6dbb8","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":144,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"af8a7ebe-0364-43ac-b081-c4574ce4c1e1","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":144,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"8ca0a865-9803-449e-b6f6-c44646c558a1","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":144,"box":{"x":70,"y":105,"width":271,"height":11}},{"id":"af7d3534-4053-4a94-9165-9a3976f8dbde","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":144,"box":{"x":102,"y":128,"width":792,"height":11}},{"id":"3818cc1c-9b0a-4662-bbdf-393a8cc70991","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":144,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"d1ce46fb-6e7e-4e36-a15f-449c4e33c77e","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":144,"box":{"x":68,"y":158,"width":821,"height":11}},{"id":"9cf8a010-d797-413f-9168-ba3f2596fbd3","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":144,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"758a9d00-b54b-4cd6-870d-c8acd1bf7c3c","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":144,"box":{"x":69,"y":188,"width":793,"height":12}},{"id":"05f9a608-3753-4acc-8416-706b513b8da2","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":144,"box":{"x":69,"y":203,"width":762,"height":12}},{"id":"40741a27-d8c8-498f-9eb5-fcc64d1dfbdd","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":144,"box":{"x":70,"y":218,"width":839,"height":12}},{"id":"b7dac996-1118-458b-907d-59bdf93bcf47","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":144,"box":{"x":70,"y":234,"width":795,"height":11}},{"id":"3c0ff97b-5856-4d4e-ba7c-e1d587be6021","block_type":"box","text":"managing a Fund.","page_number":144,"box":{"x":69,"y":249,"width":124,"height":11}},{"id":"d81cda90-d649-42ca-9b0b-f6d069ad5fcd","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":144,"box":{"x":101,"y":271,"width":751,"height":12}},{"id":"dcfc1bfd-9af7-4a82-a703-8e3a145750db","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":144,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"ebece5e4-feb4-4c2f-95c1-bd97627540a8","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":144,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"7c55acc7-1912-491e-a0fb-c1219d46e6f5","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":144,"box":{"x":68,"y":317,"width":785,"height":11}},{"id":"5943ed3a-2afe-43bb-9cbd-e1bb179f84b1","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":144,"box":{"x":70,"y":332,"width":481,"height":11}},{"id":"71a94e5b-1a64-426c-96f1-c8dd0fc6e8b9","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":144,"box":{"x":102,"y":355,"width":754,"height":11}},{"id":"83ad49d1-67a0-43e4-95e1-e824225d347d","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":144,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"ef2ae447-12a1-4475-b736-916c07c57849","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":144,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"7a2f59de-6e8e-4005-8f35-262582ec1c2a","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":144,"box":{"x":69,"y":400,"width":680,"height":11}},{"id":"3da97865-df06-47ba-8334-04da7263d202","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":144,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"7144492e-1507-4f53-b4b9-a2e0aca067d0","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":144,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"69061bd4-1cf8-4c5f-aff3-8a2860c6cfc8","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":144,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"9c580b40-c786-47c3-bf53-e5d00b8da507","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":144,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"b585cb52-f6c0-4cef-ba86-712f15280f15","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":144,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"03978318-f14a-4399-83f8-49cb658e3174","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":144,"box":{"x":70,"y":498,"width":344,"height":11}},{"id":"0ff074f1-a2b8-4548-9915-bb9bce91e082","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":144,"box":{"x":102,"y":521,"width":741,"height":11}},{"id":"de310d47-6ee3-4986-94e6-366f8cd28c49","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":144,"box":{"x":70,"y":536,"width":824,"height":11}},{"id":"58bea2da-0457-4112-a9da-b873fd59f11a","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":144,"box":{"x":68,"y":551,"width":825,"height":11}},{"id":"e2d6f2d5-61aa-4a52-95ce-ee5815506826","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":144,"box":{"x":69,"y":566,"width":777,"height":11}},{"id":"e394fa0d-e75d-4a24-b0b0-6ad689c097b9","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":144,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"d85d211a-8dd6-40f9-9d44-e78f58d63d6c","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":144,"box":{"x":69,"y":597,"width":784,"height":11}},{"id":"5899fba7-d93a-4940-95c3-03ac890a9ea7","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":144,"box":{"x":70,"y":612,"width":798,"height":11}},{"id":"9f8e1937-0940-439c-968f-2b1c1ff8a880","block_type":"box","text":"under management for BlackRock.","page_number":144,"box":{"x":69,"y":627,"width":243,"height":11}},{"id":"1c4f894c-d766-443e-9183-2c2889effaa3","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":144,"box":{"x":101,"y":649,"width":773,"height":12}},{"id":"4b023507-39e9-4965-b16a-f205cc060bcc","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":144,"box":{"x":69,"y":664,"width":797,"height":12}},{"id":"3c4c892d-91bc-4bfa-8043-3f9b11c8f6a9","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":144,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"35002944-e569-409c-923d-96a00b752eb6","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":144,"box":{"x":68,"y":695,"width":837,"height":11}},{"id":"0a2c25d9-0fc5-4142-8150-750ffb8d2422","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":144,"box":{"x":70,"y":710,"width":781,"height":11}},{"id":"9976822e-68a6-43e4-a2a9-617bf0b619b5","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":144,"box":{"x":101,"y":733,"width":779,"height":11}},{"id":"0332094d-8367-4fb6-b3ae-664b309b9d25","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":144,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"ff5c7990-dbd9-49bf-9a91-fe19ba2fb4b2","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":144,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"dc5b14e9-d4cc-46fc-a475-243b3f80a253","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":144,"box":{"x":68,"y":778,"width":802,"height":11}},{"id":"0a646789-a258-4f75-b0bf-8b17c4203e91","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":144,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"e613fab0-0980-43e1-a8d8-d100a5f1c0ce","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":144,"box":{"x":69,"y":808,"width":832,"height":11}},{"id":"09328b09-4054-4376-aec8-e42273b16b02","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":144,"box":{"x":70,"y":823,"width":833,"height":11}},{"id":"9743ea12-7828-49a0-88f8-f3b3847f6fcc","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":144,"box":{"x":68,"y":838,"width":726,"height":12}},{"id":"3f8207ff-62e0-4095-98f9-1dd5a8bf8a44","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":144,"box":{"x":102,"y":861,"width":796,"height":11}},{"id":"e49faae9-15c8-482a-ba71-999c2ceea0dd","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":144,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"cb4a1081-0787-4fe0-9a43-992cf669934d","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":144,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"7aa4eefb-5973-42e4-b0b6-8c9aaced1414","block_type":"box","text":"II-91","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4fe68562-1afe-4c2f-8eeb-707bb189e9bf","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"013ef052-4e16-4ef3-b1ec-da59404f5a19","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":145,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"981975ca-41a5-4197-85ed-195791cd0878","block_type":"box","text":"any such fees or other amounts.","page_number":145,"box":{"x":69,"y":60,"width":230,"height":11}},{"id":"c2f595f5-aa28-46cc-9c33-1fba10c5b870","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":145,"box":{"x":101,"y":83,"width":805,"height":11}},{"id":"83ab53ce-c5cb-4a85-b1d5-9380ceae3e38","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":145,"box":{"x":70,"y":98,"width":768,"height":11}},{"id":"4beeede6-e741-4940-b8bf-f4f1fff77c68","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":145,"box":{"x":101,"y":120,"width":766,"height":11}},{"id":"191e04fd-893c-4749-bc41-728301c79b88","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":145,"box":{"x":69,"y":136,"width":793,"height":11}},{"id":"d1963565-1ed2-484e-8f40-e1d821b427f7","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":145,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"c09af16d-c11b-4090-b316-c98c48456377","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":145,"box":{"x":70,"y":166,"width":374,"height":11}},{"id":"98383bda-8321-4ebd-84c7-bf8023aa7fd3","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":145,"box":{"x":102,"y":188,"width":768,"height":12}},{"id":"45ff308b-6ba0-4dc5-9537-7ce76c484555","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":145,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"3364b648-f994-48d1-8be4-8cb5994dacf7","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":145,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"f208dd76-f510-412d-b4fe-4e9a5cb307d6","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":145,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"1f5685de-6711-47ba-a058-74b7237f9e81","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":145,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"470d8e95-188d-4c9f-9073-cbd1ecc0ce70","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":145,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"45bdbd02-65e2-4bd0-930d-6da2fbf54254","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":145,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"5290b18c-90eb-4774-bac8-3abd8ac8c345","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":145,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"e1342bde-18a1-4008-b393-6e7968b9c15d","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":145,"box":{"x":70,"y":309,"width":814,"height":11}},{"id":"e75caadd-6895-4813-a74d-11f5adfc7f58","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":145,"box":{"x":69,"y":325,"width":660,"height":11}},{"id":"c6e86bab-4e83-4381-b6c5-446d175c4272","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":145,"box":{"x":101,"y":347,"width":767,"height":11}},{"id":"bb915c97-88c2-4ae2-bd09-e1bcca1da916","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":145,"box":{"x":68,"y":362,"width":820,"height":11}},{"id":"e75c3118-44cc-4570-910c-b42ac0aeee0c","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":145,"box":{"x":70,"y":377,"width":806,"height":12}},{"id":"915f7c39-b0a4-4963-9982-97e6a9d5b4d0","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":145,"box":{"x":70,"y":393,"width":816,"height":11}},{"id":"1ece0628-c9d9-46d1-a859-194f9b8158b3","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":145,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"6e347266-3700-48bb-80e5-7d44a698639e","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":145,"box":{"x":70,"y":423,"width":727,"height":11}},{"id":"aed8d5db-2475-46b9-94b9-226fe0dd22c2","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":145,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"164121d8-c957-414f-9de6-4b89329d1fc0","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":145,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"1e168be7-fe13-4faf-8dbc-95afb54298d7","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":145,"box":{"x":70,"y":468,"width":796,"height":11}},{"id":"34201f70-92e9-44a5-a153-92795870f244","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":145,"box":{"x":69,"y":483,"width":799,"height":11}},{"id":"d6269d4d-6e0c-4931-8ff5-91bc317b937a","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":145,"box":{"x":69,"y":498,"width":356,"height":11}},{"id":"77350d30-1974-4de4-bac5-995b500b1259","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":145,"box":{"x":102,"y":521,"width":801,"height":11}},{"id":"e84a77b0-3bbe-408b-9645-105c5688f6f1","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":145,"box":{"x":68,"y":536,"width":817,"height":11}},{"id":"d36e4993-56a6-4f99-addb-963fc54c04d7","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":145,"box":{"x":69,"y":551,"width":784,"height":11}},{"id":"92cbffcd-ff5c-4257-9600-420f5966646a","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":145,"box":{"x":69,"y":566,"width":789,"height":11}},{"id":"f8de374c-9763-4ed6-8cbf-d642ccbd3862","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":145,"box":{"x":70,"y":581,"width":783,"height":11}},{"id":"be13786a-c1d6-4d4d-83f5-953411319309","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":145,"box":{"x":70,"y":596,"width":790,"height":12}},{"id":"1152ad24-70da-4c02-953c-675cd18f622f","block_type":"box","text":"regulation.","page_number":145,"box":{"x":69,"y":612,"width":73,"height":11}},{"id":"e7c5d4bf-1efe-4fd5-9bf9-63d86360441d","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":145,"box":{"x":102,"y":634,"width":777,"height":11}},{"id":"66114f99-55e9-4910-8091-3954c0d703e1","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":145,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"449da473-2544-421e-b470-e4c313143b04","block_type":"box","text":"various program limits (","page_number":145,"box":{"x":68,"y":665,"width":168,"height":11}},{"id":"c5385a65-79e1-4877-b57d-d849cdd61688","block_type":"box","text":"i.e.","page_number":145,"box":{"x":238,"y":665,"width":20,"height":8}},{"id":"9bfd740d-b5a7-4250-ae5c-0ef00b387939","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":145,"box":{"x":265,"y":664,"width":621,"height":12}},{"id":"5886580f-cfbf-4ce8-8ecf-16c6a6788e09","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":145,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"344d4bbd-382a-4445-a391-a4dd8d0ce4ea","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":145,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"5fa7e4ea-69ce-48de-98df-a0f632533bcc","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":145,"box":{"x":70,"y":710,"width":780,"height":11}},{"id":"f388d5b6-924d-47e3-9943-458d8481ae19","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":145,"box":{"x":70,"y":725,"width":820,"height":11}},{"id":"e4259b3a-2efb-440a-a213-715aacf13c95","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":145,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"d3a6d0cb-970c-40f1-b0f5-59bddba04bec","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":145,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"80782802-584f-4a6c-9157-777bc644a255","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":145,"box":{"x":102,"y":778,"width":734,"height":11}},{"id":"0116505d-bac2-4521-bdb8-e353502ec0ad","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":145,"box":{"x":70,"y":793,"width":840,"height":11}},{"id":"c28a2a5f-ff60-426c-9ccc-25649c96a939","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":145,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"bb695b27-987d-49a0-9772-95943a10e992","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":145,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"06770504-d01b-4469-a1d0-132240216a80","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":145,"box":{"x":70,"y":839,"width":426,"height":11}},{"id":"fa35e9cc-d07f-496d-9e95-bf54cfe38794","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":145,"box":{"x":102,"y":861,"width":763,"height":11}},{"id":"c74b6373-d120-42e3-a093-2a16f8e71890","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":145,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"f0d11efd-4ea8-469b-898b-8f1afa088ff0","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":145,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"7d171040-ae72-4fb4-a049-c1ea6d71867f","block_type":"box","text":"II-92","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92a180d5-6927-44ae-99de-32cc2f4386b1","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63b70294-ee43-4a28-921c-aa17af986d9e","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":146,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"1fc15375-9aaa-4688-b6b1-e0bcc0fb5560","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":146,"box":{"x":68,"y":60,"width":672,"height":11}},{"id":"579dd6c6-53f4-4258-8577-a1b2bf685e20","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":146,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"52eb50a5-1c3e-4c2e-acc6-aed3c25f9d86","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":146,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"fba489e5-dc82-4f05-9ce2-9768fca698cc","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":146,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"835a30f1-e055-4e38-b0cd-3813ec6519ad","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":146,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"9c76e494-539e-4020-90ba-ac8f3c84880d","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":146,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"7078d64c-311c-4229-96d6-b6a0409eb0d2","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":146,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"5c639a3d-6070-48c2-a2fe-355186a49f8c","block_type":"box","text":"than through client commissions.","page_number":146,"box":{"x":68,"y":173,"width":237,"height":11}},{"id":"dbf23a33-ed70-4b8d-8ec3-85a0fb89e299","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":146,"box":{"x":102,"y":196,"width":770,"height":11}},{"id":"c401b974-2a1a-4305-b5cb-73399a1195f8","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":146,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"8a4f7857-ef93-4885-863f-c75471e57620","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":146,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"2ef0ac29-5933-4819-b71a-29a224821ee3","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":146,"box":{"x":70,"y":241,"width":780,"height":11}},{"id":"5d857a6e-d8de-47fa-86ac-fea21d24d55f","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":146,"box":{"x":69,"y":257,"width":795,"height":10}},{"id":"1909e8cc-a257-4618-b281-bf01e50b4e1e","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":146,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"52a61745-628d-4391-a2f3-fe7f3f66153a","block_type":"box","text":"research-oriented software and other services and products.","page_number":146,"box":{"x":69,"y":286,"width":430,"height":11}},{"id":"e5721978-3432-44d7-8aca-a42a48a27b03","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":146,"box":{"x":102,"y":309,"width":785,"height":11}},{"id":"00bbd1e5-2fb8-45a2-95b2-896e778262e3","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":146,"box":{"x":70,"y":325,"width":768,"height":11}},{"id":"15dc4fe6-9430-44bb-8b96-bdae5e6f0c95","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":146,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"c40db616-7001-438f-9067-d3db5659c37e","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":146,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"be2d3a7b-72cc-4591-aaff-35f370b143f8","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":146,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"996fa96b-25b4-41ac-8ef1-98dff7d807e0","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":146,"box":{"x":68,"y":385,"width":815,"height":11}},{"id":"332dd397-ec6d-4e58-9507-3de7f7f80c65","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":146,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"a0735595-0359-4caf-b2ee-66c1de74fdda","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":146,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"5714f1fd-0b25-4e7d-9bda-865f6c01a69c","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":146,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"72ca252b-2ef2-430b-926f-dbcc1755ab40","block_type":"box","text":"and services itself.","page_number":146,"box":{"x":69,"y":445,"width":134,"height":9}},{"id":"e5b98b0f-8502-4fca-b64f-f86b4c2f97d8","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":146,"box":{"x":102,"y":468,"width":793,"height":11}},{"id":"c8aae499-6c30-45a1-85cb-be7c1fa49573","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":146,"box":{"x":68,"y":483,"width":805,"height":11}},{"id":"9e7e9566-85c9-4ca9-9157-bbd5540dba6e","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":146,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"aee1b1b5-52ee-4c80-9124-3331bb70f0ea","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":146,"box":{"x":68,"y":514,"width":836,"height":11}},{"id":"2d03d544-94e0-4bf8-a54d-adc833e6b7bc","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":146,"box":{"x":69,"y":529,"width":760,"height":11}},{"id":"526e21e8-ce16-4c3a-b173-9f2fe5b7fadd","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":146,"box":{"x":68,"y":543,"width":803,"height":12}},{"id":"5becf5d4-38a9-4f0d-a185-b14d2e5ff16c","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":146,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"1c402ab5-18d5-4606-9bd3-7767adfdeaae","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":146,"box":{"x":69,"y":574,"width":760,"height":11}},{"id":"f4f2ec0e-aa05-430a-bf38-6195e41db0d7","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":146,"box":{"x":102,"y":597,"width":799,"height":11}},{"id":"a1ae4c8e-8171-4604-99b4-0d538edd461f","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":146,"box":{"x":70,"y":612,"width":767,"height":11}},{"id":"d8a1bbcc-2b93-41f7-a643-d815c2e8469a","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":146,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"3ca1ca93-ca6d-4f2e-89f7-b44b1c72e45c","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":146,"box":{"x":69,"y":642,"width":825,"height":11}},{"id":"fce7f5ce-a1c8-413f-b73e-e61138a65c20","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":146,"box":{"x":68,"y":657,"width":821,"height":11}},{"id":"92d04939-bcef-4723-b68f-772fc6962ad2","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":146,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"3a6d497d-9d28-479b-9815-c060088ced6a","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":146,"box":{"x":69,"y":687,"width":812,"height":11}},{"id":"137458ae-770f-4037-b0a2-1e270d7478c0","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":146,"box":{"x":69,"y":702,"width":809,"height":11}},{"id":"86dfccef-5e8f-436a-a887-a8324abec41e","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":146,"box":{"x":68,"y":718,"width":519,"height":11}},{"id":"e03e9b6e-95ce-46fb-924b-95d8f95c9da4","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":146,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"b538fe50-602b-4b92-acb9-927a4d26b8ae","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":146,"box":{"x":69,"y":755,"width":782,"height":11}},{"id":"6b8b1ec8-1976-49cb-9383-a924ec7fb888","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":146,"box":{"x":69,"y":770,"width":710,"height":11}},{"id":"c82d8b1d-539b-47cd-9bc3-5c2e82938e87","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":146,"box":{"x":102,"y":793,"width":792,"height":11}},{"id":"51f9d15e-d5b0-4bb4-b2ba-75765cc92475","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":146,"box":{"x":68,"y":808,"width":784,"height":11}},{"id":"85434545-bb54-4ba1-9fd3-94e49c3246c2","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":146,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"0b59ee46-f701-4439-99b3-733aa5d9ae80","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":146,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"c5a890e2-2ff0-4397-87e6-bc24f070bc06","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":146,"box":{"x":68,"y":853,"width":837,"height":11}},{"id":"9dc39442-02ee-47d8-8f64-40913ff98ab9","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":146,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"5b5f797f-efc6-443d-8ace-a81e2c737e61","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":146,"box":{"x":70,"y":884,"width":490,"height":11}},{"id":"d2d31fc6-db2c-4040-a1ce-1bffa40ef0e7","block_type":"box","text":"II-93","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ddbb5f41-5f53-4a49-84fd-dfd81dea1435","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f7f546b-2a71-4ce1-9133-de3e1e6e4393","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":147,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"dc5fed3a-c470-4ffb-b3ed-93011e242401","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":147,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"4c4eee8e-477b-48d0-abd3-17977ca5a793","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":147,"box":{"x":70,"y":75,"width":837,"height":11}},{"id":"dc43b272-6391-4524-8de2-7b9e89f49c39","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":147,"box":{"x":69,"y":90,"width":774,"height":11}},{"id":"0a0835b5-1957-49e3-a790-dc7164f5508a","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":147,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"7353d693-92a6-44b6-be4e-f25b29ee014e","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":147,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"5c93405e-f255-41c5-9821-3a74d3388e4e","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":147,"box":{"x":69,"y":135,"width":831,"height":11}},{"id":"5a115c7e-41ea-46de-954c-12b85c204653","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":147,"box":{"x":69,"y":150,"width":834,"height":12}},{"id":"3b116047-5d21-4cad-9c40-b8a8fd420e96","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":147,"box":{"x":69,"y":166,"width":355,"height":11}},{"id":"0a1455d0-3633-4adb-a528-1b5b02d3c2b0","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":147,"box":{"x":102,"y":188,"width":742,"height":12}},{"id":"ddb4816e-c252-46cd-99a6-ee6a4e5a3eed","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":147,"box":{"x":70,"y":203,"width":838,"height":12}},{"id":"6c3af133-f46f-43fd-a88b-6792cf9a3eb5","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":147,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"f5564ccc-0dc3-4cbf-b76e-f6bed47c7cce","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":147,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"b6dfd450-700d-40fe-815f-5f517ac5d80e","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":147,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"6384e90b-8331-42e0-b387-5d7ff6c57527","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":147,"box":{"x":68,"y":264,"width":822,"height":11}},{"id":"7b862b41-7a3c-4751-a33f-e50e832aca11","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":147,"box":{"x":69,"y":279,"width":766,"height":11}},{"id":"79592db6-5812-4b9d-bd99-2a2eff08cc88","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":147,"box":{"x":70,"y":294,"width":533,"height":9}},{"id":"b9e6decb-e466-4777-b589-5a9f81a1d29c","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":147,"box":{"x":102,"y":317,"width":789,"height":11}},{"id":"fc350c87-cb95-401d-84fd-988fdb2f19db","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":147,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"8128b124-e0c9-4e51-a389-ab3278f510c9","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":147,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"31bfd166-5ec1-4891-b544-f63c1b2f9b1c","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":147,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"8e002ae4-d523-489d-a3c1-d748d2fe1acc","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":147,"box":{"x":69,"y":377,"width":788,"height":12}},{"id":"6d8cfba1-336e-4293-8a4c-18c94af7fea6","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":147,"box":{"x":70,"y":392,"width":745,"height":12}},{"id":"8c2dd4ea-52b5-4b13-97ad-0285c6c6f8d0","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":147,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"bfaaa6b9-e53d-4d80-b7f1-4b51ff57322a","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":147,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"d011e9d7-9310-478c-b56d-fc614a233b21","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":147,"box":{"x":70,"y":438,"width":711,"height":11}},{"id":"ef00c9b9-e3cd-4d39-a4b0-75590b6f9386","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":147,"box":{"x":102,"y":461,"width":741,"height":11}},{"id":"fdacda55-1826-452e-9d3b-715730fed5f8","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":147,"box":{"x":70,"y":475,"width":823,"height":12}},{"id":"196ff2b6-d92a-4096-a04b-eeefe3ba2a3a","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":147,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"cb9d12b7-dac6-4e76-9424-5cb065eaf8a7","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":147,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"da23f311-001a-48e7-afd5-b26b8a17dd59","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":147,"box":{"x":69,"y":521,"width":830,"height":11}},{"id":"0433b257-d409-47be-aaaf-65437af2a7ab","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":147,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"72c3b3b0-9081-4891-9065-a0c881b42df5","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":147,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"76413205-911c-4854-a1f8-cbc795d80cb0","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":147,"box":{"x":101,"y":574,"width":784,"height":11}},{"id":"fc12b3fa-452d-4f1a-8920-5dec0a275ea1","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":147,"box":{"x":69,"y":589,"width":837,"height":11}},{"id":"610622f3-360a-4274-bb16-a8b8635c8918","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":147,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"1c5ea2c5-9224-46d4-ac94-d7e9ec521d8e","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":147,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"1e7396ea-3806-4978-a510-f7543f99c47a","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":147,"box":{"x":69,"y":634,"width":811,"height":12}},{"id":"5cd04e7d-e9c5-4202-9c65-5c1ed3f12c0b","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":147,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"98074ee4-7aa2-4fd6-9274-6311b5683a66","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":147,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"c364518e-1f64-484a-8ce9-2383ce1b994b","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":147,"box":{"x":68,"y":680,"width":832,"height":11}},{"id":"2767be3e-52a3-4c14-94d3-be08842268b2","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":147,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"509ed8e4-0d97-4311-9c65-46e7a620333d","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":147,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"8a0db8db-f846-44a0-9b53-e2e3087c4a5e","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":147,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"b794ebed-9d66-4b3e-967b-e51f58ab2748","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":147,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"84db2ebd-78ce-4fb9-9bd1-c6006f550dea","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":147,"box":{"x":70,"y":755,"width":800,"height":11}},{"id":"e66b8f81-740c-47f4-8f5a-f4d18346da0a","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":147,"box":{"x":70,"y":770,"width":779,"height":12}},{"id":"6194502d-944f-4269-ab68-f74b530dfa76","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":147,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"2bd356af-bb5a-4ea5-b28e-53e9c95f24f0","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":147,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"7e8f7cb3-e6aa-4f8e-9d80-85fd924b7ea4","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":147,"box":{"x":69,"y":816,"width":765,"height":11}},{"id":"9d00f811-e8cd-4c43-aaa6-ff6859cffe7b","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":147,"box":{"x":101,"y":838,"width":784,"height":11}},{"id":"5d26058d-41c9-4a3a-aa26-48c8d57b73bb","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":147,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"3891b64e-eeba-4a21-a31f-86546426c397","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":147,"box":{"x":69,"y":869,"width":833,"height":11}},{"id":"9fa7cffc-0445-4b3e-9707-c7fef6c98c15","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":147,"box":{"x":69,"y":884,"width":822,"height":11}},{"id":"d044df16-8be8-41b8-81cf-8bedc9b85c04","block_type":"box","text":"some additional expenses.","page_number":147,"box":{"x":69,"y":899,"width":190,"height":11}},{"id":"8fbc6bd3-2e46-40c5-8a23-db63c56567a2","block_type":"box","text":"II-94","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"45a9c0dd-5151-4d8e-88cc-f0730560ea7b","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e14d38a5-aae4-42e6-a977-ee7c606e9463","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":148,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"53f6a59f-104a-4539-8c9e-e22f7b17447b","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":148,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"082e700b-a5c0-4933-ac0c-d3be2ed59e7b","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":148,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"0fccc01d-79aa-4799-9c85-232b21c9acdf","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":148,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"bb1e58b1-9cac-4bbf-935e-90126b46d3b0","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":148,"box":{"x":70,"y":105,"width":802,"height":11}},{"id":"8b552d95-cfb4-4173-b424-b1972ee2b7de","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":148,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"d9c49f4e-dfc0-48b5-a679-4b58897fa2b5","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":148,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"864dac6d-d9fc-4602-a430-fcc828a3a82a","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":148,"box":{"x":70,"y":150,"width":816,"height":12}},{"id":"0b66f42d-f3ac-47ee-b948-4f372a71eda0","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":148,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"19e3cd61-7895-44d6-8f21-58f6f07bd420","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":148,"box":{"x":69,"y":181,"width":352,"height":11}},{"id":"4b8c2b43-14d6-4df6-bb54-ef0994de3400","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":148,"box":{"x":102,"y":203,"width":768,"height":12}},{"id":"0d27af4f-5ab2-4d12-8938-cff6fa64de53","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":148,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"cb573c83-61f1-4c0e-86f4-d1e5acb6f7cd","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":148,"box":{"x":68,"y":234,"width":839,"height":10}},{"id":"a752c958-51a5-465c-9857-ae9153f4db1c","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":148,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"91f21ab9-1e3d-4df6-9e74-3dce5ca2e86e","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":148,"box":{"x":68,"y":264,"width":824,"height":11}},{"id":"836c7102-7b64-4e64-9eff-8a6ab7bc1c49","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":148,"box":{"x":68,"y":279,"width":826,"height":11}},{"id":"9f638d5d-f3b2-414e-bfbd-aa42d5ec8490","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":148,"box":{"x":68,"y":294,"width":810,"height":11}},{"id":"aba0e1af-cb7f-41ff-b5b6-c13f49964f9b","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":148,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"29cb6032-8f30-40fb-b565-5cef6e3047b4","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":148,"box":{"x":68,"y":324,"width":782,"height":11}},{"id":"d772b004-83b2-4219-b0da-d965e5ea3f2b","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":148,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"ba38ec15-28af-4aa2-873c-c73e51481ae5","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":148,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"6b16984c-c95d-4499-83f4-c2701c505bed","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":148,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"2fe5742c-c5bb-46b2-937c-62d6bce73203","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":148,"box":{"x":69,"y":385,"width":755,"height":11}},{"id":"4a992aa3-c49a-4710-9146-3183a3caed16","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":148,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"1304e074-5f4f-44b4-88bd-ff04f3fcd7fd","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":148,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"3be76f4a-7d19-454b-8040-00caca2c04ef","block_type":"box","text":"public information about the company (","page_number":148,"box":{"x":70,"y":430,"width":276,"height":11}},{"id":"136d0315-a545-4d23-9453-37fffd25d89b","block_type":"box","text":"e.g.","page_number":148,"box":{"x":348,"y":432,"width":25,"height":9}},{"id":"bce1b97f-2480-464d-99bd-f0c4e096e622","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":148,"box":{"x":376,"y":430,"width":499,"height":11}},{"id":"653bb858-ded8-46b9-89b5-69d578d9165f","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":148,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"e2323e19-e013-4298-8898-d5a43f6d5a41","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":148,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"cd6b487b-4839-4445-b8f8-df89a66f2b89","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":148,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"9dbf6c1d-4465-4009-ab40-36e1b925c582","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":148,"box":{"x":68,"y":491,"width":773,"height":11}},{"id":"68782cfd-738a-4f98-97b3-c2a111678ef5","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":148,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"d13daee6-bc9a-45f0-95f0-74af7420d72b","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":148,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"d2907aaf-42e9-407e-a05e-a0f60983116e","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":148,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"e8ef3e84-9bd2-46ff-adb0-d6e39ec29bd2","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":148,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"073a6bf6-a794-42b3-bd9e-cdb8f0e0ba1a","block_type":"box","text":"of the issuer.","page_number":148,"box":{"x":69,"y":566,"width":92,"height":9}},{"id":"a4cabecf-befc-47f5-8505-8a9b401856ee","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":148,"box":{"x":102,"y":589,"width":748,"height":11}},{"id":"3f38c1bc-ff15-4908-9346-b415581bb239","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":148,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"ccf4b1de-92f1-4123-a835-b689bf7b5fab","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":148,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"3557d94b-2402-4846-a883-19871d852b26","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":148,"box":{"x":69,"y":634,"width":818,"height":12}},{"id":"80451718-0e89-447a-9d3b-f61445c260a7","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":148,"box":{"x":69,"y":649,"width":827,"height":12}},{"id":"5438e38c-4ac1-4353-80b3-ada8442222ca","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":148,"box":{"x":69,"y":664,"width":835,"height":12}},{"id":"084d8e62-db69-4830-9a85-06a633551d8a","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":148,"box":{"x":68,"y":680,"width":797,"height":11}},{"id":"dc4056e4-dab5-4227-9c69-62bb3587be9f","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":148,"box":{"x":70,"y":695,"width":667,"height":11}},{"id":"b0ab39a3-982a-4ea9-9d60-9b692dc9d25a","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":148,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"956453fb-1d33-4911-8f40-74d1feec999d","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":148,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"1b914ac6-9737-45e0-a295-5cd5b9340559","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":148,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"4a14eeec-2656-4444-81d8-9a5dcff9069b","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":148,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"6135cfaf-7fd7-49ba-96e6-4705a591a68f","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":148,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"36e0d9b2-3eeb-4d2f-ae64-9e70886b6cd8","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":148,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"47d96fe4-2580-481e-9b32-44603b004754","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":148,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"bc270146-e9b5-443f-9cc8-623b046d4ffa","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":148,"box":{"x":68,"y":823,"width":472,"height":11}},{"id":"50f89f06-ac49-492f-883c-bfd9fb60c43b","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":148,"box":{"x":102,"y":846,"width":744,"height":11}},{"id":"74c291ad-dea4-4cd4-85f7-153b022f58d5","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":148,"box":{"x":70,"y":861,"width":775,"height":11}},{"id":"bea4d05b-bc57-44c0-98c3-ffb246ab8c6c","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":148,"box":{"x":69,"y":876,"width":818,"height":11}},{"id":"980bb848-4a09-496b-913a-fa34ceff67ee","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":148,"box":{"x":68,"y":891,"width":779,"height":11}},{"id":"a9ce7e28-d80f-4b48-8eb2-21d87d0be487","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":148,"box":{"x":69,"y":906,"width":771,"height":12}},{"id":"f7f16b51-6297-4ef8-8ac3-b4c61c6ee2ca","block_type":"box","text":"II-95","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0be56d25-d489-42a2-af17-4eb981da5ef9","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45ab8def-dbfb-4773-ad61-88fdbe98302a","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":149,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"0537ffa8-5875-4c4b-bd86-428b7f0dd892","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":149,"box":{"x":70,"y":60,"width":803,"height":11}},{"id":"3ad9e9ae-45a6-4a14-836a-9ef57193022e","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":149,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"354ce9f7-4833-4899-bcc6-12a0752f6b03","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":149,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"a0de58b9-1ca9-40db-b787-4afb3c802b9a","block_type":"box","text":"a barrier.","page_number":149,"box":{"x":69,"y":105,"width":62,"height":9}},{"id":"69e1c52f-3769-4dd5-8839-a1079d0c1538","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":149,"box":{"x":101,"y":128,"width":788,"height":11}},{"id":"22c4b4e9-20a7-4001-88fe-d10c5ba9be35","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":149,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"2d37cc35-ee1a-4e13-b8c7-89caf9b99de8","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":149,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"1d40f595-afc2-4450-bef3-2e8cb79b133c","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":149,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"3ca94708-d16f-4455-82f6-6031ff0f1c37","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":149,"box":{"x":69,"y":188,"width":806,"height":12}},{"id":"d6ab054a-2d6b-485b-bbcf-ac3ee62d950e","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":149,"box":{"x":70,"y":204,"width":818,"height":11}},{"id":"b715d6cd-2cdc-4e46-99c9-5abaced74032","block_type":"box","text":"that operate in cer tain industries (","page_number":149,"box":{"x":68,"y":219,"width":244,"height":11}},{"id":"8e6156bb-2468-4c4f-aa2f-164ced63195a","block_type":"box","text":"e.g.","page_number":149,"box":{"x":314,"y":220,"width":25,"height":10}},{"id":"e61803a9-32e3-4d7c-8419-a343b5755718","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":149,"box":{"x":342,"y":219,"width":515,"height":11}},{"id":"854d0fd8-5f9e-4d5d-b214-b53e9d7c0fed","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":149,"box":{"x":69,"y":234,"width":523,"height":11}},{"id":"aa4ddbfe-348f-4983-9fea-0976c82617e8","block_type":"box","text":"e.g.","page_number":149,"box":{"x":594,"y":235,"width":25,"height":10}},{"id":"4d65e22d-43c4-4650-8947-fafa3a3e596e","block_type":"box","text":", with mechanisms such as poison pills","page_number":149,"box":{"x":621,"y":234,"width":280,"height":11}},{"id":"ce24f776-8e05-4bdf-ad33-351999ee5d44","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":149,"box":{"x":70,"y":249,"width":816,"height":11}},{"id":"3ec161fd-f4f2-489f-9dbe-5842458aff44","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":149,"box":{"x":70,"y":264,"width":825,"height":11}},{"id":"bb575039-e37c-4169-8424-477b59050c0d","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":149,"box":{"x":69,"y":279,"width":837,"height":11}},{"id":"ddb2e134-f5e1-48cd-90f4-a5542600de06","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":149,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"b47275da-fbfa-4ccd-81d6-19a1868fe043","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":149,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"f7e0f8ac-0b8f-4a9c-b1ba-53085970fbdc","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":149,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"703ca138-8ec2-470e-b841-7bb4acfdabd0","block_type":"box","text":"seek to make indirect investments (","page_number":149,"box":{"x":69,"y":340,"width":255,"height":10}},{"id":"5be1ebca-1c46-4f76-a388-c8fba4deee90","block_type":"box","text":"e.g.","page_number":149,"box":{"x":326,"y":341,"width":24,"height":10}},{"id":"5c7e9499-7c5c-47d1-8397-d88ed1cde91f","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":149,"box":{"x":353,"y":339,"width":514,"height":12}},{"id":"cea96000-f7cf-44a2-97de-dd96d0cf7c93","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":149,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"33b42efe-d4a1-4188-adc6-eb91fe34d380","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":149,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"75d8d538-2ed6-48cf-af4d-c61f6a3f7715","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":149,"box":{"x":68,"y":385,"width":799,"height":11}},{"id":"07c4a9f0-8b00-41b8-8c0e-89bd68d65d67","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":149,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"53e79226-598c-45f3-b513-2c1f8d21cdc1","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":149,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"75700bcf-0d6f-4215-99ca-985cd23af3e7","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":149,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"4fb87270-4564-41fb-9e96-9f5dd779071d","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":149,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"7bd48478-7599-490b-a2d1-d3096b2598a6","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":149,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"c0adf75a-c1f4-4d0f-9dac-4d7ea9c47cf8","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":149,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"bcbf6b3c-556c-4cdd-b2a1-95f1b1cd3104","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":149,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"28d31c9c-cc70-4e0f-a32b-074e5e715d2c","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":149,"box":{"x":69,"y":514,"width":821,"height":10}},{"id":"16fa12d5-23b1-4981-be6c-43d5f7cb8315","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":149,"box":{"x":69,"y":528,"width":806,"height":12}},{"id":"ecd1a815-f134-4c12-a95f-3e847c250737","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":149,"box":{"x":70,"y":543,"width":839,"height":12}},{"id":"3ccee859-8ac0-42e7-ac8b-52e8e38f95fc","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":149,"box":{"x":69,"y":559,"width":826,"height":11}},{"id":"b2b18b1e-a70d-44ea-b746-6a8aaa641b16","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":149,"box":{"x":69,"y":574,"width":807,"height":11}},{"id":"c9a092ab-b26b-478a-a400-e98a9d409956","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":149,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"91b240f8-6f9c-48b4-942a-c1ba3c623dda","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":149,"box":{"x":69,"y":604,"width":765,"height":11}},{"id":"f44752d1-77de-4e2c-a647-d9da7984fa43","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":149,"box":{"x":69,"y":619,"width":781,"height":11}},{"id":"f90cd8e5-6cb7-455e-9584-e32853fcaa81","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":149,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"adadb9f1-8c25-408f-8dcf-4d77ae20fd3c","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":149,"box":{"x":69,"y":649,"width":720,"height":12}},{"id":"75e8f413-0a7a-4ab4-80c0-96cc69d27ae7","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":149,"box":{"x":101,"y":672,"width":807,"height":11}},{"id":"15027370-5781-4353-be7a-2bcba23a0264","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":149,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"31d09d34-14b6-4d75-acb7-37a2ffe1343b","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":149,"box":{"x":70,"y":702,"width":829,"height":12}},{"id":"dbf44729-7da2-430f-90f6-d73735b19a8f","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":149,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"1615fe55-27f1-46b8-a3b7-15a229487af3","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":149,"box":{"x":68,"y":732,"width":841,"height":12}},{"id":"e8098233-7911-4b4f-8a30-ab179352206c","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":149,"box":{"x":69,"y":748,"width":770,"height":11}},{"id":"ebd3fa32-43d4-415d-aadd-20756320e5bb","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":149,"box":{"x":69,"y":763,"width":769,"height":11}},{"id":"f5af9627-d36e-42a9-b656-6c0f89f86f53","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":149,"box":{"x":70,"y":778,"width":794,"height":11}},{"id":"6d1c3db5-5f3f-4338-bbd4-7d8e0777d4bc","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":149,"box":{"x":69,"y":793,"width":757,"height":11}},{"id":"314f59d0-b929-428d-9ef0-639b20e8da15","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":149,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"494c9deb-66fe-4cb6-adc7-ede0e699f3ee","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":149,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"95048ba8-2eed-4a0e-9465-14327b6491a9","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":149,"box":{"x":69,"y":838,"width":827,"height":11}},{"id":"c5b53628-4a77-4613-b1e3-50c3b3c1d5b1","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":149,"box":{"x":68,"y":853,"width":803,"height":12}},{"id":"8f335898-e337-49ef-8473-c56d9a8bde99","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":149,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"02b4f861-1a6b-40a2-a405-9338281023ad","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":149,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"0ee1dfd9-b03a-4172-ae67-f050e68ad961","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":149,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"e15bd38f-5976-4b30-aa31-35737423695b","block_type":"box","text":"II-96","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"39d8b5c8-a070-4ac9-93e4-f960dded240b","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4580d2c5-6d98-4195-9c43-a9c9644c9178","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":150,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"af9c652e-070d-428a-813c-c74d19f3869e","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":150,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"62cccb81-635c-4cbe-bdaa-8b0b24942162","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":150,"box":{"x":69,"y":75,"width":566,"height":11}},{"id":"3e9e4a62-b6e7-4fec-8214-c88cc23d0687","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":150,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"12a8268a-be5b-4b26-81f4-03fe8cb50b49","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":150,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"6c1761aa-5e1f-419c-9b3c-0d7eae8fc003","block_type":"box","text":"strategy with respect to such security or asset.","page_number":150,"box":{"x":69,"y":128,"width":333,"height":11}},{"id":"dbb2aea8-7eb9-48b3-8c80-daf4b2143bbb","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":150,"box":{"x":102,"y":151,"width":785,"height":11}},{"id":"1ee61776-63d0-4577-b136-a4cc20cc762c","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":150,"box":{"x":70,"y":166,"width":760,"height":11}},{"id":"3e910a95-be5d-4b1c-b37f-40a881940b41","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":150,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"07392599-0546-4ead-b9ee-279805955f30","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":150,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"c7baa7b1-db57-46c9-a1e9-0401d228ec85","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":150,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"9527ee35-6969-4e5d-ba15-494d4c3b3e53","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":150,"box":{"x":68,"y":226,"width":829,"height":11}},{"id":"89472a69-3df5-451f-91c1-6dcad151244d","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":150,"box":{"x":69,"y":241,"width":784,"height":11}},{"id":"4aee3836-3e70-4533-a706-b7895fcd82f3","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":150,"box":{"x":70,"y":257,"width":797,"height":11}},{"id":"a330a83e-643b-4183-8ff6-6bc8bec416b7","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":150,"box":{"x":70,"y":271,"width":837,"height":12}},{"id":"930c28e1-32f9-42ca-8493-fcfef44ff0a1","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":150,"box":{"x":70,"y":286,"width":746,"height":12}},{"id":"913439e3-2fea-4211-9995-e84a4e9683ea","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":150,"box":{"x":102,"y":309,"width":686,"height":11}},{"id":"3b571f89-814c-4cfc-8e0a-29b85c49bff5","block_type":"box","text":"e.g.","page_number":150,"box":{"x":790,"y":311,"width":25,"height":9}},{"id":"1bfa262a-46c9-4176-884e-50df8d6bedf2","block_type":"box","text":", custodians,","page_number":150,"box":{"x":817,"y":309,"width":90,"height":11}},{"id":"0ca25f9f-b6f0-4f8a-9581-159f21bc62e7","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":150,"box":{"x":69,"y":324,"width":756,"height":11}},{"id":"d70ff7ec-5321-46f2-8488-e551a434d363","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":150,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"5bda44ca-6186-4431-b885-baae8bda4119","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":150,"box":{"x":69,"y":355,"width":772,"height":11}},{"id":"bd25e5ec-20eb-49d2-8336-f9e4a9e4e92e","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":150,"box":{"x":70,"y":370,"width":800,"height":11}},{"id":"b7859624-eb98-4a82-bef6-c0c486459a21","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":150,"box":{"x":69,"y":385,"width":771,"height":11}},{"id":"cc946797-eda0-4c99-81cb-db35919efde9","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":150,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"429e14ed-723d-48ef-a255-341be4aa0a01","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":150,"box":{"x":70,"y":415,"width":785,"height":11}},{"id":"67762623-44ee-466d-9230-e30f2b0bea0a","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":150,"box":{"x":70,"y":430,"width":786,"height":11}},{"id":"30bec3fa-284c-4ec4-9b66-ece18d124b77","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":150,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"352e6b2e-e4c9-407b-9cde-7831eb856abe","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":150,"box":{"x":69,"y":460,"width":809,"height":12}},{"id":"a126d528-ba3a-4879-8940-58e2a4d6ed94","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":150,"box":{"x":102,"y":483,"width":788,"height":11}},{"id":"e00165a8-6589-4259-9a53-5e5f681484a7","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":150,"box":{"x":69,"y":498,"width":795,"height":11}},{"id":"9f81aa93-643a-4923-b2a6-484e200aac1c","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":150,"box":{"x":69,"y":513,"width":835,"height":11}},{"id":"33349314-5a3c-4575-b56e-5583df303014","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":150,"box":{"x":70,"y":528,"width":363,"height":9}},{"id":"4e487f39-ad6f-46e7-943a-b4c83d4038d6","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":150,"box":{"x":102,"y":551,"width":757,"height":11}},{"id":"ff104bbc-affd-4e96-affd-8021542e7879","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":150,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"fcdcaa37-78ab-4661-bd53-83074f9a4f02","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":150,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"d1627e9f-b661-48f5-bd84-c476c52faf20","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":150,"box":{"x":69,"y":597,"width":782,"height":11}},{"id":"e0f16ff1-cf8a-4f71-a169-3e75b0162e5b","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":150,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"a90ebd82-a8a6-4342-9c96-16469ee74a24","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":150,"box":{"x":69,"y":627,"width":465,"height":11}},{"id":"df250a21-be7b-463f-9656-72ecf0e0ad88","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":150,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"cc046060-c405-48d0-a923-aa9ab0090337","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":150,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"8d2b988f-508f-4691-a0fb-b7ecc5f81ce5","block_type":"box","text":"provider.","page_number":150,"box":{"x":70,"y":680,"width":58,"height":11}},{"id":"efa486e9-809f-4ce8-8c06-3db6afd1f961","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":150,"box":{"x":102,"y":702,"width":778,"height":12}},{"id":"72a33027-1d20-403f-939e-bf7085ea4c86","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":150,"box":{"x":69,"y":717,"width":831,"height":12}},{"id":"b66a2810-f138-4173-9bc2-d45e03e2e0c7","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":150,"box":{"x":68,"y":732,"width":485,"height":11}},{"id":"0cc45eba-11d2-4bcd-9373-ddd42b0acd33","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":150,"box":{"x":102,"y":755,"width":742,"height":11}},{"id":"0e58eba6-eb7a-4949-8e64-097df7b3d272","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":150,"box":{"x":69,"y":770,"width":517,"height":12}},{"id":"02d01727-b6e5-4c49-b246-a58eadf9a9fa","block_type":"box","text":"PURCHASE OF SHARES","page_number":150,"box":{"x":395,"y":800,"width":188,"height":10}},{"id":"9478bd13-7a31-45ee-a30f-35004b25ebfd","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":150,"box":{"x":102,"y":823,"width":800,"height":11}},{"id":"33f9613a-6e2b-4f94-a531-432387c289a3","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":150,"box":{"x":69,"y":838,"width":771,"height":11}},{"id":"28a7f617-5e27-4d6c-9cd0-23e6ee565926","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":150,"box":{"x":69,"y":853,"width":822,"height":11}},{"id":"75e2caf0-493d-4e26-a125-d6644ccbc3ed","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":150,"box":{"x":68,"y":868,"width":809,"height":11}},{"id":"c412f48d-9b13-4e98-a10f-a619c77e895b","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":150,"box":{"x":69,"y":883,"width":781,"height":11}},{"id":"b7d61d99-1def-4901-97a7-043dcac3babe","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":150,"box":{"x":68,"y":898,"width":833,"height":11}},{"id":"85bcd5a5-80a8-49b1-9ab6-416476482407","block_type":"box","text":"II-97","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c8823adb-dde6-4824-994c-c643f7220174","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d0ebf7a-7c6a-4906-adcb-094543fd553e","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":151,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"1dad0abd-0058-4aef-987c-3d0a883cd4b4","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":151,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"abf71019-2c4b-4d1c-b17d-00b137104b0a","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":151,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"79196b72-71ad-4758-8ed1-758baec3f8b5","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":151,"box":{"x":70,"y":90,"width":816,"height":11}},{"id":"c46c1322-18f0-4bf0-b820-3cf7bfddc489","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":151,"box":{"x":68,"y":104,"width":835,"height":12}},{"id":"76ad7175-90bd-4fea-aa66-522838547f8a","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":151,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"4b2787e7-7c05-4843-9f6d-9d40092b53c5","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":151,"box":{"x":69,"y":135,"width":757,"height":11}},{"id":"f20d761d-7b60-4d5c-8ca8-7f21cb4d7733","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":151,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"034c1494-5984-41e0-a022-80b442005e4a","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":151,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"fbb5527c-0953-4cb7-bdbe-2ff42b2f0038","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":151,"box":{"x":68,"y":188,"width":798,"height":12}},{"id":"f9756dc5-504d-48b1-b4d6-20dbaeca859a","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":151,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"cb6d876b-e02d-4cc6-b2ee-7b25d7c961a0","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":151,"box":{"x":68,"y":218,"width":786,"height":12}},{"id":"2f62a005-4685-4c98-93f9-6bd8c368e18f","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":151,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"2dc2e4d9-fd95-477e-b78c-2f5413b2e6d6","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":151,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"6f596b5e-c42c-45b9-a7f5-c6893f579e65","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":151,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"04c51907-1b8e-4165-8a8c-ee59dcea8360","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":151,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"7fd0a3a1-d086-47bc-ada3-e7da406dcdca","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":151,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"4cf16294-c241-4182-b1c9-1660e0054990","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":151,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"56dbd0a7-c88f-424d-8d05-4272943d65e1","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":151,"box":{"x":68,"y":324,"width":828,"height":11}},{"id":"b8b9f1ab-d056-40ed-aaef-d3aef4dcd998","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":151,"box":{"x":68,"y":339,"width":788,"height":12}},{"id":"863fab50-3f58-48c3-9002-ae2e183c0c01","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":151,"box":{"x":69,"y":355,"width":779,"height":11}},{"id":"8cc548fb-17d6-4ea0-8052-7b8e52f13804","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":151,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"863672b3-7c0d-4507-ae50-1519eb10dcc2","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":151,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"d66fb7bb-45f1-429d-bc90-3add14d7ce93","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":151,"box":{"x":68,"y":399,"width":762,"height":12}},{"id":"9ad332c4-79d4-43cf-99f1-de84687b5c42","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":151,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"833e1e05-1dae-4d18-97b7-0b2f9807b9dc","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":151,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"b572b719-a00b-4d7e-9f02-c9cfe1927149","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":151,"box":{"x":69,"y":452,"width":769,"height":12}},{"id":"1d50eb47-58bb-4c37-91b6-2b5994dfbf46","block_type":"box","text":"investment is $25.","page_number":151,"box":{"x":70,"y":467,"width":132,"height":11}},{"id":"2d43077b-001a-41e6-aa30-7bc4110bf43b","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":151,"box":{"x":102,"y":491,"width":802,"height":11}},{"id":"cc48d7e8-67be-40ab-a7cd-2a22424a391c","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":151,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"2a154849-92c7-4225-9935-2ef5af1fa3e5","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":151,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"a07338d8-4253-4808-b330-4e859eb045a2","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":151,"box":{"x":70,"y":536,"width":751,"height":11}},{"id":"c1ebd98a-5240-4bae-8ad7-bce2468356a5","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":151,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"3fad8e06-7dcd-443b-b0cb-e8be86e65680","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":151,"box":{"x":102,"y":574,"width":768,"height":11}},{"id":"53fde2f8-8290-49d3-a477-f36e0981c39e","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":151,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"3af75fe5-8f98-4d0b-a663-79749f6ad25f","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":151,"box":{"x":69,"y":604,"width":836,"height":11}},{"id":"ab7841fb-49cf-46fe-bceb-7d97de8d6317","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":151,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"6a00a7d5-05a0-434f-8aba-1ab32b10830d","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":151,"box":{"x":68,"y":634,"width":740,"height":11}},{"id":"0c0c41ab-4bdb-4417-8921-6c4a4a99dd28","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":151,"box":{"x":102,"y":657,"width":795,"height":11}},{"id":"e815cc06-3b1e-43aa-bfac-e067764f32f2","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":151,"box":{"x":70,"y":672,"width":813,"height":11}},{"id":"06e809fb-7c35-41e0-a3d0-79522eda211c","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":151,"box":{"x":68,"y":687,"width":827,"height":11}},{"id":"153bf0dd-87cc-41e0-9780-b0b686f31cc2","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":151,"box":{"x":68,"y":702,"width":750,"height":12}},{"id":"b1ea9d87-8f84-4193-9b55-7a01270e6e84","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":151,"box":{"x":101,"y":725,"width":776,"height":11}},{"id":"45b355cf-c9a7-4109-bde6-a18833642c11","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":151,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"35f3bbaf-d536-441b-9174-a981b0c5a534","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":151,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"475762d6-7d8d-4ab9-a796-25c5ae9f009e","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":151,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"541e14ce-ab85-4051-8634-cd2fde6d3952","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":151,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"77302c0a-3813-4eba-818b-f0550a3e5bd9","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":151,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"5d466f92-0be1-45c7-bf28-40e026508970","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":151,"box":{"x":68,"y":816,"width":827,"height":11}},{"id":"753ea595-e914-4fb4-9f4d-ba7eb73f0b30","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":151,"box":{"x":68,"y":831,"width":803,"height":11}},{"id":"d54dd373-20c1-475e-a7c9-67d433f02a6a","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":151,"box":{"x":70,"y":846,"width":788,"height":11}},{"id":"e19c4277-645e-4d62-a030-500fc8d88df0","block_type":"box","text":"adviser.","page_number":151,"box":{"x":69,"y":861,"width":53,"height":9}},{"id":"7f943e70-ada5-44e9-adf2-abbc6be708bc","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":151,"box":{"x":101,"y":884,"width":795,"height":11}},{"id":"6cb3e864-afec-411a-b149-3b058d6bb7af","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":151,"box":{"x":69,"y":899,"width":821,"height":11}},{"id":"6dd6ec80-ceaf-46aa-a77d-a00bd31f4eb9","block_type":"box","text":"II-98","page_number":151,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac14a63a-1cfd-4fb5-adc7-1d0351b4884d","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81b2d5a9-2bbe-4b16-b1b6-2f8498c3df0f","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":152,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"ad752787-7f0e-4330-a669-a57c579a8267","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":152,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"cdc8e322-c6f8-4c29-9f96-55d40cb7fe82","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":152,"box":{"x":68,"y":75,"width":747,"height":11}},{"id":"f6673f51-f493-42c4-9ec7-06e2f2d668c2","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":152,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"0788b6a0-22ca-4f6c-9f20-0a6216703fc7","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":152,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"a9be0b6a-5cab-46f0-9155-5b397285b932","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":152,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"fb4f3285-b6fd-472b-8cc0-dc98ecc811e0","block_type":"box","text":"also be restricted from making additional investments.","page_number":152,"box":{"x":69,"y":135,"width":388,"height":12}},{"id":"fc0d345b-98bb-48d3-a96d-f40b1642defc","block_type":"box","text":"In-Kind Purchases","page_number":152,"box":{"x":102,"y":158,"width":127,"height":9}},{"id":"5cace7a3-4193-4910-817b-d345a3e7e2f0","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":152,"box":{"x":230,"y":158,"width":649,"height":11}},{"id":"91236690-b358-45ab-8e84-b4adc9a8d397","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":152,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"ed5171cd-c885-475e-b584-12c88c85273f","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":152,"box":{"x":70,"y":188,"width":820,"height":11}},{"id":"a896f5e1-f294-4256-a7a2-5565cb35d181","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":152,"box":{"x":69,"y":203,"width":827,"height":12}},{"id":"d743bb0f-8dd0-4c7e-875e-6a19aecc1c3d","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":152,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"43fa1b10-3eb9-4033-b31b-f2d9fc1d366d","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":152,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"52cef1c6-9861-4b4b-b288-0724b49521de","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":152,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"3bfad809-7f6c-4c4c-bb62-8033fa8f17e7","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":152,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"c7a484ad-06e5-4b9c-9553-2db5f2509dc9","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":152,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"c12fb72b-da38-41d4-821b-a2a3bae1eb49","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":152,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"56b38e9b-54e4-4f3c-8dbb-c3dc84a45ff9","block_type":"box","text":"has settled.","page_number":152,"box":{"x":69,"y":309,"width":83,"height":9}},{"id":"d0bb08e4-ef5b-4003-b74e-5374ee86e953","block_type":"box","text":"Institutional Shares","page_number":152,"box":{"x":69,"y":340,"width":142,"height":8}},{"id":"6b5d3c1c-08e4-4e48-b41d-6deefd8f7157","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":152,"box":{"x":102,"y":362,"width":759,"height":11}},{"id":"42100412-5f20-4559-82b3-7d27360ac8c0","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":152,"box":{"x":70,"y":377,"width":756,"height":12}},{"id":"47e2d077-4b5a-4868-9aa0-7464d7dc2441","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":152,"box":{"x":70,"y":392,"width":775,"height":12}},{"id":"d549a85b-c19f-4a6d-88a7-20ed9638c044","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":152,"box":{"x":70,"y":407,"width":839,"height":12}},{"id":"11b99d92-34c7-46e5-9ec3-9f3cddbfa74a","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":152,"box":{"x":69,"y":423,"width":807,"height":11}},{"id":"c378ca79-5469-41c3-95d0-5a5bb761e870","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":152,"box":{"x":69,"y":438,"width":276,"height":11}},{"id":"6f10a638-3aec-4bfc-8b70-85914eed9df6","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":152,"box":{"x":102,"y":460,"width":259,"height":12}},{"id":"4e1cc86d-6187-4322-9101-bb70f09a05ce","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":152,"box":{"x":369,"y":460,"width":540,"height":12}},{"id":"35669732-a9ab-44f6-992c-574587f0f183","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":152,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"7122fc00-aadd-4058-91eb-31a150791b8f","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":152,"box":{"x":69,"y":491,"width":796,"height":11}},{"id":"6c22491b-4834-41f7-b05f-9ccdde6f1c60","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":152,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"eef0fa96-9789-4272-8489-93d178717456","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":152,"box":{"x":69,"y":521,"width":840,"height":11}},{"id":"1d3d63f8-3967-49ef-98fd-c381497c44da","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":152,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"8c5ae207-9537-41d7-8bba-14e988e4eae8","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":152,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"937180b4-c8a7-4aca-bd92-71d77050a808","block_type":"box","text":"these fees and conditions.","page_number":152,"box":{"x":68,"y":566,"width":189,"height":9}},{"id":"f25af198-9825-46b2-bb63-c9fc23f6fcc2","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":152,"box":{"x":102,"y":589,"width":805,"height":11}},{"id":"0559ece3-19d4-40fe-a7ea-92c631779fe8","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":152,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"52e80211-af80-4389-9ddf-3a5831037c46","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":152,"box":{"x":69,"y":619,"width":817,"height":11}},{"id":"6e463683-7bb0-4bb5-99af-64e66385eb1f","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":152,"box":{"x":70,"y":634,"width":831,"height":12}},{"id":"6492edf4-8582-4769-851f-31739cbec9c5","block_type":"box","text":"incurred by the Fund.","page_number":152,"box":{"x":70,"y":650,"width":147,"height":11}},{"id":"7c430236-b0d0-4d98-993c-b4c3038d0944","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":152,"box":{"x":102,"y":672,"width":774,"height":11}},{"id":"dc8ad437-e07b-4223-ad03-d64e685e2185","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":152,"box":{"x":68,"y":687,"width":834,"height":11}},{"id":"6126e673-5f80-4265-8146-cef2802a6519","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":152,"box":{"x":70,"y":702,"width":773,"height":11}},{"id":"4ba11c0b-3285-4003-a59c-46286f2a08c6","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":152,"box":{"x":70,"y":717,"width":762,"height":12}},{"id":"c27f2a39-1a27-4fb0-9863-b585650c14a2","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":152,"box":{"x":70,"y":732,"width":821,"height":12}},{"id":"95d0eec5-dc74-4629-9b50-f8d32abfc3a8","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":152,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"8b0b3d6f-15b7-4294-9133-06cf822cd91d","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":152,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"f8832a49-69eb-4096-a212-9be5e3cd008c","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":152,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"e24c7cfc-3921-489f-a79c-6c6bdb88436b","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":152,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"e2b6989f-9cb4-40e7-981b-241254d58650","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":152,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"a0590edc-7456-4bc3-bcf1-97284f3f58ca","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":152,"box":{"x":69,"y":823,"width":789,"height":12}},{"id":"aaea1429-4265-42eb-8b6c-d145b3096087","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":152,"box":{"x":70,"y":838,"width":772,"height":12}},{"id":"df08b85c-231b-4163-ac65-3e47ffadf587","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":152,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"2cb3c6a6-32fe-4014-a111-e81dcd83ba8b","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":152,"box":{"x":68,"y":869,"width":783,"height":11}},{"id":"5ed8fd04-a489-402c-9d8f-f4f0eeac5ae5","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":152,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"80ce5e06-356c-45d1-8848-b436f6dafb77","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":152,"box":{"x":69,"y":899,"width":838,"height":11}},{"id":"44c482e9-5ddc-43c9-b807-6e18f61049b8","block_type":"box","text":"II-99","page_number":152,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6bd46190-3949-47b0-8cec-68cd83af3e67","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0be2e9a-43f4-4c7d-8c76-c3086e55babe","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":153,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"d26da310-4a77-4243-993a-e369c0708a7a","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":153,"box":{"x":69,"y":60,"width":751,"height":11}},{"id":"7cc69219-3a82-4a44-8552-4c6f6786bda9","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":153,"box":{"x":69,"y":74,"width":817,"height":12}},{"id":"c1f4f94f-1d6f-4647-bab4-3b03a66ece0e","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":153,"box":{"x":69,"y":90,"width":773,"height":11}},{"id":"6d8aff55-ecd5-49db-8488-de9b59e3ab1d","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":153,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"67ec4920-124e-43b4-8661-b599803efa0d","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":153,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"a98336b2-b3e5-43c2-a529-fc6cabcebdae","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":153,"box":{"x":68,"y":135,"width":771,"height":12}},{"id":"65fab516-2918-4413-a232-14249ec5d0a7","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":153,"box":{"x":70,"y":150,"width":801,"height":11}},{"id":"d82e6fb6-0a92-4877-9124-033622d82ae8","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":153,"box":{"x":69,"y":166,"width":770,"height":11}},{"id":"371f3957-a764-4f26-a4d3-37121232e903","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":153,"box":{"x":102,"y":188,"width":280,"height":12}},{"id":"46d762be-7058-4d26-8c8b-a675a7376601","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":153,"box":{"x":389,"y":188,"width":496,"height":11}},{"id":"cd369ab4-3359-4ec5-be68-10cd7e02a92f","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":153,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"83acc481-f656-4c49-80a1-c9f6b7b55a27","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":153,"box":{"x":70,"y":219,"width":828,"height":11}},{"id":"0e9a2c4b-b3d2-4e47-98d2-6ec5a733657e","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":153,"box":{"x":70,"y":234,"width":838,"height":11}},{"id":"87b492c7-edf9-4910-8fca-9d7681140a4c","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":153,"box":{"x":68,"y":249,"width":826,"height":11}},{"id":"a01fd844-031a-4dbf-b31f-fd8420aaadf1","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":153,"box":{"x":69,"y":264,"width":279,"height":11}},{"id":"65f5e2ef-b921-4f97-b4f4-009fbf4c2c2e","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":153,"box":{"x":69,"y":294,"width":382,"height":11}},{"id":"85deea33-c76c-4fb5-8239-e10fc1943819","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":153,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"95782fd4-5987-4f7d-b6ea-69f07c54ae25","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":153,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"d34374a8-f782-4b5f-82c3-1185b6a46a8b","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":153,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"a5a86437-8a79-4367-b840-95abf16c80ac","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":153,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"5d5aa914-cdcd-4567-a989-88d3b9435f1f","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":153,"box":{"x":69,"y":377,"width":815,"height":11}},{"id":"24db044e-1631-49af-aacf-060f38ed855a","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":153,"box":{"x":69,"y":392,"width":791,"height":11}},{"id":"ba222057-ef50-4140-ae9e-b7a6887fe998","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":153,"box":{"x":70,"y":407,"width":727,"height":12}},{"id":"57e8e527-04aa-4353-a07a-368906af8069","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":153,"box":{"x":102,"y":430,"width":770,"height":11}},{"id":"5b6473e7-17cc-4d42-a13a-63e4c111f78b","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":153,"box":{"x":70,"y":445,"width":812,"height":12}},{"id":"d496c26b-6c3c-4e44-a27a-36fcf62cb9da","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":153,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"72a86940-837e-4a1d-b7f2-9e33ba39b60a","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":153,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"fafa4f90-d281-48e4-a13f-92bf19a631b8","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":153,"box":{"x":68,"y":491,"width":808,"height":11}},{"id":"98dab83b-756f-4a20-aa42-88677987ecab","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":153,"box":{"x":69,"y":506,"width":834,"height":11}},{"id":"8a6c5ae2-f8c3-4b18-98b4-e25c8774c8f2","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":153,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"4fb95554-ed01-4e1d-9189-624278b1d5c7","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":153,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"5ea9404d-1d1f-4d83-ab4d-fbec76e89f7c","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":153,"box":{"x":70,"y":551,"width":805,"height":11}},{"id":"4486e76e-d465-48f2-b391-878ddeddd772","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":153,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"c9d982d6-e474-4854-aa4f-8083e94c3d1f","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":153,"box":{"x":69,"y":581,"width":826,"height":12}},{"id":"53be2fb5-c560-40a7-9541-96ea969ee68f","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":153,"box":{"x":69,"y":596,"width":802,"height":12}},{"id":"dc13a023-b0ee-451a-9f23-1c57d7b41bd5","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":153,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"8c4e24a6-0cc4-4d80-b1d1-efcf45a66f38","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":153,"box":{"x":69,"y":627,"width":358,"height":9}},{"id":"21c9de2e-b5bd-48ec-8b0d-a786fd46948a","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":153,"box":{"x":102,"y":649,"width":734,"height":12}},{"id":"19008773-0a9d-4387-9bad-d10bfaab81bb","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":153,"box":{"x":70,"y":664,"width":785,"height":11}},{"id":"630c8a5f-353e-47d2-856f-7481c73c7536","block_type":"box","text":"periods indicated.","page_number":153,"box":{"x":70,"y":680,"width":124,"height":11}},{"id":"cb0459a6-a22b-4d1f-bf12-ce7073ff8bae","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":153,"box":{"x":101,"y":702,"width":806,"height":11}},{"id":"a3ca8552-c020-4a2a-ad7c-cef9f28a0153","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":153,"box":{"x":68,"y":718,"width":830,"height":11}},{"id":"f6c46da7-d0be-42a6-b912-fe31fd364816","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":153,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"09157310-8b8d-4c93-b5fd-903b5d7600d7","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":153,"box":{"x":69,"y":748,"width":714,"height":11}},{"id":"74dc1847-f4cd-4bfb-8e54-b6d75f1c1415","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":153,"box":{"x":69,"y":778,"width":297,"height":11}},{"id":"6cce24bf-bd86-4b19-ad29-e47e0a18ef00","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":153,"box":{"x":102,"y":801,"width":761,"height":11}},{"id":"886dd55f-fb80-4f33-9c55-4f6bf1b6b106","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":153,"box":{"x":69,"y":816,"width":800,"height":11}},{"id":"c8b90b68-bdfb-47df-9626-275ae3193eec","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":153,"box":{"x":69,"y":831,"width":812,"height":11}},{"id":"b664e445-10b2-47b4-98aa-7e20b2ba9da5","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":153,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"9fbca110-b3ec-4302-8f50-628a676287d0","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":153,"box":{"x":69,"y":861,"width":578,"height":9}},{"id":"588b86bb-6589-4f36-8b41-33156c0698f8","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":153,"box":{"x":102,"y":884,"width":734,"height":11}},{"id":"5f44097d-dbba-4cfc-a114-aaa3f3d1cfb9","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":153,"box":{"x":70,"y":899,"width":800,"height":11}},{"id":"97119536-c421-46f3-92fa-62cfc4c03453","block_type":"box","text":"II-100","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"53d1599c-53d0-47fa-a2a0-d1efbbbac424","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b5fa329-0866-4c28-a676-18a90e9c7fec","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":154,"box":{"x":101,"y":45,"width":806,"height":11}},{"id":"e612209c-0538-4a9e-9dc9-548083bc7e5d","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":154,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"bb95b41f-eba4-4291-9387-0082fdbd2387","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":154,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"a5427908-30fd-4085-b6d3-24327cbd1d3c","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":154,"box":{"x":69,"y":90,"width":714,"height":11}},{"id":"cd7453a7-a279-4832-973e-834213bbf451","block_type":"box","text":"Reduced Initial Sales Charges","page_number":154,"box":{"x":69,"y":120,"width":219,"height":11}},{"id":"a4825186-abe5-436f-81b3-94414f56a6c4","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":154,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"8c7714f8-0f3a-4fb0-9178-9ae0682395cd","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":154,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"25ed2f1b-a4ee-425b-9ace-44b901efd548","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":154,"box":{"x":68,"y":173,"width":809,"height":11}},{"id":"ffb33665-96db-4b64-bb4f-7652cf4f308b","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":154,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"2128f413-c10b-4f9a-a32c-3a581a0980d4","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":154,"box":{"x":69,"y":203,"width":812,"height":12}},{"id":"d324fbcf-a417-48a4-9681-2bc8fa7f4b78","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":154,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"a0568ce3-9ee4-43ad-82ca-dcb755950c1f","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":154,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"03f5d982-2ebe-4c3c-8d99-8f877e1edc49","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":154,"box":{"x":70,"y":249,"width":603,"height":11}},{"id":"71111b42-d943-434c-9804-ff597439ae4c","block_type":"box","text":"Reinvested Dividends.","page_number":154,"box":{"x":102,"y":272,"width":156,"height":8}},{"id":"1391029a-58d5-454a-a406-97c49e17324d","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":154,"box":{"x":265,"y":271,"width":566,"height":12}},{"id":"aadf0086-057d-4065-a47d-4c1b5d41e319","block_type":"box","text":"reinvestment of dividends.","page_number":154,"box":{"x":69,"y":286,"width":186,"height":10}},{"id":"160344c4-3766-442a-a782-f9a63b28c91e","block_type":"box","text":"Right of Accumulation.","page_number":154,"box":{"x":102,"y":309,"width":158,"height":11}},{"id":"25dbaf33-ad70-4035-97bc-e2f1f322a1cb","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":154,"box":{"x":267,"y":309,"width":574,"height":11}},{"id":"793274cd-56ac-4196-95ad-8ac2625e26d8","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":154,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"146bb07d-e742-4708-bb2f-218972c5bb34","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":154,"box":{"x":69,"y":339,"width":810,"height":12}},{"id":"9bce26f4-662d-4bba-8806-c91dd5df99af","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":154,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"6bd85e9d-7557-42d9-88d7-d3f00a1da307","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":154,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"1a865c69-ece6-4e01-86c4-2272d2cd864f","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":154,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"a1a30a37-e9b4-4c52-bbe2-6d7b380840a4","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":154,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"6b0ae864-e320-41b8-9369-444eef9cbde7","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":154,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"a70d3af2-b58f-4e7e-b912-f44e5ddd195a","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":154,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"5e311700-362a-4ac4-9f2d-c2bd70c00dd7","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":154,"box":{"x":70,"y":445,"width":828,"height":12}},{"id":"940315f0-d628-4ba8-9090-f82220b0acd8","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":154,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"c1b749ee-edc0-4540-aeea-5a3b842cd80a","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":154,"box":{"x":70,"y":475,"width":776,"height":12}},{"id":"8d555993-a020-4da1-ae6c-a7c520a15cf9","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":154,"box":{"x":68,"y":491,"width":835,"height":11}},{"id":"71daa873-0774-4d67-b4ce-dbe75853236f","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":154,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"be00afea-4e7c-4e3f-90a7-4fd1d028197d","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":154,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"08fa4246-db5e-4ca5-a08f-e2376c0480b8","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":154,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"9ff81894-d40e-4930-8c43-919668204e96","block_type":"box","text":"Letter of Intent.","page_number":154,"box":{"x":102,"y":559,"width":109,"height":9}},{"id":"e55f2a41-3f92-4d6e-958f-4d5c865a2929","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":154,"box":{"x":217,"y":559,"width":681,"height":11}},{"id":"5e8f0a49-d566-4676-98ad-0f364c8f0177","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":154,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"55a208c9-6dbe-40ec-affc-212561173d56","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":154,"box":{"x":68,"y":589,"width":792,"height":11}},{"id":"2f58adc4-bd17-46ce-b505-c3eee6c8bf44","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":154,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"466314cb-d088-4198-8c41-49bdbd116b89","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":154,"box":{"x":69,"y":619,"width":760,"height":11}},{"id":"8e3d2bef-a6f3-41a0-a31e-336b36a1cb9b","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":154,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"1035cd94-79ef-455b-a167-1d5d1528a6a7","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":154,"box":{"x":70,"y":649,"width":826,"height":12}},{"id":"34dfe9f6-12d1-4935-88f6-217fc7c0a78d","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":154,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"8bf35dff-6422-4de2-9fa7-d70f4c2610eb","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":154,"box":{"x":70,"y":680,"width":764,"height":11}},{"id":"285f3d42-053b-4de1-93f3-66dbdf175d5a","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":154,"box":{"x":70,"y":695,"width":800,"height":11}},{"id":"4fda65ed-d32c-4df0-a9c5-0227cc917d87","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":154,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"28347b87-ead2-411b-a617-e107f10111bd","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":154,"box":{"x":68,"y":725,"width":835,"height":11}},{"id":"f7f5c6b8-aa04-4bd9-96e9-ef710512b338","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":154,"box":{"x":70,"y":740,"width":811,"height":11}},{"id":"f6b22de8-a205-4b18-b5b9-e389cc2e961a","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":154,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"7b8a11ef-4086-419b-a203-87229dc19994","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":154,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"79359f11-96c7-4d4c-9339-3a60f246b25e","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":154,"box":{"x":69,"y":785,"width":827,"height":12}},{"id":"41721bcc-7b56-4335-81a7-88c1f16626c1","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":154,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"9dc83ed0-0999-4253-95b1-b63cdb2deef7","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":154,"box":{"x":70,"y":816,"width":807,"height":11}},{"id":"4880e5f9-0e57-4c19-9fee-1e15f503298a","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":154,"box":{"x":69,"y":831,"width":423,"height":11}},{"id":"17be36e9-d52d-474e-a057-2e64a24574a7","block_type":"box","text":"Placement Fees.","page_number":154,"box":{"x":102,"y":854,"width":116,"height":8}},{"id":"1c597384-abff-4cce-a69c-7efe9d93e186","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":154,"box":{"x":102,"y":876,"width":777,"height":11}},{"id":"5d946ba7-9b46-44b3-87c8-e7574124f978","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":154,"box":{"x":68,"y":891,"width":704,"height":12}},{"id":"205059f5-edcc-4f46-88ef-f1355d48bd2a","block_type":"box","text":"II-101","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0f6b1f9e-f94f-480f-aafc-6c62d847891a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03576d68-be9f-41e5-87b0-f48400f310f1","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":155,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"1f1f5afe-a22f-43c9-920c-04d608ce9415","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":72,"width":361,"height":10}},{"id":"9cdc3f1e-ae1f-46c8-acb4-391e93070c94","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":155,"box":{"x":535,"y":72,"width":288,"height":9}},{"id":"89bd22c0-085d-40b7-97c0-a942f1f39217","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":87,"width":361,"height":10}},{"id":"bfdfc94a-a9a1-4f76-a1e5-c98bd141a8de","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":88,"width":288,"height":8}},{"id":"1e649fc5-dac4-4a1e-9b6b-ecfa0e41a013","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":102,"width":345,"height":10}},{"id":"4ee7d227-e45a-43f0-acc5-46bd11314a25","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":518,"y":103,"width":305,"height":9}},{"id":"e2dc4a5e-35e4-4297-855d-d89d0d7d7066","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":155,"box":{"x":101,"y":126,"width":776,"height":12}},{"id":"b58d6a39-7bcb-4ab4-9bf7-05ccc26bdf4f","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":155,"box":{"x":69,"y":142,"width":774,"height":11}},{"id":"03af0103-326d-4d83-9aaf-62976d911dea","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":155,"box":{"x":70,"y":157,"width":824,"height":11}},{"id":"69bce40a-00e8-4f80-959b-5297f81b1e4d","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":155,"box":{"x":69,"y":172,"width":695,"height":11}},{"id":"3f1b4a01-061b-46ec-969c-f7a2ed4d8c19","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":199,"width":410,"height":11}},{"id":"d99ca959-221d-4a86-8358-0d06dff69087","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":155,"box":{"x":583,"y":200,"width":240,"height":9}},{"id":"c1a3247e-4c07-4aeb-89b9-7b3ac1740506","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":214,"width":361,"height":11}},{"id":"20e1f293-1ea8-4a47-b0a0-bd33ff25cd0b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":215,"width":288,"height":9}},{"id":"13abe739-57c3-4646-8b55-43b7de553178","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":229,"width":345,"height":11}},{"id":"8d994a6a-5441-427f-b206-1f90f12e4361","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":518,"y":230,"width":305,"height":9}},{"id":"69e5c678-edae-4198-8dc4-0def1137aa3f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":155,"box":{"x":101,"y":254,"width":806,"height":11}},{"id":"33917bc7-b170-4ba2-b67f-b33214cdce0d","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":155,"box":{"x":68,"y":269,"width":821,"height":11}},{"id":"5d3db0b9-4ac8-402d-a701-27ca0e68fe16","block_type":"box","text":"SM","page_number":155,"box":{"x":890,"y":269,"width":11,"height":5}},{"id":"3a95ac51-fba7-4beb-bb55-f71fd0ecbd44","block_type":"box","text":",","page_number":155,"box":{"x":903,"y":276,"width":2,"height":3}},{"id":"32661100-0e1b-431a-acaf-ae7055018e80","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":155,"box":{"x":70,"y":284,"width":816,"height":11}},{"id":"5c33d9a1-deda-4d2c-985f-5acfd2da211b","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":155,"box":{"x":70,"y":299,"width":835,"height":11}},{"id":"244e478f-8c01-4248-b1eb-51252a514905","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":155,"box":{"x":70,"y":314,"width":520,"height":12}},{"id":"f34a7d68-4deb-434a-a360-6d4b367a08ec","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":341,"width":361,"height":11}},{"id":"3e15e0b7-54a0-44dd-9090-016c9489c8c7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":155,"box":{"x":535,"y":342,"width":288,"height":9}},{"id":"948dd90b-db1c-45b9-8db4-54d89e5b0398","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":356,"width":361,"height":11}},{"id":"45fef2ed-aefb-4335-974e-68c9b502a3a2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":357,"width":288,"height":9}},{"id":"f0a05132-3bee-4da1-b15c-0b4b63fac4cb","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":372,"width":345,"height":10}},{"id":"6623d7f0-29a5-433f-9b35-8ec1217a6620","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":518,"y":372,"width":305,"height":9}},{"id":"329619c3-30b7-4f6a-bc28-95103abd1c97","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":155,"box":{"x":101,"y":396,"width":743,"height":11}},{"id":"7ab61c53-ad95-48ad-b60b-94378c42eb85","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":155,"box":{"x":70,"y":411,"width":674,"height":12}},{"id":"f08ae0de-d003-4d21-a68a-5e669b52ebe9","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":438,"width":361,"height":11}},{"id":"5f53ea76-8bf6-4257-82ea-0eed3df4ed36","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":439,"width":288,"height":9}},{"id":"01cd9e04-ac33-4f8d-8f6d-3228c6881a88","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":453,"width":361,"height":11}},{"id":"19ee2dfb-ad66-400f-bbcb-7c1149a0ac27","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":535,"y":454,"width":288,"height":9}},{"id":"8fcc206b-0e41-4005-b803-c935df993c18","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":469,"width":345,"height":10}},{"id":"e6766ddd-8398-42ae-9048-720957f243c0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":155,"box":{"x":518,"y":469,"width":305,"height":9}},{"id":"b720375e-3a50-4f1f-8c7e-ff9640326467","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":155,"box":{"x":101,"y":493,"width":808,"height":11}},{"id":"ebd85894-bb5a-415e-a48b-adc18e33d0d4","block_type":"box","text":"may be up to the following amounts:","page_number":155,"box":{"x":69,"y":508,"width":257,"height":12}},{"id":"392265f6-c917-420a-b196-4997b0c90053","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":535,"width":410,"height":11}},{"id":"76df5bc0-1eb6-4924-ace1-dd6eb1ee64ef","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":583,"y":536,"width":240,"height":9}},{"id":"234bfeae-0c3f-48cc-94bd-e0d891b0f450","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":550,"width":361,"height":11}},{"id":"aca58a5c-ca67-4bdf-b311-963307138ee1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":535,"y":551,"width":288,"height":9}},{"id":"df348f77-87c8-4645-b472-6b8637b424ad","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":566,"width":345,"height":10}},{"id":"bd8cf0b9-ed32-4811-b73b-6ceafab26a45","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":155,"box":{"x":518,"y":566,"width":305,"height":9}},{"id":"99769b67-4524-430b-8af2-e9a84266a06d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":155,"box":{"x":101,"y":590,"width":768,"height":11}},{"id":"71fbda7d-edf5-4e85-93dc-74596d3bb921","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":155,"box":{"x":70,"y":605,"width":371,"height":12}},{"id":"e76b9b24-10d7-41bd-8b54-36055b9aedf3","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":632,"width":361,"height":11}},{"id":"69387cfc-b951-405c-bc77-ea8b1f91c1dd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":155,"box":{"x":535,"y":633,"width":288,"height":9}},{"id":"a6c60e39-fe65-4fd7-bdec-1bd25291bafa","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":647,"width":361,"height":11}},{"id":"07474ae1-b6be-469a-85b3-e19fe2273342","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":155,"box":{"x":535,"y":648,"width":288,"height":9}},{"id":"9db23461-fca7-4114-ba75-9d28fe66ce2e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":663,"width":345,"height":10}},{"id":"c252ffd5-b459-4b3d-b19c-dabfb88f915a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":155,"box":{"x":518,"y":663,"width":305,"height":9}},{"id":"63a38830-7b8a-4288-ab78-5b2974faa5da","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":155,"box":{"x":101,"y":687,"width":778,"height":11}},{"id":"acf68c63-4b26-44c3-af81-01b7eb833c6f","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":155,"box":{"x":69,"y":702,"width":830,"height":12}},{"id":"09b181ad-cbf8-4068-85ba-207e1f3d96e4","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":155,"box":{"x":70,"y":717,"width":371,"height":12}},{"id":"593d9c63-3d62-40c8-92de-7896eb2549b3","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":744,"width":410,"height":12}},{"id":"a8a3f777-b5ae-4005-bd26-11ffb19a1a6f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":155,"box":{"x":583,"y":745,"width":240,"height":9}},{"id":"5273f124-6de7-44e4-8815-6bcf28edc726","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":760,"width":361,"height":10}},{"id":"7909c542-5a71-46d6-9ca7-366e162ed996","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":760,"width":288,"height":9}},{"id":"a59023c7-d644-4057-9123-d78f1fa0e026","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":775,"width":345,"height":10}},{"id":"5d4305b9-61e3-4fbf-b59b-10a0ca364ce7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":518,"y":775,"width":305,"height":9}},{"id":"52d97d61-367c-4055-8a99-9e9cdeb3a12a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":155,"box":{"x":101,"y":799,"width":779,"height":11}},{"id":"6a49897b-d3c1-4015-8782-239a7e13e925","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":155,"box":{"x":70,"y":814,"width":780,"height":12}},{"id":"d475c78f-715f-40df-a1be-5bec923d2f69","block_type":"box","text":"$250,000 and above . . . .","page_number":155,"box":{"x":167,"y":841,"width":182,"height":12}},{"id":"98dde123-060a-47c0-9fd3-95dd18513fd1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":355,"y":842,"width":468,"height":9}},{"id":"c2c2d3f5-610f-4427-965a-405f76124b31","block_type":"box","text":"II-102","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c204af07-b205-4e8a-a89b-447a16a0b06c","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"28400302-1fec-42d1-9041-4441f7202eae","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":156,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"e028e1f4-de5a-4766-8322-1f9e391d28bf","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":156,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"194ec09b-99cc-410b-a78c-7ab4972f5727","block_type":"box","text":"the following amounts:","page_number":156,"box":{"x":68,"y":75,"width":161,"height":11}},{"id":"fe4d4972-57d8-4bf7-a85a-0624f7d63968","block_type":"box","text":"$100,000 and above . . . .","page_number":156,"box":{"x":167,"y":102,"width":182,"height":11}},{"id":"332f5246-9d84-451d-9966-42a049eaf895","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":156,"box":{"x":355,"y":103,"width":468,"height":9}},{"id":"2b26bda3-1409-40e8-8fb5-c237ae4ab03c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":156,"box":{"x":101,"y":126,"width":779,"height":11}},{"id":"7b331ffd-ff94-4741-8257-7da2b73e01c0","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":156,"box":{"x":70,"y":142,"width":775,"height":11}},{"id":"2398463e-9c00-4937-925f-c6f1b49305dd","block_type":"box","text":"$250,000 and above . . . .","page_number":156,"box":{"x":167,"y":169,"width":182,"height":11}},{"id":"dd931719-2b92-4bfc-8f6a-233296b00c95","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":156,"box":{"x":355,"y":169,"width":468,"height":9}},{"id":"2f72249b-da39-4629-a6e4-b808d1e6591e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":156,"box":{"x":101,"y":193,"width":788,"height":12}},{"id":"202efeb8-6f78-4df4-b15d-221d4421c95e","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":156,"box":{"x":69,"y":208,"width":792,"height":11}},{"id":"9e64ea7b-6bae-477c-a434-26250682d0f0","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":156,"box":{"x":70,"y":224,"width":787,"height":11}},{"id":"2cc2fc24-eda0-4c9c-8f38-9e052071b3d2","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":156,"box":{"x":69,"y":239,"width":834,"height":11}},{"id":"ceb9d85a-66f2-4ddc-b1fd-c275fb1d9a7f","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":156,"box":{"x":70,"y":254,"width":729,"height":11}},{"id":"a3b04f2f-0729-474c-b5d7-3c6f3001d211","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":281,"width":410,"height":11}},{"id":"ad4dbfd1-7c5a-4b71-8f10-bfff20fb1f09","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":156,"box":{"x":583,"y":282,"width":240,"height":8}},{"id":"aa32815a-7c72-49a9-9d5c-422742633f8a","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":296,"width":361,"height":10}},{"id":"2861d191-bc2b-47c8-988d-9741b01b11ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":156,"box":{"x":535,"y":297,"width":288,"height":9}},{"id":"832aac63-b80f-4bff-ac8e-74d3121bd154","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":311,"width":345,"height":11}},{"id":"f94229b5-ce24-4266-a9fa-99976390a150","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":156,"box":{"x":518,"y":312,"width":305,"height":9}},{"id":"3a67a3a1-3595-4a02-aa49-4c773fa32e6b","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":156,"box":{"x":101,"y":336,"width":801,"height":11}},{"id":"68a0ba00-426b-4f8a-a1bd-9cac398d1f07","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":156,"box":{"x":69,"y":351,"width":769,"height":11}},{"id":"9b4bfc1a-b897-4844-955d-d232a5ed8abd","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":156,"box":{"x":70,"y":366,"width":818,"height":10}},{"id":"38926638-8ae1-4c17-9421-4a862ddb9860","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":156,"box":{"x":68,"y":381,"width":401,"height":11}},{"id":"06b9560a-cfb0-4b6a-a180-7f50d7484b66","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":408,"width":410,"height":11}},{"id":"df14e1e6-f6e9-4456-9fad-a7650335cc57","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":156,"box":{"x":583,"y":409,"width":240,"height":9}},{"id":"567733a8-e423-4097-871e-000a27bc6b14","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":423,"width":361,"height":11}},{"id":"3f68bed4-5556-4266-8dc5-ba1b59a4e4ab","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":156,"box":{"x":535,"y":424,"width":288,"height":9}},{"id":"904fd2f6-a255-4336-ac32-8e60484f57dd","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":156,"box":{"x":167,"y":438,"width":345,"height":11}},{"id":"4fb81aeb-1867-4f92-9f92-68df70830397","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":156,"box":{"x":518,"y":439,"width":305,"height":9}},{"id":"10d2ce11-b2db-40e9-a6b7-2044eb79ed9d","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":156,"box":{"x":101,"y":463,"width":398,"height":11}},{"id":"0c00540d-55b3-4fae-8f3b-126176e3cdd8","block_type":"box","text":"®","page_number":156,"box":{"x":500,"y":463,"width":6,"height":5}},{"id":"22ec8978-ac0b-488d-8e56-5b295acd84a4","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":156,"box":{"x":513,"y":463,"width":264,"height":10}},{"id":"4c99e93a-ad08-4a11-9b18-18fa755f66fb","block_type":"box","text":"®","page_number":156,"box":{"x":778,"y":463,"width":6,"height":5}},{"id":"5950e7c4-64af-4bb2-9ab4-7f50926276b1","block_type":"box","text":"Index 2035","page_number":156,"box":{"x":791,"y":463,"width":79,"height":9}},{"id":"6d493ed4-3cd6-4c6f-9875-211fb893280e","block_type":"box","text":"Fund, BlackRock LifePath","page_number":156,"box":{"x":70,"y":478,"width":177,"height":11}},{"id":"29af33ce-027b-4912-94c7-eb9b8f50f7f6","block_type":"box","text":"®","page_number":156,"box":{"x":249,"y":478,"width":6,"height":5}},{"id":"8dec03cc-8b30-44f8-b541-5d82cfe6c0c4","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":156,"box":{"x":261,"y":478,"width":265,"height":11}},{"id":"f75929a3-103c-4fb8-930e-e408b166447e","block_type":"box","text":"®","page_number":156,"box":{"x":527,"y":478,"width":6,"height":5}},{"id":"3c2e8526-57d8-4e24-8b75-e0706e94f027","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":156,"box":{"x":539,"y":478,"width":265,"height":11}},{"id":"729bbf5e-b525-40f9-aa58-94ed6ad53a88","block_type":"box","text":"®","page_number":156,"box":{"x":805,"y":478,"width":6,"height":5}},{"id":"fe7dfe7c-17c9-4021-9117-443f9c47365c","block_type":"box","text":"Index 2050","page_number":156,"box":{"x":817,"y":478,"width":80,"height":9}},{"id":"9d3f0958-e13e-488f-a197-c404ef0c621a","block_type":"box","text":"Fund, BlackRock LifePath","page_number":156,"box":{"x":70,"y":493,"width":177,"height":11}},{"id":"e7cceb02-2f92-4411-80d1-3109c3862b97","block_type":"box","text":"®","page_number":156,"box":{"x":248,"y":494,"width":6,"height":4}},{"id":"b5de73ce-9559-4ec9-8743-b8eaa77aa507","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":156,"box":{"x":261,"y":493,"width":263,"height":11}},{"id":"92621163-2d33-40da-9eda-b6403046f35d","block_type":"box","text":"®","page_number":156,"box":{"x":526,"y":494,"width":6,"height":4}},{"id":"2c15e75a-5510-4760-8564-87a94f472f3e","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":156,"box":{"x":538,"y":493,"width":264,"height":11}},{"id":"d19f27c1-3cd2-4a48-b871-5d358b7ca6af","block_type":"box","text":"®","page_number":156,"box":{"x":803,"y":494,"width":6,"height":4}},{"id":"e23977bd-f790-4010-8cb3-40c12327d047","block_type":"box","text":"Index 2065","page_number":156,"box":{"x":815,"y":493,"width":80,"height":9}},{"id":"5f6e223e-cf07-424b-96d0-c7949068add2","block_type":"box","text":"Fund, BlackRock LifePath","page_number":156,"box":{"x":70,"y":508,"width":177,"height":11}},{"id":"24ec230f-deb9-4f1c-89bf-9c9e2c96cff9","block_type":"box","text":"®","page_number":156,"box":{"x":248,"y":509,"width":6,"height":4}},{"id":"e1465e14-c8b5-4dd5-bcca-a3cfb755b515","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":156,"box":{"x":261,"y":508,"width":290,"height":9}},{"id":"5c92bc83-6325-405c-9009-a770e094be62","block_type":"box","text":"®","page_number":156,"box":{"x":552,"y":509,"width":6,"height":4}},{"id":"9a01426b-b502-4b79-8fad-499e1c2872b4","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":156,"box":{"x":564,"y":508,"width":324,"height":11}},{"id":"1c549755-3399-4b55-91fd-e46e4e4ee93b","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":156,"box":{"x":68,"y":523,"width":401,"height":12}},{"id":"23f1a198-1b98-4a55-9646-d0ed6a990e93","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":156,"box":{"x":167,"y":550,"width":206,"height":12}},{"id":"40350362-c1af-4827-b092-65b76c78591d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":156,"box":{"x":380,"y":551,"width":443,"height":9}},{"id":"9d36c4ca-fe95-47f4-a533-9a6cd6567a38","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":156,"box":{"x":101,"y":575,"width":657,"height":11}},{"id":"26bc3a6a-bac7-4a74-80e1-622a4a5d0b20","block_type":"box","text":"SM","page_number":156,"box":{"x":760,"y":575,"width":10,"height":5}},{"id":"169e2b5d-e428-4604-930b-fc7e245b5a65","block_type":"box","text":", the placement","page_number":156,"box":{"x":773,"y":575,"width":110,"height":11}},{"id":"3a893f91-16b4-4115-9bfd-47a02440e388","block_type":"box","text":"fees may be up to the following amounts:","page_number":156,"box":{"x":68,"y":590,"width":294,"height":11}},{"id":"7f07cddb-1434-40f7-8e23-4b398c2aed81","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":156,"box":{"x":167,"y":617,"width":206,"height":11}},{"id":"82aaafb8-a8ce-4411-873a-e9d676827df7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":156,"box":{"x":380,"y":618,"width":443,"height":9}},{"id":"fe697d9b-1308-4a93-98b7-3fc9fb4a3f9c","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":156,"box":{"x":101,"y":642,"width":787,"height":11}},{"id":"2a27f0d9-74bc-457e-9e8c-0322e53517d7","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":156,"box":{"x":70,"y":657,"width":808,"height":11}},{"id":"ff5d8683-61d8-487c-a8b3-7278b5788837","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":156,"box":{"x":70,"y":672,"width":393,"height":11}},{"id":"72b267c5-7afb-440f-ba86-e3050ff1cbfd","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":156,"box":{"x":102,"y":695,"width":740,"height":11}},{"id":"4f738920-7461-481a-ba8d-0899b00cbb75","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":156,"box":{"x":69,"y":709,"width":823,"height":12}},{"id":"1ec45ed3-9936-40c5-b8ca-d215069c4124","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":156,"box":{"x":68,"y":724,"width":780,"height":12}},{"id":"47783994-d7ca-4d2b-9118-06400ca290d0","block_type":"box","text":"$1 million).","page_number":156,"box":{"x":69,"y":739,"width":79,"height":12}},{"id":"eec286aa-fddb-4c84-ab46-5b5a00df616f","block_type":"box","text":"Other.","page_number":156,"box":{"x":102,"y":763,"width":41,"height":9}},{"id":"6bb85bb7-6c24-47be-abd6-83487219d478","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":156,"box":{"x":149,"y":763,"width":698,"height":11}},{"id":"05895adf-49fc-4988-a19a-6857faa56e24","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":156,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"00c4f3b0-9715-4864-9a18-e2e9045ed661","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":156,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"afe8f9b4-2d9e-4ee3-bb1d-bc56703dfb6c","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":156,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"a933e3b7-32f7-4c34-8855-716a2c89d2d1","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":156,"box":{"x":68,"y":823,"width":773,"height":11}},{"id":"80be06cc-0e86-4247-8f51-400f0390a052","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":156,"box":{"x":70,"y":839,"width":838,"height":11}},{"id":"1ed68881-0e47-4511-84cf-0c719fcf277f","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":156,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"3685fdf7-13e6-46bf-af2a-a6a69559fe6b","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":156,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"730aa1c8-279c-46cc-8c53-b5baf645dfd0","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":156,"box":{"x":69,"y":884,"width":793,"height":11}},{"id":"a40b682b-1cb7-4715-8dc0-91c48a41c727","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":156,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"3138c3d7-83c8-4e0d-9cad-a0855b966b6a","block_type":"box","text":"II-103","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fad7a337-e62c-499b-8c69-7095fb05f142","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1785b349-e3af-4e5e-8470-b49fe8790585","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":157,"box":{"x":68,"y":45,"width":827,"height":11}},{"id":"b2f6efbe-9d94-442a-b409-173c86550d1d","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":157,"box":{"x":70,"y":60,"width":782,"height":11}},{"id":"f8141c42-caf5-43f5-98ac-a9d5306fd004","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":157,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"a32abafe-8bbb-46aa-849d-ccd84ab5fafc","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":157,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"e92b24d8-b804-42c9-812e-3f86ad6b8737","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":157,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"fe25a860-ee81-45c7-ae83-a4e99bfb51d7","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":157,"box":{"x":69,"y":120,"width":752,"height":11}},{"id":"b19d9915-9ffc-43f0-ac36-92b1cc30bab9","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":157,"box":{"x":70,"y":135,"width":836,"height":11}},{"id":"783b293f-f9ce-4344-8b7a-5caf13c35c20","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":157,"box":{"x":69,"y":150,"width":812,"height":12}},{"id":"1b48c61a-2350-4da0-a637-631532c538eb","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":157,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"14975c25-4868-4060-969a-ef4993e5cf61","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":157,"box":{"x":69,"y":181,"width":788,"height":11}},{"id":"84544e25-6006-4e61-ba9e-469217cd4838","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":157,"box":{"x":70,"y":196,"width":838,"height":11}},{"id":"919825fe-94ab-46cf-a77b-972fe9d07217","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":157,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"7fdd4feb-1fef-4fd2-8173-fb34c7879522","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":157,"box":{"x":68,"y":226,"width":787,"height":11}},{"id":"af4926cb-d0a7-47f2-872d-f3353de33738","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":157,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"07c2b663-7dce-442c-a776-9c4ca5bf2213","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":157,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"5e1df1d8-88c9-4644-909a-80cb35ec0395","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":157,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"907d2518-ff43-4f66-8290-14a82f04089d","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":157,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"03a4a32b-753d-47d1-ba9a-8b13989ef903","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":157,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"f0b74bd4-3195-42c6-9176-a174ed937517","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":157,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"4b8d880c-4d74-4dff-86f6-efd9129b0d74","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":157,"box":{"x":69,"y":332,"width":783,"height":11}},{"id":"d9f4e786-e081-4bd9-a957-e05fad4a5384","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":157,"box":{"x":70,"y":347,"width":668,"height":11}},{"id":"3e2433c5-0a85-4247-9092-57c977b81a42","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":157,"box":{"x":102,"y":369,"width":754,"height":12}},{"id":"35c2a812-b2bd-4400-86a5-00991a6a8abb","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":157,"box":{"x":70,"y":385,"width":823,"height":11}},{"id":"d6437c5c-522b-4f99-bcad-67b04046940a","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":157,"box":{"x":69,"y":400,"width":833,"height":10}},{"id":"c3d20976-1704-48b6-9d11-59039b60a807","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":157,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"0457f572-25b4-4946-911f-20f20e0a77b7","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":157,"box":{"x":70,"y":430,"width":781,"height":11}},{"id":"c6e73935-75b9-49f5-9c8d-cf20edede7c5","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":157,"box":{"x":70,"y":445,"width":819,"height":11}},{"id":"f55e044b-45e7-41e3-ac82-70b73cd6cde0","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":157,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"8b61e38c-a38d-42f9-b822-04bf14168fed","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":157,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"f070a4f2-b5e5-4a1c-8207-55bb02724ed4","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":157,"box":{"x":70,"y":490,"width":792,"height":11}},{"id":"4f8b687d-070f-4ca7-a013-44bb191042dc","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":157,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"044501d8-22f6-472e-a300-b2f9b50b7d7f","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":157,"box":{"x":70,"y":521,"width":837,"height":11}},{"id":"96dda07e-7365-414b-8a70-60c18ae08056","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":157,"box":{"x":70,"y":536,"width":790,"height":11}},{"id":"cb4c227c-a0ef-4733-b7d3-cdcc4584b080","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":157,"box":{"x":69,"y":551,"width":736,"height":11}},{"id":"f1da23c2-7d65-44c6-9f30-2d070db22ab0","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":157,"box":{"x":101,"y":574,"width":763,"height":11}},{"id":"84df60c1-e574-4f01-a16a-82b7343281aa","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":157,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"1cf3387f-af4c-4a09-afe3-8734e52b2260","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":157,"box":{"x":70,"y":604,"width":832,"height":11}},{"id":"949e88b4-9d3a-452c-9a7b-1480078588ff","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":157,"box":{"x":68,"y":618,"width":839,"height":12}},{"id":"cc1c7600-a49a-4dc6-a6e1-6515a1d80bcc","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":157,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"4f4e947c-5974-4392-8cd0-faf515c50e71","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":157,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"15e08cdd-4272-4273-9065-689b717755d7","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":157,"box":{"x":70,"y":664,"width":818,"height":12}},{"id":"dcd36d84-8a2f-4dc9-b9f4-7db999e7e596","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":157,"box":{"x":69,"y":680,"width":836,"height":11}},{"id":"59bff33b-7d82-4c37-8874-46d20a35a1b5","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":157,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"7ce0e146-75ae-4d58-bd2f-eb2218d69e8e","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":157,"box":{"x":70,"y":710,"width":778,"height":11}},{"id":"404a2c0f-bbcd-411e-9930-737ee8ff0933","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":157,"box":{"x":70,"y":725,"width":526,"height":11}},{"id":"c683acbb-b0e8-4c45-9c6e-9b424ba850fd","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":157,"box":{"x":101,"y":748,"width":788,"height":11}},{"id":"1f72a764-b029-4d2c-a92b-5091afb9f4c2","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":157,"box":{"x":69,"y":763,"width":819,"height":11}},{"id":"c48e13ab-aa06-408e-b65f-2fe9cee9bcdd","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":157,"box":{"x":69,"y":778,"width":820,"height":11}},{"id":"f0cf4bd8-0ae1-4ddb-ad71-394d4f5ec07e","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":157,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"a55b403a-dd98-4b97-9f33-233b9623b77b","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":157,"box":{"x":68,"y":808,"width":812,"height":11}},{"id":"34b164ba-d187-4bd4-8467-67dfee8d6c2b","block_type":"box","text":"cer tain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":157,"box":{"x":69,"y":823,"width":803,"height":11}},{"id":"789d963a-9151-4308-8212-6cd17820e031","block_type":"box","text":"shareholder’s death or, if later, the receipt of a cer tified probate settlement (including in connection with the","page_number":157,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"b324e4d1-31a5-4441-ab20-ee59fe408290","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":157,"box":{"x":69,"y":853,"width":835,"height":12}},{"id":"430eb05a-331b-4a5b-91df-539c1d64ccf7","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":157,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"87b98ecb-a7fb-40fc-8b73-c864fb407fb1","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) cer tain redemptions made pursuant to the","page_number":157,"box":{"x":70,"y":884,"width":772,"height":11}},{"id":"96347055-1f42-4ef1-87fc-1a0abdf1b1d0","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":157,"box":{"x":69,"y":899,"width":805,"height":11}},{"id":"1e56bc19-ea3d-4c65-a6cc-3b9f13632760","block_type":"box","text":"II-104","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d3f3eba3-5584-481b-ae71-b16204f0e7c3","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"43176cd4-97a5-4073-aa7e-bcccb291f199","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":158,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"c937a1b6-d0dd-4d7b-9adb-ec4283278da5","block_type":"box","text":"the absolute discretion of a Fund.","page_number":158,"box":{"x":68,"y":60,"width":239,"height":9}},{"id":"7564712b-f3b4-4570-97b3-6c0b8d3503d4","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":158,"box":{"x":101,"y":82,"width":794,"height":12}},{"id":"5390bd27-7ab7-4fe4-974d-0914036fe885","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":158,"box":{"x":68,"y":97,"width":776,"height":12}},{"id":"55359fe1-2af1-4b3d-928b-bcd88de731b5","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":158,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"8f5214fc-c008-4652-8c6e-0c904c685001","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":158,"box":{"x":70,"y":128,"width":800,"height":10}},{"id":"92dffedd-4b2c-4f5d-92b1-a327bbb8025b","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":158,"box":{"x":70,"y":143,"width":806,"height":11}},{"id":"61b6bb3b-f694-48bf-b67a-300c20c692a1","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":158,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"6a11bf9f-aad6-4883-bc1e-9a641083c978","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":158,"box":{"x":70,"y":173,"width":770,"height":11}},{"id":"1ebf63e9-652c-4ef0-bc5d-b0e9077a7de9","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":158,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"dce4b7dd-c5de-4cfe-b924-376888beaf0c","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":158,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"a18d416e-de6c-41dd-a124-494181531a5a","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":158,"box":{"x":70,"y":219,"width":805,"height":11}},{"id":"6378830e-a1c0-41ae-b860-212b69cffe2f","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":158,"box":{"x":70,"y":233,"width":832,"height":12}},{"id":"d1189e53-ba92-497c-8c71-f78ed7aff754","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":158,"box":{"x":70,"y":249,"width":828,"height":11}},{"id":"03cb612e-7fcc-4090-9b26-0acb2cdf795b","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":158,"box":{"x":70,"y":264,"width":746,"height":11}},{"id":"12142aa0-c74b-47db-82f7-668ddcabca4b","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":158,"box":{"x":70,"y":279,"width":307,"height":11}},{"id":"c8e9b5a3-bf0c-4468-a6d5-50187b7278c6","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":158,"box":{"x":102,"y":302,"width":799,"height":11}},{"id":"ea829876-ae74-4235-809b-abc3288df433","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":158,"box":{"x":68,"y":317,"width":829,"height":11}},{"id":"0463db2d-5456-4805-9873-eabb17a2d2e2","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":158,"box":{"x":68,"y":332,"width":317,"height":11}},{"id":"f875f80c-0812-414e-a740-13c233a3060e","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":158,"box":{"x":101,"y":355,"width":326,"height":11}},{"id":"f9736642-ca56-40f9-8632-e1999cb30515","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":158,"box":{"x":434,"y":355,"width":413,"height":11}},{"id":"92942357-e25a-4876-b5fe-55da9d8a0100","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":158,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"ab18dc90-58af-4543-8218-060917a9d3ef","block_type":"box","text":"public or private investment company.","page_number":158,"box":{"x":70,"y":385,"width":266,"height":11}},{"id":"b5dbdd90-cd93-4ecf-86e5-6387e1ebe3fa","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":158,"box":{"x":102,"y":408,"width":372,"height":11}},{"id":"7fb2ef78-f574-49b7-8e18-327bb9a9b190","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":158,"box":{"x":481,"y":407,"width":421,"height":12}},{"id":"dd04eedf-c55d-47cf-896d-1312c7dba665","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":158,"box":{"x":70,"y":423,"width":825,"height":11}},{"id":"d915f1c6-84c6-47d1-a3e0-ace12261e964","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":158,"box":{"x":69,"y":438,"width":830,"height":11}},{"id":"471cebb7-b429-4268-a311-8519bd169e26","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":158,"box":{"x":69,"y":468,"width":405,"height":11}},{"id":"5b47b644-1ef0-48fc-a765-3c0d10e5971a","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":158,"box":{"x":102,"y":491,"width":799,"height":11}},{"id":"87506391-9e93-4acd-b0ef-9c6164454fb9","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":158,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"0c233217-fcd1-4d65-a055-c1e182f2c8a8","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":158,"box":{"x":70,"y":520,"width":778,"height":12}},{"id":"b3b5bda9-e1c0-4ec4-bc8c-40a34e574d4d","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":158,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"1da75726-277c-48f2-b6d4-806c5cd1ea40","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":158,"box":{"x":69,"y":551,"width":311,"height":9}},{"id":"511bca9a-c6ee-45f4-842b-2bf43e9ad14d","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":158,"box":{"x":102,"y":574,"width":789,"height":11}},{"id":"e3924f9d-5cfa-4208-813e-350202a2d278","block_type":"box","text":"intermediary associated with the account.","page_number":158,"box":{"x":70,"y":589,"width":297,"height":11}},{"id":"982f6fc4-c2ac-4c43-831a-4a2c187c7610","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":158,"box":{"x":102,"y":612,"width":669,"height":11}},{"id":"7fbc2793-1ae9-47e3-82ff-702bfbdc142e","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":158,"box":{"x":101,"y":634,"width":763,"height":12}},{"id":"7b4e9369-e839-4c62-b408-9fc508a401ca","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":158,"box":{"x":69,"y":649,"width":815,"height":12}},{"id":"4e1ce063-941d-479d-9459-62d53e7e9ed9","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":158,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"65070109-19da-42fe-9ff3-3b14c7d199b2","block_type":"box","text":"CDSC shares.","page_number":158,"box":{"x":69,"y":680,"width":97,"height":9}},{"id":"ad8f6065-8d46-48b9-9eab-7176a98b79f9","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":158,"box":{"x":102,"y":702,"width":804,"height":12}},{"id":"7962911b-a44a-4bce-b532-8370a79d7e35","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":158,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"027ca0aa-155e-465a-9e9a-9927e0ff04bf","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":158,"box":{"x":69,"y":732,"width":786,"height":12}},{"id":"1c688f03-57b1-4b69-a7f3-f75fc3bf58f8","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":158,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"2285ac73-6d61-4b8a-a115-313dfdaf1be1","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":158,"box":{"x":69,"y":763,"width":809,"height":11}},{"id":"825c114b-b32b-4017-9f54-e296e40c6ffb","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":158,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"30fecddd-0973-4462-82df-64bdb456c3ea","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":158,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"eb961fdb-4746-4919-90ab-7b2e18eeb18b","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":158,"box":{"x":69,"y":808,"width":618,"height":11}},{"id":"b97f9781-5945-4300-a83c-e41994fee8d2","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":158,"box":{"x":102,"y":831,"width":782,"height":11}},{"id":"625bda8d-cad2-40e1-94b6-088283a6da3c","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":158,"box":{"x":70,"y":846,"width":764,"height":11}},{"id":"b2f33b9f-2087-4cef-b036-bdac62c70632","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":158,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"c54bf23f-870c-4dd3-80c7-b550b5533fbf","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":158,"box":{"x":70,"y":876,"width":806,"height":11}},{"id":"de185df1-3e99-4e0c-8f38-cadffe8b0bc3","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":158,"box":{"x":70,"y":891,"width":813,"height":11}},{"id":"be98015a-1091-49d0-ba3e-52c8e3582412","block_type":"box","text":"II-105","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ad79afdd-9050-4bcf-a445-9756e839ac1d","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05833394-355e-4539-a784-c2865bd435ef","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":159,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"6ef041db-65c8-4fa7-b7ee-2af1d3a5e6a9","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":159,"box":{"x":68,"y":60,"width":554,"height":11}},{"id":"a5b012b2-7f77-45a0-a39d-ca6e1ff9ed78","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":159,"box":{"x":102,"y":82,"width":783,"height":11}},{"id":"17c19117-a9f3-45f1-9920-820d4729948b","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":159,"box":{"x":70,"y":98,"width":808,"height":11}},{"id":"3a76750d-af24-49b4-b6f3-fc2908b56a2e","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":159,"box":{"x":70,"y":113,"width":797,"height":11}},{"id":"46fd0ec7-9ac9-432b-abc1-e8f9a68a379b","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":159,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"5d2b31ab-135f-41fa-9409-11046f9ef332","block_type":"box","text":"Investor A Shares.","page_number":159,"box":{"x":70,"y":143,"width":128,"height":9}},{"id":"9278631a-79d3-4e99-8c6d-569b0c3761c6","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":159,"box":{"x":102,"y":166,"width":378,"height":9}},{"id":"c16351a5-6050-4024-8dda-d8fa4cdcb0be","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":159,"box":{"x":102,"y":188,"width":804,"height":12}},{"id":"938571ca-fc17-40bf-97e3-51eabe5172fc","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":159,"box":{"x":69,"y":203,"width":794,"height":12}},{"id":"763d814c-f1cf-49f8-bc99-d142bfc1d682","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":159,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"5e11fa95-cca2-4157-8ea6-ea776c6a09f8","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":159,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"f9acf57e-6ecf-44d8-851b-855c1a788081","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":159,"box":{"x":70,"y":249,"width":793,"height":11}},{"id":"94f8fbd2-e801-4d27-8d1c-3fd5cd2c2897","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":159,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"f0ee2682-e2aa-4bcb-b506-443568e620f6","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":159,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"020a00d5-c1d0-438c-bdfb-b5c0d58713d0","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":159,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"71d93e9d-d8f9-4fe2-b25c-5b5c46df95a6","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":159,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"dae5e94b-fed2-4555-a1f8-d277a93d4497","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":159,"box":{"x":68,"y":324,"width":814,"height":12}},{"id":"15c6cc2d-bb9b-40b3-b6a4-e671633559fb","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":159,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"32fa3aed-6311-44f3-8a82-942062948d5e","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":159,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"d9839dd2-8392-49c4-8ccd-35fed587eecd","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":159,"box":{"x":69,"y":370,"width":718,"height":11}},{"id":"736b663e-7fd9-4010-a291-ef69a4a73dbb","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":159,"box":{"x":102,"y":392,"width":764,"height":12}},{"id":"d11d9cba-9c7c-4f2a-bac9-09b9b16a1c3f","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":159,"box":{"x":70,"y":408,"width":816,"height":11}},{"id":"b29e7369-d551-4198-ad14-434720e2dc85","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":159,"box":{"x":69,"y":423,"width":772,"height":11}},{"id":"b0682a68-6558-423c-a631-eb58531406cb","block_type":"box","text":"“Investor C Conversions”).","page_number":159,"box":{"x":70,"y":438,"width":186,"height":11}},{"id":"9b8f2c76-b592-4fee-bf87-890d585c3f0c","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":159,"box":{"x":101,"y":460,"width":776,"height":11}},{"id":"8328fb8d-49bb-4125-8706-46e78289252f","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":159,"box":{"x":69,"y":475,"width":824,"height":11}},{"id":"5ac8a856-0cb1-47df-8d80-7770da92c9af","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":159,"box":{"x":70,"y":491,"width":827,"height":11}},{"id":"e3671455-594c-4994-ba63-9e8c1b0bacb1","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":159,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"77a71686-c656-4fc3-9f26-34b04ee4846f","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":159,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"b55ff3ff-ac28-4996-bf84-62e8d8f63df8","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":159,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"8bc1e0d0-ea8a-45e2-bd1d-478d31baff40","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":159,"box":{"x":69,"y":551,"width":445,"height":11}},{"id":"fa80ee2d-a31a-43c0-a026-321da935c21d","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":159,"box":{"x":102,"y":574,"width":396,"height":11}},{"id":"2a90c945-9391-420d-a85d-aad8de6155bf","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":159,"box":{"x":102,"y":596,"width":804,"height":12}},{"id":"dcdfa4a7-8b5d-4602-887f-8d0a70149f8f","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":159,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"5ac69743-b445-4703-a314-ea7175661153","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":159,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"e49d9bdf-e7f0-439c-a31f-c340b53ebfc5","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":159,"box":{"x":68,"y":642,"width":795,"height":11}},{"id":"ff948f9a-f530-48ad-ad18-e6cb4587891d","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":159,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"5cc4e69e-b18a-4123-aa32-09f05d0172d6","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":159,"box":{"x":70,"y":672,"width":804,"height":11}},{"id":"7f531620-7d48-4f4a-8a84-ddd253ba3661","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":159,"box":{"x":69,"y":687,"width":772,"height":11}},{"id":"82fa01c4-e0df-4b8c-b176-2124c151210b","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":159,"box":{"x":70,"y":702,"width":790,"height":12}},{"id":"8572f341-967a-4101-9ac6-507e194cc658","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":159,"box":{"x":69,"y":717,"width":776,"height":9}},{"id":"fd4cdc18-4f6f-4f4f-8352-5a0326f66e85","block_type":"box","text":"redemption.","page_number":159,"box":{"x":69,"y":733,"width":83,"height":10}},{"id":"69221f5c-1cbb-4442-9c53-382e41e4f0e0","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":159,"box":{"x":102,"y":755,"width":734,"height":11}},{"id":"bcb1eb54-e8c5-43bf-9614-7dd9458a9cda","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":159,"box":{"x":70,"y":770,"width":769,"height":11}},{"id":"ab764a16-9349-4805-afdd-cf283628f0ef","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":159,"box":{"x":102,"y":793,"width":572,"height":11}},{"id":"a90d5c90-6dc2-477c-94c7-edbe7413e75a","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":159,"box":{"x":101,"y":816,"width":740,"height":11}},{"id":"954595f7-0596-4411-907e-105c328c3b71","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":159,"box":{"x":70,"y":831,"width":802,"height":11}},{"id":"d8331b3d-eafb-4bd9-ac2e-d7da8f45c076","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":159,"box":{"x":69,"y":846,"width":786,"height":11}},{"id":"5a3a29ff-56fa-4537-aca8-3ccc2421fb6d","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":159,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"f2f69bb5-d17a-46cf-9ffa-7a76cd4941bd","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":159,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"0c6a6bc7-d4fa-4bd1-b5b3-ccc30090460a","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":159,"box":{"x":69,"y":891,"width":747,"height":11}},{"id":"391e2b17-3d78-424a-8aaf-9081d2fd4374","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":159,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"c056ec6f-792a-40d1-aa5f-f5970cb5938d","block_type":"box","text":"II-106","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c7c26ad3-0790-4f5f-8092-b22321ae8129","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a31280ce-aa45-4304-8414-400185f0c931","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":160,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"52f4d253-f74c-4f5d-b0a2-2e58ca8f4b19","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":160,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"a1ba5f31-fbce-4292-8f2f-304e1280e5aa","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":160,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"6179088a-ff6f-4097-a932-1ee6268e7398","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":160,"box":{"x":70,"y":90,"width":834,"height":11}},{"id":"073129dc-4d81-4a6a-b892-fdb7f0e961d5","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":160,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"087c4a8e-5c07-4612-8624-4201024ab08a","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":160,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"e514de98-2351-4ac0-bd69-f6717b0a3e45","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":160,"box":{"x":70,"y":135,"width":784,"height":12}},{"id":"0a62fd62-598a-409d-986e-b449c1e57136","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":160,"box":{"x":69,"y":150,"width":824,"height":12}},{"id":"a2c0abeb-9c65-4ffb-b1ae-8bde9b7fd68d","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":160,"box":{"x":69,"y":166,"width":451,"height":11}},{"id":"8fa5acd9-3e97-46a5-a017-6a1ebdf9eb31","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":160,"box":{"x":102,"y":188,"width":781,"height":11}},{"id":"a9889c07-d9e9-4d23-81ca-bc661b5c1e3e","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":160,"box":{"x":70,"y":203,"width":813,"height":12}},{"id":"947d503e-8cc7-46b9-83a6-2e4e63f8ac58","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":160,"box":{"x":69,"y":218,"width":462,"height":12}},{"id":"524ff664-373d-4ea3-a47a-3adb2a72e6f0","block_type":"box","text":"Class R Shares","page_number":160,"box":{"x":69,"y":249,"width":110,"height":9}},{"id":"23dd624c-7216-46b5-a046-0df7c69cb67f","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":160,"box":{"x":102,"y":271,"width":775,"height":11}},{"id":"105b178c-7eb1-435b-9515-42f57f485216","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":160,"box":{"x":69,"y":287,"width":799,"height":11}},{"id":"361f6a68-35d0-4bd4-84c4-6af767083d45","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":160,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"92125971-ea65-4846-a40c-3f1ba0a0ed60","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":160,"box":{"x":69,"y":317,"width":772,"height":11}},{"id":"d6e3bfb0-45ce-49f2-a01f-cfc1e44580d1","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":160,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"59ec14af-e075-4223-942c-a886b76fe2e1","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":160,"box":{"x":68,"y":347,"width":636,"height":11}},{"id":"cadb8af6-2581-453f-98d7-4d5bde4eaa88","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":160,"box":{"x":102,"y":370,"width":791,"height":11}},{"id":"adabc23d-fed2-4bb9-9d3f-d75067a3e583","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":160,"box":{"x":69,"y":385,"width":440,"height":11}},{"id":"d4c41fda-72f1-4984-b659-becc4930baaf","block_type":"box","text":"Class K Shares","page_number":160,"box":{"x":69,"y":415,"width":109,"height":9}},{"id":"9c6b73b0-1b62-4870-8013-772403e3574c","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":160,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"d605b4a7-909d-4142-b00e-fa3fabfc4b8b","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":160,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"7eb26db8-cbf7-4f5f-8013-d11c6d2b57d4","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":160,"box":{"x":69,"y":468,"width":827,"height":11}},{"id":"92537849-60ec-4229-9236-52821ac8f73c","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":160,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"11f8a5f3-bac0-4063-aeb6-a8e8ff4d0015","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":160,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"fc10bcb8-bf6c-458b-9cec-16e4a090551a","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":160,"box":{"x":68,"y":514,"width":748,"height":10}},{"id":"be94046a-1fdf-467d-a97a-e29f0aa82b82","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":160,"box":{"x":68,"y":528,"width":828,"height":12}},{"id":"8708ec43-1015-455e-a8d5-12a62d47ffc1","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":160,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"c3bd4811-393e-48e4-bd7a-5ef518ce7ac4","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":160,"box":{"x":70,"y":559,"width":823,"height":11}},{"id":"dbfd377f-7797-4528-9e17-20d32d7c676d","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":160,"box":{"x":69,"y":574,"width":836,"height":11}},{"id":"062d519b-5433-4c85-aa71-9e4fd1282ec9","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":160,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"031ae2d3-5fe2-4ec7-beae-7663dcbfa6ff","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":160,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"ba58bd15-693e-42c3-934e-55d2380ddd73","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":160,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"7a4ea10c-90f2-4e9b-8f59-ef4e1c6fc324","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":160,"box":{"x":70,"y":634,"width":818,"height":12}},{"id":"9a046de0-6bc8-4fa6-8509-8e7d55f73e55","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":160,"box":{"x":69,"y":649,"width":833,"height":12}},{"id":"de48354c-2d1b-4a9b-b2f6-ac902766eb10","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":160,"box":{"x":69,"y":664,"width":807,"height":12}},{"id":"6ec315e8-f1e7-465b-a132-8bd661c228dd","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":160,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"b3432302-f5e8-41a5-9a6c-5b036bde5bb8","block_type":"box","text":"distribution and marketing agreement.","page_number":160,"box":{"x":69,"y":695,"width":270,"height":11}},{"id":"771b1ccf-2137-45f9-a057-cb1042546009","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":160,"box":{"x":102,"y":717,"width":734,"height":12}},{"id":"126ed52e-d99d-42e4-8801-0db8c7f6078b","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":160,"box":{"x":70,"y":732,"width":817,"height":12}},{"id":"977a5838-4b36-4063-9351-2afa6612fca9","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":160,"box":{"x":70,"y":748,"width":753,"height":11}},{"id":"d5bbaa25-9c13-4c31-9891-2e8d242177d6","block_type":"box","text":"Class G Shares","page_number":160,"box":{"x":69,"y":778,"width":110,"height":9}},{"id":"3f370c65-7c0e-4a33-be3d-2ded800794ad","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":160,"box":{"x":102,"y":801,"width":804,"height":11}},{"id":"82c65b01-30ad-4144-afbc-bd3db7755c2d","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":160,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"18d48dbf-b990-4db3-a132-96a7279ec31a","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":160,"box":{"x":68,"y":830,"width":836,"height":12}},{"id":"da8366de-6760-4ffd-a6ce-dc92f290c065","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":160,"box":{"x":69,"y":846,"width":803,"height":11}},{"id":"40c5b1bc-c3d7-4723-8f38-f49a18d6af7e","block_type":"box","text":"eligibility requirements.","page_number":160,"box":{"x":69,"y":861,"width":164,"height":11}},{"id":"10541949-7725-4d7c-b8b4-552d3e2d1220","block_type":"box","text":"II-107","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"19315bf7-bc7c-4248-85ea-84297d063231","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d29d1810-51e0-4540-a17d-451bc180e203","block_type":"box","text":"Service Shares","page_number":161,"box":{"x":68,"y":45,"width":109,"height":9}},{"id":"7e02fbf9-b9b4-4fae-a3a5-bb1442fadad4","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":161,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"a93d1ecd-81fa-4742-b9a9-755e8d035fdc","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":161,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"e2cf5160-f0db-474e-bbb6-4cdcba1e3e2d","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":161,"box":{"x":69,"y":98,"width":693,"height":11}},{"id":"f8c52242-d6fe-45e6-a949-c23b5a52b713","block_type":"box","text":"®","page_number":161,"box":{"x":763,"y":98,"width":6,"height":4}},{"id":"bb509423-a8ca-4e6a-9884-d4dc27149db9","block_type":"box","text":"Fund in 1996; and","page_number":161,"box":{"x":775,"y":98,"width":130,"height":10}},{"id":"11019671-d397-4e8e-a3e2-cbcfb27dfffa","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":161,"box":{"x":69,"y":113,"width":287,"height":11}},{"id":"7f2c5b07-d8d7-4110-bec3-b26abfdd86f2","block_type":"box","text":"SM","page_number":161,"box":{"x":357,"y":113,"width":11,"height":5}},{"id":"7b439363-01f5-4caf-8ffb-31a2a9da5f42","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":161,"box":{"x":374,"y":113,"width":534,"height":11}},{"id":"a68a442f-ce8d-49e9-b4a9-88c832117c4a","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":161,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"f5a1fda8-5ae2-4c54-a774-ffcc9106d3a0","block_type":"box","text":"BlackRock Shares","page_number":161,"box":{"x":69,"y":158,"width":133,"height":9}},{"id":"f2654e85-ebc8-46e6-bd65-c454a3c40cd9","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":161,"box":{"x":102,"y":181,"width":760,"height":11}},{"id":"43a1425d-3cbf-4ad2-be9d-59737592bff1","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":161,"box":{"x":69,"y":196,"width":813,"height":11}},{"id":"180b081b-e2f7-42a5-89cc-0c9f22a2ccf7","block_type":"box","text":"fee-based programs.","page_number":161,"box":{"x":68,"y":211,"width":145,"height":11}},{"id":"5c23e62c-7013-4181-ab16-d708f4831ed0","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":161,"box":{"x":69,"y":241,"width":348,"height":11}},{"id":"e2c8fd96-7398-4c31-b443-16527a06147a","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":161,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"d02efab2-6662-45f6-b435-99e352d1ce23","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":161,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"0e1b8a19-9a41-4425-a68f-93fffc529ef3","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":161,"box":{"x":69,"y":294,"width":541,"height":11}},{"id":"04784905-b2d5-4e22-a0d6-cbf12c32ee67","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":161,"box":{"x":102,"y":317,"width":803,"height":11}},{"id":"888bbc9f-90cf-47fb-8aca-3f2d217dc050","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":161,"box":{"x":70,"y":332,"width":783,"height":11}},{"id":"ff5fcea1-6e85-4de6-9c4e-31a358610471","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":161,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"dff6ef8a-0683-40e8-bede-1858a1b56564","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":161,"box":{"x":69,"y":362,"width":360,"height":11}},{"id":"ab35c2ef-98f0-4b69-a920-0610f385522f","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":161,"box":{"x":102,"y":385,"width":770,"height":11}},{"id":"c24432a6-b5d7-4983-a8d3-563474e30038","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":161,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"2880e7e5-a5b3-4687-9aa7-6a0acc022fd9","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":161,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"5409ef28-af13-44c4-8ae4-2e3a2d60ec66","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":161,"box":{"x":68,"y":430,"width":355,"height":11}},{"id":"06430c4c-5708-4df7-8cab-e13b35774e5e","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":161,"box":{"x":102,"y":453,"width":727,"height":11}},{"id":"1d2b48fd-98c7-4863-bbc2-78c2e1a7e524","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":161,"box":{"x":69,"y":468,"width":799,"height":11}},{"id":"b0ec5d23-e1bd-4afd-91a0-1cbb09d91ac8","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":161,"box":{"x":69,"y":483,"width":813,"height":11}},{"id":"006f9007-632a-4d15-8c52-06525c957b2c","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":161,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"29550f7c-1a5c-4631-a29d-87044ca8ab97","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":161,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"85c16291-9087-478f-8af4-40a4ef15a1fd","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":161,"box":{"x":69,"y":528,"width":789,"height":12}},{"id":"1b36bdc3-fb6e-46ea-a9ea-29dec9590cb3","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":161,"box":{"x":70,"y":543,"width":562,"height":12}},{"id":"7938833e-3c1e-4daf-aacc-934d57d6a7f7","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":161,"box":{"x":101,"y":566,"width":798,"height":11}},{"id":"8e7a2c50-4607-42fe-99e9-15b77e91d7e8","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":161,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"782c2132-09c1-4ab1-a8b5-0e5ca46488e8","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":161,"box":{"x":70,"y":596,"width":776,"height":12}},{"id":"9721d765-1b06-4fef-9b65-84d8c195e21f","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":161,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"a77ab48a-05d5-49e4-8f64-b944b9400665","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":161,"box":{"x":69,"y":627,"width":791,"height":11}},{"id":"e5bfdbaf-1b35-4ccd-be5e-9598923d12eb","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":161,"box":{"x":69,"y":642,"width":813,"height":11}},{"id":"bcc988e1-84dd-4012-ae6c-eb6310496c0b","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":161,"box":{"x":68,"y":657,"width":501,"height":11}},{"id":"4336afd1-a5dc-4b4f-9fc6-caafe3462d13","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":161,"box":{"x":102,"y":680,"width":783,"height":11}},{"id":"e27ec7b8-c138-4f1f-87c2-5d30fd43d258","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":161,"box":{"x":68,"y":695,"width":810,"height":11}},{"id":"8fe1e039-d91d-45f6-ac06-6eb3617c9306","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":161,"box":{"x":69,"y":710,"width":813,"height":11}},{"id":"d44e644f-6587-48b7-936a-b17498e2f410","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":161,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"089f3fa9-ebc6-44b2-860f-7906803950c3","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":161,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"104e8621-f8ef-4e7a-8e49-cfa0e7560400","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":161,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"eca9df1f-2c09-45f8-a64c-71b64776a722","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":161,"box":{"x":68,"y":770,"width":803,"height":12}},{"id":"10514a58-0a2e-454d-b4ab-882d69734d6d","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":161,"box":{"x":68,"y":785,"width":788,"height":12}},{"id":"0fb72bd8-6eb1-42be-b9cf-34b6e610c52a","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":161,"box":{"x":69,"y":801,"width":798,"height":11}},{"id":"6020b42a-60bb-422c-9e0c-43cfd683b1c6","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":161,"box":{"x":69,"y":816,"width":755,"height":11}},{"id":"b3525e44-fc4c-49a2-a3df-69beac90b26e","block_type":"box","text":"compensation for selling different classes of shares.","page_number":161,"box":{"x":69,"y":831,"width":375,"height":11}},{"id":"27a469db-e815-4265-bbb8-b11e0831ff35","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":161,"box":{"x":102,"y":853,"width":803,"height":12}},{"id":"9e7888ef-9e64-4671-9790-410528b7395b","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":161,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"d666e586-bd5b-40c8-9a2b-e49d0e4a3015","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":161,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"672a58d9-71f4-4997-b180-2f4c9aeb4dc4","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":161,"box":{"x":70,"y":899,"width":818,"height":9}},{"id":"87bebb93-8c0d-415b-91fd-8a872d5dbcaa","block_type":"box","text":"II-108","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9d266caf-c372-404a-aec2-5ed13100761b","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b4edd12-ab79-484e-acb4-96436f40c254","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":162,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"45a0c6b6-cbb3-4907-be5e-47d6de09829a","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":162,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"98887e12-3130-431f-b201-a15cfea7c84b","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":162,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"97ce1186-658e-40c1-836e-5e8afb45e0e5","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":162,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"3490da2f-fe9d-4290-93e1-40cfcd2f3a18","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":162,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"c16d2c33-7591-4cd4-b6ae-aadc5ada9777","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":162,"box":{"x":69,"y":120,"width":837,"height":12}},{"id":"811e12ab-f0eb-41b0-97ad-1cab2d4a01e8","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":162,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"e898d314-bdea-4a24-9ee5-c8da57e1e3c5","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":162,"box":{"x":69,"y":150,"width":787,"height":12}},{"id":"0dd6c90e-395f-4b44-9973-6a219f6c3ce2","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":162,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"aaba2b8e-e996-4682-90e9-b09900c796b3","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":162,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"6a5c5c49-8561-45b1-a5ae-5708d31f75fc","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":162,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"0e978354-162e-4c38-a95e-4457fed66809","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":162,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"e3394075-c8ac-4574-bbad-074f769442c8","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":162,"box":{"x":68,"y":226,"width":792,"height":11}},{"id":"46657e3e-35f1-4b51-a2c9-fbebefb047ba","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":162,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"ea7d4eeb-af75-4317-b31e-a9f2314c32f9","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":162,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"4c3116be-319e-4594-a123-2755cd579319","block_type":"box","text":"easily accessible place.","page_number":162,"box":{"x":69,"y":272,"width":167,"height":11}},{"id":"6b868bae-0d14-4e9e-a426-21e3c60d2b0c","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":162,"box":{"x":102,"y":294,"width":804,"height":11}},{"id":"a83c76f5-c1f4-49d7-af32-4d928c7d6573","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":162,"box":{"x":70,"y":309,"width":542,"height":11}},{"id":"059f3de5-c34a-44c6-a47f-828026af8941","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":162,"box":{"x":102,"y":332,"width":734,"height":11}},{"id":"26e68ba9-30ce-46ba-91a0-9388ece2f210","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":162,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"48a4d7a3-ca6b-4f0d-b1b8-9a825d46eebd","block_type":"box","text":"fiscal year.","page_number":162,"box":{"x":68,"y":362,"width":75,"height":11}},{"id":"82d72c7c-7950-4e62-a398-39c2630d6ff6","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":162,"box":{"x":69,"y":392,"width":396,"height":11}},{"id":"672f1a8b-aa4c-43e5-bd00-1fdc26b056af","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":162,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"793b325a-6850-4b79-99ad-f806c7ff4f0a","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":162,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"6ca743e5-f967-4eb8-880e-3a12d4f06480","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":162,"box":{"x":68,"y":445,"width":822,"height":11}},{"id":"a6fa19a2-52f2-4ef7-9fcd-bd8cee18159d","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":162,"box":{"x":69,"y":460,"width":778,"height":12}},{"id":"89d39033-85fe-40cb-a5db-f479767b01c0","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":162,"box":{"x":69,"y":475,"width":840,"height":12}},{"id":"7e0e4bf1-7335-43c7-9a84-3313b1390300","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":162,"box":{"x":69,"y":491,"width":803,"height":11}},{"id":"dd864642-bc43-443b-91d1-495a6b95f293","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":162,"box":{"x":69,"y":506,"width":794,"height":11}},{"id":"c7e81d40-eddb-4a87-877a-4d5033ed6df6","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":162,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"422bb051-2ada-4dae-ab52-a2175a1b1b5d","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":162,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"a21f3c67-54e9-4ea8-91de-c646908ea116","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":162,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"cfe63aea-745b-4b6e-a269-9d6ffdcbb579","block_type":"box","text":"and Class R Shares of your Fund.","page_number":162,"box":{"x":69,"y":566,"width":236,"height":11}},{"id":"e2373a3e-254b-4a89-ab8d-ca1554c57aae","block_type":"box","text":"Other Payments by the Fund","page_number":162,"box":{"x":69,"y":597,"width":206,"height":11}},{"id":"9c2cb2ea-471e-4239-8487-1befae3c4a17","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":162,"box":{"x":102,"y":619,"width":800,"height":11}},{"id":"a88f186b-b0dd-4905-a02f-b2e2c689c9ee","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":162,"box":{"x":68,"y":634,"width":816,"height":12}},{"id":"be68a054-e3e9-4f14-a2ee-77d27f7df743","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":162,"box":{"x":69,"y":649,"width":794,"height":12}},{"id":"83395f4e-717a-4c41-8884-ade2d31bfa3e","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":162,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"07256054-13ab-4028-b0dc-9daafe8ca628","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":162,"box":{"x":68,"y":680,"width":841,"height":11}},{"id":"ce7e2abb-b9c8-4adc-b94e-a3ac25fde782","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":162,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"b5018411-669c-4acf-ab52-5d873865572e","block_type":"box","text":"of these payments may be substantial.","page_number":162,"box":{"x":69,"y":710,"width":276,"height":11}},{"id":"523548f2-6e56-46be-bfcc-dbef6f200e3e","block_type":"box","text":"Additional Payments by BlackRock","page_number":162,"box":{"x":68,"y":740,"width":256,"height":11}},{"id":"8d2ae337-ec1e-4349-bfbc-3158703d6ff8","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":162,"box":{"x":102,"y":763,"width":803,"height":11}},{"id":"bff47185-231e-44b9-9fcc-c6aaa64c1739","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":162,"box":{"x":69,"y":778,"width":823,"height":11}},{"id":"88a5bfcb-dc24-4d2c-9950-5001c2c4248a","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":162,"box":{"x":70,"y":793,"width":768,"height":11}},{"id":"1b8b0866-c5a8-475a-9b82-b2f18e1007e9","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":162,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"7df5d04f-335d-4e07-9324-7495f67368da","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":162,"box":{"x":69,"y":823,"width":599,"height":11}},{"id":"b2092476-699c-476d-9575-5c4c7f26d5cd","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":162,"box":{"x":101,"y":846,"width":776,"height":11}},{"id":"99e5253f-3d6f-4a66-b08d-36f89180da53","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":162,"box":{"x":70,"y":861,"width":832,"height":11}},{"id":"f73c4ed7-9794-434e-ba6d-7ed0e79db4a9","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":162,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"0ff1e381-607f-4688-b06d-3f3a7e7a4ee9","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":162,"box":{"x":69,"y":891,"width":802,"height":11}},{"id":"deec87cd-6802-49f9-9be4-016b6044a8f3","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":162,"box":{"x":69,"y":906,"width":802,"height":12}},{"id":"a4f429e7-3e18-49b9-bbd5-e938c5ea1d3a","block_type":"box","text":"II-109","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"94db41f6-76aa-46f8-98b0-1c43e41d58e9","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69c10ac4-c262-4768-a6dd-066e8c333acd","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":163,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"7590772d-7632-4a8c-a6c5-7fe1a4f7d01a","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":163,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"02159229-bf1c-4a14-8565-8a4b5ddad9d9","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":163,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"21f08e64-c31a-48b3-83f7-1f38176c05ac","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":163,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"97d660bd-774f-485a-ad18-717668c164ff","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":163,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"e20eb5ad-69e0-4ecd-8a7c-bf7ce096676b","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":163,"box":{"x":70,"y":120,"width":294,"height":11}},{"id":"c96dd1a7-9fd2-4126-8204-32c2cdcde863","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":163,"box":{"x":101,"y":143,"width":803,"height":11}},{"id":"31cb4d02-29f4-465e-a691-b06b7252deaa","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":163,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"799610e4-7414-4dd2-8d26-21cc9a72f0f0","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":163,"box":{"x":69,"y":173,"width":623,"height":11}},{"id":"dc649c0f-bf90-40a3-a223-af5017f20ff1","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":163,"box":{"x":102,"y":196,"width":765,"height":11}},{"id":"7cde3c7b-be5b-4967-a835-f921714d69a4","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":163,"box":{"x":69,"y":211,"width":841,"height":11}},{"id":"0cbe0e06-baea-4010-a1ce-a9b595f9c415","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":163,"box":{"x":68,"y":226,"width":806,"height":11}},{"id":"fa81390e-ddb7-45f8-83a3-4a8909c97fdd","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":163,"box":{"x":69,"y":241,"width":776,"height":11}},{"id":"f3c43774-7e89-490f-8126-1334229212f8","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":163,"box":{"x":70,"y":256,"width":802,"height":11}},{"id":"bfc249a6-b485-4b2a-94ab-a86ce2fc5a64","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":163,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"44eff3dc-8ecc-446e-a68a-3161030229e3","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":163,"box":{"x":69,"y":287,"width":538,"height":11}},{"id":"23fef66a-e5cd-47fd-8bed-acf9d592484e","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":163,"box":{"x":101,"y":309,"width":795,"height":11}},{"id":"e4f35b57-428f-4aad-9d32-a9df5ffaabd5","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":163,"box":{"x":69,"y":324,"width":807,"height":12}},{"id":"81efa7f4-0c6d-45d5-a71a-3ba832b01f39","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":163,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"af9be2ba-1f10-4cbe-aeb2-fad3a78315e8","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":163,"box":{"x":68,"y":355,"width":819,"height":11}},{"id":"a2e3b38c-2f36-480b-87e1-292c43e4974b","block_type":"box","text":"Funds.","page_number":163,"box":{"x":70,"y":370,"width":44,"height":9}},{"id":"100ac6f2-dac3-4e18-8874-32f8aa0b240a","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":163,"box":{"x":101,"y":392,"width":270,"height":12}},{"id":"aede4ad5-6f72-40e8-9e58-88c0dd151e16","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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Service Organizations Receiving Additional Payments","page_number":163,"box":{"x":102,"y":861,"width":397,"height":11}},{"id":"51a8a1e3-63f7-4250-a0f2-72eb94573486","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, cer tain of the Service","page_number":163,"box":{"x":101,"y":884,"width":774,"height":11}},{"id":"b0db4730-6959-4f76-ae76-0a81a1897846","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. 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BlackRock","page_number":167,"box":{"x":70,"y":341,"width":833,"height":11}},{"id":"ec76c1ce-adb7-4cee-9020-b6e2378aef5e","block_type":"box","text":"configures these tools and calculators and localizes the content for Service Organizations as par t of its customary","page_number":167,"box":{"x":69,"y":356,"width":817,"height":11}},{"id":"521ff268-bd78-49bd-b40f-029eb9278356","block_type":"box","text":"digital marketing suppor t and promotion of the Funds or other BlackRock funds, iShares ETFs and other exchange","page_number":167,"box":{"x":69,"y":371,"width":815,"height":11}},{"id":"0e555d21-11f6-43e9-ad87-3ac63e3a23f1","block_type":"box","text":"traded products.","page_number":167,"box":{"x":68,"y":386,"width":116,"height":11}},{"id":"bc35465b-e74a-4a6f-915f-9293e0630daa","block_type":"box","text":"F. Conflicts","page_number":167,"box":{"x":102,"y":409,"width":78,"height":9}},{"id":"eaa47c3f-e648-49d7-bb2e-356706aa3b59","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":167,"box":{"x":101,"y":431,"width":710,"height":12}},{"id":"3852ffb8-3c02-4957-a6a5-6e1e055aa47d","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":167,"box":{"x":69,"y":446,"width":803,"height":12}},{"id":"ad207ac1-fc96-40fa-b95b-dc92cb917c95","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":167,"box":{"x":69,"y":462,"width":788,"height":11}},{"id":"0087c3bf-4301-48c9-9f19-e4860134571d","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":167,"box":{"x":68,"y":477,"width":819,"height":11}},{"id":"92402eed-b802-4189-8d0a-2314db339cc4","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":167,"box":{"x":68,"y":492,"width":473,"height":11}},{"id":"3e6d7241-1115-46c8-8dcf-50ca38d45562","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":167,"box":{"x":102,"y":515,"width":793,"height":11}},{"id":"b71eb480-8e2f-4819-8f5b-be9df8486844","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":167,"box":{"x":69,"y":530,"width":835,"height":11}},{"id":"f54a43e1-f46c-448d-9606-fb2c859b0bbe","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":167,"box":{"x":68,"y":545,"width":833,"height":11}},{"id":"390a77d5-b42f-4e19-b717-a19c12b59e61","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":167,"box":{"x":70,"y":560,"width":830,"height":11}},{"id":"38fd6a78-22d3-49de-97fd-e9da628442fa","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":167,"box":{"x":102,"y":583,"width":774,"height":11}},{"id":"60cc5e9d-6728-4ae1-8a16-05f25ce1f119","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":167,"box":{"x":69,"y":598,"width":794,"height":11}},{"id":"a0339b7b-e74d-45a2-bb9b-4db525bb4f85","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":167,"box":{"x":70,"y":613,"width":818,"height":11}},{"id":"1f37b3b3-0fa6-4450-9c7a-9adfada9c3cd","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":167,"box":{"x":69,"y":628,"width":836,"height":11}},{"id":"5bebb9b7-d2f6-4641-a4c3-86afcf8fcb68","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":167,"box":{"x":69,"y":643,"width":723,"height":11}},{"id":"7a9d245b-ca99-4940-8316-2f469a89f289","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":167,"box":{"x":102,"y":666,"width":759,"height":11}},{"id":"01741e56-7877-4ef2-aef5-567e48879506","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":167,"box":{"x":69,"y":681,"width":760,"height":11}},{"id":"3fc94d9a-504f-41ee-be2f-0f5784c03198","block_type":"box","text":"appropriate.","page_number":167,"box":{"x":69,"y":696,"width":84,"height":11}},{"id":"e2d0d86c-ef57-468e-a44e-41423301d2f5","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":167,"box":{"x":160,"y":696,"width":738,"height":11}},{"id":"8b36486b-0b8f-434a-9ee1-510b044c94d7","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":167,"box":{"x":69,"y":711,"width":795,"height":11}},{"id":"540d21e9-fbfe-48d3-8bc8-f9dc2e664eef","block_type":"box","text":"described above.","page_number":167,"box":{"x":69,"y":726,"width":122,"height":9}},{"id":"db579f79-917c-4916-831c-0ef9320f911f","block_type":"box","text":"REDEMPTION OF SHARES","page_number":167,"box":{"x":385,"y":756,"width":208,"height":9}},{"id":"bae34b8d-9229-4520-94f7-675116cd1b70","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":167,"box":{"x":102,"y":778,"width":798,"height":12}},{"id":"22b3d39f-9176-4008-adf8-f54b0269de31","block_type":"box","text":"the right to redeem some or all of its shares in kind (valued in the same way as they would be valued for purposes of","page_number":167,"box":{"x":68,"y":794,"width":836,"height":11}},{"id":"42921401-2b5e-4499-ac9b-9dae8ecd466d","block_type":"box","text":"computing a Fund’s NAV), by delivery of securities and other assets selected from the Fund’s por tfolio holdings at the","page_number":167,"box":{"x":69,"y":809,"width":840,"height":11}},{"id":"9ed4df3b-7ccd-42a6-9f74-0ae97d6fb3f5","block_type":"box","text":"Manager’s discretion. In kind payment means payment will be made in por tfolio securities and other assets rather","page_number":167,"box":{"x":70,"y":824,"width":814,"height":11}},{"id":"c6dc31da-b940-45cc-a99d-fc2904284543","block_type":"box","text":"than cash. Redemptions in kind may be used in applicable circumstances, generally if the relevant shareholder is","page_number":167,"box":{"x":68,"y":839,"width":809,"height":11}},{"id":"8a919bf2-cf22-4ca3-99cf-e9c22dcb6eff","block_type":"box","text":"able to accept securities in kind, and may also be used in stressed market conditions. If this occurs, the redeeming","page_number":167,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"faceb031-c140-4990-aed6-c75d8317c8de","block_type":"box","text":"shareholder might incur brokerage or other transaction costs to conver t the securities and other assets to cash. Each","page_number":167,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"fa447740-b730-4c36-a144-1ee5d7a4637a","block_type":"box","text":"Fund has elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is","page_number":167,"box":{"x":70,"y":884,"width":797,"height":12}},{"id":"c7803a27-5f96-45ca-8629-42f31c1d3d82","block_type":"box","text":"II-114","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f040cace-5ef5-422e-94b8-2e700c1e4b9d","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"918af39c-1849-45ac-8e46-ce8aa80578d3","block_type":"box","text":"obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period","page_number":168,"box":{"x":69,"y":44,"width":833,"height":12}},{"id":"c406cb8d-c524-4a4c-bcb6-5e2272b533e6","block_type":"box","text":"for any shareholder of the Fund.","page_number":168,"box":{"x":68,"y":60,"width":227,"height":11}},{"id":"b13f7b61-1171-49b4-89b3-cec17f1c09bb","block_type":"box","text":"The redemption price is the NAV per share next determined after the initial receipt of proper notice of","page_number":168,"box":{"x":101,"y":82,"width":722,"height":11}},{"id":"27bca8ed-8f57-4973-a3bf-f201c240e528","block_type":"box","text":"redemption. The value of shares of each Fund at the time of redemption may be more or less than your cost at the","page_number":168,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"9c4ae95d-5b96-47b2-af97-a3e71a1acc97","block_type":"box","text":"time of purchase, depending in par t on the market value of the securities held by the Fund at such time. Except for","page_number":168,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"d4d696ae-94b8-48de-bf73-694c2f5f22e7","block_type":"box","text":"any CDSC that may be applicable, there will be no redemption charge if your redemption request is sent directly to","page_number":168,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"68c4c40f-a1a6-4629-ae15-74f70f8c5224","block_type":"box","text":"the Transfer Agent. If you are liquidating your holdings you will receive all dividends reinvested through the date of","page_number":168,"box":{"x":68,"y":143,"width":812,"height":11}},{"id":"444b9fa9-f9df-4155-8b7d-31d4f296c959","block_type":"box","text":"redemption.","page_number":168,"box":{"x":69,"y":158,"width":83,"height":11}},{"id":"ab0d8ee9-5bf5-4878-890a-19d9567c5d49","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":168,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"eef81139-1021-4597-9aa9-500eb8c13ed1","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":168,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"cb662d69-a2e1-49cd-81cc-c14fd6116949","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":168,"box":{"x":68,"y":211,"width":811,"height":11}},{"id":"98aff9ec-4b57-4fba-91f5-fec3784e0d5d","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":168,"box":{"x":69,"y":226,"width":741,"height":11}},{"id":"0c151a9a-35f3-4d33-b38e-b8ecdc1396a9","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":168,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"b210722e-8b24-4144-a8a3-afbc8b332cd1","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":168,"box":{"x":69,"y":256,"width":787,"height":11}},{"id":"3ce3fe30-3853-4097-becf-d40f32ded849","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":168,"box":{"x":69,"y":271,"width":685,"height":12}},{"id":"32c44e5e-42e7-4de2-8ec3-db6fe7ab7634","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":168,"box":{"x":102,"y":294,"width":798,"height":11}},{"id":"f536facd-916b-424d-a6a1-fd9003e7e856","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":168,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"29c4b0fb-b9e2-4e36-af87-716d25a45241","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":168,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"6bb1be76-8e97-4a64-9fb5-09df93d86ef6","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":168,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"9d3f20b9-9cd8-466d-bb51-a1526eb20993","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":168,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"dc1e37c6-04a8-4987-a9e1-c6f031aeca6f","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":168,"box":{"x":68,"y":377,"width":824,"height":12}},{"id":"d949eb1a-3904-49d2-9dae-877f8f4f4aad","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":168,"box":{"x":70,"y":392,"width":825,"height":12}},{"id":"90b5de8c-e398-4980-b91e-98a441802650","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":168,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"09ba3e2d-1d29-4cd1-9667-e7d88d688fdc","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":168,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"45d0ef50-40f9-4b57-82c3-7a3b706f86de","block_type":"box","text":"Redemption","page_number":168,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"a79e5402-e340-49e7-91c8-1d0bb19fc2a7","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":168,"box":{"x":70,"y":476,"width":481,"height":10}},{"id":"ab526997-d772-4aa6-91fd-b41a9c5f62f6","block_type":"box","text":"Redeem by Telephone:","page_number":168,"box":{"x":102,"y":498,"width":162,"height":11}},{"id":"cac06d11-1b49-4ba7-8ab8-d6cbc44ddec2","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":168,"box":{"x":270,"y":498,"width":571,"height":11}},{"id":"b51a2b78-dd21-4de8-a5ea-1665fed8838d","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":168,"box":{"x":68,"y":513,"width":829,"height":12}},{"id":"ca7fac20-fe8e-40c2-828f-55ca2fa94385","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":168,"box":{"x":69,"y":528,"width":798,"height":12}},{"id":"f58e355a-3ece-4fad-907a-000ded25ed91","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":168,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"07d0cb1b-1c03-44c7-893a-e0de1ccdf7e2","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":168,"box":{"x":68,"y":559,"width":831,"height":11}},{"id":"7c01de7a-651c-4ae1-938a-c89fd7e2e2fc","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":168,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"fd2988ba-1e36-463f-9f80-8a22a3e2c6ba","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":168,"box":{"x":70,"y":589,"width":791,"height":11}},{"id":"8c025d1f-b10f-4766-9d1f-bbf7b5fac2e0","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":168,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"4f71120d-7404-4988-b5d3-03b52a357764","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":168,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"35a9fdac-27c6-438e-89b1-4840038287c3","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":168,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"e9b6e6ba-f448-42c8-888f-7f3893a189a6","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":168,"box":{"x":69,"y":650,"width":834,"height":11}},{"id":"cd0e920d-c872-407e-ab05-2234f757f8bd","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":168,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"15afcecf-1e90-4ac3-9f8f-18eb1128f76c","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":168,"box":{"x":68,"y":680,"width":840,"height":11}},{"id":"0aea4ac2-7b99-4bb7-86e1-c8469337836f","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":168,"box":{"x":68,"y":695,"width":835,"height":11}},{"id":"a423a068-037d-4c60-9982-281fde8faa31","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":168,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"935cdb9a-a3f3-46e3-9a91-969c41cd501f","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":168,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"8c88f8e7-6fd9-4cc3-b3e0-4ea51d981af5","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":168,"box":{"x":70,"y":740,"width":603,"height":11}},{"id":"9798dce4-e7a5-4bce-8adb-f6cd4f5c99cc","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":168,"box":{"x":102,"y":763,"width":774,"height":11}},{"id":"af873d83-c51d-44ac-91b2-ca8f57144766","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":168,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"5ca7ccfb-6436-4533-b6ec-4a49c92cb71f","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":168,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"c018ddb2-ed90-46ca-83c2-c7cdefb89293","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":168,"box":{"x":68,"y":808,"width":823,"height":11}},{"id":"2d1f99e5-4d89-47bb-bb04-0cbdf8fbc913","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":168,"box":{"x":69,"y":823,"width":823,"height":11}},{"id":"396dfdef-26a4-45ee-9c5d-f76bc6a944fb","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":168,"box":{"x":69,"y":838,"width":809,"height":11}},{"id":"9c13b5d8-73e9-4f6f-b68a-5988727c7c07","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":168,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"6ce0a940-1e7a-4930-ba05-18564472cab2","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":168,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"cdce826e-03ea-41df-a7f8-09eb61728f2b","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":168,"box":{"x":69,"y":884,"width":785,"height":11}},{"id":"1c1a3b0a-6233-43e2-9b77-f0827228e630","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":168,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"af69f8a9-0ca6-45c8-8ea9-a4e61b11973d","block_type":"box","text":"II-115","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"116b3704-7cd5-443b-b447-26662ac28fce","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d52bae4-81e2-4739-a2b0-0b2ac17511e4","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":169,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"248ae73e-e955-4159-81ce-3e32809acca2","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":169,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"0671dc89-a653-4a03-bcb4-837ec3005772","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":169,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"a7a89f32-ae55-46c1-81be-8d397bb9c18b","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":169,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"62b7226d-962f-4fe0-88db-c5daafc83911","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":169,"box":{"x":102,"y":113,"width":776,"height":11}},{"id":"151088fd-0b90-44cc-82ef-fa0abba07404","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":169,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"66092150-d4f0-4c56-a99b-615c0d53dfd5","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":169,"box":{"x":69,"y":143,"width":820,"height":11}},{"id":"2cacb001-b692-4849-a487-5aa23f9ac20c","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":169,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"d64b1f08-bcea-4d24-81c5-e98e5c77c801","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":169,"box":{"x":68,"y":173,"width":817,"height":11}},{"id":"ed842c0e-c90c-416a-a953-dbe1f39aeebf","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":169,"box":{"x":70,"y":188,"width":648,"height":11}},{"id":"35ff3c37-7cfc-4bec-81d7-157e93137241","block_type":"box","text":"Redeem by VRU:","page_number":169,"box":{"x":102,"y":211,"width":120,"height":11}},{"id":"1c4add05-8a46-4dac-9818-601235d92084","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":169,"box":{"x":229,"y":211,"width":667,"height":11}},{"id":"887f920d-437e-46ae-9371-2bf419412307","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":169,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"16f4f39c-ec26-49c0-98e1-a92ed5506a8f","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":169,"box":{"x":68,"y":241,"width":644,"height":11}},{"id":"b0795370-0788-42fe-be95-adc1dd03971f","block_type":"box","text":"Redeem by Internet:","page_number":169,"box":{"x":102,"y":264,"width":147,"height":11}},{"id":"c72f36eb-e43e-4adf-9f29-ddf72eed31d4","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":169,"box":{"x":255,"y":264,"width":637,"height":11}},{"id":"e2ab84e1-d2bf-4e9e-87a3-c7fa8e5201a9","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":169,"box":{"x":70,"y":279,"width":836,"height":11}},{"id":"0a34d5bd-d9c1-4b27-acba-33cf4f58eaf0","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":169,"box":{"x":68,"y":294,"width":823,"height":11}},{"id":"6d80268e-41be-449c-8be1-c01f03bc6ac2","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":169,"box":{"x":68,"y":309,"width":789,"height":11}},{"id":"5248264e-edb8-4360-97cf-82b3c3361300","block_type":"box","text":"institutional investors.","page_number":169,"box":{"x":70,"y":325,"width":155,"height":8}},{"id":"f90e3dd6-3a18-4395-bf76-e6285bb3958e","block_type":"box","text":"Redeem in Writing:","page_number":169,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"dfee0f0a-8c9f-488c-bec6-abde0e80aafb","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":169,"box":{"x":247,"y":347,"width":639,"height":11}},{"id":"ab7fe9f3-04a6-4059-b3b6-92eebe7ef5f3","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":169,"box":{"x":68,"y":362,"width":831,"height":11}},{"id":"26cd13d0-bc3e-4b7f-bef2-2a4eab45a8df","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":169,"box":{"x":68,"y":377,"width":745,"height":12}},{"id":"69530152-673b-4377-bd09-292d049716ac","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":169,"box":{"x":69,"y":392,"width":764,"height":12}},{"id":"831a2fa0-3608-454f-8d4c-f30b041ccd60","block_type":"box","text":"cer tificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":169,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"5e4bcd65-1ec0-4f3c-bd4c-8aa4f14b8eba","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":169,"box":{"x":68,"y":423,"width":794,"height":11}},{"id":"6358f859-531a-4265-a077-e1bf7d35ec49","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":169,"box":{"x":68,"y":438,"width":782,"height":11}},{"id":"f0eecc22-ad2e-4e01-8456-eb5b0ae71e4c","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":169,"box":{"x":69,"y":453,"width":817,"height":11}},{"id":"2cbac969-8ca2-435b-b8f4-64a3c4389bb3","block_type":"box","text":"hold stock cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":169,"box":{"x":69,"y":468,"width":836,"height":11}},{"id":"c609545a-a8b1-4a01-8b19-340608f6e8e7","block_type":"box","text":"or wire to the bank account of record.","page_number":169,"box":{"x":69,"y":483,"width":266,"height":9}},{"id":"6bf90e26-7368-431a-83a9-625096e682aa","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":169,"box":{"x":102,"y":506,"width":802,"height":11}},{"id":"b49b254c-eeed-4485-a53c-dc4aa6e731db","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":169,"box":{"x":69,"y":521,"width":489,"height":11}},{"id":"f88302ab-b18d-48ad-a193-1a5c7c21b531","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":169,"box":{"x":101,"y":543,"width":668,"height":12}},{"id":"6cea9456-38e1-44f7-90a2-d1e5198b99b5","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":169,"box":{"x":102,"y":566,"width":800,"height":11}},{"id":"88663055-2093-45f9-b6eb-3472d928b890","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":169,"box":{"x":69,"y":581,"width":838,"height":12}},{"id":"248ec48e-1705-400a-968c-42f352012802","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":169,"box":{"x":69,"y":596,"width":811,"height":11}},{"id":"4377c930-4b61-41f0-b62c-3073cfee7772","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":169,"box":{"x":69,"y":612,"width":789,"height":11}},{"id":"13477a1f-03e5-4656-9011-c4800e24fdcf","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":169,"box":{"x":69,"y":627,"width":775,"height":11}},{"id":"15260590-174a-434a-aa9b-4981ca347067","block_type":"box","text":"redeemed by the Fund.","page_number":169,"box":{"x":69,"y":642,"width":162,"height":11}},{"id":"c716fd43-3111-407a-be73-4b587990d55f","block_type":"box","text":"Note on Low Balance Accounts.","page_number":169,"box":{"x":102,"y":665,"width":223,"height":8}},{"id":"df2c7775-10c3-477e-a4f3-858eefe94a24","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":169,"box":{"x":332,"y":664,"width":503,"height":12}},{"id":"4c4e7da9-70bb-46ef-ae51-498695e08f71","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":169,"box":{"x":70,"y":679,"width":752,"height":12}},{"id":"b9734af0-379c-45c4-a489-e92ce9b8dff7","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":169,"box":{"x":70,"y":694,"width":829,"height":12}},{"id":"bed65783-ee30-460e-b73a-4c8b86a6ed3b","block_type":"box","text":"for any reason, including market fluctuation.","page_number":169,"box":{"x":68,"y":710,"width":313,"height":11}},{"id":"49c02472-72f7-4ad5-94cd-a90ce1bb4a59","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":169,"box":{"x":101,"y":732,"width":775,"height":12}},{"id":"21c270d0-734a-4195-9ba8-8b2042e0dd08","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":169,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"f8e8ccdd-c5d1-43bf-9d55-35065f32524a","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":169,"box":{"x":70,"y":762,"width":776,"height":12}},{"id":"153f1cf1-20c9-4f4e-bfb8-622ef0eb733d","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":169,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"72c18ab5-0ff0-4564-a0e6-e3ddae1d0afb","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":169,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"d9f7658f-0be8-43bd-bf97-7bb66751257c","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":169,"box":{"x":69,"y":808,"width":435,"height":11}},{"id":"45608945-0954-4544-ae72-7c76e2a84c8c","block_type":"box","text":"Redemptions in Kind:","page_number":169,"box":{"x":102,"y":831,"width":153,"height":11}},{"id":"c39e3258-ca06-4950-88ae-3e468d69c80c","block_type":"box","text":"Each Fund reserves the right to honor any request for redemption by making payment in","page_number":169,"box":{"x":263,"y":831,"width":624,"height":11}},{"id":"481a86f1-58e5-4935-bf3f-b511bf9501cc","block_type":"box","text":"whole or in par t by delivering securities valued in the same way as they would be valued for purposes of computing a","page_number":169,"box":{"x":68,"y":846,"width":833,"height":11}},{"id":"44b27cbe-cb39-46a9-895b-0b18b234ab66","block_type":"box","text":"Fund’s NAV, except that each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1%","page_number":169,"box":{"x":70,"y":860,"width":825,"height":12}},{"id":"525409d8-b55c-45f8-9490-50c1ca23bbba","block_type":"box","text":"of the Fund’s NAV during any 90-day period for any one shareholder. Redemptions in excess of those amounts will","page_number":169,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"8bae1fbb-4ad9-4c59-8377-9c47bb9fda1a","block_type":"box","text":"normally be paid in cash but may be paid wholly or par tly by a distribution in kind of securities.","page_number":169,"box":{"x":69,"y":891,"width":672,"height":11}},{"id":"1f691d8f-a760-44d4-8111-5070f679d214","block_type":"box","text":"II-116","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"75e590ad-0b13-4fc8-883d-e4901b119738","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9399044-ed89-4b73-ab75-e66e379e777f","block_type":"box","text":"The specific security or securities to be distributed will be determined by the Manager and could include a pro","page_number":170,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"52d1d45b-bbe9-4abf-bba8-a1ae491c6b13","block_type":"box","text":"rata representation of the Fund’s por tfolio or a non-pro-rata representation of the Fund’s por tfolio depending upon","page_number":170,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"89c8ef47-ce36-4000-ab93-443a21c8cb74","block_type":"box","text":"various circumstances and subject to the Funds’ policies and procedures and any applicable laws or regulations. In","page_number":170,"box":{"x":68,"y":75,"width":822,"height":11}},{"id":"3a58df24-b2dd-4d79-ae9f-b7cbc7b4bb5a","block_type":"box","text":"effecting such redemption in kind, the Manager may select securities to distribute to the redeeming shareholder by","page_number":170,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"524669e4-0a55-4628-818d-73b12ee3c2de","block_type":"box","text":"considering cer tain factors, including, without limitation, the por tfolio management team’s model or optimal por tfolio,","page_number":170,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"6bfab950-b33e-4255-984b-d9380e87cfad","block_type":"box","text":"risk management considerations, compliance considerations, the active positioning of a Fund post-redemption, the","page_number":170,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"88e2465a-5540-4062-933b-399c21952a72","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities. There is no assurance that BlackRock will select to","page_number":170,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"e16e1825-7fc4-42b2-9d69-3acf43a7e356","block_type":"box","text":"retain those securities that will per form the best. An Index Fund may deviate from pro rata redemptions but will seek","page_number":170,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"475c86de-bf90-4d28-8c21-426901ec45fe","block_type":"box","text":"for the securities and other assets to be distributed to be deemed to be a fair representation of por tfolio holdings","page_number":170,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"2335690b-0d39-4265-b362-eb0ad0c6b8aa","block_type":"box","text":"and the interests of the remaining shareholders in the Index Fund to not be diluted.","page_number":170,"box":{"x":69,"y":181,"width":594,"height":11}},{"id":"5a17a03c-3447-4198-8278-fbc429688930","block_type":"box","text":"The Funds may effect redemptions in kind in an effor t to, among other considerations: (a) manage the por tfolio","page_number":170,"box":{"x":101,"y":203,"width":795,"height":12}},{"id":"246c5d76-b3ea-4363-9e73-4ff9bb772850","block_type":"box","text":"efficiently or for any other por tfolio management purpose, and (b) externalize cer tain transaction costs that would","page_number":170,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"70aa71a3-5abc-4b53-bb67-0a51fede7b88","block_type":"box","text":"otherwise be borne by a Fund in connection with redemption activity or por tfolio turnover. Redemptions in kind may","page_number":170,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"24256ce3-a637-474e-bbad-1463dd23147b","block_type":"box","text":"reduce the need for the Fund to maintain shor t-term cash reserves, reduce Fund transaction costs, reduce the need","page_number":170,"box":{"x":69,"y":249,"width":828,"height":10}},{"id":"fbc6796d-73a3-42b9-97e4-ea674738c809","block_type":"box","text":"for the Fund to sell its investments at inoppor tune times, and lower Fund capital gain recognition, all of which may be","page_number":170,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"1a29bbcc-65b2-4663-a8f5-7e30f7e94fab","block_type":"box","text":"considerations when determining whether to effect a redemption in kind. However, there can be no assurance that","page_number":170,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"7f491446-a52a-4487-9cb5-96ae1c214566","block_type":"box","text":"redemptions in kind can or will be effected when they would be beneficial to a Fund, and it may be impractical or","page_number":170,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"d502623e-eaca-4637-ab8d-e01eb0a775d6","block_type":"box","text":"impossible to effect redemptions in kind with many or substantially all of the Fund’s shareholders because of, among","page_number":170,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"b12abfe5-81f0-44a3-a52a-c306e5255c71","block_type":"box","text":"other things, how they hold their Fund shares or the small value of the redemptions.","page_number":170,"box":{"x":69,"y":324,"width":598,"height":12}},{"id":"1a1d04fb-bb60-4442-abf2-e0587458ab51","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for optimization of the Fund’s por tfolio, or a","page_number":170,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"1c49f3ce-89e5-4f16-a9c8-f66bbf774c78","block_type":"box","text":"combination thereof, a Fund, in its discretion, may accept large purchase orders from one or more financial","page_number":170,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"5d377d5d-8f21-494b-8a9e-0ababb4afec7","block_type":"box","text":"institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption proceeds in","page_number":170,"box":{"x":70,"y":377,"width":830,"height":12}},{"id":"9eab1c5b-d13e-4238-ab65-7c51e2806a44","block_type":"box","text":"kind rather than in cash. A Fund’s ability to pay these redemption proceeds in kind relieves the Fund of the need of","page_number":170,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"03092c23-e4c8-4819-9239-97719a60c128","block_type":"box","text":"the Fund to sell the securities that are distributed in kind and incur brokerage and other transaction costs associated","page_number":170,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"86201e5d-e572-447a-841f-a2a94f110c28","block_type":"box","text":"with such sale, and may have the effect of reducing the amount of taxable gains the Fund would otherwise be","page_number":170,"box":{"x":68,"y":423,"width":784,"height":11}},{"id":"a229ce1e-983f-4c95-9521-6bc6cc8c7b31","block_type":"box","text":"required to distribute to shareholders. A Fund’s ability to engage in such transactions is subject to, among other","page_number":170,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"fd09937c-6fa4-4d47-900b-60f9e72cfd8d","block_type":"box","text":"things, limitations on frequency of redemptions in kind under the Fund’s policies and availability of shareholders able","page_number":170,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"9270c443-5281-4a08-8825-5dcecb2b57a8","block_type":"box","text":"to transact in kind, and there is no assurance that the Fund can or will effect any redemptions in kind. Financial","page_number":170,"box":{"x":68,"y":468,"width":796,"height":11}},{"id":"fab76d25-d5d7-4612-96d2-4e39744cd887","block_type":"box","text":"institutions that par ticipate in the transactions described in this sub-section do not receive a fee from the Fund for","page_number":170,"box":{"x":70,"y":483,"width":816,"height":11}},{"id":"db933b57-2703-4ffb-9d2b-69997129b796","block_type":"box","text":"doing so. The Funds’ shor t-term trading policy shall not apply to the transactions described in this sub-section.","page_number":170,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"6a92966e-4b8d-45d1-b6a9-0179f7dcb8d8","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to conver t them to cash, you may pay taxes","page_number":170,"box":{"x":102,"y":521,"width":779,"height":11}},{"id":"a196552d-1a07-421c-8f35-ae2090e95b13","block_type":"box","text":"and brokerage and other transaction costs to dispose of the securities. You may also receive less for the securities","page_number":170,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"bf511b37-deda-46f3-914f-9e67e5f6066d","block_type":"box","text":"than the price at which they were valued for purposes of effecting the redemption. There may also be a risk that","page_number":170,"box":{"x":68,"y":551,"width":800,"height":11}},{"id":"82beb89c-7d13-438a-8ec0-12b47157003d","block_type":"box","text":"redemption in kind activity could negatively impact the market value of the securities distributed in kind and, in turn,","page_number":170,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"8379a765-923d-430e-bb46-e253a4bcbeed","block_type":"box","text":"the NAV of the corresponding Fund.","page_number":170,"box":{"x":68,"y":581,"width":251,"height":12}},{"id":"05fb1588-c18e-49c5-a283-995caadac66b","block_type":"box","text":"Repurchase","page_number":170,"box":{"x":69,"y":612,"width":85,"height":11}},{"id":"e6c91228-7227-4769-ab16-1d7963b59fe9","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":170,"box":{"x":101,"y":634,"width":800,"height":12}},{"id":"8e83b212-9387-47d7-b0a0-3da485d6ef81","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":170,"box":{"x":70,"y":649,"width":833,"height":12}},{"id":"920e49df-f793-4340-8e3b-a3a84dae5726","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":170,"box":{"x":69,"y":665,"width":822,"height":11}},{"id":"8fcbb6ad-78e1-42f4-abbc-1fd7f55389ae","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":170,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"c522eabd-932b-4596-b693-d65258e139bd","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":170,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"c5636de0-4080-44bf-9c50-94f387b66030","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":170,"box":{"x":70,"y":710,"width":796,"height":11}},{"id":"3645a1e0-1ab8-4483-9eea-418aa6e5a0ea","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":170,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"3b28cc68-9801-4538-8a51-5de35da6d156","block_type":"box","text":"next business day.","page_number":170,"box":{"x":69,"y":740,"width":130,"height":11}},{"id":"fb6a4e28-20a7-408f-bd41-d4130ac12811","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":170,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"6b713a6d-75bb-4210-bd3d-4cca30b73d55","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":170,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"6f0e9588-b850-4554-b1d3-120dd5985f1d","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":170,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"5fbd8ad2-e154-4c8e-b276-55cf19ba47c5","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":170,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"757f65da-1a71-4e55-9dfe-c15d49183fdc","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":170,"box":{"x":69,"y":823,"width":788,"height":11}},{"id":"30d89af5-427d-410a-bbcc-f9d2e85d2b1f","block_type":"box","text":"redeem shares as set out above.","page_number":170,"box":{"x":69,"y":839,"width":235,"height":8}},{"id":"5b5c0a22-1136-44c2-80df-219841f85c5d","block_type":"box","text":"II-117","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6e6e40af-3b5d-497e-92ba-278b4a5f89bb","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e7d144c-e0f4-4f67-afac-2a8b722fa34c","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":171,"box":{"x":69,"y":45,"width":440,"height":11}},{"id":"a48898c3-00c6-4fad-a5d0-9cb0ce19810c","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":171,"box":{"x":102,"y":67,"width":791,"height":11}},{"id":"abee4716-2bfb-40d2-8944-98f446be1af5","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":171,"box":{"x":69,"y":82,"width":815,"height":12}},{"id":"2fe49c03-6bf3-4cef-9dae-f1449e20e380","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":171,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"dfa13282-5ebb-4a40-9403-523d7d30f50e","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":171,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"93250973-ab14-4adc-aded-cd0ddae109f5","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":171,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"5de65e37-136d-4d49-a286-62348d99d8db","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":171,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"1c542715-7afb-4a2e-9f76-44a4f6782851","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":171,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"af9dea18-18a4-454b-8902-82c81adf21b6","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":171,"box":{"x":69,"y":173,"width":764,"height":11}},{"id":"757a9c50-f2e0-4426-9d27-9146a333499f","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":171,"box":{"x":69,"y":188,"width":400,"height":12}},{"id":"34d8c926-0958-465d-a0cc-b1651046f02c","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":171,"box":{"x":384,"y":218,"width":210,"height":9}},{"id":"3a277c7a-fcc2-4fd9-91a3-67740a159607","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":171,"box":{"x":102,"y":241,"width":747,"height":11}},{"id":"b74d46a8-cb06-44bf-9629-85245051cdcc","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":171,"box":{"x":70,"y":256,"width":781,"height":11}},{"id":"5dddea1d-b8cf-4764-8f8d-d3bc91db7893","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":171,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"4861cfcc-7cda-410b-9384-e64fd66df653","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":171,"box":{"x":69,"y":286,"width":641,"height":11}},{"id":"58b21c15-d936-4be6-a795-2eeb1ef4d0f6","block_type":"box","text":"Investment Account","page_number":171,"box":{"x":69,"y":316,"width":146,"height":9}},{"id":"fcc7d6f9-b72c-4096-862b-c46d76201047","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":171,"box":{"x":102,"y":339,"width":774,"height":11}},{"id":"0ba9bb51-bf6b-485c-b137-b8b033e3c8cf","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":171,"box":{"x":70,"y":354,"width":796,"height":11}},{"id":"85d231cd-d35b-4202-953a-c5e8894127bb","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":171,"box":{"x":70,"y":369,"width":807,"height":11}},{"id":"74525002-02da-4256-8269-16cd7bdb0034","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":171,"box":{"x":68,"y":384,"width":830,"height":11}},{"id":"9cc3c3e2-6baf-4f63-8950-9b26a01315c0","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":171,"box":{"x":69,"y":399,"width":829,"height":11}},{"id":"f91c2a84-56f9-45db-8e3e-2be21c03815b","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":171,"box":{"x":68,"y":414,"width":815,"height":12}},{"id":"582b8741-1d7e-42cc-9c6c-adaad551d68b","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":171,"box":{"x":70,"y":429,"width":781,"height":12}},{"id":"91157187-59a8-4835-93b7-eda76787a30a","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":171,"box":{"x":69,"y":445,"width":825,"height":11}},{"id":"fd13291e-5d27-4611-ac7c-2a383413dd63","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":171,"box":{"x":69,"y":460,"width":785,"height":11}},{"id":"155ccf95-80ee-429a-8cde-21139f493f09","block_type":"box","text":"automatically at the Transfer Agent.","page_number":171,"box":{"x":69,"y":475,"width":251,"height":11}},{"id":"d54ef068-147e-471c-a1bb-bb1807c15baa","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":171,"box":{"x":101,"y":498,"width":750,"height":11}},{"id":"faab81fa-deb2-432b-ac46-03fc3a24c4c0","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":171,"box":{"x":69,"y":513,"width":797,"height":11}},{"id":"d490ccb0-39d0-4b2c-b203-92e162fc7f63","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":171,"box":{"x":69,"y":528,"width":797,"height":11}},{"id":"a2460f58-5e8b-43af-999f-aa873e46f57b","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":171,"box":{"x":69,"y":543,"width":826,"height":11}},{"id":"e72462a6-6c47-40bd-84c1-e204b3f8c852","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":171,"box":{"x":68,"y":558,"width":792,"height":11}},{"id":"7dadc77c-1f53-44cd-bb4e-b7fb08d49c2e","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":171,"box":{"x":69,"y":573,"width":824,"height":11}},{"id":"f30b3071-6879-4972-abf5-33a45988aeec","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":171,"box":{"x":69,"y":588,"width":820,"height":11}},{"id":"3af9266d-a11e-4fcb-9c19-37cd74187c45","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":171,"box":{"x":68,"y":603,"width":833,"height":12}},{"id":"1cea9a7f-55e3-447e-a9dd-98b6adbc3cfe","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":171,"box":{"x":68,"y":618,"width":795,"height":12}},{"id":"b212b171-6d77-4b40-af60-8729a0052af0","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":171,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"c4208ace-af51-4c4e-807d-565815b4e280","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":171,"box":{"x":69,"y":649,"width":814,"height":11}},{"id":"18f32d1f-1ece-4a98-84c0-fcbd5e157dd6","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":171,"box":{"x":68,"y":664,"width":822,"height":11}},{"id":"f621e0c6-b688-4add-9174-5beec8a7357d","block_type":"box","text":"issued.","page_number":171,"box":{"x":70,"y":679,"width":49,"height":9}},{"id":"d6b5aa6b-f5f5-4d96-96b1-1f12cff741a0","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":171,"box":{"x":102,"y":702,"width":785,"height":11}},{"id":"17bb3af4-064c-46ff-bc67-25be3d5a9a54","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":171,"box":{"x":68,"y":717,"width":830,"height":11}},{"id":"dd7438bf-4d66-4655-b989-d7990bb74d6d","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":171,"box":{"x":68,"y":732,"width":790,"height":11}},{"id":"d30c952f-37a8-47c6-9c77-d8fac8d5765f","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":171,"box":{"x":69,"y":747,"width":831,"height":11}},{"id":"b7349563-e5a4-4103-ab1e-e435bf0cfe61","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":171,"box":{"x":68,"y":762,"width":652,"height":11}},{"id":"ecc76015-8cb0-48e8-b7bb-91f2a03e7dff","block_type":"box","text":"Exchange Privilege","page_number":171,"box":{"x":69,"y":792,"width":138,"height":11}},{"id":"e8e812ed-bc2a-424c-984f-f3646c6e0654","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":171,"box":{"x":102,"y":815,"width":797,"height":11}},{"id":"8dfa0ff4-6c00-4ad7-a9d4-8f1c5a406b0f","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":171,"box":{"x":69,"y":830,"width":832,"height":11}},{"id":"10982c0c-efce-4420-951b-e5e648222da3","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":171,"box":{"x":68,"y":845,"width":788,"height":12}},{"id":"1c793d5b-891a-4809-83bc-573cdb349710","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":171,"box":{"x":69,"y":860,"width":796,"height":12}},{"id":"6d4d9120-44fa-4095-831d-e38735ac5232","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":171,"box":{"x":69,"y":875,"width":824,"height":12}},{"id":"804537e4-af77-4d6b-b744-e331d58b4ec7","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":171,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"a668b67b-15be-4000-9c4a-c8c6b7488cc9","block_type":"box","text":"II-118","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"551d4836-93d4-4334-b2a0-50c3f082fe34","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6cc51b2a-8be4-490c-8305-53b001b084c2","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":172,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"a36f5b8c-7bb6-44f7-8537-2b26bac1acb5","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":172,"box":{"x":69,"y":60,"width":600,"height":11}},{"id":"970ba30f-640b-4410-9bb8-1b44a3bee477","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":172,"box":{"x":102,"y":82,"width":648,"height":12}},{"id":"1d33d8d4-e0f1-4eac-976b-29b9663c9515","block_type":"box","text":"Institutional Shares","page_number":172,"box":{"x":757,"y":83,"width":137,"height":8}},{"id":"93d08c0a-07a2-4cd3-b974-087890754dc3","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":172,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"fab99673-fe38-48e7-b2f6-d05d128eabd7","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":172,"box":{"x":70,"y":113,"width":798,"height":11}},{"id":"aaec8655-9847-4796-841b-149563a44071","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":172,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"ef361e3e-741d-4807-ad95-3d477e690c29","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":172,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"cacdd4db-c77b-47d1-8953-3b9a6e798696","block_type":"box","text":"for Class G Shares of other Funds.","page_number":172,"box":{"x":68,"y":158,"width":246,"height":9}},{"id":"4b9f0916-84fb-4c13-a8c4-ce00a41df89f","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":172,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"4d00f741-630c-4276-8a79-059d002a1147","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":172,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"ef534eb9-3f87-4f18-896a-c0996755050b","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":172,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"4d6820b8-2414-4e2b-9f38-a11c6dbc3806","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":172,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"a78c25f0-b750-4ecb-b58f-320f1e2e7526","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":172,"box":{"x":70,"y":241,"width":814,"height":11}},{"id":"7d6350f7-8c4a-4126-9504-ca29714a7b3f","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":172,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"280cd743-e903-4175-8137-5c49356bf581","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":172,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"0812a0b1-6237-4779-8777-3b2a13d8742b","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":172,"box":{"x":69,"y":286,"width":561,"height":11}},{"id":"72a1920c-7357-45cc-9c52-0e0a4c1080db","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":172,"box":{"x":102,"y":309,"width":229,"height":11}},{"id":"6cfb03a3-4bf8-4ef2-8993-472a4b9e92d4","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":172,"box":{"x":338,"y":309,"width":570,"height":11}},{"id":"849d437c-21e4-4d23-9080-c3a81ffe6da0","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":172,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"7de457b3-f6f8-43c3-9eee-e56c820fdc28","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":172,"box":{"x":68,"y":339,"width":839,"height":12}},{"id":"c15e5408-c227-488f-b2ce-df40306207dc","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":172,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"21cdffff-8507-47a1-a8e1-7a0b4fd79f3f","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":172,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"33a12a9b-525c-4004-8a8e-6ea6206b8101","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":172,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"27dc2d07-0697-42bf-b5ba-58f4f1bed63b","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":172,"box":{"x":68,"y":400,"width":654,"height":11}},{"id":"50ac974a-ea4c-4144-8a8e-3f9056401eb7","block_type":"box","text":"Exchanges of Service Shares.","page_number":172,"box":{"x":102,"y":423,"width":211,"height":11}},{"id":"b3342aa1-5caf-4a60-813b-515f8cd4c7a2","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":172,"box":{"x":319,"y":423,"width":588,"height":11}},{"id":"ceab431d-9403-4e4c-8bf8-f68b9c5b7ee5","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":172,"box":{"x":69,"y":438,"width":342,"height":11}},{"id":"84e942dd-e4b9-4e7b-ac6a-665d7fc86376","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":172,"box":{"x":102,"y":460,"width":335,"height":12}},{"id":"53d060e5-9618-4f32-a594-cfd9ad355a8a","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":172,"box":{"x":443,"y":460,"width":455,"height":12}},{"id":"db207e78-488f-41c8-bb23-9633c681559f","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":172,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"03ed051e-5a54-49ef-b062-d798e58656c1","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":172,"box":{"x":70,"y":491,"width":793,"height":11}},{"id":"200e7645-984c-4e90-83d4-37f3af438811","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":172,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"1ee754a2-cd67-4f8f-ab7d-6cb5002a06e2","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":172,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"f8536955-dc78-4a3d-88be-d1405b3c22a4","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":172,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"944ed46f-be2d-4491-93b8-b807194132a5","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":172,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"e3ef2aea-08ac-4b32-9036-1d84eaf37eb7","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":172,"box":{"x":69,"y":566,"width":758,"height":11}},{"id":"39073c78-a22b-4325-890b-cff88822ef5a","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":172,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"8a91678e-ec5a-40d0-8b24-f76dac0f77dc","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":172,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"ad23f52d-a89b-4beb-9e4f-cd6b0d0e36a1","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":172,"box":{"x":70,"y":612,"width":814,"height":11}},{"id":"3d290581-0b45-4486-96db-785e37a4d66a","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":172,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"a7ebcbb5-aac8-411d-91f1-4894892d9b4c","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":172,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"577cf9f2-bcab-459a-8260-8f31368e9b75","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":172,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"ec7640c7-5ee8-4496-ae71-d08e17dc0e09","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":172,"box":{"x":70,"y":672,"width":781,"height":11}},{"id":"0738becd-81dc-4af0-96b6-f07cd2401ff7","block_type":"box","text":"exchange.","page_number":172,"box":{"x":69,"y":687,"width":70,"height":11}},{"id":"1d3f3cb8-9649-42f0-a406-c2867478d180","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":172,"box":{"x":102,"y":710,"width":337,"height":11}},{"id":"011f66b8-b499-4623-a7fb-6e3ab32bb75a","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":172,"box":{"x":445,"y":710,"width":448,"height":11}},{"id":"98584c36-d872-4e1c-8ed2-5c0983bb70a9","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":172,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"fb65ed51-679f-46ad-82f1-e1750c02339e","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":172,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"c212529f-b550-4f11-b359-388530c7833a","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":172,"box":{"x":70,"y":755,"width":324,"height":11}},{"id":"d3a3d7c8-3711-46a0-a989-33923f92a447","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":172,"box":{"x":102,"y":778,"width":245,"height":11}},{"id":"2127d39f-6320-45ca-bf52-073c8dea43bc","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":172,"box":{"x":353,"y":778,"width":543,"height":11}},{"id":"7b7440b3-6db1-41fd-ac7a-a5fcf5d0bf9f","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":172,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"b385a5ee-9300-40cc-b4eb-13b0c25d0920","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":172,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"06ee71bb-b0dd-46b8-9768-2bb7f574ad96","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":172,"box":{"x":69,"y":823,"width":512,"height":12}},{"id":"0ba05fd9-8945-4f00-992c-b22f363487b2","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":172,"box":{"x":101,"y":846,"width":772,"height":11}},{"id":"248ffd82-551a-4f24-81d4-8cbc0634f8ab","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":172,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"1846f3c3-fe90-4789-bf07-c7681c6accb8","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":172,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"d3825ac3-095b-446c-a276-38694208b540","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":172,"box":{"x":68,"y":891,"width":817,"height":12}},{"id":"fe3dcee2-3f3e-49b3-96f3-498f57322101","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":172,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"62e0ab51-16f5-42f0-b2ac-cd92d999419c","block_type":"box","text":"II-119","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ef105537-f229-477c-a2d4-bd44745ac1ff","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1653dd6d-9289-49f7-8216-f2a2059daa26","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":173,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"e6ecd4dc-c5b4-40d8-9a35-fd6df4d75cc2","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":173,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"c72f91a4-5f4f-432c-a750-7c095d020844","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":173,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"6974e6c8-62d5-43ec-9ae5-18bd5b566e52","block_type":"box","text":"Transfer Agent in writing.","page_number":173,"box":{"x":68,"y":90,"width":175,"height":11}},{"id":"bf5eed75-9f5e-48cb-8f44-74e40d816238","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":173,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"260d26bc-439a-4148-9fdf-9d21ad4efb1b","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":173,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"f925ea51-244c-4f9a-8870-6911737defb4","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":173,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"ba61f898-926d-41c3-be9c-b30d7ad68c06","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":173,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"9cc31463-efea-402b-9362-81e4afda289a","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":173,"box":{"x":68,"y":173,"width":763,"height":11}},{"id":"64e4ce82-7b9b-41b0-81b5-bffece75430a","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":173,"box":{"x":69,"y":188,"width":424,"height":12}},{"id":"c44777ad-1dc0-465a-98e4-cb6d8648df6c","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":173,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"b58b141b-e39d-4e5a-bc09-d2c209abc028","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":173,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"4fb705a4-fe41-4cd7-b6a4-586c41c05a8e","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":173,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"fa8d3192-ba89-4b1d-90d0-a354836f479b","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":173,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"49a7d623-a38f-4690-9470-389d628c068f","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":173,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"49ecee38-16d1-4569-92f1-ca7bc8f5938a","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":173,"box":{"x":70,"y":286,"width":354,"height":12}},{"id":"28156b1b-ae8a-48a1-aa35-b5e1d0530d52","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":173,"box":{"x":101,"y":309,"width":782,"height":11}},{"id":"db54fd7e-6711-414d-9c50-c14c1ab73aa9","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":173,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"7b0912d3-f8f8-4c74-b140-ebb9c61782df","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":173,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"2c3b7cd5-55fc-45f9-bf8c-72e73f69f754","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":173,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"4745f331-1229-429b-a4bb-34452109e3cb","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":173,"box":{"x":69,"y":370,"width":506,"height":11}},{"id":"312e8344-e2fb-4d35-a917-1dec9bc8b3c5","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":173,"box":{"x":101,"y":392,"width":733,"height":12}},{"id":"96255d04-328b-4732-a3db-0f040b7595a2","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":173,"box":{"x":69,"y":407,"width":793,"height":12}},{"id":"758e2f24-6d9e-4e88-bdf8-7c6cd81c4c1a","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":173,"box":{"x":70,"y":423,"width":832,"height":11}},{"id":"988a3290-7944-43ca-adc6-7edfdcd494d2","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":173,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"03649716-29f2-46d4-914a-eec8e1f165db","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":173,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"9816d6f3-a944-4844-9553-44080adf30bc","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":173,"box":{"x":68,"y":468,"width":837,"height":11}},{"id":"d288f00b-2afa-41a5-b4a5-4bbe11615626","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":173,"box":{"x":69,"y":483,"width":767,"height":11}},{"id":"91493376-be94-4716-a2a2-998fd359e77e","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":173,"box":{"x":69,"y":498,"width":750,"height":11}},{"id":"5233bb1b-eb4f-4cd0-aed5-c87e7fd6af51","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":173,"box":{"x":102,"y":521,"width":757,"height":11}},{"id":"9b91e21f-7f19-43eb-aa88-4d909d32e506","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":173,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"b54d77ff-690b-4c29-9b01-3908f1f12f09","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":173,"box":{"x":69,"y":551,"width":805,"height":11}},{"id":"cceebb8c-4762-4649-bc44-471f537ddb79","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":173,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"b2d75535-a95e-4ce4-b429-f0025872c41a","block_type":"box","text":"may be distributed by the Distributor.","page_number":173,"box":{"x":69,"y":582,"width":262,"height":10}},{"id":"a5f945de-6959-4783-8c5e-3977cbc17035","block_type":"box","text":"Participation in Fee-Based Programs","page_number":173,"box":{"x":69,"y":612,"width":266,"height":11}},{"id":"d7858209-4b06-4c09-be45-c726b94fab9a","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":173,"box":{"x":102,"y":634,"width":780,"height":12}},{"id":"9d38f81e-8cb4-40a5-99e2-c739aa2efc62","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":173,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"95e04a73-def5-4947-8d52-25cbb847882d","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":173,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"0c94bdbc-99a4-40cf-b667-f26777b697a6","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":173,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"0e7efed5-a8ba-4e16-ac2b-0a47499e483b","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":173,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"9897383d-313c-44e2-92ba-19a72beab158","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":173,"box":{"x":70,"y":710,"width":808,"height":11}},{"id":"8b464cfc-78d0-4575-963d-9d715c003c19","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":173,"box":{"x":70,"y":725,"width":838,"height":11}},{"id":"09309c6e-3282-46a2-8a47-98edf4374172","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":173,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"15efc5e0-cbd7-487c-b449-0996502c85be","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":173,"box":{"x":70,"y":755,"width":555,"height":11}},{"id":"fcaa895d-35c9-4652-8c5a-a35fecd12552","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":173,"box":{"x":102,"y":778,"width":788,"height":11}},{"id":"631b3d2f-659f-4975-bc8a-ed77f5a58784","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":173,"box":{"x":69,"y":793,"width":817,"height":10}},{"id":"8c39ee31-d64b-4376-a4ef-9779fbf8d20f","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":173,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"3aac06a8-ecc1-4a0d-97f5-3f27e819c1e0","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":173,"box":{"x":70,"y":823,"width":754,"height":12}},{"id":"88325aa6-ca21-4f40-bb15-17502dbd75a8","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":173,"box":{"x":70,"y":838,"width":820,"height":12}},{"id":"e4db7574-9f66-45f0-b4dc-f0712eaefd4e","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":173,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"b3df7358-79e4-42dc-a83b-681d04f657f1","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":173,"box":{"x":70,"y":869,"width":791,"height":11}},{"id":"201d5c5f-fddc-4096-9691-aee7a300953d","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":173,"box":{"x":69,"y":884,"width":756,"height":11}},{"id":"11c6efd8-2806-49c6-ae09-f525042a523a","block_type":"box","text":"II-120","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d1892908-869b-468f-b724-5b4b4dbd2679","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4478c31e-2c36-49c4-8ba2-b20624b98ec9","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":174,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"15825156-53fc-4d4d-ba6f-454f4f714d1b","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":174,"box":{"x":68,"y":60,"width":791,"height":11}},{"id":"07955e8d-2755-40c2-9c32-d0c4911ce4f3","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":174,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"1fc2e134-0e17-47c3-8205-7f936a92a023","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":174,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"1ad5cd3c-a234-4128-92de-5a32f1991a41","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":174,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"d7066d8a-cf1e-4d73-8cee-b8be2d6b87bf","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":174,"box":{"x":69,"y":120,"width":424,"height":11}},{"id":"d4214eac-778b-4c34-a980-60744562bc88","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":174,"box":{"x":102,"y":143,"width":752,"height":11}},{"id":"4199687b-fba2-4552-ad8d-7b152a714c04","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":174,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"7ad97bd8-035b-4d7e-b0cb-4130c7aa86a9","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":174,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"7969277d-86e5-4df9-985e-08e3edaf12d8","block_type":"box","text":"information.","page_number":174,"box":{"x":70,"y":188,"width":83,"height":9}},{"id":"62796f82-902e-47fb-a19e-bdc295a29a81","block_type":"box","text":"Retirement and Education Savings Plans","page_number":174,"box":{"x":69,"y":219,"width":296,"height":11}},{"id":"acab67f2-e139-4dc5-9aeb-9f4026479387","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":174,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"e8db1cb6-a6c7-4ff4-80b5-67c524b533b2","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":174,"box":{"x":70,"y":256,"width":815,"height":11}},{"id":"abe5e930-4683-4dd7-ac2e-b888fc2e3434","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":174,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"47a30806-1442-478a-acf5-ef395e8c7d30","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":174,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"235032e3-5125-4340-b8e5-b092ad29ceee","block_type":"box","text":"your financial intermediary.","page_number":174,"box":{"x":68,"y":302,"width":191,"height":11}},{"id":"bb959730-901d-4945-bfca-d5cd01204a8e","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":174,"box":{"x":102,"y":324,"width":796,"height":11}},{"id":"35f331d4-9757-4367-bb34-476fc3b7ddd0","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":174,"box":{"x":68,"y":339,"width":784,"height":12}},{"id":"03bd269f-40ed-4a8f-a2cb-235758289dfa","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":174,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"d90a8caf-9829-4333-a7b5-6c5c4b9058ca","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":174,"box":{"x":69,"y":370,"width":753,"height":11}},{"id":"f861bd88-ceab-4e5c-93e6-c570c5eab492","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":174,"box":{"x":69,"y":385,"width":354,"height":11}},{"id":"f0ebfd51-3af8-49bc-8be3-7dfb37c83851","block_type":"box","text":"Automatic Investment Plans","page_number":174,"box":{"x":68,"y":415,"width":207,"height":9}},{"id":"d639b485-042b-479e-92e6-db54133163eb","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":174,"box":{"x":102,"y":438,"width":773,"height":11}},{"id":"397a35dc-87da-4b4b-87d1-368c5111addd","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":174,"box":{"x":69,"y":453,"width":477,"height":11}},{"id":"9df383bb-a5f6-4a9a-9a00-3fe0ad840ac6","block_type":"box","text":"®","page_number":174,"box":{"x":547,"y":453,"width":6,"height":5}},{"id":"93753f26-f579-4a05-a22d-25aec30085b7","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":174,"box":{"x":559,"y":453,"width":272,"height":11}},{"id":"a426ace7-0842-4085-9608-477df7f708a0","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":174,"box":{"x":70,"y":468,"width":787,"height":11}},{"id":"261f2b95-d382-4a33-92ea-a95efd9b7bd1","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":174,"box":{"x":69,"y":482,"width":822,"height":12}},{"id":"5964c35a-8a47-4858-ad14-4dbed04fcfb3","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":174,"box":{"x":68,"y":498,"width":805,"height":11}},{"id":"eedaac92-53d1-424a-b128-aa3fb3c06beb","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":174,"box":{"x":68,"y":529,"width":285,"height":8}},{"id":"f16ccd2b-c1e9-487f-be6e-54a0215406d6","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":174,"box":{"x":102,"y":551,"width":782,"height":11}},{"id":"9a31c1b9-afe2-409a-92f2-70f861177bcd","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":174,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"1625073a-b45e-42f9-bcb0-37d85f996ea5","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":174,"box":{"x":69,"y":581,"width":839,"height":9}},{"id":"b2ee2b95-4267-4b0e-890f-33e68e46723b","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":174,"box":{"x":70,"y":596,"width":822,"height":12}},{"id":"36e0a33b-31d2-423d-a2f6-72e63840184b","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":174,"box":{"x":69,"y":612,"width":614,"height":11}},{"id":"2a4fee84-4bee-47e1-9a41-69d0bd737e94","block_type":"box","text":"Systematic Withdrawal Plans","page_number":174,"box":{"x":68,"y":642,"width":214,"height":11}},{"id":"7446225d-754f-4879-8e96-cf437282cddf","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":174,"box":{"x":102,"y":664,"width":780,"height":12}},{"id":"25bc9276-b4ff-4fcd-8f76-e3cfb5c6395b","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":174,"box":{"x":70,"y":679,"width":742,"height":12}},{"id":"cbe2a318-13be-47f6-aec4-c6f2099488bf","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":174,"box":{"x":69,"y":694,"width":834,"height":12}},{"id":"3fa7d701-8bc9-4a7b-bf6b-32cdb578802f","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":174,"box":{"x":68,"y":710,"width":823,"height":11}},{"id":"d7e63b2c-a85f-4400-9dbe-c444ad22ed9c","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":174,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"8fdd0cf4-d127-46e2-bdc5-17835523ebda","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":174,"box":{"x":69,"y":740,"width":800,"height":11}},{"id":"58e46079-53f9-4c1c-ba70-cb4d15d3da05","block_type":"box","text":"www.blackrock.com.","page_number":174,"box":{"x":68,"y":755,"width":142,"height":9}},{"id":"9680e0ac-de75-409b-9249-ed7c665a1ad4","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":174,"box":{"x":102,"y":778,"width":789,"height":11}},{"id":"483fedad-9909-4a40-92f7-f2e33e603414","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":174,"box":{"x":68,"y":793,"width":774,"height":11}},{"id":"8006710d-9b26-4c80-9a23-43a6e333b5e3","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":174,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"24f7a31f-ee1d-4ac9-b155-06793796228f","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":174,"box":{"x":69,"y":823,"width":817,"height":11}},{"id":"71d2c41f-6f57-4429-b373-a055852c0e92","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":174,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"121947f3-dfa8-4d07-a566-3725da3b945e","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":174,"box":{"x":69,"y":853,"width":820,"height":12}},{"id":"550c684e-01e9-4f9d-a90d-42afbba3a569","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":174,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"0652f11d-4edf-4800-9fdb-827f6d0939f4","block_type":"box","text":"II-121","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f2c3eaf2-cac3-4a1b-8703-93952942f6bc","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c548e19f-1268-4e5b-8a66-7fdc55557c96","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":175,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"53f8d333-e6b7-4358-a7e1-f47d228233cf","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":175,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"8be3173d-be86-4406-a82f-5b6c6dad32ca","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":175,"box":{"x":69,"y":75,"width":367,"height":11}},{"id":"18700f8b-e51d-455c-938d-a084eb473445","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":175,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"00ac53c5-1699-46c3-a70f-a7bc2e7a7372","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":175,"box":{"x":68,"y":113,"width":834,"height":11}},{"id":"0e3086cb-cfbb-4c32-aca5-ace5c43594bc","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":175,"box":{"x":69,"y":128,"width":311,"height":11}},{"id":"4092df32-dfcd-4630-afa4-2771359edec4","block_type":"box","text":"Dividend Allocation Plan","page_number":175,"box":{"x":69,"y":158,"width":176,"height":9}},{"id":"23a75a64-ae61-4469-a653-c6a7a4cf2877","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":175,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"ab9eab03-ffc8-4f35-9f69-e429cff9c481","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":175,"box":{"x":69,"y":196,"width":763,"height":11}},{"id":"cb23b7d0-3110-4426-8093-883d952200df","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":175,"box":{"x":69,"y":211,"width":814,"height":11}},{"id":"70842dc1-7d0b-4729-bb98-536691a69ec7","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":175,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"5e545f36-e74a-4a7f-867d-d6446165ffd3","block_type":"box","text":"PRICING OF SHARES","page_number":175,"box":{"x":406,"y":256,"width":167,"height":9}},{"id":"6d42394a-942b-438e-b0dd-0cd2d01eed9f","block_type":"box","text":"Determination of Net Asset Value","page_number":175,"box":{"x":69,"y":286,"width":243,"height":9}},{"id":"f551bb16-db81-4f28-a548-190eed653d31","block_type":"box","text":"Valuation of Shares.","page_number":175,"box":{"x":101,"y":309,"width":145,"height":9}},{"id":"586ace33-2558-40f9-ac32-014b0a54e318","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":175,"box":{"x":252,"y":309,"width":626,"height":11}},{"id":"9defc418-321b-43bc-a370-68fbb3021dca","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":175,"box":{"x":69,"y":324,"width":785,"height":11}},{"id":"9ffdeef5-b63d-48a4-a70d-dcaaa76af69b","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":175,"box":{"x":68,"y":339,"width":343,"height":11}},{"id":"19917b80-9299-4544-a13d-5eccca9773a9","block_type":"box","text":"Equity Investments.","page_number":175,"box":{"x":102,"y":362,"width":143,"height":11}},{"id":"e2c89365-8443-4477-887d-c380898a7c4f","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":175,"box":{"x":252,"y":362,"width":439,"height":11}},{"id":"305fede6-e18b-4738-8e30-dbeac4b8e2b3","block_type":"box","text":"e.g.","page_number":175,"box":{"x":693,"y":363,"width":25,"height":10}},{"id":"363ca33f-225d-4d7a-bfec-254018719172","block_type":"box","text":", NYSE), on separate","page_number":175,"box":{"x":720,"y":362,"width":147,"height":11}},{"id":"cc6889e3-aa7f-42f2-9679-a9a6980ab539","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":175,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"808f3970-142d-4bb4-9821-7f95d5bdbb8f","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":175,"box":{"x":70,"y":392,"width":808,"height":11}},{"id":"4dedfc92-5438-423d-9ea1-5ed0a1efac93","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":175,"box":{"x":68,"y":407,"width":820,"height":11}},{"id":"f176fa09-fcda-47e0-b6d0-268aed7702e4","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":175,"box":{"x":70,"y":422,"width":805,"height":11}},{"id":"55c83aeb-b9a0-4adc-b21d-bd56e13a4c61","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":175,"box":{"x":69,"y":437,"width":793,"height":11}},{"id":"2ddf964e-d422-41bb-83c9-caed9fcb447a","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":175,"box":{"x":70,"y":452,"width":836,"height":11}},{"id":"815f8b28-d7c3-47cc-97fd-ead7d7ee5cd7","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":175,"box":{"x":68,"y":468,"width":815,"height":11}},{"id":"a26ade1c-2c4f-4900-8bd3-55493007375f","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":175,"box":{"x":70,"y":482,"width":837,"height":12}},{"id":"874f6e90-cfe7-470a-84b6-9183f10242cb","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":175,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"d2cd985e-dc61-4c9d-b7da-67203b9498a8","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":175,"box":{"x":68,"y":513,"width":828,"height":11}},{"id":"81a840d1-ff92-4f14-99ff-5625c6c276c6","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":175,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"74cdc735-2cf5-4521-afd6-014bd703579e","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":175,"box":{"x":70,"y":543,"width":798,"height":11}},{"id":"8ad59348-ba52-4d6f-b285-8758a844b902","block_type":"box","text":"defined below).","page_number":175,"box":{"x":69,"y":558,"width":106,"height":11}},{"id":"a1c0cd01-2863-45e8-a566-a17dcdd53ddc","block_type":"box","text":"Fixed-Income Investments.","page_number":175,"box":{"x":102,"y":581,"width":194,"height":9}},{"id":"c7690d67-0e14-475d-9a34-97a19756662f","block_type":"box","text":"Fixed-income securities are generally valued using prices provided by dealers or","page_number":175,"box":{"x":304,"y":581,"width":565,"height":11}},{"id":"af87cf7e-7388-4734-b29f-ee8cd1be7e63","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":175,"box":{"x":70,"y":596,"width":825,"height":11}},{"id":"9b77c2d7-b29c-4546-82ff-b28b5484cc53","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":175,"box":{"x":69,"y":611,"width":823,"height":11}},{"id":"bc8416c0-21b9-4456-bdf6-b2732d5460ef","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":175,"box":{"x":69,"y":626,"width":443,"height":11}},{"id":"c126e6f8-0199-4da4-9151-dbbbc4d0a154","block_type":"box","text":"e.g.","page_number":175,"box":{"x":514,"y":628,"width":24,"height":9}},{"id":"e237dc6a-1591-4057-892d-ced73150c491","block_type":"box","text":", recent representative bids and offers), credit","page_number":175,"box":{"x":541,"y":626,"width":328,"height":11}},{"id":"416c895f-6a2b-409e-a9bf-bf437a40f14e","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":175,"box":{"x":69,"y":641,"width":834,"height":11}},{"id":"d70e0986-c80a-49e9-9e91-663b09b074eb","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":175,"box":{"x":69,"y":656,"width":769,"height":11}},{"id":"3506fc9b-3923-40bb-afe1-6fc11462ff8b","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":175,"box":{"x":70,"y":671,"width":797,"height":12}},{"id":"8c89fbe6-ae67-461f-96a3-f58a92b91893","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":175,"box":{"x":69,"y":686,"width":821,"height":12}},{"id":"bce62668-66ae-4b80-89b9-4204e2cbec34","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":175,"box":{"x":68,"y":702,"width":798,"height":11}},{"id":"ea0f75fd-8e3e-4010-9c15-87de2c232912","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":175,"box":{"x":69,"y":717,"width":825,"height":11}},{"id":"f6d3c216-6f05-4232-90dc-265575767b1b","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":175,"box":{"x":69,"y":732,"width":791,"height":11}},{"id":"e742ad75-1441-4c43-b484-0463ce616954","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":175,"box":{"x":69,"y":747,"width":814,"height":11}},{"id":"5f3ce60b-5583-4899-909f-3ae087d76220","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":175,"box":{"x":68,"y":762,"width":802,"height":11}},{"id":"13e89dd2-b2ad-452e-a21a-539120dba689","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":175,"box":{"x":69,"y":777,"width":773,"height":11}},{"id":"912a8faf-d693-4c73-bfc3-8c3b7e7f126b","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":175,"box":{"x":69,"y":792,"width":795,"height":12}},{"id":"df24eaa2-ff6b-427a-b94e-b8c9308b8a26","block_type":"box","text":"attributes of the tranche.","page_number":175,"box":{"x":69,"y":807,"width":176,"height":9}},{"id":"234d9eaf-55eb-48cb-b73b-a97abbad008b","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":175,"box":{"x":101,"y":830,"width":344,"height":11}},{"id":"de159c30-2dfb-40ac-8798-fc49cdeeb7ec","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":175,"box":{"x":453,"y":830,"width":416,"height":11}},{"id":"2f236b8c-666f-434f-adb7-15503267ed29","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":175,"box":{"x":70,"y":845,"width":829,"height":11}},{"id":"e8be3130-814f-4ca8-be85-5be29ce2ce74","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":175,"box":{"x":69,"y":860,"width":824,"height":12}},{"id":"313c8524-c16f-4eac-9abd-33748e29412c","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":175,"box":{"x":68,"y":875,"width":838,"height":12}},{"id":"d269569c-50c5-49f7-956b-ad6a54980db4","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":175,"box":{"x":68,"y":891,"width":820,"height":11}},{"id":"35471c0f-0911-411c-ad91-fcafe92856cd","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":175,"box":{"x":68,"y":906,"width":808,"height":11}},{"id":"7816b362-0afc-4942-8060-294353415b2f","block_type":"box","text":"II-122","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0291045b-3e6e-4531-b421-9448a20e2ebd","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0f42f90-0b4f-4130-8560-d63f7ecacef0","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":176,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"55287e64-5b76-4f84-83fc-9a24c6c8db31","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":176,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"ac7da4a1-7d4b-416b-9d1d-e92068d1be01","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":176,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"9479d14a-fcea-4a47-9b13-be1d83bf74da","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":176,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"2f66ff65-3826-4293-8ecc-17c532b3f41b","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":176,"box":{"x":69,"y":105,"width":833,"height":11}},{"id":"96362ff5-8176-41eb-84b0-3296fda0c735","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":176,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"ffcaa558-0648-4fe6-a711-db2350feaa94","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":176,"box":{"x":69,"y":136,"width":301,"height":8}},{"id":"ff99f30f-92c1-44b2-91a4-84a99ec34146","block_type":"box","text":"Underlying Funds.","page_number":176,"box":{"x":102,"y":158,"width":128,"height":11}},{"id":"f55d1dab-8601-4bea-9936-f20f4681defd","block_type":"box","text":"Shares of underlying open-end funds that are not traded on an exchange (including money","page_number":176,"box":{"x":237,"y":158,"width":640,"height":11}},{"id":"42ec36f5-6e79-45e1-ab97-ae2b7899056f","block_type":"box","text":"market funds) are valued at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued","page_number":176,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"dadcdfae-ec22-45a2-9350-8f149899e576","block_type":"box","text":"at their most recent closing price.","page_number":176,"box":{"x":69,"y":188,"width":238,"height":12}},{"id":"9bd5226d-4a76-4899-9514-f75ab7f9e220","block_type":"box","text":"General Valuation Information.","page_number":176,"box":{"x":101,"y":211,"width":220,"height":9}},{"id":"53b0ec7d-77c8-4966-9456-226c57b8e726","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":176,"box":{"x":328,"y":211,"width":564,"height":11}},{"id":"edf6da01-8dd8-444b-a684-93ddc5f873cb","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":176,"box":{"x":69,"y":226,"width":831,"height":9}},{"id":"adb7bd70-6f01-40e2-9f90-11976395bc90","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":176,"box":{"x":68,"y":241,"width":828,"height":11}},{"id":"9a3a5d3d-1b90-46db-bd56-5fb31cf6d862","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":176,"box":{"x":69,"y":257,"width":829,"height":11}},{"id":"3cd779f5-1a70-4ec3-8cdb-75ab4edfad8a","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":176,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"71c1e413-cea9-4187-a6f8-af5ee3aa4854","block_type":"box","text":"the revision.","page_number":176,"box":{"x":68,"y":287,"width":87,"height":9}},{"id":"ad39fca4-6839-47fb-b696-2e195334443c","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":176,"box":{"x":102,"y":309,"width":784,"height":11}},{"id":"f7340445-c0c6-4208-9557-25d5e5a98b58","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":176,"box":{"x":69,"y":325,"width":823,"height":11}},{"id":"aa8dbf61-2ee5-4a27-98e6-4b1c080994c4","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":176,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"74b63628-9628-4d4d-826d-8dc4b3fd0b40","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":176,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"5f76f102-9b48-4601-86cf-5c94dc0fbbb4","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":176,"box":{"x":70,"y":370,"width":832,"height":11}},{"id":"6c8d267e-8325-4fb6-975c-31018fa67688","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":176,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"3ec41863-67c8-4d61-9327-4277b14e6a70","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":176,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"ce359c90-b3d8-4a69-bf8d-8f80a25f08a2","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":176,"box":{"x":70,"y":415,"width":833,"height":11}},{"id":"99e170a6-5e43-4edb-822b-2b428fff8611","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":176,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"b6106d9b-4df9-49f7-bdfe-09cc3702f097","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":176,"box":{"x":70,"y":446,"width":741,"height":11}},{"id":"db0a076a-b549-4182-9a72-80abb37b10af","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":176,"box":{"x":102,"y":468,"width":800,"height":11}},{"id":"a03bd10e-8e96-4541-94b2-b28fc06747f2","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":176,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"42b6f937-f10a-4ef8-a832-39008013611c","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":176,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"4cd2b496-3b35-4628-8915-630b78c17263","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":176,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"f7ae71d7-e197-42e6-9f30-4f59a6a69e8a","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":176,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"cefbd822-e281-4a44-b06d-bdde4951c548","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":176,"box":{"x":69,"y":543,"width":802,"height":12}},{"id":"3d2d873c-4516-4f05-8bc6-9f13927448ef","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":176,"box":{"x":69,"y":559,"width":685,"height":11}},{"id":"801d7e2c-528a-4528-b94c-55c59d179f9e","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":176,"box":{"x":102,"y":581,"width":795,"height":12}},{"id":"795312f5-fbb8-41e1-b98c-df9ca2601632","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":176,"box":{"x":68,"y":596,"width":805,"height":12}},{"id":"5a3682fb-afc2-4d3a-9e33-5b4f32c62273","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":176,"box":{"x":69,"y":612,"width":529,"height":11}},{"id":"5a981605-e86e-476f-808d-15841d6c54ea","block_type":"box","text":"Fair Value.","page_number":176,"box":{"x":102,"y":634,"width":74,"height":9}},{"id":"b1f8b8ed-4f12-49fb-811c-2208cce47c07","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":176,"box":{"x":183,"y":634,"width":693,"height":11}},{"id":"adc603e0-01ec-4471-b3fa-b2a7116e4c38","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":176,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"b26c9a07-ed3d-4e01-863d-751da0994ba5","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":176,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"5c51f776-3a20-4007-bca0-fcf50108bab7","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":176,"box":{"x":70,"y":680,"width":779,"height":11}},{"id":"8ed3742f-5eac-4e9a-917e-b30cecb561bc","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":176,"box":{"x":70,"y":695,"width":773,"height":11}},{"id":"7f6775b3-fe70-41ef-928c-964a4e748cfb","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":176,"box":{"x":69,"y":710,"width":772,"height":11}},{"id":"74e77c7f-0645-42fa-a395-31815f51d4f0","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":176,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"88138142-9b61-4430-a2ba-35c49f7d74a6","block_type":"box","text":"(","page_number":176,"box":{"x":69,"y":740,"width":3,"height":11}},{"id":"5d0b3d6a-2d3f-45af-9055-4327db717beb","block_type":"box","text":"e.g.","page_number":176,"box":{"x":74,"y":742,"width":25,"height":9}},{"id":"d99172a2-9550-4597-8b9a-4822c12edd37","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":176,"box":{"x":101,"y":740,"width":806,"height":11}},{"id":"7b57bb33-ec14-468d-a5a5-746da07a29d9","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":176,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"50b06a66-4cdd-4bca-abd0-06b8c870c232","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":176,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"de25e00c-0d28-4f32-8d4f-7b1a2383febe","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":176,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"cc03ec26-a679-419c-b52b-c683d21c8643","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":176,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"9a303473-7691-4c75-9677-efa7293919f0","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":176,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"140f0ac7-bee8-4ce0-acc9-c9e0e3058f86","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":176,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"e9a2c357-81ba-45f3-a6cd-31d8d758e359","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":176,"box":{"x":70,"y":846,"width":819,"height":11}},{"id":"d24804f9-eebc-4670-9bfb-15efe6adf72e","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":176,"box":{"x":68,"y":861,"width":810,"height":11}},{"id":"38e5e1a6-7bce-4677-a7bb-3df1084beae4","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":176,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"b7bfc28f-2929-48ce-aff2-d0ed04f139d6","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":176,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"05e13f15-bc9a-40f8-9e1c-3e6d7675a183","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":176,"box":{"x":68,"y":906,"width":814,"height":12}},{"id":"b2371755-3458-41ae-b766-181bac45ba58","block_type":"box","text":"II-123","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c2ac5a10-348b-4450-b658-7da5acd8a274","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fe5a576-9b84-4d9f-a07a-ea9f1c364a1d","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":177,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"3a78c17a-8c5e-4a29-9e5a-b81c52ff9f02","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":177,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"fd3ee390-7827-4e58-9b01-0694aab28b9a","block_type":"box","text":"pricing time.","page_number":177,"box":{"x":70,"y":75,"width":85,"height":11}},{"id":"35f00e41-04c7-4246-934e-2fe925a056a1","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":177,"box":{"x":102,"y":98,"width":794,"height":11}},{"id":"02022c19-7008-4eb8-99e7-7025708dddeb","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":177,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"df8a5cbe-fe07-407a-a544-c6f0208ccefa","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":177,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"bddf5c3e-fd7f-434d-8609-c3fe1acb5c89","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":177,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"d5c701a5-a88d-45f1-97ed-3f9cc753123b","block_type":"box","text":"assets and liabilities of the Funds.","page_number":177,"box":{"x":69,"y":158,"width":245,"height":9}},{"id":"73a4913e-ebcd-45a1-aa61-74b52c0c0cfe","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":177,"box":{"x":101,"y":181,"width":795,"height":11}},{"id":"5f649ddb-cb5d-4404-989e-1eed13b6503a","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":177,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"396fc2c4-4661-4cf5-a36a-9777564a5cb9","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":177,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"0b9ffd1c-baeb-4217-bd5e-86840ea2b246","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":177,"box":{"x":69,"y":226,"width":834,"height":11}},{"id":"be9692b3-e806-4ee9-8a13-0cd8328453fc","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":177,"box":{"x":69,"y":241,"width":744,"height":11}},{"id":"a8b4531c-c88d-4a2a-9505-f8f7d2c5f4f6","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":177,"box":{"x":69,"y":257,"width":791,"height":11}},{"id":"9b0a195a-7f6d-40da-85be-259fc4a03dff","block_type":"box","text":"valuation models.","page_number":177,"box":{"x":68,"y":272,"width":125,"height":8}},{"id":"dfffced9-d1bd-4875-bab6-27ed2b0c479b","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":177,"box":{"x":102,"y":294,"width":785,"height":11}},{"id":"1b9ca3f4-c6a1-4e6d-97d9-46bc89001273","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":177,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"aa43440d-9bcf-4d12-b6df-ec27d1f500f2","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":177,"box":{"x":68,"y":324,"width":820,"height":12}},{"id":"87234edd-9769-4962-94de-b98c8f3c1839","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":177,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"5c0a5ff9-fac2-4e8f-b0ac-1e629da1025f","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":177,"box":{"x":69,"y":355,"width":766,"height":11}},{"id":"a8a13a3f-6872-4244-b042-881f5b4e55d9","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":177,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"fd4dc759-4982-42bf-bd52-d5a80d02b2f8","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":177,"box":{"x":69,"y":385,"width":378,"height":11}},{"id":"0e877dd5-967e-446d-a7da-f352abf4f500","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":177,"box":{"x":101,"y":407,"width":784,"height":12}},{"id":"8c1c1eb1-93e4-4fef-a861-b55669628202","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":177,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"c135db0f-79be-4cf7-a6d7-9db6ae42b02e","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":177,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"ff484339-48f5-4784-8ae6-dfb9c89d3cf1","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":177,"box":{"x":68,"y":453,"width":728,"height":11}},{"id":"7c1129de-3ae4-4340-a317-7b158f1acd28","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":177,"box":{"x":102,"y":475,"width":786,"height":12}},{"id":"06c82252-f1fb-4e44-81f7-5226e6359ae4","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":177,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"7e5c8629-b314-4350-aa70-c1a352d4861d","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":177,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"2f5fe298-67af-445d-811d-28aa4f946c66","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":177,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"27abd200-acb2-411c-8d72-e87a1789c8ba","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":177,"box":{"x":69,"y":536,"width":641,"height":11}},{"id":"43d31620-2aba-4c34-b747-5e8d8f36ade6","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":177,"box":{"x":102,"y":559,"width":786,"height":11}},{"id":"2f624b2b-4345-4698-99e0-9e6fb4e57470","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":177,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"0b35aa71-4473-48f7-8814-58ea5d80f674","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":177,"box":{"x":69,"y":589,"width":780,"height":11}},{"id":"16e9ab01-b412-424c-b899-182c5b9e6d39","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":177,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"271f8665-e498-460e-b08a-55d9521b68b1","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":177,"box":{"x":70,"y":619,"width":810,"height":11}},{"id":"8712a25c-9eeb-46d7-b7c5-90264c7bb1d2","block_type":"box","text":"par ty determination of fair market value.","page_number":177,"box":{"x":70,"y":634,"width":285,"height":11}},{"id":"236bcd9e-a373-4ca4-940d-dc78090b7853","block_type":"box","text":"Computation of Offering Price Per Share","page_number":177,"box":{"x":69,"y":665,"width":292,"height":11}},{"id":"c63f222a-b89b-4de1-aca8-309a89362117","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":177,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"cbe25b7b-3191-4f10-bae6-cc2e2a4b8deb","block_type":"box","text":"the offering price for shares of your Fund.","page_number":177,"box":{"x":68,"y":702,"width":295,"height":12}},{"id":"cdaddbf4-d7ed-4f9d-b147-cb6ff47fdf69","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":177,"box":{"x":303,"y":732,"width":373,"height":10}},{"id":"9349464a-1e95-4e8c-812c-85daea249216","block_type":"box","text":"Transactions in Portfolio Securities","page_number":177,"box":{"x":68,"y":762,"width":257,"height":9}},{"id":"170be4c0-018c-4b42-a41c-6c5237ab1ff2","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":177,"box":{"x":102,"y":785,"width":798,"height":11}},{"id":"d70f87ff-d020-4db1-a214-a01eb671f6ad","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":177,"box":{"x":69,"y":800,"width":839,"height":11}},{"id":"10f008ae-ebb5-46f9-a004-08ad137b06d8","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":177,"box":{"x":70,"y":815,"width":822,"height":11}},{"id":"199bfb18-9772-453e-80d4-1280758bb343","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":177,"box":{"x":69,"y":830,"width":820,"height":11}},{"id":"b81a27e0-9d89-4ce4-bd97-42b17f084b04","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":177,"box":{"x":68,"y":845,"width":798,"height":11}},{"id":"79b0137c-df4c-4de9-8ab0-2c08215f1863","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":177,"box":{"x":69,"y":860,"width":765,"height":12}},{"id":"5f8f5687-89a4-4a09-8bbd-71586314c635","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":177,"box":{"x":69,"y":876,"width":768,"height":11}},{"id":"fc5a2e99-48b4-442c-b92e-bea78c686f10","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":177,"box":{"x":70,"y":891,"width":830,"height":11}},{"id":"5b46a234-de1f-4902-b631-6f95fe6ac51f","block_type":"box","text":"II-124","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9fce38b4-a8b1-47e6-91b8-5dafa384b099","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69b65e81-5fe3-4b28-b380-bd47e0f81a90","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":178,"box":{"x":69,"y":45,"width":760,"height":11}},{"id":"2d9d663d-705b-4ed4-9b07-ead4c399b32a","block_type":"box","text":"reasonable in relation to the services provided.","page_number":178,"box":{"x":69,"y":60,"width":336,"height":11}},{"id":"d9b9a7cb-3af0-40ff-b60a-f90d0c1083d6","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":178,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"49ccbffd-5067-428c-94ad-8a2eaf2a9266","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":178,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"919bf4a4-d856-4103-a345-320a06ef1592","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":178,"box":{"x":102,"y":120,"width":784,"height":12}},{"id":"c920000d-b0e3-40e7-8e7e-0f5e25568a29","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":178,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"9ebaf163-1985-477e-b2ed-8919a326a3a7","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":178,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"ce1af95f-9fdb-46d2-bd12-c5647e2d6ebd","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":178,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"73dc52d5-eed2-4473-b005-67de68384d89","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":178,"box":{"x":69,"y":181,"width":789,"height":11}},{"id":"b16d5d52-1e94-42c2-8c47-03cadbb0e88a","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":178,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"a33fa677-4c1f-4154-9af6-95a4dd648eef","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":178,"box":{"x":69,"y":211,"width":769,"height":11}},{"id":"1dbfefc2-a875-4e1e-b9d0-8d36f3d9ebe6","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":178,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"0f1fd23e-5ecc-460a-a5d9-f85f0ef0b319","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":178,"box":{"x":69,"y":241,"width":391,"height":11}},{"id":"eb520b0b-5b61-4ae0-9662-e1ce3238c38b","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":178,"box":{"x":102,"y":264,"width":801,"height":11}},{"id":"1d160b1e-9809-4f49-abb6-cad043a93381","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":178,"box":{"x":68,"y":279,"width":802,"height":11}},{"id":"4920a0f7-04e1-44af-a1f9-e72aeb23069d","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":178,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"79e0da40-0d20-4465-a2e3-e994fdb8cf05","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":178,"box":{"x":69,"y":309,"width":790,"height":11}},{"id":"a94edb00-d9a0-4654-b08e-193e3a63d1a0","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":178,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"5e56af9e-82eb-422f-a68d-e6d5d10385d2","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":178,"box":{"x":68,"y":339,"width":753,"height":12}},{"id":"99f343a8-7710-458d-bf25-86ad93b16be0","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":178,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"0bc45ca5-8be0-4d70-a693-d57f3067165f","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":178,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"1fe9874c-859e-4b0f-81c1-3aa52a039a78","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":178,"box":{"x":70,"y":385,"width":775,"height":11}},{"id":"c347e424-0f10-413f-a481-ac413eb48e89","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":178,"box":{"x":69,"y":400,"width":764,"height":11}},{"id":"2ea10789-3a31-493c-9159-67f00d84f665","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":178,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"8d1ea118-25ba-4154-b66e-566eea6fda22","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":178,"box":{"x":69,"y":430,"width":599,"height":11}},{"id":"3dcc2cf7-349d-460d-85c2-04a1f74f852c","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":178,"box":{"x":102,"y":453,"width":796,"height":11}},{"id":"068c5a8c-a0d0-412f-9818-73d1ff9b647b","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":178,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"7addf67f-1009-434e-a581-025c9b4445cf","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":178,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"b4ef414f-bbe3-4c4f-9785-43a86fb06405","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":178,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"6364246b-593c-4008-9786-aebd6eb7c78c","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":178,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"f56edfc7-1200-4b57-8f2a-e94b60c984f8","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":178,"box":{"x":69,"y":528,"width":808,"height":12}},{"id":"71061044-32a7-47e9-b9c4-92be1bf9012f","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":178,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"b0f2cc36-9f60-4502-a313-171fe83d0908","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":178,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"7577c556-5539-403d-88b9-737b7acdcd8d","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":178,"box":{"x":70,"y":574,"width":801,"height":11}},{"id":"93f085ae-f509-4ebd-b774-0b1cc81ea10e","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":178,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"4ab4288e-6f11-44b4-84fe-ed9418b7cfc4","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":178,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"bc70ecfb-f994-440d-a889-74d0ac73f80d","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":178,"box":{"x":70,"y":619,"width":361,"height":11}},{"id":"ba63a94b-4da8-4eeb-9eb6-99a3ace956de","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":178,"box":{"x":102,"y":642,"width":791,"height":11}},{"id":"df3f8287-bf18-4c3a-81a6-96f75df9ad6e","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":178,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"e544b372-60b3-4e32-b92b-949cd6dcf2db","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":178,"box":{"x":69,"y":672,"width":772,"height":11}},{"id":"c9c107b0-96fc-4b07-aca7-e3fd556c89d0","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":178,"box":{"x":70,"y":687,"width":785,"height":11}},{"id":"69fbea60-4b40-425c-9454-acaf91294763","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":178,"box":{"x":70,"y":702,"width":806,"height":12}},{"id":"684e0620-576e-455b-8314-cbb64f00d250","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":178,"box":{"x":68,"y":718,"width":772,"height":11}},{"id":"88c74f8f-7628-43b3-9d31-7f2da343afd2","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":178,"box":{"x":69,"y":732,"width":838,"height":12}},{"id":"7064b287-848e-4f66-8e32-6518f67764f5","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":178,"box":{"x":68,"y":748,"width":769,"height":11}},{"id":"fd420837-6c18-47c8-93d2-2cc4f1d2c1cf","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":178,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"72df4602-7266-4946-a753-472575a9971f","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":178,"box":{"x":69,"y":778,"width":778,"height":11}},{"id":"88e2ef09-cff9-46da-86cb-e8a08d453e12","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":178,"box":{"x":69,"y":793,"width":363,"height":11}},{"id":"d41966a1-2db9-4c24-948c-bce6da0e8fe5","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":178,"box":{"x":102,"y":816,"width":749,"height":11}},{"id":"89712622-e13c-4fe8-8481-fac199a96cbe","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":178,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"1f1487fb-c7da-4a99-8695-fbcbe0ba91e5","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":178,"box":{"x":70,"y":846,"width":752,"height":11}},{"id":"701cb388-4803-465b-a56e-121c1c49a83f","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":178,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"f8693c61-4e8a-4ccf-a72c-6f22257fe697","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":178,"box":{"x":70,"y":876,"width":822,"height":11}},{"id":"8d3d25b3-e5e6-42de-9a49-39a7bd40ab76","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":178,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"c63c27c2-8d71-402c-a14b-9c52017d5fc7","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":178,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"f7463f6d-8ec7-4480-8277-8a066b6cf5d3","block_type":"box","text":"II-125","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"dc311169-66d4-4d0c-a8fa-179eb9e41e3f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0838f41-3386-4ddc-b47c-a7d43844f31c","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":179,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"6071c682-107f-43e5-9698-07d0b084c046","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":179,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"97b49091-3e48-4f6c-a515-7501c4888f24","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":179,"box":{"x":70,"y":75,"width":832,"height":11}},{"id":"dc6c74f1-f770-42e2-bbee-785919844073","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":179,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"9f3b1cdc-47c7-4fcd-83cc-a85386399ec3","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":179,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"0a10a377-e5e9-41ff-8074-29cfd1c23e70","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":179,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"05ac4d3c-0544-4cb5-81d4-005677804265","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":179,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"820893be-71b1-45e9-8a9d-f2149bef8423","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":179,"box":{"x":69,"y":150,"width":797,"height":12}},{"id":"ec534428-96ff-40a5-8045-4469d8a3e321","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":179,"box":{"x":70,"y":166,"width":815,"height":11}},{"id":"01139a5a-472e-4aef-acc6-c21ae861faa7","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":179,"box":{"x":68,"y":181,"width":555,"height":11}},{"id":"f9dc13a5-7b70-46b5-80c7-bdaeea3a42c4","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":179,"box":{"x":102,"y":203,"width":802,"height":12}},{"id":"e084c301-41ef-43ff-bde2-e877df698377","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":179,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"816cbddc-98b7-4569-942f-afbb672fdbe5","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":179,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"b6600bbc-d91a-4cac-af57-29954a03ae30","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":179,"box":{"x":68,"y":249,"width":824,"height":11}},{"id":"ea599ab3-d3fd-4548-8473-4e9273bf48fb","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":179,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"4c689c17-d744-4cf8-9950-05f34647ae5c","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":179,"box":{"x":69,"y":279,"width":547,"height":11}},{"id":"cd8c450e-7cd0-4ecc-9b43-977881ba565e","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":179,"box":{"x":102,"y":302,"width":804,"height":11}},{"id":"c09c2960-ced2-44d6-8c6c-bd3fb636d5cc","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":179,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"10c61dc6-b2aa-4c09-9d51-014691eca94a","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":179,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"3bbd97c2-8175-4c86-83c2-9694257af0c1","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":179,"box":{"x":70,"y":347,"width":777,"height":11}},{"id":"d4f3d326-199f-4b66-99cb-f27d6c1cbdac","block_type":"box","text":"brokerage.","page_number":179,"box":{"x":69,"y":362,"width":74,"height":11}},{"id":"ee158f5b-5718-4ba5-b3ac-fe80fcc23e46","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":179,"box":{"x":102,"y":385,"width":781,"height":11}},{"id":"9282e482-2093-4cbb-9b08-f292cf0759ea","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":179,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"0adcb531-0244-4ea5-a0ed-736a13babe38","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":179,"box":{"x":69,"y":415,"width":771,"height":11}},{"id":"4c888cd2-c774-461a-a9d2-92e117ee3002","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":179,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"13c9ee9a-28ce-47ad-8575-df9b9c4ba67f","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":179,"box":{"x":68,"y":445,"width":821,"height":12}},{"id":"d9ec58ec-3199-4846-b6a3-f2b81e4863dd","block_type":"box","text":"Section 28(e).","page_number":179,"box":{"x":69,"y":460,"width":99,"height":11}},{"id":"8ea70b6c-24af-4c75-9234-290bf75d100c","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":179,"box":{"x":102,"y":483,"width":755,"height":9}},{"id":"1383e5d0-fbf4-4d0e-b59b-71664fbf3fca","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":179,"box":{"x":69,"y":498,"width":828,"height":11}},{"id":"9b921512-0caa-4b5f-b00d-db7eb69dd818","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":179,"box":{"x":69,"y":513,"width":799,"height":11}},{"id":"424181b0-e114-4a3f-9673-9cfc26e0d81b","block_type":"box","text":"execute transactions for those mutual funds.","page_number":179,"box":{"x":69,"y":528,"width":319,"height":9}},{"id":"361607e1-05cb-4ff0-99b7-fb1db6f4626c","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":179,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"aff166c1-02c5-4c81-bcdd-83eb068af3ba","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":179,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"44adcf3b-9cf3-489b-ac10-f07d61023da8","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":179,"box":{"x":70,"y":581,"width":816,"height":12}},{"id":"955a3bd3-1b80-4856-8643-df0f4a1477fe","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":179,"box":{"x":69,"y":597,"width":805,"height":11}},{"id":"e1c91feb-7993-42f0-9024-c72b18cdcb01","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":179,"box":{"x":68,"y":612,"width":773,"height":11}},{"id":"696c6628-7af0-46c9-b1da-fdf830f17d2b","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":179,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"cf16536d-1e71-4c4b-a724-7b3cf9df0df4","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":179,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"a9ec781e-c4b2-4711-bcf4-181b6e4a47cb","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":179,"box":{"x":69,"y":657,"width":754,"height":11}},{"id":"b5debb68-5e17-480d-8239-3dcfa9ed1b9f","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":179,"box":{"x":69,"y":672,"width":540,"height":11}},{"id":"44430a9b-39ac-412f-addd-01e4ca512240","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":179,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"a474e322-474a-4a83-9976-828b5ad2f576","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":179,"box":{"x":68,"y":710,"width":597,"height":11}},{"id":"9ff6fb12-1331-4bb0-b0a8-55bd34e7e1cf","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":179,"box":{"x":102,"y":733,"width":802,"height":11}},{"id":"87d2525f-2733-4f1d-8888-02cac8abe620","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":179,"box":{"x":68,"y":748,"width":822,"height":11}},{"id":"bbee8a5d-cf9b-45dc-ae54-321de9b18e39","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":179,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"c1a5f48e-7ef9-4c68-9137-eb5ae73f84fa","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":179,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"884ac231-2f25-4253-80bb-1378180600eb","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":179,"box":{"x":69,"y":793,"width":762,"height":11}},{"id":"5fc43580-8b6b-4a6b-8ea0-5395fe694421","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":179,"box":{"x":68,"y":808,"width":770,"height":11}},{"id":"003b812f-d4ba-4ce9-8fde-c7b01c3a3a71","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":179,"box":{"x":69,"y":823,"width":828,"height":11}},{"id":"a9eb282b-ac99-45c6-9773-33c467d4cb06","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":179,"box":{"x":70,"y":838,"width":814,"height":12}},{"id":"ca1fc9d4-3d39-4801-ba23-0876c41b3b9c","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":179,"box":{"x":69,"y":853,"width":825,"height":12}},{"id":"818d1445-7039-4829-b05d-42dd26cd4b19","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":179,"box":{"x":69,"y":869,"width":645,"height":11}},{"id":"1465c4ad-a6bb-4df2-b436-86745c6be8d3","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":179,"box":{"x":102,"y":891,"width":797,"height":12}},{"id":"afbb2be4-941b-426e-887c-6d97ca1e1857","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":179,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"dcc5f306-52e2-4d76-8f8c-1eda690e1452","block_type":"box","text":"II-126","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"592fb10e-fbc2-4488-aa79-53de724cfbc3","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d86ff4e2-6d8c-41b8-9f0a-b8fa14904ed1","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":180,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"984feaaf-41de-4a7c-bfdc-51b69991560b","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":180,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"f264b6eb-0eae-4669-bbf7-6a78560f4676","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":180,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"c5041ba2-859a-495e-b0b8-e3ad5bab0e5a","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":180,"box":{"x":70,"y":90,"width":730,"height":11}},{"id":"c8062122-b429-4c6a-b5d5-927b900b259d","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":180,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"231215b0-0823-4680-91c5-46d7cbc2b6ea","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":180,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"9a700703-d261-43ab-9e66-d130fd3173e0","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":180,"box":{"x":70,"y":143,"width":812,"height":11}},{"id":"635250bd-ae05-4b53-9e54-0457b4fa52ac","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":180,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"f4e36c47-e42d-4e82-a55e-bd487bc84ec1","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":180,"box":{"x":68,"y":173,"width":827,"height":11}},{"id":"9a32bcd3-5ddb-4960-a73f-c392ef9aa6db","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":180,"box":{"x":68,"y":188,"width":817,"height":11}},{"id":"ad708074-24e4-4b3a-8c52-910daeace2a7","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":180,"box":{"x":69,"y":204,"width":802,"height":11}},{"id":"fc5c6531-de23-4fb8-9166-a8c5fa9fd666","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":180,"box":{"x":69,"y":218,"width":700,"height":12}},{"id":"48261906-748f-4b76-aff2-eb53b6b5775a","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":180,"box":{"x":102,"y":241,"width":756,"height":11}},{"id":"3fd88a39-e8a7-4978-b0fd-c5f2f677613b","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":180,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"02ed0ad9-22b3-48a9-b0e3-9d8c5a7752b4","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":180,"box":{"x":69,"y":271,"width":766,"height":12}},{"id":"bba9fa87-7d39-4d63-8e27-c46005a7cc1c","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":180,"box":{"x":101,"y":294,"width":780,"height":11}},{"id":"1319e79d-5b64-4016-9d83-2943a7000d6b","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":180,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"4eec339f-94cd-40f5-a1cf-edd364ea61d5","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":180,"box":{"x":69,"y":324,"width":806,"height":11}},{"id":"6d3eeebd-ddcc-4379-8485-c41e0f6bb75d","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":180,"box":{"x":69,"y":339,"width":776,"height":12}},{"id":"b681e3c9-1a2b-4da5-ae6f-b30e490a7c5e","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":180,"box":{"x":70,"y":355,"width":800,"height":11}},{"id":"5c2d4209-c284-4aef-b527-0a6834232f9c","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":180,"box":{"x":69,"y":370,"width":352,"height":11}},{"id":"c37fbbe3-651c-4fb8-b146-33c99e1e186c","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":180,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"e89e55bb-259c-4fba-8ddf-58858a6772e2","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":180,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"77e341d1-e477-4820-88b0-bc1ec0d32b1e","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":180,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"3b9f1f23-8062-48c6-aaaa-c2ea6f7f618c","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":180,"box":{"x":68,"y":438,"width":788,"height":11}},{"id":"a82433b7-c36b-4768-99d2-c0576ba64103","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":180,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"fe9b8e03-a378-49a3-847d-8c1f4a41e96e","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":180,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"ccc9160c-4806-40ab-aa1f-16cad27834da","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":180,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"f9a8a730-db5f-4820-a3db-b205677b16c6","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":180,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"853f2b79-0c04-4812-96b3-86e8e9ebf941","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":180,"box":{"x":69,"y":514,"width":811,"height":11}},{"id":"afcd6772-e95a-4f61-a8d4-93da07ddaeae","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":180,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"7e9a6ed0-770d-448f-a8a1-3a71c00176c5","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":180,"box":{"x":68,"y":543,"width":808,"height":12}},{"id":"8e4a66bb-76cd-4358-8a07-75a2948e75f4","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":180,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"5ac23800-6344-4e42-a212-9bb1415ac523","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":180,"box":{"x":70,"y":574,"width":836,"height":11}},{"id":"159c514b-1b59-4305-bb7a-f2cdda890dba","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":180,"box":{"x":69,"y":589,"width":613,"height":11}},{"id":"69c848e0-7a98-43f0-a141-8f05b9666572","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":180,"box":{"x":102,"y":612,"width":802,"height":11}},{"id":"1c92f887-1b6c-49b7-9be4-76eb35c81d13","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":180,"box":{"x":69,"y":627,"width":800,"height":11}},{"id":"30c55a0b-6115-4ac5-88b2-8ede8725d561","block_type":"box","text":"accounts and compliance constraints.","page_number":180,"box":{"x":69,"y":642,"width":269,"height":11}},{"id":"b16c9d44-2297-4a3e-9536-835535013df4","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":180,"box":{"x":102,"y":664,"width":736,"height":12}},{"id":"96cdf762-0a4b-4a31-ae9c-a17078b2924b","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":180,"box":{"x":69,"y":680,"width":808,"height":11}},{"id":"72db1b74-1513-4fe8-a644-6180cbcde1da","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":180,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"f3d7a67c-b70d-469e-8a06-d117c62670eb","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":180,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"61a39009-f9d9-4e89-91c3-31fe48963170","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":180,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"5002418f-036a-42ca-8fd4-db2cc09d8a55","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":180,"box":{"x":69,"y":740,"width":793,"height":11}},{"id":"54d5d149-700a-44d3-92f2-490f6a3248d2","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":180,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"787ed556-c707-4a13-b2bb-7141e9b73817","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":180,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"ff4b65f8-9e26-49e3-8302-2cbdb1d6a968","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":180,"box":{"x":68,"y":785,"width":839,"height":12}},{"id":"bb174f62-6543-41ed-a88a-5d55d9f83cab","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":180,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"9dd0635e-7250-4655-9622-1d61082022eb","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":180,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"4a3e020b-6d75-4bcb-8f98-e779b3751d11","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":180,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"1ec93539-1db9-419a-a8f5-11a2629c308e","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":180,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"a00f386c-f7bf-4f3b-99a2-6b616b949ef8","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":180,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"96dbec20-faa7-43d0-8098-7fd4f2e4efe2","block_type":"box","text":"clients may be used as well.","page_number":180,"box":{"x":69,"y":876,"width":200,"height":11}},{"id":"6d0e456f-70fe-409d-8c8c-6b64d7d62328","block_type":"box","text":"II-127","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a062aa0c-b9d7-4d66-b5f9-cbc8e92def14","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad52e13c-39fd-4c35-87ff-7669ddbe4d94","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":181,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"4c047a1e-3953-436c-ba31-a8c6fc61d8ff","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":181,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"3bf2d695-81a4-4b28-91ce-f184e1523a0f","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":181,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"c2768a2c-44b8-42c1-b08f-d4ccabf3dd75","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":181,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"f573e818-05ab-4c9e-a44c-acd242e5261f","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":181,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"8a4d144b-df44-4540-a62d-94ee9a42f8a9","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":181,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"95ea5914-8e00-45a0-a365-c478a5029aa9","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":181,"box":{"x":69,"y":135,"width":806,"height":11}},{"id":"75a49bb5-92e9-4813-9ee2-807dfd6b99da","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":181,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"8b87c469-1ecb-454b-9e97-1a4e5e5e01bb","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":181,"box":{"x":69,"y":166,"width":836,"height":9}},{"id":"2043182d-c339-4707-ab8c-b538274c746f","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":181,"box":{"x":69,"y":181,"width":773,"height":11}},{"id":"de0dae91-74bd-474e-9d89-e854e8a6b5cb","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":181,"box":{"x":69,"y":196,"width":467,"height":11}},{"id":"e84fa6f5-4ab5-4b40-9158-310466f0de03","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":181,"box":{"x":102,"y":218,"width":741,"height":12}},{"id":"a7832793-b7c2-4713-a71e-b3c8701d9ee0","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":181,"box":{"x":69,"y":234,"width":721,"height":11}},{"id":"7444c35c-bfe2-4f81-8248-180dff50d780","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":181,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"e24b88bf-19b8-4a5f-a321-c7fc83eb52e4","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":181,"box":{"x":68,"y":264,"width":795,"height":11}},{"id":"419cfd46-006c-4d7f-a115-1124162a5dce","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":181,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"d21234f5-694c-4744-b490-96168da8a42c","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":181,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"9ebf8304-9802-4e4c-ab52-0ec4ebbfabe7","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":181,"box":{"x":70,"y":309,"width":796,"height":11}},{"id":"c9a2551c-ce29-4d8c-916d-af9d022f281c","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":181,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"19bc496b-7ba0-450f-a62e-83c1db2ea43e","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":181,"box":{"x":68,"y":339,"width":819,"height":12}},{"id":"49f27360-7cb3-48d1-b52b-59e7bab7a705","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":181,"box":{"x":70,"y":355,"width":771,"height":11}},{"id":"541b1e25-45a2-44fc-9a5b-b97bd87e399c","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":181,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"23c70bac-86cf-4ea6-a181-74ceb7fe52c7","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":181,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"840abffe-554d-430d-84a0-6b65056a6e06","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":181,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"cc2340cf-b09b-4a88-b1cd-e2156da998d4","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":181,"box":{"x":68,"y":415,"width":823,"height":11}},{"id":"fd430902-527a-4b5b-9cce-a860f549c833","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":181,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"b0e75f49-9344-4864-b873-951287cf8e92","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":181,"box":{"x":101,"y":453,"width":767,"height":11}},{"id":"fa04c680-95e4-46e2-ab78-67b3f1b553fa","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":181,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"7c8617f3-0513-49ff-849c-98f2441efa2c","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":181,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"2a83fff9-e4ea-42d4-a269-4d687460fb41","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":181,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"d60c8a89-9d28-44a4-bbea-14586e73e0d1","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":181,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"abaac3ff-78da-4526-8d67-557ac7d50768","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":181,"box":{"x":101,"y":536,"width":786,"height":11}},{"id":"9a68dcdb-98ea-4279-8faa-d4c02733e16e","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":181,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"2b75368a-4d8d-4d92-a070-55516155e6ff","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":181,"box":{"x":69,"y":566,"width":751,"height":11}},{"id":"7f25b011-13ec-4814-bdfb-2858b8fb1bb2","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":181,"box":{"x":68,"y":582,"width":829,"height":11}},{"id":"e46a42bf-b65a-40f2-82c8-0e9541c33c7f","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":181,"box":{"x":68,"y":596,"width":799,"height":12}},{"id":"6b44039f-8748-42c0-bac1-390520468d5d","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":181,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"ee26ef2d-8f2a-45eb-8c84-93e3591b4cd5","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":181,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"caf2af04-6d1a-4f9c-a1d9-42c716adaa16","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":181,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"889fe7cd-391d-4c69-8337-a665743cccac","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":181,"box":{"x":69,"y":657,"width":781,"height":10}},{"id":"9af3ce50-d8b2-437b-8689-7aa03ea0e351","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":181,"box":{"x":69,"y":672,"width":805,"height":11}},{"id":"0f145095-9888-4f13-b38a-75eeb28a174f","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":181,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"6f3531b0-ec83-42c4-9928-a2052344fc42","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":181,"box":{"x":69,"y":702,"width":815,"height":11}},{"id":"31a8a21b-5d60-4d10-b76f-24616946ad34","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":181,"box":{"x":69,"y":718,"width":713,"height":11}},{"id":"be181746-1eb8-4ee7-9638-2e2c07640331","block_type":"box","text":"Portfolio Turnover","page_number":181,"box":{"x":69,"y":748,"width":129,"height":9}},{"id":"9402760a-1256-4767-a4ae-6d78be597d50","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":181,"box":{"x":101,"y":770,"width":798,"height":12}},{"id":"04562dec-8fe0-4759-b615-5e889614be75","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":181,"box":{"x":69,"y":785,"width":839,"height":11}},{"id":"2e1f05f4-b015-4e34-9399-48844e759e1a","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":181,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"33481402-f928-4963-9d11-4928a59989f7","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":181,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"96c88ce9-b627-42a6-9f0f-8c66564e2927","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":181,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"2cee9812-76af-4071-9604-63121a6cef12","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":181,"box":{"x":69,"y":846,"width":519,"height":11}},{"id":"8138dacb-6a13-4847-875a-7a8eae391920","block_type":"box","text":"II-128","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7ab85e39-b967-4dfd-b4e7-2065a25d9681","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45b87569-c0c3-46ff-8dd3-12f68ebbbf60","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":182,"box":{"x":396,"y":45,"width":186,"height":10}},{"id":"3ffb6d96-fb1d-4192-9d0f-cc9f042f4979","block_type":"box","text":"Dividends","page_number":182,"box":{"x":69,"y":76,"width":69,"height":8}},{"id":"f54cbd8c-67fe-4173-aea1-53c0eb164e30","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":182,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"ebc35dd8-0b99-44db-a328-8b789b55aa3c","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":182,"box":{"x":70,"y":113,"width":795,"height":11}},{"id":"2b7d704d-8f10-4868-96be-571e64b8b73a","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":182,"box":{"x":69,"y":128,"width":837,"height":12}},{"id":"c637a301-1f23-40a3-8335-701e375fa385","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":182,"box":{"x":69,"y":143,"width":836,"height":12}},{"id":"b9b8fb98-530a-4683-8792-1c772e64eb49","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":182,"box":{"x":70,"y":159,"width":822,"height":11}},{"id":"e96c3678-bca4-4010-baa7-6d2c9d5c2d6f","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":182,"box":{"x":69,"y":174,"width":739,"height":11}},{"id":"b69696a6-b207-47d8-86ad-beedde463150","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":182,"box":{"x":102,"y":196,"width":773,"height":12}},{"id":"61ac8928-e117-4f58-8bbe-c9dcb0cc660c","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":182,"box":{"x":70,"y":212,"width":819,"height":11}},{"id":"33213e17-f428-420f-b885-8cba56d2ca8e","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":182,"box":{"x":69,"y":227,"width":807,"height":11}},{"id":"163951fd-48a0-4231-a5a4-1f539b7d9e47","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":182,"box":{"x":68,"y":242,"width":800,"height":11}},{"id":"a08c898c-c660-4c26-b67c-9731c6ff05a0","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":182,"box":{"x":69,"y":257,"width":801,"height":11}},{"id":"4caedcb4-d135-456a-836f-9c0fc5e002a7","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":182,"box":{"x":69,"y":272,"width":783,"height":11}},{"id":"af4b1587-1564-4ee6-abea-0555528e8d46","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":182,"box":{"x":69,"y":287,"width":820,"height":11}},{"id":"3cc0b3bb-4764-4c6b-bd54-7b45a32aeb71","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":182,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"aa281236-5a92-49f0-8c5d-3f712dfbee1c","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":182,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"0fc1653f-6a93-43ca-ad35-ed4e8146d4b7","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":182,"box":{"x":68,"y":332,"width":826,"height":11}},{"id":"55cf132f-de5e-4fa4-8e1c-1d7b5d131b8c","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":182,"box":{"x":69,"y":348,"width":816,"height":11}},{"id":"28a3d516-0824-4b6c-8ced-20c790f7dc49","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":182,"box":{"x":68,"y":363,"width":461,"height":11}},{"id":"b2416b60-dd97-44f7-88ed-1890663be59e","block_type":"box","text":"Taxes","page_number":182,"box":{"x":68,"y":393,"width":42,"height":9}},{"id":"a94f093b-be4f-4d1a-b954-aeefb71984fe","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":182,"box":{"x":102,"y":416,"width":732,"height":11}},{"id":"f2c1d5b5-a5e5-44c2-a050-cae252cb818e","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":182,"box":{"x":69,"y":431,"width":825,"height":11}},{"id":"d16845d7-7199-4d4b-a34e-70752ca2b5ea","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":182,"box":{"x":70,"y":446,"width":817,"height":11}},{"id":"5bf551e8-397b-46d2-9f96-a0692d89bde8","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":182,"box":{"x":69,"y":461,"width":832,"height":11}},{"id":"c278ce2b-0eb8-490b-a823-7934ebc51706","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":182,"box":{"x":69,"y":476,"width":791,"height":11}},{"id":"2cad82bf-5435-4429-a776-26a186fc5a99","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":182,"box":{"x":69,"y":491,"width":786,"height":12}},{"id":"487a026f-695e-45a0-b31e-61c7a51648c9","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":182,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"997db94f-087f-4e45-b11a-0d67db2c56b9","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":182,"box":{"x":68,"y":521,"width":819,"height":12}},{"id":"2c7bf3c1-73f9-4245-83ed-22a20d644202","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":182,"box":{"x":69,"y":537,"width":824,"height":11}},{"id":"ac3df807-f3fc-41de-a569-2b06fd0138e9","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":182,"box":{"x":69,"y":552,"width":739,"height":11}},{"id":"6e46fee3-175d-4991-8e24-a5dcb9080cca","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":182,"box":{"x":101,"y":574,"width":792,"height":12}},{"id":"016cff42-5e59-4151-b8ce-3509b2b2b5c8","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":182,"box":{"x":68,"y":589,"width":819,"height":12}},{"id":"a0aa5cd5-d6cf-45f6-a7ef-7437bf49a52f","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":182,"box":{"x":70,"y":605,"width":830,"height":11}},{"id":"bd58be1d-d867-4a3b-a599-30fae775c238","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":182,"box":{"x":68,"y":620,"width":744,"height":11}},{"id":"6260b29e-6cb9-410a-b880-aab982d3fff5","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":182,"box":{"x":69,"y":635,"width":835,"height":11}},{"id":"cbffd620-7ca8-4ce0-9627-76a089d72239","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":182,"box":{"x":69,"y":650,"width":808,"height":11}},{"id":"c1ec1406-4bcd-458a-adf1-fca556d5ed62","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":182,"box":{"x":69,"y":665,"width":767,"height":11}},{"id":"bc2ed5d3-b3b0-4677-b2a3-b70463abcf37","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":182,"box":{"x":70,"y":680,"width":826,"height":12}},{"id":"e97e8cfc-37d2-489d-b652-999a4880ed7b","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":182,"box":{"x":68,"y":695,"width":521,"height":12}},{"id":"9d21c73d-0cdf-4f1b-8990-363f2bca3b6a","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":182,"box":{"x":102,"y":718,"width":798,"height":11}},{"id":"7bb2abea-7dec-4064-9c45-514e82823be5","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":182,"box":{"x":69,"y":733,"width":762,"height":11}},{"id":"bfe4e4f7-9a8e-4637-9fa8-ea52ccf6768c","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":182,"box":{"x":70,"y":748,"width":789,"height":11}},{"id":"ad42c45d-a5ee-4979-84ac-b2e6ac5b0319","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":182,"box":{"x":69,"y":763,"width":837,"height":12}},{"id":"fbc83938-299c-406f-9a10-1c43ef11a5ba","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":182,"box":{"x":69,"y":778,"width":831,"height":12}},{"id":"02d11530-f58a-483f-b316-afff9d923db6","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":182,"box":{"x":69,"y":794,"width":837,"height":11}},{"id":"1a55d1cb-3cbd-4dc2-8438-f6a47aefe52a","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":182,"box":{"x":69,"y":809,"width":825,"height":11}},{"id":"7fb638df-4282-4ba5-a645-adebfe08f03a","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":182,"box":{"x":69,"y":824,"width":811,"height":11}},{"id":"593ee6c1-d914-4ae3-94cc-0ce87b7ded9f","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":182,"box":{"x":70,"y":839,"width":813,"height":11}},{"id":"9d7ab17d-4e79-4d1b-ade0-cf5324eb41a1","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":182,"box":{"x":69,"y":854,"width":834,"height":11}},{"id":"0371ca9e-3a73-4d66-a99d-21d8c4286408","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":182,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"c1eeb238-1e0b-4b73-9f55-433e9b94c7e3","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":182,"box":{"x":69,"y":884,"width":771,"height":12}},{"id":"25d2b0f9-7d94-414c-9f9d-afe57e182a0d","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":182,"box":{"x":69,"y":899,"width":512,"height":11}},{"id":"dc908eca-ce97-4b64-9f85-24d0d686b69b","block_type":"box","text":"II-129","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"52038259-2ad0-40db-884c-1a2f470f6a6e","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b0e9f23-ddac-4e1e-8901-539ac3a09429","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":183,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"1afb98bc-9349-4908-b45c-ec323fa4395b","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":183,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"fa86ea8a-a976-4d76-9304-763a7caa60af","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":183,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"d7459bad-7bbc-4d62-943a-37e19e25e3f1","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":183,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"694e24d2-79b4-4d57-be6d-9fb530a3f872","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":183,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"958f20cd-a3e3-4b35-8e31-6f05a35cc1f9","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":183,"box":{"x":70,"y":120,"width":810,"height":11}},{"id":"a371e2ca-8735-4f4a-9d59-17d231514e57","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":183,"box":{"x":69,"y":135,"width":828,"height":12}},{"id":"1be10869-b72a-46cd-97e2-3bdde6b0c96c","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":183,"box":{"x":68,"y":150,"width":666,"height":12}},{"id":"4f1f411b-90da-4620-b27c-bbc7c31692d3","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":183,"box":{"x":102,"y":173,"width":790,"height":11}},{"id":"e30ce09b-50f1-4c5f-9564-ce98033d5caa","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":183,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"1298fa7c-036f-49c2-9808-ddd080fc8ad0","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":183,"box":{"x":69,"y":203,"width":770,"height":12}},{"id":"9aa4a9e3-61fe-4608-871a-168d50478965","block_type":"box","text":"limitation.","page_number":183,"box":{"x":70,"y":219,"width":68,"height":8}},{"id":"f76adf0a-0d23-4e3c-bd8b-5977734e11e5","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":183,"box":{"x":102,"y":241,"width":803,"height":11}},{"id":"89095410-716a-4152-8f28-b0e2748dfcfe","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":183,"box":{"x":68,"y":256,"width":790,"height":12}},{"id":"96825d41-eb16-43e8-8de1-a978be8b2138","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":183,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"70f8331a-c0bb-494f-8b28-29c56a50183b","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":183,"box":{"x":68,"y":286,"width":748,"height":12}},{"id":"42b88dc5-faca-455e-9884-e417b1f5a4e5","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":183,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"86b55872-e4c0-4a15-a3d1-397b25fcfe4f","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":183,"box":{"x":70,"y":317,"width":829,"height":11}},{"id":"32b7ca9a-b0e1-4f4a-9803-86aa67b68d27","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":183,"box":{"x":70,"y":332,"width":785,"height":11}},{"id":"48b25744-4517-4dd5-82cf-2087b607f6ca","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":183,"box":{"x":69,"y":347,"width":795,"height":11}},{"id":"240e1b44-eafb-44c6-9565-ebd1060ed3a4","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":183,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"f6415ce5-2b48-4555-b254-dda188fa8ca9","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":183,"box":{"x":68,"y":377,"width":814,"height":12}},{"id":"d5775b1d-dd52-4552-9aad-57d72440fa6e","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":183,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"292f8a39-ce37-49f3-b552-847f789b795f","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":183,"box":{"x":68,"y":407,"width":751,"height":11}},{"id":"fb3b1072-1317-4aee-a901-b8e6bf04fc27","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":183,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"a4b52e60-13d8-4ebd-b584-fbba5ce57810","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":183,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"01632b62-544b-487a-9b04-59c68b7b3516","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":183,"box":{"x":68,"y":453,"width":813,"height":11}},{"id":"acb9fd31-6e7e-4337-867f-ad6aa67d3eef","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":183,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"d3be96f2-31c7-466f-892d-39b99ce96aa2","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":183,"box":{"x":68,"y":483,"width":789,"height":11}},{"id":"e3bb64c1-af7e-4000-9e72-6e546b9b5869","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":183,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"a4807430-a4fc-413f-bf00-9397b93081cd","block_type":"box","text":"constitute “qualified dividend income.”","page_number":183,"box":{"x":69,"y":513,"width":275,"height":11}},{"id":"45b47908-6bd8-4d90-840f-f876352ee0bb","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":183,"box":{"x":101,"y":536,"width":806,"height":11}},{"id":"b4010529-e6e5-4cb3-98e6-42aadd4e4245","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":183,"box":{"x":70,"y":551,"width":368,"height":11}},{"id":"c36f9795-5b00-4ea2-bf81-4731186e12fc","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":183,"box":{"x":101,"y":574,"width":772,"height":11}},{"id":"9bc8dc00-3b2d-4386-b919-cb112e515a10","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":183,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"42c5a336-79ab-45d7-90f2-29c3b53109d1","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":183,"box":{"x":70,"y":604,"width":745,"height":11}},{"id":"5ed3c5af-47e7-42e2-ad47-82b6ba4159cc","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":183,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"8c6379b1-17d7-44f7-bc14-788792d87318","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":183,"box":{"x":70,"y":634,"width":838,"height":12}},{"id":"9f57c567-4370-4dee-b9ae-5332e64dce49","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":183,"box":{"x":69,"y":649,"width":809,"height":12}},{"id":"09b8757b-897e-4fbe-8fc2-229a26948feb","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":183,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"de7237db-61fb-4021-b49c-20174aabd783","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":183,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"ef469f0c-8717-4176-aef2-bc466ef2f5d5","block_type":"box","text":"against their taxes.","page_number":183,"box":{"x":69,"y":695,"width":135,"height":11}},{"id":"c1a45161-6f34-4d4c-9399-0cb6c78f1094","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":183,"box":{"x":102,"y":717,"width":783,"height":12}},{"id":"2c14855e-99c8-4a6a-9ff6-f19237ae19eb","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":183,"box":{"x":68,"y":732,"width":812,"height":12}},{"id":"6f72fb5b-5f43-4ebd-ae1c-6282f09c79d9","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":183,"box":{"x":69,"y":748,"width":769,"height":11}},{"id":"266c7cec-29ba-41f8-b609-15138b5e919e","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":183,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"3c3e7130-5740-4b6e-80a6-75ed5c072c45","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":183,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"f22757b0-04fd-44f1-a289-3a470da6039a","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":183,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"7e333196-6107-4a97-aad8-4feaaada891e","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":183,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"ab647f53-c4dc-44c7-8815-3a9bd98d6b9a","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":183,"box":{"x":70,"y":823,"width":797,"height":12}},{"id":"0b3974a5-e9a8-4876-9f18-1f821704037f","block_type":"box","text":"dividends received by the shareholder.","page_number":183,"box":{"x":69,"y":839,"width":272,"height":10}},{"id":"d1af55cf-b0e0-4849-9d8a-ccf4e0228026","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":183,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"f0b42244-a881-4a35-b3a7-c25754b242b7","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":183,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"e0c57a6d-547e-43d2-a5e3-894c44ccf53c","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":183,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"8fca8f4b-7a20-42a0-a176-f26475b6f798","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":183,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"0e20dedf-4554-40ba-aad8-087d4282ebe6","block_type":"box","text":"II-130","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"748f3434-f913-49f7-8697-4faf89abbcff","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b5da9c4-e04f-4ee1-b5b8-cf690f29abf0","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":184,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"0411a67f-8d18-4afa-8c92-cef1c9bb2ea4","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":184,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"a97eb0e9-f594-4a25-a452-9f8b9ffe2ad2","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":184,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"61433ef0-dd47-475a-9fcf-76a059315720","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":184,"box":{"x":70,"y":90,"width":797,"height":11}},{"id":"87e47c4c-1561-4cad-a5eb-d8c2375f79cd","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":184,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"a2fd9b58-9242-4d40-bca2-5ffd7d4ed9ec","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":184,"box":{"x":68,"y":120,"width":826,"height":12}},{"id":"66c14dfb-22ae-4a34-a75f-22319078bafb","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":184,"box":{"x":70,"y":135,"width":772,"height":12}},{"id":"82c655c1-65ae-4f6b-bb3e-c4d715679105","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":184,"box":{"x":70,"y":150,"width":795,"height":12}},{"id":"ea7535a3-0b81-4545-8421-ce5f8c59a411","block_type":"box","text":"taxable year.","page_number":184,"box":{"x":68,"y":166,"width":89,"height":11}},{"id":"dbb8749b-0ed4-48ba-88fa-6863f4161cec","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":184,"box":{"x":102,"y":188,"width":733,"height":12}},{"id":"a609c559-ac93-422d-91f7-e3eacecd20fb","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":184,"box":{"x":69,"y":203,"width":832,"height":11}},{"id":"708c7cb5-c1d5-44f2-a5d0-948710e93947","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":184,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"5515a2bb-7d6b-493e-b014-8eb59facbdcd","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":184,"box":{"x":69,"y":234,"width":362,"height":11}},{"id":"be79b834-7fd3-4fa3-aefc-b0fbd32565a3","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":184,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"423aa432-15a2-40cc-903e-e998e990013b","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":184,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"9538941e-216a-46e1-8b0c-d4c67daa2a84","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":184,"box":{"x":69,"y":287,"width":797,"height":11}},{"id":"84e6f214-732a-4cb9-878b-6831eec53683","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":184,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"281e9b74-1643-4b9f-be4b-a0bda526518a","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":184,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"51187bb5-894e-45ce-9133-17358aabd5e2","block_type":"box","text":"A sale, redemption, or exchange of Fund shares may give rise to a gain or loss. In general, any gain or loss","page_number":184,"box":{"x":101,"y":339,"width":762,"height":12}},{"id":"ee822880-fe7d-4e7d-b750-b6b3bf615b27","block_type":"box","text":"realized upon a taxable disposition of shares of a Fund will be treated as long-term capital gain or loss if such shares","page_number":184,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"3a54b611-277e-467a-bfa3-aa1380e77f8f","block_type":"box","text":"have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will","page_number":184,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"6f2e522f-4a31-4bc9-98a1-c0babc079ce5","block_type":"box","text":"generally be treated as shor t-term capital gain or loss. Any loss realized upon a taxable disposition of shares held for","page_number":184,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"249a578a-f149-402a-8de9-622f66ca24e6","block_type":"box","text":"six months or less will be treated as long-term capital loss, rather than shor t-term capital loss, to the extent of any","page_number":184,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"9d91ed59-3589-4b52-8dc9-9c1c622e65af","block_type":"box","text":"amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the","page_number":184,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"bf87e627-b09e-433c-88d1-938051d80c6a","block_type":"box","text":"shareholder as undistributed capital gains). Shareholders that hold shares of a Fund through a qualified tax-exempt","page_number":184,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"1f7391d7-8b09-4fe4-98aa-0aafdb5986d8","block_type":"box","text":"plan described in section 401(a) of the Internal Revenue Code should see the Fund’s Prospectus for a discussion of","page_number":184,"box":{"x":70,"y":445,"width":829,"height":11}},{"id":"c991b0b3-f8b5-4f3d-9671-1c1260ac9b42","block_type":"box","text":"special tax rules that apply to their investments.","page_number":184,"box":{"x":69,"y":461,"width":343,"height":11}},{"id":"5e60259f-4615-4421-a5a3-e731b02b438a","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":184,"box":{"x":101,"y":483,"width":807,"height":11}},{"id":"7f836399-4a0f-4646-9bd5-ee126266ecb1","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":184,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"4f7f3156-6fc5-46ff-96cf-97f7ea28df32","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":184,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"ec7a2b02-9c08-416a-a9c2-3e3382ee8b3e","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":184,"box":{"x":69,"y":528,"width":534,"height":12}},{"id":"6b096345-03d0-4ea1-90dc-72a5d9276a13","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":184,"box":{"x":101,"y":551,"width":792,"height":11}},{"id":"cbb9cab4-ba23-4f9d-8339-89b568b7c412","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":184,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"6754d955-5865-4cae-b91b-03bb03606f37","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":184,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"90b29194-f241-43bb-9f35-3c457d2d72d6","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":184,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"005490ac-5166-4baf-a43a-126e0ef2a85f","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":184,"box":{"x":69,"y":612,"width":816,"height":11}},{"id":"717dcebb-0701-48f0-a721-a301078e584e","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":184,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"e57f769c-2676-436c-97df-6eb15a77eb77","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":184,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"03330380-30e8-4a4e-97a1-9809dc1805e4","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis repor ting","page_number":184,"box":{"x":69,"y":657,"width":788,"height":11}},{"id":"b0d7c28d-6675-40c5-b27b-edce3dfd89b1","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":184,"box":{"x":69,"y":672,"width":797,"height":11}},{"id":"b627ae4c-5121-4871-beab-9f83c8d9bcd8","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":184,"box":{"x":69,"y":687,"width":821,"height":11}},{"id":"b954d894-313d-465b-8c0a-bd19f0c1d875","block_type":"box","text":"redemption of such shares.","page_number":184,"box":{"x":69,"y":702,"width":195,"height":11}},{"id":"909b4390-d32c-437d-ade7-e7f7176071eb","block_type":"box","text":"The Manager may determine it is in the best interest of a Fund to distribute por tfolio securities in kind for the","page_number":184,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"a445541e-dbb8-4aab-93b5-b0fd46d79c38","block_type":"box","text":"purposes of por tfolio management when meeting redemption requests. When the Manager determines to do so, a","page_number":184,"box":{"x":70,"y":740,"width":814,"height":11}},{"id":"351ef166-a6ef-4380-8c31-4f6225f14261","block_type":"box","text":"Fund generally will not recognize taxable gains in respect of the por tfolio securities it distributes to the redeeming","page_number":184,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"57daf19b-a4ec-4653-aef1-8cce97820f25","block_type":"box","text":"shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute.","page_number":184,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"994414b0-5e0d-4f22-930a-e7b95dbbd971","block_type":"box","text":"While a Fund may engage in redemptions in kind that have the effect of reducing or eliminating distributable","page_number":184,"box":{"x":101,"y":793,"width":770,"height":11}},{"id":"70237d97-4344-4ca5-8c3f-3b6c7ef4ed22","block_type":"box","text":"capital gains as described above, the Funds do not employ a systematic approach to tax management. There is no","page_number":184,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"08ed95f0-070e-4407-ac1e-877366f945b6","block_type":"box","text":"assurance that a Fund can or will be successful in effecting any redemptions in kind and shareholders should expect","page_number":184,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"5da50b19-b30e-46ee-9534-8ca08fb2c48b","block_type":"box","text":"that each Fund will distribute capital gains.","page_number":184,"box":{"x":68,"y":839,"width":305,"height":11}},{"id":"35cd29f7-6ab1-40ab-ba65-b87f3d7f8c66","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":184,"box":{"x":102,"y":861,"width":799,"height":11}},{"id":"02f3f42c-64c3-4418-aedf-8de7ce53d712","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":184,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"1f368203-9430-4ebe-8774-656b7bacbac8","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":184,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"f9386653-46fa-49ff-8ef9-61a4bf5fa5d8","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":184,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"474699b2-5254-4c20-ade2-a18a28c753e2","block_type":"box","text":"II-131","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9371d503-b713-4ed0-8a21-cd8f4a95a747","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3825cc62-d0c5-40ab-a9cd-3dfd7b3ad86b","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":185,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"cc5ac8eb-c43a-4eb6-a2e5-2d99372acb38","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":185,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"ea68931d-acac-4565-b76a-9222c344f7ea","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":185,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"f59c148b-1766-4a52-9d21-4a627829ce3c","block_type":"box","text":"considered 60% long-term and 40% shor t-term capital gain or loss), which may increase the amount that must be","page_number":185,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"5e2b0f4b-8f83-4c56-ab26-0369e65869df","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":185,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"158c0a32-3a47-473d-8732-ef8c15d2e660","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":185,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"891badb5-3af7-4618-9d74-1fbd54b9a6e0","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":185,"box":{"x":69,"y":135,"width":832,"height":12}},{"id":"dd29db83-d445-4e70-8931-40e9db887d73","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":185,"box":{"x":68,"y":150,"width":542,"height":12}},{"id":"e340d4e5-0bef-4b6b-a94e-adf4f13d9da2","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":185,"box":{"x":102,"y":173,"width":744,"height":11}},{"id":"700cce79-99f2-4573-8471-3d597c8da325","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":185,"box":{"x":69,"y":188,"width":751,"height":11}},{"id":"0be5f6ef-82cf-4e68-a4f2-9ae1d058ed98","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":185,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"9f62218e-7ded-43fb-a726-73894e5ffffe","block_type":"box","text":"on a section 1256 contract is treated as shor t-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":185,"box":{"x":69,"y":219,"width":823,"height":11}},{"id":"b9e685f3-0204-43ea-89e9-cd974273ca40","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":185,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"0484a2a2-337b-4244-bbac-705811fd16c0","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":185,"box":{"x":68,"y":249,"width":807,"height":11}},{"id":"79f06b3f-db49-4755-a939-afdc959a510d","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":185,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"701347ad-f13d-41fc-a4d2-4610a7f9317f","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":185,"box":{"x":68,"y":279,"width":838,"height":11}},{"id":"adae9893-46b4-4e7e-97ce-2c5acbf7adec","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":185,"box":{"x":69,"y":294,"width":695,"height":11}},{"id":"ea60e254-a708-4159-bae5-495efb894369","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":185,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"40cdf11f-eea6-4ae1-b06b-bbf491d0a477","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":185,"box":{"x":69,"y":332,"width":769,"height":11}},{"id":"f465a38d-c57f-4468-9ead-48192aca0cd0","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":185,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"1242cecd-76ed-4137-9c34-036e11abd2be","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":185,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"5bfd0291-4408-424f-a92d-f140b03d433b","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":185,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"51fb91da-9527-450f-adb9-8572f005a697","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":185,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"1ffc9d51-6d95-4e94-908a-41b7ff012024","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":185,"box":{"x":70,"y":407,"width":792,"height":12}},{"id":"edca6df7-b165-4846-b06e-34aba43f11c3","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":185,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"c9aff01c-d7e9-4f3a-b33f-5cb6f8da2eab","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":185,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"b4224d8e-4078-4d1a-b9be-89769cb6263e","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":185,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"3bac54ba-d72a-4ed2-bd00-f18c62060469","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":185,"box":{"x":68,"y":468,"width":777,"height":11}},{"id":"2b72c89f-04ff-4f36-9757-7ddd4b9ca982","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":185,"box":{"x":69,"y":483,"width":810,"height":11}},{"id":"6ba56d1e-da5e-49b9-87c9-3d841ce4dbe3","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":185,"box":{"x":70,"y":498,"width":801,"height":11}},{"id":"4a603808-e9eb-4700-b9a6-fbf2fe3a2819","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":185,"box":{"x":69,"y":513,"width":762,"height":12}},{"id":"1f0ad726-d729-4a5d-8d31-819cf3d4a6db","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":185,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"219bc907-19d8-474e-a04b-ff21cd32ec1c","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":185,"box":{"x":69,"y":544,"width":787,"height":11}},{"id":"0608da3a-ef5b-4dd2-87fc-78209eb06f67","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":185,"box":{"x":70,"y":559,"width":822,"height":11}},{"id":"d46213b5-5b4b-42d1-8114-ca11321acf93","block_type":"box","text":"in subsequent taxable years.","page_number":185,"box":{"x":70,"y":574,"width":203,"height":11}},{"id":"f5f057bd-f057-42d8-9d70-9ebc71b9e849","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":185,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"141c2b51-34a2-4e24-86d6-c818bb5e2440","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":185,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"aeb438f1-0408-4e53-8f86-26cdcf9bd747","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":185,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"09f396f5-8bfd-4caa-82d1-4448ca5b3883","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":185,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"77f939b2-551f-4951-bd20-20df33a782fd","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":185,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"03070da0-d759-4498-a6e3-b1822d949c4d","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":185,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"249ce6ba-e5a8-41dc-af43-719cca695bd3","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":185,"box":{"x":69,"y":687,"width":781,"height":11}},{"id":"efca5532-5090-4193-9ccc-0b530c2dfdbc","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":185,"box":{"x":69,"y":702,"width":824,"height":12}},{"id":"98b804c3-0a9b-41c7-9d5f-48fb3c7d339c","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":185,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"80381670-e9d1-468e-8825-9e2f3f573be2","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":185,"box":{"x":68,"y":733,"width":808,"height":11}},{"id":"100281f1-0754-43d8-84d5-0630b8d0d26b","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":185,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"399eb748-a827-4257-9646-271a40473d74","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":185,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"305b068f-d396-439d-8484-756965b906cb","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":185,"box":{"x":69,"y":778,"width":811,"height":11}},{"id":"83b0394a-089d-46a5-a1b7-fff2d1c89050","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":185,"box":{"x":68,"y":793,"width":784,"height":11}},{"id":"4edd3f5e-fa14-4d48-b0ae-e35cf37be297","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":185,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"4a791197-ee2f-439e-b937-57e7dfb15b6e","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":185,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"91bfd3bc-9c93-4b7f-a89a-4782388d9633","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":185,"box":{"x":70,"y":839,"width":772,"height":11}},{"id":"5a72c95d-7d2b-4a0f-addd-b0e1914fc0e1","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":185,"box":{"x":70,"y":853,"width":791,"height":11}},{"id":"79f351e6-292c-45df-a33f-926bd171160d","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":185,"box":{"x":70,"y":869,"width":787,"height":11}},{"id":"8a7a5237-4fa5-4645-850e-da9f050803dc","block_type":"box","text":"dividends under these rules.","page_number":185,"box":{"x":69,"y":884,"width":201,"height":9}},{"id":"9c61984c-6c4a-4617-a78d-48bb3ebe04bb","block_type":"box","text":"II-132","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a316a86d-6331-4cd5-b322-9108d35ec21c","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"397dbf14-60f9-4ae9-8387-d60d952854ed","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":186,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"c3aed415-01c6-444f-bf70-913fc1c41273","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":186,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"39ce34f1-9200-4e78-8230-4804dbbf6a30","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":186,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"8d6d0e16-88e5-4992-a980-da95ca0ba47e","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":186,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"78f4902f-953c-42bd-b73b-cbd507cfa318","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":186,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"b14b5931-b536-4ce1-805e-f632f98ece84","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":186,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"9ab4976f-756f-450a-99f0-4964ca513eb8","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":186,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"cbbe8fd4-f558-4ba9-8a52-2d44be44190d","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":186,"box":{"x":69,"y":150,"width":772,"height":12}},{"id":"bb6ce43b-14e7-4fac-a94d-13f564921a5f","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":186,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"652eada1-1765-4858-92f8-f9ae351c8764","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":186,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"51730fe0-762c-4a8f-9dca-f2b0babc6b26","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":186,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"2a6ae3f9-deab-47cb-8075-f67f9b444961","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":186,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"4d0af32d-b1c1-4207-ab61-f362afc2abfd","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":186,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"3d8274fd-1bd1-44c7-8a66-5baf5bfd70ae","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":186,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"daa44323-e68f-4949-b028-3c3f7b738f5f","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":186,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"b0891f77-4d3e-42a8-bf2a-b1db34ce11c0","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":186,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"43c5c3ef-bfb2-443c-894c-7a65a8fe22a8","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":186,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"ec9d120a-801d-4ca7-baa4-8fff37e18d0c","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":186,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"6e236972-d825-4a22-83b6-d12c3b152028","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":186,"box":{"x":69,"y":317,"width":596,"height":11}},{"id":"78781a86-153f-4b5e-b4c2-bdaee3b1b2ed","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":186,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"95b0d90b-07b9-4fbc-b23b-da2adadb41f5","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":186,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"d2d0bc8a-24e7-4856-919b-7ea8502d6eec","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":186,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"ced788c2-2d53-4f38-907e-90d6ceb84b9b","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":186,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"aa58a946-9c7a-4e67-9982-690105e82c1d","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":186,"box":{"x":68,"y":400,"width":801,"height":11}},{"id":"f92e4045-114e-4c00-8528-a54eee85eaf2","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":186,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"88c647ed-a0ed-454d-860a-aab484737878","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":186,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"96f3f6ac-55a0-4e9e-a11f-fe8f4fa68c2b","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":186,"box":{"x":69,"y":445,"width":676,"height":12}},{"id":"2eee826f-8280-436d-aeaa-6cd3984f6cb4","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":186,"box":{"x":101,"y":468,"width":798,"height":11}},{"id":"0aacbdaa-eb26-4cd7-9090-bf91b3af5926","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":186,"box":{"x":69,"y":483,"width":651,"height":11}},{"id":"3e4d6ed1-221f-4ccd-a04c-a73affbe0aa9","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":186,"box":{"x":102,"y":506,"width":731,"height":11}},{"id":"25d959a9-39d3-4b9c-aa0d-ed2d2d7a5829","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":186,"box":{"x":69,"y":521,"width":570,"height":11}},{"id":"be2990c1-f9b2-4bd8-a965-6d147fd51d01","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":186,"box":{"x":102,"y":544,"width":763,"height":11}},{"id":"ffe04e9f-7255-46fd-bd9a-78754a0f2273","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":186,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"7418f5cd-8950-479f-8131-eb1857f81d29","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":186,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"5ce8a216-c455-4ca9-9773-c3edc8df7d3d","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":186,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"23999c91-4b85-4511-858f-a114d5b66d9c","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":186,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"e3f99ad5-5fdc-443e-9061-56b24fca7d51","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":186,"box":{"x":68,"y":619,"width":791,"height":11}},{"id":"04313dc9-09ee-4bbb-a69a-41c254313d84","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":186,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"4068ec03-a7cc-4851-a4c7-837417d905a1","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":186,"box":{"x":70,"y":649,"width":739,"height":12}},{"id":"8bc1fd2e-43d3-4590-87a4-3d05ef13cefc","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":186,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"da1e2708-c997-4e1d-9aaa-e9011a8c1212","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":186,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"1b9e845e-487d-4193-bb1b-a6cce5392904","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":186,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"374d2005-607c-424c-9083-8388c12e9338","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":186,"box":{"x":70,"y":717,"width":821,"height":12}},{"id":"17504c6a-a5d3-4f1b-8974-a820ac587621","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":186,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"57d61cab-35fc-4c22-88f6-c5c8d5652607","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":186,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"432952a6-6dfb-4eb4-9694-d22bfba52563","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":186,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"3ba07404-b65b-4246-9145-0390b0cafc31","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":186,"box":{"x":69,"y":778,"width":364,"height":11}},{"id":"fdd91990-f6ad-478b-8645-41e6f83c8b36","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":186,"box":{"x":102,"y":800,"width":774,"height":12}},{"id":"0cc68bb0-6d2e-4f14-a35a-421224f9ca30","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":186,"box":{"x":68,"y":815,"width":787,"height":12}},{"id":"008cf046-afe6-4864-b22c-bab70321ffa7","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":186,"box":{"x":68,"y":830,"width":835,"height":12}},{"id":"81b1f41b-736e-4c2c-b97b-569cf6da7e69","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":186,"box":{"x":68,"y":846,"width":809,"height":11}},{"id":"8c054d6b-c909-4c10-a271-7eb526a6ff99","block_type":"box","text":"securities are in many cases exempted. That a loss is repor table under these regulations does not affect the legal","page_number":186,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"1081f857-f9ad-4611-825e-a93edc8d3117","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":186,"box":{"x":69,"y":876,"width":783,"height":11}},{"id":"13ccb5b2-8747-483a-bf3a-2f43644a9416","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":186,"box":{"x":69,"y":891,"width":710,"height":12}},{"id":"2c5d0e73-c188-4379-9ee2-8fbc9fc9caf9","block_type":"box","text":"II-133","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bbb6ceba-7f12-4791-9b14-ae9088bba16f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"035a36b9-d7c5-4412-a810-19b016690cf5","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":187,"box":{"x":102,"y":45,"width":758,"height":11}},{"id":"20b964d0-4737-4eb7-810b-67779ebdcffd","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":187,"box":{"x":69,"y":60,"width":782,"height":11}},{"id":"60e3ec0f-ea4b-4f4b-85d1-3c9d64af8e31","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":187,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"4a2101bd-5c75-4338-9e08-d089f68481ad","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":187,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"61a065c9-d27f-41ae-a1d4-69b81b2f2dc0","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":187,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"aad034cb-8548-468f-8773-3082f61ffccf","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":187,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"d5f96a10-19af-4d78-ad07-3b90dda36e77","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":187,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"eddfc2ce-c324-4347-b5ef-7e4cfeba9e4f","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":187,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"b85ad196-56cd-4ea0-a6e3-5e975debfb23","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":187,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"05829680-fc8f-4271-b562-0032dd80247d","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":187,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"ee9e18da-a66e-45e2-87ad-6bb06a4220aa","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":187,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"3b67a176-0fc8-4a18-97d8-d75c4a648fe0","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":187,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"1de1c19d-494f-41e4-9b3f-5cfbbc1f2621","block_type":"box","text":"investment oppor tunities.","page_number":187,"box":{"x":70,"y":226,"width":180,"height":11}},{"id":"afd23afb-306c-4660-be9b-63bf54181a1a","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":187,"box":{"x":102,"y":249,"width":801,"height":11}},{"id":"018886db-4196-4fc3-8620-9c8f70dc2381","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":187,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"e85e27d2-1e67-42b8-8dad-c2cb19cc3dbc","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":187,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"cf8ec7bc-e551-4c9b-85c2-bd589ec14719","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":187,"box":{"x":68,"y":294,"width":837,"height":11}},{"id":"d6e98620-a0d9-4e7c-8a96-fab6e3729e7e","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":187,"box":{"x":70,"y":309,"width":774,"height":11}},{"id":"b3f0ce0e-8dc8-40f3-be39-8ebbb10f98dd","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":187,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"55147eaa-f5f1-4a09-8c0e-5e050bdfec8e","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":187,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"44d3facc-4fd7-4aec-b50c-ae36e2e18854","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":187,"box":{"x":69,"y":355,"width":755,"height":11}},{"id":"f5de85e4-2a91-4978-818e-305674d70814","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":187,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"487c5b66-cf05-49a2-a9f6-1f40689366d0","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":187,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"f1a0a842-3969-43b4-8a48-f8027abbec41","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":187,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"ca883e10-795c-4516-96d4-21572cb31abd","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":187,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"07aac573-a556-418e-b0bc-0a60ee1de660","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":187,"box":{"x":68,"y":430,"width":827,"height":11}},{"id":"646a9b94-a3ad-42ef-abda-745f4f01ad1d","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":187,"box":{"x":70,"y":445,"width":829,"height":12}},{"id":"f975af01-12fc-43d8-b1af-291c6a1a4859","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":187,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"a0192284-2115-4def-8108-50e7990ae4cd","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":187,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"13c6a98a-43bd-40d9-90a6-b459b6b31eee","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":187,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"2e9c6443-91c5-498f-892a-c38fc479319e","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":187,"box":{"x":69,"y":506,"width":773,"height":11}},{"id":"7cbc992a-350c-44fb-a916-b4192aa767f8","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":187,"box":{"x":69,"y":521,"width":817,"height":11}},{"id":"a3c67f6e-e49c-4a13-bf7e-7c3705d2300a","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":187,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"861a5f0b-bcaa-45b8-a933-591d9c8b63b4","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":187,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"9b93072d-3e9c-4a6c-a55a-ca294173166d","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":187,"box":{"x":68,"y":566,"width":527,"height":11}},{"id":"81ca6343-5e20-47a2-bd91-25a4cbc6ce27","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":187,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"b3868a60-f4f0-4873-9d0c-bcee9ee52db1","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":187,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"8bb87476-0ee1-4eb5-941b-424c57882c1b","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":187,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"a128595e-2fe0-4741-b25e-d07431d1a5e6","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":187,"box":{"x":69,"y":634,"width":802,"height":11}},{"id":"908a3ecb-9a33-404d-87bb-7531f35e248f","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":187,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"ca2c9349-4710-4689-9341-b647f811ed08","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":187,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"6e56eaac-ad92-4103-9034-3db14ea4331a","block_type":"box","text":"positions in its por tfolio (","page_number":187,"box":{"x":70,"y":680,"width":177,"height":11}},{"id":"ebcc4bd6-e9dd-4d96-8858-96b05edb8bd1","block_type":"box","text":"i.e.","page_number":187,"box":{"x":249,"y":680,"width":20,"height":9}},{"id":"e056b9fa-ad29-49cd-ba4d-f3ad2ac0c9c8","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":187,"box":{"x":272,"y":680,"width":636,"height":11}},{"id":"08bbedc1-3a94-472a-8433-a1426b277785","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":187,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"51de7c60-f039-4f49-9fd4-34cc3d622c41","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":187,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"0cc34e18-5822-48c7-b2b5-ba3f6919ed3a","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":187,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"809c1e4d-7a78-47d8-b580-62b91b0e072d","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":187,"box":{"x":69,"y":740,"width":415,"height":11}},{"id":"d6d28957-a5cb-414e-bb45-8f51ba400982","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":187,"box":{"x":102,"y":763,"width":781,"height":11}},{"id":"6703dd80-a227-471d-abbd-d7194d27cc42","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":187,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"dc3238ad-072f-4989-86a7-7642e3f0f888","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":187,"box":{"x":70,"y":793,"width":811,"height":11}},{"id":"631e0fc6-bdfe-4672-b9a4-e9805988347e","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":187,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"f3353d49-1678-4993-b068-634b837b2f67","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":187,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"3257b7d0-b596-492f-a7e7-50c96cd8c323","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":187,"box":{"x":69,"y":838,"width":834,"height":11}},{"id":"c7bbf9d9-f4eb-49bc-85ad-75723746d661","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":187,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"1899af97-0f64-4b9f-8930-21c54e3ecb55","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":187,"box":{"x":69,"y":869,"width":805,"height":11}},{"id":"8487fb42-85c6-4fdd-be4e-bfd176ba4867","block_type":"box","text":"II-134","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8bd0c460-1fbb-4a95-bdf2-864a7537d08e","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d92705e-6659-4708-bd9a-746f76470257","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":188,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"3f2cc06b-6b9d-4cc8-8fb3-27b3c6d4fbab","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":188,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"afa9c668-6e1d-4fa0-aa34-aca15da7c79a","block_type":"box","text":"capital asset.","page_number":188,"box":{"x":69,"y":75,"width":95,"height":11}},{"id":"13900dbc-f845-4a30-8d26-8b4b3bdd60de","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":188,"box":{"x":102,"y":98,"width":787,"height":11}},{"id":"a7c17435-569c-4573-a87c-0da6ff73c94f","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":188,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"99f64dde-2814-4390-b5f5-8e58bfa4f16e","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":188,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"6fb4227d-876f-48d5-8056-1eec7900c9c6","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":188,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"2897611e-eb06-4efa-a58c-410fc9dad36e","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":188,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"25be1bb2-fb67-4fa7-8164-4ab078f5ac26","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":188,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"a507b4f3-b75b-4593-8ad3-15a26e6ce97e","block_type":"box","text":"Fund were to invest otherwise.","page_number":188,"box":{"x":70,"y":188,"width":216,"height":9}},{"id":"431d4307-0087-4fea-824b-39ac03a33082","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":188,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"164eaae3-a2ee-4cd4-b367-028eb42e2043","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":188,"box":{"x":70,"y":226,"width":787,"height":11}},{"id":"4aaf53e3-5246-498d-9bf3-9dc01f8c6713","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":188,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"0e7ea645-8742-4a51-9d68-a694dff32e99","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":188,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"93eb2fe5-c818-4802-9beb-c045718222a7","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":188,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"e77dcdf0-541d-4b21-a8aa-c89cd751d4d9","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":188,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"a19b71e0-2ff6-4450-a7f3-67d2a3acfa4e","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":188,"box":{"x":68,"y":302,"width":830,"height":11}},{"id":"85a71cb7-2e62-4976-a8dc-2525603c7c8d","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":188,"box":{"x":69,"y":317,"width":515,"height":11}},{"id":"20ceb150-b721-4498-b5a4-f2045e474531","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":188,"box":{"x":102,"y":339,"width":798,"height":12}},{"id":"6a5f4975-37eb-41e6-a256-d3e9733842bf","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":188,"box":{"x":68,"y":355,"width":835,"height":11}},{"id":"95790ff7-e5ff-475e-9a03-6d82f95b33d4","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":188,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"93ae63da-242a-4f6b-ba4d-c40f83d08901","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":188,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"63e00116-fec3-4943-b95e-5d3c897f5412","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":188,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"52f6180c-569b-4548-9c4f-b203c3a216dc","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":188,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"416c2537-9430-423c-8149-7400aedb0454","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":188,"box":{"x":70,"y":430,"width":797,"height":11}},{"id":"fdb19a6c-5265-47e5-9d68-44c77bdf21db","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":188,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"ff590c2a-a9b5-43a2-a1bd-2bb82b10a041","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":188,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"e53d7643-31d0-4958-8be8-46d4d1847fd3","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":188,"box":{"x":68,"y":475,"width":797,"height":12}},{"id":"2b8f9fa6-5056-4f7d-a00e-bf5636ab0374","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":188,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"fcccff13-4704-4dff-bc36-7bd5a53524cd","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":188,"box":{"x":68,"y":506,"width":804,"height":11}},{"id":"e300d831-4fad-46a9-9a50-d241c8dc6ca4","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":188,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"536a4299-4428-41eb-9106-0e359ecdf683","block_type":"box","text":"PFICs.","page_number":188,"box":{"x":69,"y":536,"width":42,"height":9}},{"id":"87eb4e3e-b0d8-455e-bdad-a352c2ae6d31","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":188,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"688865f7-ccd5-4674-a635-e36d719cf251","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":188,"box":{"x":69,"y":574,"width":816,"height":11}},{"id":"88716a9c-dd35-4309-b10d-55ea0c4558c8","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":188,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"91be9168-dbe0-4160-bd95-4a3e61745b46","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":188,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"a1c46ea8-3bc1-484b-afb1-20276bb5c2f7","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":188,"box":{"x":68,"y":619,"width":804,"height":11}},{"id":"8786834b-16f6-4a44-a8b8-a60c58180d0c","block_type":"box","text":"difficult or impossible to obtain.","page_number":188,"box":{"x":69,"y":634,"width":225,"height":11}},{"id":"03af7176-cd56-4205-b66f-bcd3fd39759b","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":188,"box":{"x":102,"y":657,"width":796,"height":11}},{"id":"d471e542-1a2b-4569-b24e-8fc2673479cf","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":188,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"b0d84489-07fc-47d8-b651-d27241d7bf64","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":188,"box":{"x":69,"y":687,"width":778,"height":11}},{"id":"dad9a9e2-10bf-4fff-975f-231cf5ff6675","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":188,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"eec5fc1c-bc2b-4f4f-8bbb-3506c444b3be","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":188,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"d148872e-1018-4e58-b44b-5bf50c945c4b","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":188,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"431a5cbb-726a-426d-a78d-cfbf785b31a8","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":188,"box":{"x":69,"y":748,"width":511,"height":11}},{"id":"cbaa38ac-373c-485a-9067-1ff75c47c23d","block_type":"box","text":"Municipal Funds","page_number":188,"box":{"x":102,"y":771,"width":115,"height":10}},{"id":"f324ffb1-fb73-40b1-910d-8912c28405e7","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":188,"box":{"x":102,"y":793,"width":798,"height":11}},{"id":"331e6058-c197-42f1-96b6-208813de5d55","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":188,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"bec9a879-05b0-475e-a2bf-1cf3b1d6218b","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":188,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"1c6f7478-6308-4c89-b185-72a5835068e0","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":188,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"df740e3a-d387-4557-9ff3-2b0ef55f86b6","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":188,"box":{"x":69,"y":853,"width":752,"height":12}},{"id":"b5f5aed6-df8f-401b-85c3-dec671732da4","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":188,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"115d223a-2e03-4788-b4a6-7b5dc3b08ab2","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":188,"box":{"x":70,"y":884,"width":780,"height":11}},{"id":"4e818096-a5bd-4461-9f5b-6def508b8b2d","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":188,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"21b3bc73-5ea0-40ad-bc9f-cc18819ac215","block_type":"box","text":"II-135","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ce8b815e-5249-432d-bde3-5b6db60394aa","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4be2eea4-05f3-4ccc-a004-9b681efc83c6","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":189,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"69a61071-ed64-477e-a6b8-48c1eec398ba","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":189,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"478777b7-09aa-44c1-bf36-f0f24ecdea2b","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":189,"box":{"x":68,"y":75,"width":730,"height":11}},{"id":"235eff8a-59f8-418b-9a26-bf8daa2a8095","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":189,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"c763d571-c979-4a70-9327-f060c75c72ce","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":189,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"677d19e4-6847-4f7c-b355-ffd6c68f856b","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":189,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"ff8c32e8-4277-4804-bbd5-71af5c339695","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":189,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"586026c2-2ac4-42a3-aeac-f9e621c89dbb","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":189,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"d0c65311-bcb4-4f64-ab8e-5bc423f34673","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":189,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"00947593-6b81-43ec-a691-ed0c7b3dc4cc","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":189,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"7a7dc32e-2d29-4809-9439-32fff0354c7c","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":189,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"a2796cd6-78a4-4403-be98-a0e12294ef00","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":189,"box":{"x":69,"y":218,"width":217,"height":12}},{"id":"3dd25f81-4ed0-4746-98ec-35a0b46ca687","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":189,"box":{"x":102,"y":241,"width":788,"height":11}},{"id":"e22cbf76-19cd-438c-bbde-dd74701d1524","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":189,"box":{"x":70,"y":256,"width":790,"height":11}},{"id":"1176a9d9-98e2-4356-a40c-be127e198644","block_type":"box","text":"constitute exempt-interest dividends.","page_number":189,"box":{"x":69,"y":272,"width":261,"height":10}},{"id":"b8a6aa37-edcc-4722-bd74-b4543c205e83","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":189,"box":{"x":102,"y":294,"width":765,"height":11}},{"id":"a6499a39-8b77-42f1-968f-41dff7a8bc6c","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":189,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"463e70bb-a4d3-486a-ba6d-c4d8c5665687","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":189,"box":{"x":68,"y":324,"width":813,"height":12}},{"id":"bcd0353d-9203-4dab-901d-296b690d2be0","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":189,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"4d01f875-5156-4c3a-bcdd-80823a183bc5","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":189,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"37f20cb7-6958-410a-be7d-19b23218c9d7","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":189,"box":{"x":69,"y":370,"width":388,"height":11}},{"id":"b8fc847b-3af6-4dbe-808d-c55a52da8805","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":189,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"9922adbe-5b0e-4025-b81b-1429a0a6d7dd","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":189,"box":{"x":69,"y":407,"width":817,"height":12}},{"id":"0a09e5a5-210a-4679-a4ab-696cc62b1bef","block_type":"box","text":"income dividends received by shareholders.","page_number":189,"box":{"x":70,"y":423,"width":309,"height":11}},{"id":"28db5d99-3f5b-47fd-8948-833ae6ca2e0f","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":189,"box":{"x":101,"y":446,"width":766,"height":11}},{"id":"10511d10-85c7-48ca-bdc3-f8e59c8c9eb2","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":189,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"19e3c020-80a3-40b7-8b09-295539634589","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":189,"box":{"x":70,"y":476,"width":815,"height":11}},{"id":"d93c3e3c-5a65-4b18-be34-3c8d656c80c3","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":189,"box":{"x":70,"y":491,"width":815,"height":11}},{"id":"123fe49f-27c7-43e3-9b8d-082f70e4cd10","block_type":"box","text":"the accrued market discount.","page_number":189,"box":{"x":68,"y":506,"width":208,"height":9}},{"id":"7db50aac-aee9-4f2a-8d41-becf14a0be7c","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":189,"box":{"x":101,"y":528,"width":801,"height":12}},{"id":"0f4b02c9-dc14-49d2-be52-23498eec2da1","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":189,"box":{"x":68,"y":543,"width":818,"height":12}},{"id":"9424e006-aadf-4e83-9109-c6f460fac7db","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":189,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"66626ac3-c687-44f3-8868-b07ac5d58a08","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":189,"box":{"x":69,"y":574,"width":351,"height":11}},{"id":"4d34f2b2-0447-411b-a2db-82853243bc6d","block_type":"box","text":"e.g.","page_number":189,"box":{"x":422,"y":575,"width":24,"height":10}},{"id":"55bc3bc9-f305-4224-aebd-0953044f2b5f","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":189,"box":{"x":449,"y":574,"width":441,"height":11}},{"id":"cea4548e-6bc0-46b2-8141-fc50a2b92ad4","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":189,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"409132d0-e4da-4b11-9224-8c5a091a7ae7","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":189,"box":{"x":69,"y":604,"width":786,"height":11}},{"id":"4cf7394c-b2f6-46e3-87b0-16019570494e","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year the por tion of the Fund’s dividends","page_number":189,"box":{"x":70,"y":619,"width":782,"height":11}},{"id":"f72f0719-059e-4664-b00a-612c2ba38eaa","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":189,"box":{"x":69,"y":634,"width":740,"height":12}},{"id":"9fe67b7a-2645-481f-9350-e2e6fe92e85a","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":189,"box":{"x":102,"y":657,"width":802,"height":11}},{"id":"6b7bf2ea-341e-4356-8712-a7b3a98254e1","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":189,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"8256117b-bce7-432f-a3e9-78fa7e7b969e","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":189,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"b96eeae6-5bfe-43fc-a4e0-dc40cae094e7","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":189,"box":{"x":70,"y":703,"width":776,"height":10}},{"id":"3f32c341-8068-42b1-9320-498a225c5219","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":189,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"aff78ced-f79a-417b-b20d-f42e50eb39b3","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":189,"box":{"x":69,"y":733,"width":436,"height":11}},{"id":"7b23bf82-ff56-438f-a4db-f39c0c5e5d16","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":189,"box":{"x":102,"y":755,"width":771,"height":11}},{"id":"4f53e5ba-9599-4658-8944-3aef4009000b","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":189,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"92c4c6af-36ba-4988-994e-226bc9ce697c","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":189,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"e94f58e6-4b4a-4655-8157-16d7ce4d5a3a","block_type":"box","text":"within each applicable state.","page_number":189,"box":{"x":68,"y":801,"width":203,"height":11}},{"id":"ae6feb57-9f11-4b2a-84df-297b008725c6","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":189,"box":{"x":102,"y":823,"width":774,"height":12}},{"id":"37da273a-e308-4757-85c0-0a0aae50fb74","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":189,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"dc019f43-021d-4b20-8d5b-9266b131fadf","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":189,"box":{"x":70,"y":853,"width":816,"height":12}},{"id":"f0b2b49e-caee-45ca-9b87-f7b49d0cde3d","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":189,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"fba85972-2406-4ee7-b317-b27749abb670","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":189,"box":{"x":68,"y":884,"width":822,"height":11}},{"id":"29a68b35-5f66-4ac4-8f39-8694c463087e","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":189,"box":{"x":70,"y":899,"width":783,"height":11}},{"id":"a54078dc-7d46-4d00-b92f-f2eaed6aef94","block_type":"box","text":"II-136","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f078551a-060d-4c5d-a86c-a899de788bda","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd845670-6d1e-44d4-855b-025ded0d5aba","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":190,"box":{"x":68,"y":45,"width":822,"height":11}},{"id":"96862f47-2b08-4a5e-bb22-2cd9d60c69a4","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":190,"box":{"x":68,"y":60,"width":710,"height":11}},{"id":"861e0c9c-843f-422e-91be-32ee79861bbb","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":190,"box":{"x":102,"y":83,"width":796,"height":11}},{"id":"3970ffbd-3711-4835-bdee-bac76f3c1794","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":190,"box":{"x":68,"y":98,"width":828,"height":11}},{"id":"7477dddd-fb91-4c3b-86e4-3afbf34cc56f","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":190,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"5331da5f-e5ac-4b11-88bd-82fbea0cb162","block_type":"box","text":"exempt from state income tax.","page_number":190,"box":{"x":69,"y":128,"width":216,"height":11}},{"id":"fdae899c-976f-48f6-ae71-47f7f3f590da","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":190,"box":{"x":102,"y":150,"width":771,"height":12}},{"id":"d1efb0dd-3ffa-4455-96b3-97e3ca28f1d8","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":190,"box":{"x":68,"y":166,"width":823,"height":11}},{"id":"41046887-da6e-41a2-a271-1273c43f70ad","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":190,"box":{"x":68,"y":181,"width":309,"height":9}},{"id":"15416fe2-4738-4e1f-88e5-f9c7a2b238ff","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":190,"box":{"x":101,"y":203,"width":749,"height":12}},{"id":"71ee21f4-c1a4-4d40-b26e-a74641327b91","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":190,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"48dce34f-a91e-4081-9122-cdfd2378bb43","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":190,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"b0c78ace-4f33-4dac-88d6-2505af1cbdad","block_type":"box","text":"decisions may have a retroactive effect.","page_number":190,"box":{"x":69,"y":249,"width":283,"height":11}},{"id":"76724cbb-9a7b-439b-a22c-207effc1c4d1","block_type":"box","text":"PERFORMANCE DATA","page_number":190,"box":{"x":403,"y":278,"width":173,"height":10}},{"id":"c1cbffd7-78dd-4c6b-9d9a-bd691c98d283","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":190,"box":{"x":102,"y":301,"width":738,"height":11}},{"id":"5c7cc4e4-e184-460e-9e85-05f2a6a520a3","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":190,"box":{"x":69,"y":316,"width":779,"height":11}},{"id":"b53722aa-c1f1-463d-97cc-4b7711473583","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":190,"box":{"x":69,"y":331,"width":833,"height":11}},{"id":"534e7255-14ae-4709-b947-b1a9379e0426","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":190,"box":{"x":70,"y":346,"width":792,"height":12}},{"id":"357120e0-c2a3-4c22-b473-cc3a323bcf91","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":190,"box":{"x":69,"y":361,"width":473,"height":12}},{"id":"c5adaa23-c1b8-4ba7-9353-c6eeda9bcce8","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":190,"box":{"x":102,"y":384,"width":761,"height":11}},{"id":"9b3a5b76-b52e-4247-a4e5-7107e1071c89","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":190,"box":{"x":69,"y":399,"width":836,"height":12}},{"id":"f0803ae8-184d-4aea-9d52-1acd41ba2e76","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":190,"box":{"x":68,"y":414,"width":798,"height":12}},{"id":"a259096c-7087-4dc8-88a0-aec4837cddd5","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":190,"box":{"x":69,"y":429,"width":765,"height":12}},{"id":"c7122f4c-cb12-41af-9116-45be6838b50f","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":190,"box":{"x":69,"y":445,"width":808,"height":11}},{"id":"ac729456-6a0a-4bb5-b11e-a420347cebbe","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":190,"box":{"x":69,"y":460,"width":813,"height":11}},{"id":"94b58c73-d67e-405b-914c-516b561e85c8","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":190,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"5d59985c-9638-4ec4-929e-58495a167f1a","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":190,"box":{"x":69,"y":490,"width":546,"height":11}},{"id":"62ab1e02-0cd2-455a-b70c-c77eb5d94482","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":190,"box":{"x":102,"y":513,"width":781,"height":11}},{"id":"16900a6f-db70-49ee-a5e8-4987eaea65e8","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":190,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"88910a1a-f8a2-48d8-a3a4-b55b9384414a","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":190,"box":{"x":68,"y":543,"width":810,"height":11}},{"id":"45779a05-8369-4ab4-b37c-ae80aa254f86","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":190,"box":{"x":70,"y":558,"width":823,"height":11}},{"id":"42a88fc6-a22a-41c7-9ac2-fff110658381","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":190,"box":{"x":69,"y":573,"width":780,"height":11}},{"id":"a873aec2-e8d1-46d4-b388-185cf0d1f824","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":190,"box":{"x":70,"y":588,"width":825,"height":12}},{"id":"e0a2b364-22e3-4e82-bd9f-3918d2c6ce6d","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":190,"box":{"x":69,"y":603,"width":817,"height":11}},{"id":"d4030674-db78-4dee-8351-5471451708cc","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":190,"box":{"x":69,"y":618,"width":820,"height":12}},{"id":"2e6f19c5-4fa6-46f0-a6d3-49eb2572a8e2","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":190,"box":{"x":70,"y":634,"width":833,"height":11}},{"id":"07ab72f9-0c92-413b-ad24-406ff01e7b53","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":190,"box":{"x":69,"y":649,"width":797,"height":11}},{"id":"ea01172a-edb6-41aa-9583-4134fdc764e5","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":190,"box":{"x":68,"y":664,"width":824,"height":11}},{"id":"1b6989da-5557-4e54-99a4-5122430f98fa","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":190,"box":{"x":69,"y":679,"width":837,"height":11}},{"id":"f6ee972d-4d4e-44e8-916a-00f9f1508ade","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":190,"box":{"x":69,"y":694,"width":814,"height":11}},{"id":"25d74b6d-3a15-4de5-a37d-ba8af039e22f","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":190,"box":{"x":69,"y":709,"width":830,"height":11}},{"id":"a8acd545-988c-4c3a-bdc6-7dbf2e3eafc1","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":190,"box":{"x":69,"y":724,"width":774,"height":11}},{"id":"2764417a-4072-482a-ad0b-6c6b25bad38c","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":190,"box":{"x":102,"y":747,"width":752,"height":11}},{"id":"0bfd13b4-84b9-4841-9969-92a372bd4713","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":190,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"4f0aa803-e94d-4e3b-a42b-a437d41f6bcc","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":190,"box":{"x":70,"y":777,"width":820,"height":12}},{"id":"14a39fc1-86a5-44c5-a93f-1d3b6aad9beb","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":190,"box":{"x":69,"y":792,"width":756,"height":12}},{"id":"717de7f0-fa83-4e18-97ad-1a3448e1cf73","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":190,"box":{"x":69,"y":808,"width":772,"height":11}},{"id":"93af69cb-a82a-463d-a73e-9c4983ec6e02","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":190,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"bfa390f3-004f-4e1f-ac81-4c8f2c639a50","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":190,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"e5d9e624-2ebf-40ca-8b51-522f68b5a5aa","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":190,"box":{"x":70,"y":853,"width":812,"height":11}},{"id":"20c9e870-70b6-4745-aacf-01c31dda12d9","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":190,"box":{"x":69,"y":868,"width":795,"height":11}},{"id":"5a9c6584-eb87-4cff-b581-e4a48ac5bc08","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":190,"box":{"x":69,"y":883,"width":768,"height":11}},{"id":"c84dbb82-31b9-4999-ae0a-dff271caf5f2","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":190,"box":{"x":69,"y":898,"width":810,"height":11}},{"id":"c990d0d1-b8bf-4967-b5d0-fd1a23a3acd6","block_type":"box","text":"II-137","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1c8341d6-4032-41f6-b9c8-b287e183833d","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f492c97-d450-4392-a6ff-3b8e004425b2","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":191,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"495b9187-b648-4e16-9ba6-c17ee606f259","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":191,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"c95daf2e-3bad-42e4-91f3-a84de2788be9","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":191,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"c51bbd5c-8797-4744-9fce-dd6417d44f9b","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":191,"box":{"x":69,"y":90,"width":743,"height":11}},{"id":"81552477-ba98-47d9-b9a6-7b2a6dc4f848","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":191,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"9796b335-61e9-40c3-91fe-84b810f790d1","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":191,"box":{"x":68,"y":120,"width":422,"height":12}},{"id":"0ccdb43f-d163-4383-9537-4ed4fd259c68","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":191,"box":{"x":101,"y":143,"width":720,"height":11}},{"id":"c9f16f18-b305-4967-9939-f41b4cea53ef","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":191,"box":{"x":70,"y":157,"width":813,"height":12}},{"id":"c3dff4b8-eabf-41d9-9ad0-3e73d43023c4","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":191,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"aa52a43e-a0ef-4ff2-bb10-b56c0c323cc1","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":191,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"36f9771c-f9ca-4305-b035-53d99317f5a4","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":191,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"80efe619-2bfe-4146-ab05-8a2e0109786d","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":191,"box":{"x":68,"y":218,"width":815,"height":11}},{"id":"c0b4e71c-70e4-4e8a-b28d-a8d81c926059","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":191,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"d06670bf-1eda-438b-a8f7-fc806fc7b444","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":191,"box":{"x":69,"y":249,"width":819,"height":11}},{"id":"fb152164-507d-4e17-b019-7ba69054f695","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":191,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"d60485f7-a976-42f9-aac4-6fd43a874086","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":191,"box":{"x":69,"y":279,"width":686,"height":11}},{"id":"09ca7433-93a5-4e57-be28-fdb9a9892ac3","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":191,"box":{"x":101,"y":302,"width":796,"height":11}},{"id":"654796cf-3504-49ec-bad6-5ff96e765e7e","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":191,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"bf076fe7-b17f-44eb-a08f-c6bc75b88b5d","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":191,"box":{"x":68,"y":332,"width":817,"height":11}},{"id":"7a8a0217-5173-40d8-88ca-2ffff9269f46","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":191,"box":{"x":68,"y":347,"width":837,"height":11}},{"id":"fc61de6e-2a92-43b1-afe4-598bb46ee653","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":191,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"7595d652-576c-4895-9cb3-3efb43291a05","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":191,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"9e901dbf-b829-4321-9840-b3b28eeaab81","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":191,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"86f87fa5-14fa-4b9c-a349-243f36bb158d","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":191,"box":{"x":68,"y":415,"width":830,"height":11}},{"id":"abc80fb8-674c-4d63-a221-51577c3c69a3","block_type":"box","text":"less than their original cost.","page_number":191,"box":{"x":70,"y":430,"width":196,"height":11}},{"id":"49969f9c-5487-4d98-807c-47a1653cd4cb","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":191,"box":{"x":102,"y":453,"width":782,"height":11}},{"id":"95e90d68-b63a-47aa-9e05-eec227f43e1f","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":191,"box":{"x":68,"y":468,"width":836,"height":11}},{"id":"f28e8cb4-a768-4102-895c-03b4e25acdbe","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":191,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"112abf35-ada1-4730-a0b7-72306d6e5b73","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":191,"box":{"x":68,"y":498,"width":820,"height":11}},{"id":"b7bcdb6a-a44c-4037-a644-ef4b1b862b82","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":191,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"5c407ff2-a97c-4340-87d2-67f259bd37fe","block_type":"box","text":"lower amount of expenses is deducted.","page_number":191,"box":{"x":70,"y":528,"width":278,"height":11}},{"id":"28bb3c35-bb20-4f14-8f96-2d557af0fc82","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":191,"box":{"x":102,"y":551,"width":741,"height":11}},{"id":"e9083d94-2cba-4a25-a115-f0a77d928da9","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":191,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"a8f981b8-17cf-41b1-929d-8344f5182444","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":191,"box":{"x":70,"y":581,"width":646,"height":12}},{"id":"993d8869-31b3-45d5-8d3c-8514185bd3ad","block_type":"box","text":"Money Magazine, U.S.","page_number":191,"box":{"x":724,"y":581,"width":156,"height":12}},{"id":"3a8f53cf-8e67-4037-8c8e-7c5411f707b9","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":191,"box":{"x":70,"y":597,"width":533,"height":11}},{"id":"2273254f-4efb-4bed-bbed-d58189dbf8bf","block_type":"box","text":"or other industry publications. When","page_number":191,"box":{"x":608,"y":597,"width":257,"height":11}},{"id":"160a7ba7-7397-4f94-8665-4724b9fe1c24","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":191,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"9ddbd0fa-c26d-4b36-bda6-90bb2f54b2f7","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":191,"box":{"x":69,"y":627,"width":803,"height":11}},{"id":"9e581045-5fa3-4411-85c9-24a6c3da6cbb","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":191,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"011db0eb-e4d1-4174-91ae-e96469b712a1","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":191,"box":{"x":70,"y":657,"width":818,"height":11}},{"id":"db90e1a4-a19e-49af-9ec3-88f2b8bbb853","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":191,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"3fa7ecef-b9ff-47ad-9257-77343869c76f","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":191,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"e465cc46-c50b-4e0a-865d-aaf08699597f","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":191,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"7d38f202-17a7-4c44-8212-c1385d7bb026","block_type":"box","text":"developed by Fund management.","page_number":191,"box":{"x":69,"y":718,"width":233,"height":11}},{"id":"70adffbc-cc81-4a26-96b8-d69204c15374","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":191,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"ab99948b-3bf0-4bc3-80d0-cffce7cee64b","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":191,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"39d753b5-1ff4-4d55-acd3-835d95b9abbe","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":191,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"eea0edf6-48fa-4f46-9d34-9a6cfb7c898f","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":191,"box":{"x":69,"y":785,"width":792,"height":12}},{"id":"964e2446-9892-4f4b-9166-fa712ad8b1ad","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":191,"box":{"x":68,"y":801,"width":788,"height":11}},{"id":"b647e3e1-fb35-4c2c-94fc-cb4407a6a50e","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":191,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"3392a741-200d-4e44-b623-57a6d12e2d51","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":191,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"d035387b-ecc3-4522-a864-0955404e4135","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":191,"box":{"x":68,"y":846,"width":461,"height":11}},{"id":"2fd33ede-5b5d-439b-a3d5-bc046936eed3","block_type":"box","text":"II-138","page_number":191,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4ab6adba-0ab4-4ff8-98a4-a9c9ff6d8404","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7834d88-9c8c-4e1a-8177-e644b43f7735","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":192,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"c579157e-25ab-41ad-a46f-9ba5169a0203","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":192,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"b6d5e39d-e07e-457b-afaf-0a79503fcd28","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":192,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"3dc41a0c-5835-40c7-83ec-c03b75cc081d","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":192,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"03cf1268-1a90-4c20-8144-195b8aed9dfe","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":192,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"3ac0da53-129f-4de1-a493-63772180526b","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":192,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"cf9815dc-ee22-43a0-b20c-6fd395533690","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":192,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"5c0cd03f-0226-4d5a-af9f-e549eef838fe","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":192,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"717522cc-d7d1-4c3a-b567-615c70c84cfd","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":192,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"7cf23e24-affc-421f-9716-474013bccc1a","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":192,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"b6670420-1d41-4b5b-91cb-916048986e8e","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":192,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"5e0eeddb-bdd7-4c39-bc55-b9db83927d37","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":192,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"965bc946-5798-4392-b0a4-631cab290492","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":192,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"e00fd539-f25e-4d5b-8ba4-0d8a9124dd3c","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":192,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"f68ada43-7a98-4412-8881-e18d25ab466c","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":192,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"282e95ce-ddef-41e9-b56e-2df1e1e20410","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":192,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"2e42180a-c476-4372-b1a9-2261de25719a","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":192,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"d73635e0-9c8a-4363-a1f5-6ee7ce57db93","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":192,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"e2d4042d-7759-4189-a4f9-8b913cf11a7a","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":192,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"7c1b08b1-85b5-4111-a808-20aa6159185c","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":192,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"3cfe2a66-6093-4f56-a8b7-a0e0e3fd507f","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":192,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"094260e3-440d-48d0-9bc8-844a884aa5c9","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":192,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"6312e49b-6a52-4643-8262-cbcf13a6be34","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":192,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"1e21d427-edae-4f42-9a44-1aade1da2b64","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":192,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"87e2f8fc-a7ea-4df1-a82a-7f86f0bbb2e3","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":192,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"bb916d4d-2346-4d7a-95a6-4dd22589dd97","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":192,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"24c29f78-d176-4e1c-905e-502c7ea24af0","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":192,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"87b39c4e-78a8-43c1-b7c1-1208ef1ef07c","block_type":"box","text":"GENERAL INFORMATION","page_number":192,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"81f944dc-e337-430e-8cc5-c500cfed7e72","block_type":"box","text":"Description of Shares","page_number":192,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"6abc6981-13aa-4694-9031-4b9b2b065518","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":192,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"3837d2b9-55bc-405c-9f2b-db8828d8d87e","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":192,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"9699048a-d502-45fc-a0d5-2947bc3ccad3","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":192,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"1246361a-30bc-4b18-ae04-29ef442a440f","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":192,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"22ba0de5-d215-4147-807a-8fe996fa676b","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":192,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"69e8e2b5-d0fa-4505-b312-cc79d99cbd89","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":192,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"6b3baae2-1edf-4cb9-be8e-bbd3a38764ec","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":192,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"e83941d3-1f88-4375-a4de-169c43d15735","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":192,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"5ff5acca-2afe-495b-8850-07790f4369fc","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":192,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"d4f6dcb5-3235-402c-8d51-bae85941337a","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":192,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"fd64d371-3059-4449-aacd-6e2bc9f57441","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":192,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"f6c163e8-9050-4966-876c-e5ae11417735","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":192,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"334334d5-d595-4724-9db4-29c58003bb6c","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":192,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"5a91a906-5247-4436-88b1-a3a3ed969d82","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":192,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"de473ba5-eb43-44c2-b45b-b63bd5276b49","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":192,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"934a9931-2795-4956-9bd7-e51eff8dfdf0","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":192,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"9e00ad8e-4a56-495e-9c60-290f756caa15","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":192,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"5d1d4667-4bb2-48ee-8716-01a84dbd5174","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":192,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"893d5b28-8e31-4910-bd41-04b92826f64a","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":192,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"a82e5beb-cec0-40f4-ae20-989139c4ab33","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":192,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"48516f4d-f2a6-4cb8-946a-620512f5ab82","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":192,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"1409de37-c8c1-4ca2-81fa-57a55aee1a5b","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":192,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"2019a160-ec78-4902-b4ed-b82160d76950","block_type":"box","text":"II-139","page_number":192,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c13e01d7-2a20-480b-8fed-69d3bdf3da71","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87653bf0-07a1-4be9-84a1-d4d17d866de9","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":193,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"3e7516d1-eb24-4031-80b5-6e64430a7fda","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":193,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"28220bde-c9cf-42bb-b59d-9275d3eb5ab6","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":193,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"7712d49d-318b-4750-aec8-d047fc0d4ff4","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":193,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"0305256a-1a92-4574-b617-07fa09f5bdd5","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":193,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"cb64d2c2-b4f5-4609-b78d-45db92eee81d","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":193,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"170fa814-7f62-4155-80b6-3f41a1892b56","block_type":"box","text":"Additional Information","page_number":193,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"e22b1c67-00ee-4e91-9efb-aa5755850b31","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":193,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"39215989-7f72-4764-9127-d979f8320f65","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":193,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"061cae14-e589-473c-b68c-3a29e400e4d6","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":193,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"3c7dc259-ccc9-4e27-a105-469a5b2db983","block_type":"box","text":"such name to any other company.","page_number":193,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"9d315e28-cb63-4a66-a322-cd1e64b50f44","block_type":"box","text":"II-140","page_number":193,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"57aa2527-9224-4d53-a161-31cbabdd706b","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a9397dd6-fd29-4ef0-a068-a68c8f067ae8","block_type":"box","text":"APPENDIX A","page_number":194,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"9e3b9d46-4b68-4414-a2f1-be7b9ca542cb","block_type":"box","text":"Description of Bond Ratings","page_number":194,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"1b326219-bf73-42a0-a560-9c3d06449331","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":194,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"03371d6b-f593-42a7-9185-07a84c8d6b4a","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":194,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"47f99b13-9660-4f45-b5a0-29dd56a2fcd8","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they under take no obligation to do","page_number":194,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"7da65436-22d8-47db-a2d4-83d553666267","block_type":"box","text":"so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these","page_number":194,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"66c81c80-c476-417d-a707-6b5d7fe2d6cc","block_type":"box","text":"securities on a par ticular subsequent date.","page_number":194,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"c8853c1f-8adf-4f6f-b670-000e35ae2405","block_type":"box","text":"NRSROs may rate specific investments (","page_number":194,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"cf551d39-da28-44e6-8d5d-65c3f510e242","block_type":"box","text":"e.g.","page_number":194,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"4db06bd3-d8ad-429e-af6e-d0a62e196d49","block_type":"box","text":", bonds), issuers (","page_number":194,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"12c5a596-2b32-4f7d-a832-f7385ade401a","block_type":"box","text":"e.g.","page_number":194,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"9b813aca-2fea-49aa-86a6-a9ff2869e6ae","block_type":"box","text":", corporations, governments and financial","page_number":194,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"648981c7-d291-4a56-93a3-a09c650f6a19","block_type":"box","text":"institutions) and/or programs (","page_number":194,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"58a47e74-63b5-4f43-b038-3efe24a9e199","block_type":"box","text":"e.g.","page_number":194,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"0edc5b70-641c-444f-a594-655da4407540","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":194,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"8de3b421-536a-419b-aa73-245f9a8fc342","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":194,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"a0576093-bff0-4549-add7-cf577272754d","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":194,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"55872ad2-63bd-4e4f-9224-12b36ca6e9b7","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where an NRSRO has not rated the","page_number":194,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"81999c2c-055c-4e39-ab78-128f15f40836","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":194,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"b3100119-16fd-4f7c-ae7f-a5f908d1802f","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":194,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"e952274c-4952-4123-a1ca-60e6eb7dbc9b","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":194,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"52867e09-7d12-47e6-b4fa-bab21e2a802e","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":194,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"ca51b6c3-dc60-4b6a-8a7d-58ac54dd0c67","block_type":"box","text":"security (","page_number":194,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"f2d8a71a-9e56-4c0a-81e6-3581183931ba","block_type":"box","text":"e.g.","page_number":194,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"63849689-ea90-49b6-9ba6-b431e13b9947","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":194,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"1d94c692-c394-4ace-990e-61e8d0211e39","block_type":"box","text":"highest of the multiple ratings.","page_number":194,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"8d2b2f1e-4629-46ac-bcec-3ab74d35d4ae","block_type":"box","text":"New issue securities (regardless of type) may not be rated by an NRSRO at the time of their initial offering.","page_number":194,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"a1b813e7-f08b-4bf0-97df-0e173fe87802","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":194,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"471ffd6f-993c-4228-8bb3-1c2046f7eb4b","block_type":"box","text":"determined by the underwriter and/or issuer) or an NRSRO rating for the issuer of the security. If applicable, when","page_number":194,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"2fc78bb5-7899-4af8-8098-ad5b03955925","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by an NRSRO, BlackRock may","page_number":194,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"0c6e3e84-3c51-4c8b-8d6b-f986e2957a91","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set for th in the","page_number":194,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"909d5303-977a-4a8a-879d-01623da11aeb","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in","page_number":194,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"a8a38761-3bfb-4fca-b275-81fc06f8f8d2","block_type":"box","text":"the preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of","page_number":194,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"4fb9ff9f-8e32-48f2-b653-2f084b742abb","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":194,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"b8045817-f4ae-4ff3-aa81-0b64ef292ac1","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":194,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"ad136edd-efef-47ea-81f5-3a1ef3278281","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":194,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"4b5102d8-634a-489d-874d-8475d3bf8d0f","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":194,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"5382a064-b7b7-4d6c-a579-fde54c474a47","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":194,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"9a20e1cb-7764-4a15-a8af-7c69f71915dc","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":194,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"df4c5b16-34b4-4511-b760-24fa87d7a3c5","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":194,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"23e8f2b3-1688-47d4-a4f0-0821bac93d6a","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":194,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"c7895e20-6780-4ead-aec1-51515a2156ab","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":194,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"f0a0333e-3a18-4858-aa80-a1f6093876ac","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":194,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"493852b6-5559-4b0b-8a56-a85ef7b314ef","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":194,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"e9403ecb-236e-440a-99a4-107a854aa573","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":194,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"67c54496-83a1-4a4a-89c8-8c508d5e0e6f","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":194,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"d3b02415-58c5-4732-ae9e-1cf0760088b2","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":194,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"8896aa72-8c66-45ce-bb79-ba45d01eb3e5","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":194,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"d3bb1280-39f1-44f7-b84f-b7ac0365d9d1","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":194,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"a7c525e5-09f4-419c-a205-fef6e57d71bf","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":194,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"9a32745e-ebe3-4eb5-a90b-5eda22db0996","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":194,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"e7ec8b05-a434-4d52-b834-7fc69f379233","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":194,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"b440b822-13b2-465e-86ca-ecb1024fd611","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":194,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"5d5a0ec1-0b4a-4033-9fc9-4d1742076866","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and shor t-term rating scales and are forward-looking","page_number":194,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"b2ab41c9-189b-4614-bb03-7511f43cae39","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":194,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"2b7edbe0-5b91-4800-b27b-ec2cc653c55f","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":194,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"1df00ea5-2ce3-4929-a9e1-5f5d6b5661ed","block_type":"box","text":"risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial","page_number":194,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"aae3e8b6-1fea-48a2-b49f-cabe2a4c66b7","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":194,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"354442ca-351b-4586-990c-c559ae0bed4f","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based","page_number":194,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"6001e409-d6ea-4b6c-8487-c066cc3ceb62","block_type":"box","text":"upon standard sources of variation (","page_number":194,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"eecb34bb-98b3-451a-9630-923d33f7586a","block_type":"box","text":"e.g.","page_number":194,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"8d576df4-d6b1-453b-84a1-e053540d4c87","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses","page_number":194,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"2443fec3-ff37-4c69-aa08-2cb8e4e16d9d","block_type":"box","text":"A-1","page_number":194,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"a63a59da-821d-4c57-bbeb-048180ca3e1d","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1edd933a-50ce-42c0-8a4a-8251f1c1bf5b","block_type":"box","text":"the issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do","page_number":195,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"e9d6c91b-8f9f-49f3-8d04-281e4f76df89","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":195,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"6ab44df0-d205-4b99-bbc6-eef107a1fcc0","block_type":"box","text":"e.g.","page_number":195,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"17f0b5bb-3fab-4b8c-8ab6-07639868228d","block_type":"box","text":", equity indexed), absent","page_number":195,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"61753e04-88a0-4c95-9088-78d53b5a978a","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":195,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"60d0561f-4d9c-4a84-a6ac-7d38e28039a3","block_type":"box","text":"assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the","page_number":195,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"76188518-198f-4aad-a081-980270fa48a0","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":195,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"81e60ba5-81b5-4823-a423-c1df107f14ba","block_type":"box","text":"the event of default or impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen","page_number":195,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"56251095-bcaa-46f7-9495-e80900221b7c","block_type":"box","text":"months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and","page_number":195,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"715f093d-55de-49b4-a8bc-f75e41c65592","block_type":"box","text":"the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":195,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"7bc1c96d-a06a-42cd-84c8-9ab8a8c8ef19","block_type":"box","text":"and instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly","page_number":195,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"c7433784-2b37-485c-83a7-5d9ecc61f485","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":195,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"6b42b2ad-20c8-40c6-ae7c-41e3b24ea853","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":195,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"71af8f04-92f8-438a-a0e9-53e07a949185","block_type":"box","text":"i.e.","page_number":195,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"84ac51d5-4cc6-4e1f-9a21-48fa14f00c79","block_type":"box","text":", ratings on nonfinancial","page_number":195,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"88cac71e-17a5-4a37-8b1b-75a0dead19ba","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":195,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"1efdb253-a215-496a-bf02-327db8e2ba33","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":195,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"58e106fc-3b65-42f4-a062-9ed560a04a53","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":195,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"496658e4-060c-4e9b-b66d-1684febfbacf","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":195,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"0c206b3b-ee14-4949-b17e-10be6bd0c7c3","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":195,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"e25518ea-4a56-46aa-abed-e6354b0e4c83","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":195,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"a6df0bce-fd21-479d-ad03-4822a7f98f44","block_type":"box","text":"of time.","page_number":195,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"ceaebad7-6dee-49b4-9d4f-054b2a83f041","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":195,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"229918c8-9954-442a-bc95-44becdf51278","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":195,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"f42718fb-945b-4127-8016-e6fb187eac74","block_type":"box","text":"risk.","page_number":195,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"e9274c71-6115-4d35-9b21-d60af14789c0","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":195,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"2cc63658-f18b-47fd-8cd6-5ca721c10038","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":195,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"2a6487d9-ca7a-4b85-8998-52f37b292555","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":195,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"7f48278f-6d79-4770-aff7-da6a01519b81","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":195,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"0d17ce3d-fa79-4f22-9254-69295980ef71","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":195,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"dce2412e-2107-434e-9292-1892ec3ead4c","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":195,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"698975c2-339b-40b9-90b2-2d4e54366196","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":195,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"5ebc6541-6225-41d7-88ce-28d63004fe15","block_type":"box","text":"credit risk.","page_number":195,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"897304cf-6d25-4f89-858a-4fb3ca1c00af","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":195,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"220bbc42-f616-4070-ad3a-f4016e97160f","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":195,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"1e679b8e-4004-4be2-85a3-e70f131feeb9","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":195,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"92637301-f8c7-4c51-a546-9e0f1e98fcca","block_type":"box","text":"of principal or interest.","page_number":195,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"0181767d-79bb-43f7-8ed9-d38f908dd1f4","block_type":"box","text":"Note:","page_number":195,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"742efec6-c477-4565-aade-b86a0ef3389e","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":195,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"72310286-97e8-40e9-a6d7-40db9c61f1c6","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":195,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"541b363b-e0e7-4219-94cd-2adc8c9b27bf","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":195,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"e19ab10c-3348-42f1-a610-f67d1222bdbb","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":195,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"943bcfdf-86a3-49da-9b8b-ce6b971c43ed","block_type":"box","text":"companies, and securities firms.","page_number":195,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"9002aa68-0d16-4c97-b085-daeb8ed19a63","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":195,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"f183b74d-6d6e-42b0-be3f-64ef88918748","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":195,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"29a8e687-aa34-4422-9f05-ad18687bcb7f","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":195,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"b0632681-c2cc-47a5-b710-4ecd08789d03","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":195,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"a749bda7-802b-47bf-bd25-adef2d465169","block_type":"box","text":"that security.","page_number":195,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"0469e771-e490-4736-a6ac-59d45c2a5592","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":195,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"5746623c-c84f-44b3-8b17-bd3bb3515c2c","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":195,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"eb9d98d2-ae4e-4ad2-935b-8e244eef6d56","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":195,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"613a2c34-14b9-4479-a22b-44a01354b9de","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":195,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"8d5f4e63-f73d-438c-bf56-158a6ac53d8f","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":195,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"a38ec22e-4bff-4019-a320-9295b21d6179","block_type":"box","text":"categories.","page_number":195,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"abb9b143-da13-470f-8bbc-445c4a19391b","block_type":"box","text":"A-2","page_number":195,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"7e1bbab8-edeb-4a5f-b42f-0b1977ee6297","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf34fa72-6b70-4ba5-9e89-6dd8ab8a4169","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":196,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"6ae739ac-c340-407a-bf78-536f28754145","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":196,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"89c16a00-c935-4b96-9bdb-0d8e2256c7d7","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":196,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"48fc8858-497b-42cb-8228-371cb985a115","block_type":"box","text":"an issuer’s self-liquidity.","page_number":196,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"b89ef9cb-d2cb-4732-bb28-c3af97847072","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":196,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"71d4ba54-0d7e-45cb-8f8d-5c2ca5ae7f21","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":196,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"478cd19f-02e4-4055-bd19-19f1f8821c77","block_type":"box","text":"MIG Ratings","page_number":196,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"9ac60a45-6fce-4946-b2be-ce2a98ee5c26","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":196,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"9740a145-5b56-42ca-ab2c-2239a222af86","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":196,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"c068ac54-6f1b-434a-b181-00c30b4313d5","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":196,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"16281225-b9a4-44c9-bb85-cb0eecf659b2","block_type":"box","text":"MIG Scale","page_number":196,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"e5e41609-7811-4e64-8495-343d7ba66540","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":196,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"b51fe2fe-eb4f-47ff-8759-37795fbb1445","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":196,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"ce7118cd-b3ca-4e22-85bf-5b6aa33ca020","block_type":"box","text":"refinancing.","page_number":196,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"0e184bbc-e6ec-4cfd-85f1-fa470a1a7c17","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":196,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"4354103f-18f3-42d9-98e7-ff0550bf63b0","block_type":"box","text":"large as in the preceding group.","page_number":196,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"62d6c5d3-0833-4cca-ba01-d0fbbd5291cf","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":196,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"2e408547-8322-4077-a83d-3643a42ab11b","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":196,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"98afa0e2-fe5d-4c53-83e5-459c999bdd9d","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":196,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"02f357d8-da66-4c0c-941d-b04174e22330","block_type":"box","text":"lack sufficient margins of protection.","page_number":196,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"b9e78a26-704d-40a7-ae60-ca436e70f33b","block_type":"box","text":"VMIG Ratings","page_number":196,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"137fb23f-f2cd-4b2a-85c0-140ea1628a5a","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":196,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"3a26baff-3ce0-42b3-aaac-8e45262615c5","block_type":"box","text":"are a long-term rating and a shor t-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":196,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"5f88d5b1-ee7e-4ccf-85bc-b4da82644a47","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term payment obligation rating addresses the ability of","page_number":196,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"9db5b733-16ab-49c0-8edb-46a679dbe14d","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":196,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"7eb9b48a-21da-4aa9-8aba-3b5acc7c491c","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The shor t-term demand obligation rating uses the VMIG scale.","page_number":196,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"d8ea00ae-9826-4bd6-9671-8138d1928772","block_type":"box","text":"VMIG ratings with liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t","page_number":196,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"dbb826cd-360a-4600-8e44-b9c2a1ff3a01","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of","page_number":196,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"1b9f08e1-3c07-4ad7-9a16-f091e470ac8e","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to","page_number":196,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"00834dbf-25d7-4165-9f31-61ee3d306d8d","block_type":"box","text":"reflect the risk that external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment","page_number":196,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"5054c86d-7e20-4ed9-8e23-090352a27a06","block_type":"box","text":"grade.","page_number":196,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"70471e14-d108-48e3-a480-461f4f22fbdc","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":196,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"41175a8f-6c46-448f-9d2d-fe99dbcb15be","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":196,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"126361c8-055d-4282-adb6-4dd7aa2cc509","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":196,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"e8489475-c0c3-4bd2-b2e5-086332aedf61","block_type":"box","text":"Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects","page_number":196,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"cf880183-d993-4a3f-b2e6-e53661ac33e3","block_type":"box","text":"Moody’s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the","page_number":196,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"23cad934-4a64-421f-b99a-a8ff31c14d77","block_type":"box","text":"liquidity of the corporate obligor.","page_number":196,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"ec3169c8-0cf8-4635-81df-4080392dbd61","block_type":"box","text":"VMIG Scale","page_number":196,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"330159e8-b37f-4c24-8774-6e1ef9c60507","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":196,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"d9927488-d039-48fb-a7a4-0a1a39a370a3","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":196,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"59996a8f-6a6a-4b75-9850-d65a9d988528","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":196,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"646595f6-32d3-4e48-8572-f37d0e295249","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":196,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"194ab142-869a-481f-8a20-c7932c81fa6e","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":196,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"2d78bf4e-af8a-4d48-9df5-2bf8a599c6bd","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":196,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"5a98eb1e-e15b-4f40-a933-4adac2a1c50b","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":196,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"2a0c22f6-d84f-4eaa-8627-5b0771a72159","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":196,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"c1120f5a-96bb-404e-902c-3d94cda8e138","block_type":"box","text":"may lack the structural or legal protections.","page_number":196,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"0ccadbdc-ad7e-40d3-80fe-1dc80c601939","block_type":"box","text":"A-3","page_number":196,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"7606ee00-3017-4f68-bc8f-03964ebf8d36","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2c9d927-c580-43e6-9bd6-7f025be66bec","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":197,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"08729cd5-fae9-486e-b0fc-39cf17421273","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":197,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"80b0e871-6da9-462f-9124-199816abed66","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":197,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"c40f0da7-8220-4c65-bbda-1d3d1cf80bc8","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":197,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"38071343-bb69-4bbb-80f2-555715766cb0","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":197,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"a797eaad-f7c4-48c9-b6da-517ca385fa37","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":197,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"b0dbc5b6-ba64-436d-b999-2694dbfeb232","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":197,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"07992a92-3e05-4a7a-aeed-ae826b812f60","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":197,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"27d76a17-fc1d-4e11-9fe4-359894c16187","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":197,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"517dd052-ca2b-4648-a87f-75dd66b20579","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":197,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"4d95b868-f315-433d-9979-1a13d6d64ecb","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":197,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"f380a5eb-743e-4307-b2b6-d0f6a320db4b","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":197,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"b7c89059-9bfa-4d90-8bf3-671de7d9a154","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":197,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"65d98340-c9c5-4b10-8e5f-60aaa30ce566","block_type":"box","text":"from these guidelines based on market practices.","page_number":197,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"b3a62524-b6c4-4b04-a7d6-e515a7debdb8","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":197,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"be356ce5-d08d-4867-8c0d-0a43e99ea804","block_type":"box","text":"•","page_number":197,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"7de210ff-a685-4a38-899c-03ef24f309e6","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":197,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"2efa54c8-5611-476e-937f-56d7c9e07195","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":197,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"1f001e33-2f34-4c5a-bdc9-10f7106c3c58","block_type":"box","text":"•","page_number":197,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"55c0614a-0d12-430b-b25a-cebc0bad602d","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":197,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"0386712c-fd40-4946-95ab-bd41424f0fbe","block_type":"box","text":"•","page_number":197,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"fa568a82-4146-468d-bd83-0ffafc4bf35e","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":197,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"9062667f-7225-4e2e-915d-b26c6654e660","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":197,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"04effab4-aff6-4dd4-bcc5-ceaef3826f0a","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":197,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"ec38479d-b680-4036-8555-f34829c4678d","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":197,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"3a111683-af23-44f8-bd3f-372d7983fc88","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":197,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"1d55c9f0-85ee-43b6-9c37-50e254235aac","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":197,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"f41c65c2-e310-449a-970e-1bf257a991f6","block_type":"box","text":"obligations.)","page_number":197,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"a5924a2a-1775-41c7-a7fe-9984014ed8eb","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":197,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"61e2fb06-8f05-4ceb-8b6d-e6eaec9c08d0","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":197,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"8f08f3b3-c07c-4a57-aebd-cf164e3c7655","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":197,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"bd01d24a-7f5d-4a35-b59b-434d5066708a","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":197,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"641d2d3a-cdcd-4a91-9f11-e1bf0cae6af5","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":197,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"ce6b2cee-4446-406f-b4b0-573d922eadf6","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":197,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"5bcb7e1a-dab6-4ca7-8dfa-6df952e5f896","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":197,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"435f6221-c0ba-42f5-a5cc-466b18f3616b","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":197,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"e2c96996-a3bc-4190-bd91-278e93e84854","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":197,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"a63fd064-6e2f-4b19-b873-c9bf81d51b3e","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":197,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"6f3dbf9f-bfcb-4df0-901c-2e6e1be2e4aa","block_type":"box","text":"financial commitments on the obligation.","page_number":197,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"8dac3517-2792-44e1-9395-18046de75e13","block_type":"box","text":"BB,","page_number":197,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"2c752918-887b-4628-80ea-702b0d8addca","block_type":"box","text":"B,","page_number":197,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"eb3f7a88-e2d7-48a0-b405-7c27daf00862","block_type":"box","text":"CCC,","page_number":197,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"db89f08f-4004-4e67-8289-bd14b8cde211","block_type":"box","text":"CC,","page_number":197,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"15c8c88b-f3eb-4d75-8f53-b4f38df84287","block_type":"box","text":"and C","page_number":197,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"2bb73511-7fa2-4ea6-8464-bbebd28d95e2","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":197,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"cec8a444-d76d-4b8a-8e09-3c2546d51cd0","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":197,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"bb099bb7-6a3c-464d-8c82-8d0232e7cf2c","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":197,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"fc113b0f-f731-48a2-a5a7-08e6acfbae2c","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":197,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"288418f2-a280-414d-b6d1-95fd67624b2e","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":197,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"638122da-6ca7-49b0-a344-c173373c42de","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":197,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"56d1d276-421b-470d-b2df-51ebdfde549a","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":197,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"6cb49485-e417-4c85-ad56-7d98e570ccd2","block_type":"box","text":"on the obligation.","page_number":197,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"dc81d8ba-f9a6-40c1-b981-be11a82d52ae","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":197,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"8ec95718-f5f0-41f1-8d32-c0d00306715e","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":197,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"3179db3f-c9dc-44ba-a164-f7d88f327ec6","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":197,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"6ab871b1-d5ec-4d18-b195-c18f780c025b","block_type":"box","text":"financial commitments on the obligation.","page_number":197,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"7417df19-ff18-4593-8972-f09323bc84af","block_type":"box","text":"A-4","page_number":197,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"2836c443-5dca-4ba8-a4ab-27778334e24a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8926953c-ce70-46c3-b2fc-0b7b5f58622d","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":198,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"0f1a7d0c-2dc7-4d91-8834-5276768cce50","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":198,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"b8d4ae1b-3a85-49d4-b4bf-6afdc7d58ac8","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":198,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"8d56ea2f-954c-4f9e-b59b-5b368fcf4102","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":198,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"98a2c263-5e28-4fa6-b27f-36eb741cd3bd","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":198,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"f17b61ab-e458-427c-9d9c-4c702c991fba","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":198,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"72995de3-2908-43c4-9e28-65e8b700569c","block_type":"box","text":"anticipated time to default.","page_number":198,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"c86d3e7e-9902-4a1f-b941-31556721c9c3","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":198,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"b0cc4ae3-dbf3-43ee-ba0a-587149ed26e4","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":198,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"7a3abae0-41e8-41bb-a93d-69fd74213c3b","block_type":"box","text":"higher.","page_number":198,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"a9fd2e16-bb19-4826-be3c-2f328f18496e","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":198,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"618d3ba0-b250-426d-84b5-778d95c229b8","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":198,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"ad417e19-c5c6-4487-ad51-7e686b618b0e","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":198,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"e33fd774-38e4-4f9a-b4b3-281b389d844d","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":198,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"fd7f5c15-1e18-4361-9a8c-66d897f0ab25","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":198,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"76b26b55-6d42-43df-b65a-868389f26c2e","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":198,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"068990f3-6f74-4b2c-9d11-1f24110a2b83","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":198,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"6315e47a-8b4a-4bd1-bad8-8a23c7ed0543","block_type":"box","text":"restructuring.","page_number":198,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"63df5f77-6271-4ff1-9feb-69659f9a8b47","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":198,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"7d90540d-f176-463b-a921-484d1d32b12c","block_type":"box","text":"standing within the rating categories.","page_number":198,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"61e952b6-5e28-49e4-aa5e-c069bc584c6c","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":198,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"3674e73c-8542-4e04-9b25-368915963c6f","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":198,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"1d256fe3-291c-4b2e-9f94-0832ca57aaa8","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":198,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"3bbd8e2e-76e7-461c-97e1-2c3f675bbcba","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":198,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"1ab26112-c794-40a0-9fd8-a96fa1147d4e","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":198,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"af37d685-b9be-493e-baea-ba2751eb5b3f","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":198,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"79d31d2b-e5db-42d8-9ba6-4f8934ab15a3","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":198,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"fd278302-fa56-46e1-81bf-c4bf080d973c","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":198,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"50c04331-71da-4109-b9ce-08d5f24f43e1","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":198,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"c1e8f7e5-828b-4345-b457-595383745af3","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":198,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"4d5924f5-bf4c-416a-acd4-37733ad9ffb2","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":198,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"7ecb9787-7eb9-422c-aadd-8d535e1080be","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":198,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"4ee20230-4a23-4226-9f70-1dceb9605f1f","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":198,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"56dbe3f2-b648-4520-ba10-0d79fcd58b09","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":198,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"a89b7856-2e77-4209-a098-bb494250adf3","block_type":"box","text":"financial commitments.","page_number":198,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"8901cd93-dec1-4d31-ab82-e40d38d3fa84","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":198,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"b33f91ca-b5e9-4198-aa75-806d3f54f4bb","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":198,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"3c13b39f-34ab-4ad7-9372-28622390fc9e","block_type":"box","text":"commitments on the obligation.","page_number":198,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"83d4277a-e4ab-4b99-9103-e6dc93c6ac06","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":198,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"2e6ea580-93c4-4028-98cf-0768073bee24","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":198,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"ce30cd6e-a910-41d1-a4bb-d768ee164544","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":198,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"ba56b94b-732f-42fd-a325-9a5ec613200f","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":198,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"50a42036-d7bc-411d-8306-b82d5e5dfb66","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":198,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"3886e0de-1ffc-453b-82ee-d6e77b04e429","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":198,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"8fc10351-faa0-4545-9acd-02c4d4bdfbc4","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":198,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"b27cdecb-4fdd-48a3-ac70-63c1e0d54efb","block_type":"box","text":"debt restructuring.","page_number":198,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"34f04269-dee3-4313-a969-24de873fc1da","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":198,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"8269ec95-252b-4be5-8229-637ef24bcbe9","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":198,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"9c789f96-f3ad-4a46-899b-16f260b96720","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":198,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"4d1458a4-5944-4bee-8ec6-d4b8c345b96e","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":198,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"60c84b95-c888-47f5-ba92-9c3b5965027e","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":198,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"81d48bf0-a8fb-45b9-b6e1-0035949f251a","block_type":"box","text":"A-5","page_number":198,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"02d42812-5d31-4813-a9b0-40921b651f38","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60421511-5860-4e59-9c7b-b6c0a79acd73","block_type":"box","text":"•","page_number":199,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"482c2093-25e7-4883-ba5e-ab42776945a5","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":199,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"b57b19eb-102b-414a-98a6-b547565f7bb2","block_type":"box","text":"as a note; and","page_number":199,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"afbf4af1-a920-45ca-8e6f-27007dc40a45","block_type":"box","text":"•","page_number":199,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"7ec0375d-a854-42eb-9e15-d8d3c0da1cdd","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":199,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"ee115c24-f3e2-4bea-abc0-9b5bd3ee8daa","block_type":"box","text":"treated as a note.","page_number":199,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"f2b7a5b9-1248-44cc-a2af-570164f2556d","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":199,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"7d359932-d9e5-4e5d-97ad-485f66c04cd7","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":199,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"a20d39fd-4077-4f57-887b-18d204e04084","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":199,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"2086887d-e0bf-4d58-9206-f760cde2da30","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":199,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"b2b1e9ca-d14e-4873-a881-576a22fe8261","block_type":"box","text":"economic changes over the term of the notes.","page_number":199,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"77e12b5c-dd2d-4023-a458-9ffb57b22adc","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":199,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"e7a146cb-cdb7-4e7a-97e5-6d3afc77e4f1","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":199,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"2a8e3739-34ef-4955-8bfe-db9314e1fdfd","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":199,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"9a113a6b-e7b5-4010-a2cd-9d9c1fff5678","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":199,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"90f1d8fd-1550-4962-bbe7-3931e86ed46b","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":199,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"375e740b-f106-4924-a8c1-90912575fb5c","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to","page_number":199,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"cd4c5671-124e-4a49-b230-aa5b700970f8","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":199,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"2b3ef01f-a7f6-493a-8ad7-4d96daace45d","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":199,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"197df3bb-98f1-461a-81d0-a51e6efb81fe","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":199,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"92ed932a-5a07-4cc4-beb4-c351653617b1","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":199,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"099c86e0-c51a-4798-97c1-6fe9f76c43c6","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":199,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"405bae63-d101-481f-87b0-1d947820e497","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":199,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"dc13f5d1-418f-4674-b7c0-dcc1d56fc2e7","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":199,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"11140c93-63ea-4b3e-9b8d-0adf6dbac0e8","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":199,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"4de58398-32c8-4988-b4bc-6e2ba6387056","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":199,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"053aa576-a00b-44d4-82d3-179ca4e983e1","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":199,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"bfbcc7e4-db67-4171-8744-3ecf82f773a7","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":199,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"ae8cb19e-9897-4bef-b665-9acd1586e398","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":199,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"f59c3719-3a5c-400b-a238-f504b3eb952c","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":199,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"ef62b80f-59bf-4176-abde-e10c008935ca","block_type":"box","text":"receivables or other financial assets.","page_number":199,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"a9ba39fb-a382-4486-aa68-d6a89d6fa073","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":199,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"d50f9e1a-1add-49f3-ae27-ed513c3f3281","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":199,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"86f1a368-4198-4118-b047-0e0eb8ca4df0","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":199,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"877a07d9-6592-498b-bcb5-2a191ae6ac62","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":199,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"a80dec3d-a3d4-4c45-812f-c14252af09d3","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":199,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"75849b93-f5e3-4e97-8408-717082f2a528","block_type":"box","text":"occurred.","page_number":199,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"e3306820-cc29-4651-b86e-a6965161f0d5","block_type":"box","text":"Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page.","page_number":199,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"cce45ccb-4033-4135-92e6-e02d193f6a3f","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":199,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"2c8d1c8f-a4c9-4241-bb5d-8147d3a91f98","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":199,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"24db21e7-a9a4-4246-ab80-83e26346754f","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":199,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"feb44a79-0446-4020-9d54-9938666bfc55","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":199,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"8b9583b7-0156-41fc-858a-6a9bd3ba19c9","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":199,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"7dfcfdd2-f628-4246-852c-d577cd1e2771","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":199,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"f930d1dc-adc3-4699-8dd6-12be1915b564","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":199,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"d604ff8b-641c-462c-8aab-14970ee2530d","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":199,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"c89cea21-0b0c-41ae-8ccb-04b04ed58d71","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":199,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"9f1d0f2d-3eae-4251-bb19-1749d334ef97","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":199,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"81628ba4-c490-4596-87b1-4d8b8ebd4233","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":199,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"22c46c3b-5095-4005-9185-f64a778b85e6","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":199,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"d229adab-258b-49b4-b4e5-fd3e2469bab6","block_type":"box","text":"i.e.","page_number":199,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"fb2d9592-ea03-46d5-9ac6-1c67fc415f30","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":199,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"584ac7cc-31ef-4cc6-b1fc-62088268d3e9","block_type":"box","text":"the obligation’s documentation).","page_number":199,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"373511a6-6458-4db4-ae4d-81e3a216be3a","block_type":"box","text":"A-6","page_number":199,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"600ad9ba-5b90-4f1d-89f5-dbd3a6a8b523","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1abd1c5-a576-494e-90ed-6e3263935fc2","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":200,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"15bc5836-e634-499d-8669-f3d337afb625","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":200,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"77edcc32-49fd-411a-b525-12fdb087f256","block_type":"box","text":"agents in the form of a rating letter.","page_number":200,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"c3145d59-67ec-4441-8d20-72c200a56fe2","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":200,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"92342268-a2e6-4101-a893-cf8121723d23","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":200,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"9fd8495a-642d-463e-a3d3-5e7d4d0e621e","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":200,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"117544d8-8127-457f-b7d1-ceaff593754b","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":200,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"8e393bcb-6426-4860-b73b-a1c6b80fc2cc","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":200,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"a528fef3-b251-41c2-be2a-c3f9d3b9f198","block_type":"box","text":"e.g.","page_number":200,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"c4920032-28e8-40b7-9a8b-41da3afd3958","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":200,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"11accd11-2062-4ace-ab9b-16e77e6cf12e","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":200,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"5a0ffc0d-d50d-4cd5-b0aa-2017a0797474","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":200,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"72d9abf4-6eab-4e61-b3f1-9d4c98a89458","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":200,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"88b5e193-e5f5-4822-8016-8d4a18b67810","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":200,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"4d13e835-5590-4c01-8b0d-dd0485b35d70","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":200,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"d687c9fb-eb98-457d-814b-c76005a0fbed","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":200,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"c118e37b-d050-4cd0-b693-c13f7219c039","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":200,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"18823fad-38ea-4b10-8773-72cd37c56901","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":200,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"5fb3d2b8-952b-4c89-99f1-bcdf06ed102d","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":200,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"cffb405e-cfa1-4959-ab4a-1a18e74246ac","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":200,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"91e0e5d8-f03a-4699-b294-a6872d400758","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":200,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"64965ab7-834e-442b-91ac-65eedfda85c9","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":200,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"67bb9b86-46e7-4e1b-9794-57cb3327292a","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":200,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"c6aac009-3271-4077-9452-98ce0b948801","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":200,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"d4f71321-8d8f-4f51-b08b-cea489de41d7","block_type":"box","text":"Ratings.","page_number":200,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"29487cb5-a4a5-41c9-b46d-1cde07b02a89","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":200,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"96c9cb0c-3103-4d8a-9bce-4dfb8dc6ed33","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":200,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"da593190-1890-47a1-bca8-fe54f87c43cc","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":200,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"d475cc62-6be5-4adc-a227-b0525bf397eb","block_type":"box","text":"obligation ratings.","page_number":200,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"36ed0117-238c-4910-bae3-00ea793ef1d8","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":200,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"37be2eb2-3cbd-4114-9946-75b75815d81b","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":200,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"87ac295b-5ed2-4757-aa60-d6a1eece5ceb","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":200,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"73992bb7-78fb-4b53-ad1c-e23ca6537c9a","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":200,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"55e9e29f-8bdc-41ff-bd46-2ccdb02bec60","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":200,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"ae822218-e9a0-48ea-b744-8fb741cd4b6c","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":200,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"5e0477cd-07d4-4be5-b171-43a78f67f206","block_type":"box","text":"to foreseeable events.","page_number":200,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"999c61c2-7c36-40a3-a205-5e85f94e5862","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":200,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"2d39d9d7-d2de-41b4-ae65-f0ae9819a006","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":200,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"3aeb8957-b845-4359-9e46-559f475b32e2","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":200,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"05c82b73-b2cf-4eff-953d-7775c2f5cb27","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":200,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"e86e948b-5db8-490f-b103-45348c361988","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":200,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"52e4cb03-fd94-4a9f-80c1-926b54e76cd6","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":200,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"f2ce802e-c83f-4e9d-98e4-56f74ab80b17","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, par ticularly in the event of","page_number":200,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"57a02eb0-482b-4410-b37e-407e460465f9","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":200,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"c707d1c6-b8fc-4cf8-8ada-7b80abc7be1b","block_type":"box","text":"flexibility exists that suppor ts the servicing of financial commitments.","page_number":200,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"d0e842b3-e064-42fd-94e8-858478adf373","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":200,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"8f4643f0-ce79-4850-a8c3-a574c52b71d8","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":200,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"6192e370-c233-4339-9288-d570ccc0e6f3","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":200,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"39528d4b-02fe-450c-95b7-cf138bef9c8a","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. Default is a real","page_number":200,"box":{"x":69,"y":836,"width":764,"height":11}},{"id":"62628c7d-776b-438f-af2b-aa0e648ad870","block_type":"box","text":"possibility.","page_number":200,"box":{"x":197,"y":851,"width":72,"height":11}},{"id":"bac2966d-6cba-4d0e-8771-2f3170540a48","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate default of some kind appears probable.","page_number":200,"box":{"x":69,"y":871,"width":784,"height":11}},{"id":"794bd39b-19aa-4788-8b26-171bb955406f","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ ratings indicate default or default-like process has","page_number":200,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"4b816a88-919d-44b8-b9d1-93a07e1de7b7","block_type":"box","text":"begun, or for a closed funding vehicle, payment capacity is irrevocably impaired.","page_number":200,"box":{"x":196,"y":906,"width":569,"height":12}},{"id":"4ec09f72-34bf-4bd2-8f85-0bb4b33457b8","block_type":"box","text":"A-7","page_number":200,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"ab33c5d7-809a-4af6-863b-8aeb9afddce1","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea680a9e-aad7-4591-a421-04ee6917392e","block_type":"box","text":"RD Restricted Default. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced an","page_number":201,"box":{"x":70,"y":48,"width":782,"height":12}},{"id":"a9846a16-fb31-46de-818a-8818e2bc60e5","block_type":"box","text":"uncured payment default or distressed debt exchange on a bond, loan or other material financial","page_number":201,"box":{"x":197,"y":63,"width":686,"height":12}},{"id":"1ea8b46a-adb1-443b-b80d-ccdecc00cd2f","block_type":"box","text":"obligation, but has not entered into bankruptcy filings, administration, receivership, liquidation, or","page_number":201,"box":{"x":196,"y":79,"width":696,"height":11}},{"id":"622eccd7-e381-406c-a27b-ddb150f733d8","block_type":"box","text":"other formal winding-up procedure, and has not otherwise ceased operating.","page_number":201,"box":{"x":196,"y":94,"width":544,"height":11}},{"id":"632c4e0d-c3fd-4d20-8ff8-ca78082df036","block_type":"box","text":"D Default. ‘D’ ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings,","page_number":201,"box":{"x":70,"y":114,"width":807,"height":11}},{"id":"e44c1a48-890a-4bfb-b0fd-cd0a5af89bac","block_type":"box","text":"administration, receivership, liquidation or other formal winding-up procedure or that has otherwise","page_number":201,"box":{"x":196,"y":129,"width":705,"height":11}},{"id":"4de65805-b129-485d-9f1f-db4b3569f6cc","block_type":"box","text":"ceased business and debt is still outstanding.","page_number":201,"box":{"x":196,"y":144,"width":328,"height":11}},{"id":"4b977623-2dc0-45e2-9e55-71ed6840338c","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":201,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"5f939124-b36b-42c3-a191-e1a4236df8de","block_type":"box","text":"relative status within major rating categories.","page_number":201,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"f091a0ec-18fd-42d4-aa1f-ef4085c191f6","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":201,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"3d5923db-2709-45b2-8179-5abf82e70f91","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":201,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"33749eab-ac09-4def-b413-40303b15c564","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":201,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"a3dacb97-05a4-4611-9c17-c3978ebe584f","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":201,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"3df25034-149c-45a7-ab6a-d6483be37cc3","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":201,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"26137939-e457-46d1-a984-e389077638eb","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":201,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"3221ceb5-8d20-465b-9d46-7b661ac41719","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":201,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"5be3bcba-c12d-41f3-bd79-1d72576d48b8","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":201,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"8ef6f519-cd2f-4d7d-9133-d845553fe49b","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":201,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"f9e5e424-63e7-40d1-8c80-068f62090bf5","block_type":"box","text":"finance markets.","page_number":201,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"ef6ed107-cb13-4520-96f4-ff3b4b2cf40a","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":201,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"a67b5ae0-1bae-47ea-8355-bd0dbe6d599e","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":201,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"6e8a176c-b4a9-4cc3-a92b-7f7a7d53456d","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":201,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"c86511b1-5ff4-4c40-9fbd-53dccf3cef4c","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":201,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"fae7bf48-e0f4-4cdf-af45-bcb8b690623d","block_type":"box","text":"commitments.","page_number":201,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"72207748-0274-4ce5-b605-dcabdc437b12","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":201,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"5a4f4016-ea64-4908-b520-cdbdda148709","block_type":"box","text":"adequate.","page_number":201,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"8e588954-4bfa-4325-813a-5d5cc94d87fc","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":201,"box":{"x":70,"y":517,"width":737,"height":11}},{"id":"17f6e03d-186a-4943-8e2f-d5abbc8ff273","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":201,"box":{"x":196,"y":532,"width":641,"height":11}},{"id":"9fdc08c9-5994-4195-a9ce-dde500826a13","block_type":"box","text":"economic conditions.","page_number":201,"box":{"x":196,"y":548,"width":149,"height":8}},{"id":"33572a10-19d2-4bef-a721-1eee175cec83","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":201,"box":{"x":69,"y":567,"width":535,"height":12}},{"id":"5368e3b5-48b8-4b72-b51e-cfcb5f9fda9e","block_type":"box","text":"RD Restricted Default. 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The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":202,"box":{"x":102,"y":756,"width":778,"height":11}},{"id":"fe6b429b-c82c-47ee-bb98-c5f86c4fd54e","block_type":"box","text":"connection with proxy voting.","page_number":202,"box":{"x":101,"y":771,"width":203,"height":11}},{"id":"517587d5-620e-4d0b-9b7a-d6ab5cc798b9","block_type":"box","text":"Reports to the Board","page_number":202,"box":{"x":102,"y":794,"width":153,"height":11}},{"id":"bf112adf-72fb-47a3-bc39-c21f34a2bae9","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":202,"box":{"x":135,"y":816,"width":755,"height":12}},{"id":"32c30135-b634-4bc6-b1a1-05a6a3c175a6","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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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10","page_number":205,"box":{"x":234,"y":215,"width":670,"height":9}},{"id":"06b62d8c-a62f-4168-b6ea-dd75d219e6bc","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":205,"box":{"x":73,"y":232,"width":315,"height":9}},{"id":"210ad50b-be88-4c0e-b0bf-331f002f181b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":205,"box":{"x":398,"y":232,"width":506,"height":9}},{"id":"586cee23-c10f-409e-8015-4c937c7a79b1","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":205,"box":{"x":74,"y":248,"width":430,"height":11}},{"id":"40032f3c-f1ae-4192-bb5f-d681a8d38df5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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companies alongside and on behalf of those teams when appropriate.","page_number":206,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"cc39e0c7-ae73-497a-9485-1a7dae1be3d8","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":206,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"41778127-9fc9-4e8d-ade6-dbf266d66b38","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":206,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"1eaafa7c-9da2-4a5b-a9fb-632ea811cc4b","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":206,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"88abd0ef-eaa4-4f9b-892a-fd7bb2a51ba7","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":206,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"20075646-5bff-43ae-94f5-2e81d160dc57","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":206,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"0badc7bf-490f-44a5-89e4-d9e98b1fdf1c","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":206,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"76d41ba9-8018-4bf6-b363-847f460e806e","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":206,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"aff2857f-c465-4463-8ee4-6dfe1b26f66d","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":206,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"54bbc126-599e-4d63-a91e-3b8af0e32a62","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":206,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"372d32da-ff0a-42e4-a2fb-44000d18ffb2","block_type":"box","text":"1","page_number":206,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"080c1e5f-ab58-493c-8ea6-ca02f1e442e4","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":206,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"3f75d78a-eb66-460b-9f48-c2980d548f52","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":206,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"b630073b-9c28-4ffb-bec0-64a225a0aabf","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":206,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"211757d9-201c-4564-95ed-aa6bee74403b","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":206,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"31a4c582-7dad-4861-ac4f-f24356cfaac3","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":206,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"e31e1da2-b1a7-4299-b3e5-67aa4ab65c05","block_type":"box","text":"2","page_number":206,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"b3fce76d-c320-4398-b379-34a6c3b7d457","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":206,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"b4066da5-edca-4e07-9db9-fc8292ea04be","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":206,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"27212c7f-44f3-4427-91c7-f56d2b075cbb","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":206,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"a80cc42e-3b90-4bdf-9d08-a0f290b03b05","block_type":"box","text":"policies.","page_number":206,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"908963b3-bbd5-4ab8-b931-1d63ca54fae2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"7826cdbc-5083-49cb-a65d-3dced45c4d51","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4d54aacf-2e48-41f9-b813-729aa9248110","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bccb88d3-b932-4a0c-980b-dbbcd95ce679","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":207,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"11f447c4-837c-45f9-9e33-e1353640389d","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":207,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"5cd6058f-2097-4aa6-a5a1-8cdd3601bce9","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":207,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"ccefd0ef-0338-4418-8121-dbdbc7cb4d43","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":207,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"4ec3a382-3060-472b-87d1-7cdd87939b1b","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":207,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"a7f46ef1-58e4-4615-9379-9d911853e4a4","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":207,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"c0e17201-f62c-4912-a821-a553a990b540","block_type":"box","text":"this work with research, data and analytics.","page_number":207,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"fed12565-27e7-464f-8f49-17ce81dc2d13","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":207,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"1785f6c1-e140-466f-ba7f-f13a08186444","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":207,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"ff345ae7-1a16-445d-a82f-8dcbd857e2c7","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":207,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"19fa8534-1300-4aa1-869d-ca9bd58654d3","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":207,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"b16cad6d-3043-4d28-aafc-0ef5222c0bcd","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":207,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"bf3b198e-9308-4c45-a4f9-239d91ef30d7","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":207,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"a51c1deb-0dc3-4859-a412-5a746a58114a","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":207,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"32f23097-2fab-460b-aeaa-7efd89336784","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":207,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"9c44a3e4-9d14-43e8-bbd5-10f0d1808fa3","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":207,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"5bb76792-0361-4853-bdba-fcbe4fce7ca5","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":207,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"bdc99075-ff9a-476f-9b1b-fab1898ba25c","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":207,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"b86e161f-2a6c-4d87-aea7-ac49dba3d3a6","block_type":"box","text":"shareholder meetings.","page_number":207,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"3826d8a2-3faf-4327-98e4-007ae4b57185","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":207,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"d095bd8a-147d-4b08-884a-648ef11034b5","block_type":"box","text":"investing.","page_number":207,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"391435c6-2eec-4efe-9482-57b476c9ad09","block_type":"box","text":"3","page_number":207,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"d1c51c35-2da4-4bf4-9cea-16bedbb3c413","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":207,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"bc01f679-4125-4505-aa4d-392d58eeb8cd","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":207,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"4d7d9a06-011f-4d7a-98dd-0cbad3ccbfd4","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":207,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"b9cb5720-7999-47a2-bfad-18d46583b843","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":207,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"850b8063-e977-4a7f-b2a8-a09bc1b344fb","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":207,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"76339ef3-156f-44e6-97a7-cf261328a57d","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":207,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"a8c93612-95e0-4617-8437-ef62882c8235","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":207,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"18cf1b5b-c96d-41eb-a337-feadda412674","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":207,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"dc487588-d4b6-4e46-80dd-0a5c0fa4fe18","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":207,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"d30d4c5b-887f-47fe-80d5-24e4b7b93c88","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":207,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"e32e092c-d679-4111-bc58-7cd5a2f4d22b","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":207,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"54ca712b-36fe-44cd-8d4d-46922943e3da","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":207,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"3fd2ba17-35ef-4538-a350-fdad92b3b27a","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":207,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"26b9ff3f-5b1d-4620-9ed8-6f5afec41555","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":207,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"f3c00c82-b4d1-48d8-aa95-efc90477868f","block_type":"box","text":"management teams and board directors","page_number":207,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"ab3c166b-da61-4a1d-ad5f-0fa4fecb3611","block_type":"box","text":"4","page_number":207,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"b345fda5-c312-4c42-a73c-efcc57414882","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":207,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"7688265b-abd3-41d3-99f9-2aa64d4ee77d","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":207,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"c7b47c74-db53-40f7-be28-03bdba1c2164","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":207,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"ef474f90-a51d-47c9-b156-abfea0731da0","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":207,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"c1012d0f-0fb7-4c2b-8950-0af8c591913d","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":207,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"4c692f44-4218-4ef1-aa1c-1e3a875d3fac","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":207,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"30981ff6-c318-41ee-b2d3-30e5c386693f","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":207,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"535dcd9a-6894-4636-8375-e4c752dd72e0","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":207,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"7146127e-c574-46b5-ba56-e062f3be9df1","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":207,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"a7c35b7b-6aac-4faf-9366-14a849dc1a6e","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":207,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"23c11afd-9c1d-4bfd-b9ad-823aa6ba9572","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":207,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"6a4ecff5-42b7-42e6-8bbb-f6838742cb02","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":207,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"2ccf46d7-9c72-4ec8-bb31-87a7b2cbb06d","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":207,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"84002b27-a4f5-465f-ae64-c36240b0791d","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":207,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"11c99691-14c4-4991-9971-a4c609d6305b","block_type":"box","text":"3","page_number":207,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"44ca8a89-9600-47c0-af7c-eea122f8ee94","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":207,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"4ae8fdc9-87c3-4d29-b18b-a858eee0d4f4","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":207,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"af3c459f-250b-4c35-ba3c-218956bbf012","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":207,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"6cbd10df-fcdc-4e40-b653-0c702f23abf5","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":207,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"d2560246-52cd-4c4a-bf15-f4974e36b5bb","block_type":"box","text":"4","page_number":207,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"04b635f1-ee8e-413d-b726-8f60e13df165","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":207,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"98d6e49c-77e5-4b8d-b979-053c9cc53f11","block_type":"box","text":"boards and their members, where relevant.","page_number":207,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"8ac97ee0-c6d3-439b-b770-1125ed33e1c7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f1023d96-7c64-4989-b49b-b1fe12b7e7ff","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"9b7cb00a-2b59-4225-8c87-58696750edd5","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9dc5366d-0bf7-4bc5-90f7-ace9bc2cc6c3","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":208,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"786b63e1-b99a-4c1e-80e9-d211a5424a98","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":208,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"1172f1bd-0c6a-4a3e-8002-dbf8a1cb35f5","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":208,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"716f13eb-f87d-4c61-b03a-9463fdf6250d","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":208,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"031a335b-fcff-4079-9d33-6710f019952f","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":208,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"817a30f3-75ed-4038-b0a0-1b9b388cca56","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":208,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"0c4d6478-d511-4f60-af5b-85bb27ceadde","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":208,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"c0bb7142-05ce-4215-b2d4-6530ca0536e3","block_type":"box","text":"5","page_number":208,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"9f297eae-dbc8-4dac-9293-ebe1e746add6","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":208,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"a7e43186-9abc-49f5-acf0-70bbcf49a07d","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":208,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"1321bd1c-f1f1-44f1-8048-111ab266ad3d","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":208,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"b70b20ac-968c-47ef-b314-25a8cb3133f4","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":208,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"1bbcb11e-690b-441f-910d-b6320e86c460","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":208,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"d1d35f40-5326-440a-a17b-e932d7e600ce","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":208,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"6a884526-e0d4-473c-a567-67ce8fb527f9","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":208,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"6199207f-a402-4bf2-8657-01e4de4f0d6d","block_type":"box","text":"5","page_number":208,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"b32aa844-17dd-4d97-b0fe-b6b9a273f628","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":208,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"6cfadeec-8339-4e78-bede-8ce226b8291a","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":208,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"eb4d2139-e305-43c3-a6cd-4a8b5cbb8005","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":208,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"c9fa1908-c56a-49c3-9271-b033e06feba2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"453d8ee3-eea0-48d1-ac40-9a2231090fcd","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"22637ad2-fae5-4d66-83bd-61fc678de049","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27ef65f8-e560-4d8c-9b05-207bdb888039","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":209,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"41545c5e-1019-42a0-b9d3-4839d55ac260","block_type":"box","text":"Roles and responsibilities","page_number":209,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"f67b1fc9-b5b2-49b3-885c-6936007483d4","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":209,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"2a16721d-a576-4ef2-a403-6308ad5c4803","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":209,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"d72b3e74-74ef-4453-994d-ef4c7f1ba72e","block_type":"box","text":"6","page_number":209,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"7072b30b-2859-4074-ba89-77cd032c3bb4","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":209,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"d0292433-6c02-450b-b37b-6f1013952e9c","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":209,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"4733a8a7-12bd-4919-af7e-22bc48103595","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":209,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"d83c4f7b-b539-4a67-8f91-4c284a003b73","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":209,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"9fc6f431-8525-4c2b-8293-dd1bddf88bd0","block_type":"box","text":"per formance over time.","page_number":209,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"6fb652a4-c6ad-432f-be6b-939812532c1f","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":209,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"b9086875-d342-43df-9295-8c82462d61b4","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":209,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"e911750e-a19b-4a1c-8622-36054f5207a0","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":209,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"f1b5c8a4-216a-4093-bb70-c39a07eb20ce","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":209,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"ed2dcf29-6c25-4e43-91ac-c00de71299c5","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":209,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"05e84754-f751-4699-8396-2bfb46fc8c2c","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":209,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"60e95987-bf7f-41fa-8c87-67b749ffba44","block_type":"box","text":"Composition and effectiveness","page_number":209,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"00432bc9-25cd-4985-a6fd-ada6048ac20a","block_type":"box","text":"Appointment process","page_number":209,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"5998c137-0f04-4506-9688-ede55a614744","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":209,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"d342210f-8242-4c7b-9256-fc8048e6318b","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":209,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"b40164cc-2c43-4257-ba95-df1b723ee8c3","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":209,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"82b2db93-80bc-4095-963c-7641371faded","block_type":"box","text":"e.g.","page_number":209,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"f7dcd7ef-7ff8-4cbc-ba05-99e5ad19eb40","block_type":"box","text":", sector, maturity, geographic","page_number":209,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"3df1498d-e243-4442-a55c-9b4f48bd41eb","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":209,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"3e22ac10-79d4-482b-8b5c-07f2b6429c81","block_type":"box","text":"e.g.","page_number":209,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"f8e77a08-a5c5-445d-8948-c5aec65b2bd1","block_type":"box","text":", financial exper tise, industry track record). To","page_number":209,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"bc0d534f-2d93-4b5b-86f7-3ed10396637b","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":209,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"51b81111-ccaa-4abb-b29b-3d93a327ada9","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":209,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"47a77544-d2c4-4a90-8359-354eed7ec62e","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":209,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"249f6341-20b1-4a4d-85a6-3cdbd297bcee","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":209,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"6d372186-be15-4d76-a560-d84f4763e084","block_type":"box","text":"and local market requirements.","page_number":209,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"ae05e3b1-cd04-4486-9d3a-0779d3980728","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":209,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"7453625d-fa5b-4c95-9f30-e64048d91ab5","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":209,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"3270d917-ce2a-4b55-9e72-7b083276cbbe","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":209,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"0937fc10-cb9f-4ed0-ab64-9c0816e07f3c","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":209,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"8690b83a-45a7-4103-9750-a1d586af8d1f","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":209,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"2274814d-ecd6-46eb-b899-b35d9327da20","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":209,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"ae84ae5c-9d0b-4536-86ea-0ccfb8559d2f","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":209,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"16a0b045-f06f-4336-aef2-c3d415f1546e","block_type":"box","text":"Independence","page_number":209,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"8494fd2d-0bac-4b82-ad95-510e69416747","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":209,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"7edb0308-0892-4c14-9fb9-5fce8b0a5b53","block_type":"box","text":"e.g.","page_number":209,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"aed5b7f6-3718-4d88-8b45-b584989eb6c2","block_type":"box","text":", government or","page_number":209,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"f965bb77-44e5-49e4-a07d-c30827546488","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":209,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"1eef093d-a96c-4817-8f26-50d6ff69a02b","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":209,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"2ce5aead-96b6-4823-9ae9-43c2223790c0","block_type":"box","text":"conflicts of interest or undue influence.","page_number":209,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"ef1b00b9-e063-4429-9ea0-c328db0ef2c5","block_type":"box","text":"7","page_number":209,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"fa6cdc61-af01-4e5e-9fdb-e04234b5af6b","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":209,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"dd200bd5-3412-4f74-b130-6c8834ed3a7f","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":209,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"b56dd0ae-9344-421c-90fb-5629339a0256","block_type":"box","text":"independence should meet those local requirements.","page_number":209,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"c2db4f94-1f14-4545-914c-a6fe2fad40f0","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":209,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"28d05138-af93-456d-959f-4744f76d6cf2","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":209,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"23f15c28-e2f0-4172-ab33-effade9f277d","block_type":"box","text":"composition if this is a perennial issue.","page_number":209,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"514dbe98-2795-4fd9-9546-c004a66be3b3","block_type":"box","text":"6","page_number":209,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"c0ac465f-984f-421c-8ef0-5dcc58917937","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":209,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"3f82bed3-a44d-4f6e-884c-0908dd60c917","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":209,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"138b29b4-fa7c-497f-acc4-c873f2e6b509","block_type":"box","text":"7","page_number":209,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"22ff143b-5817-4eeb-ae48-f99ab4b55da0","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":209,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"9d0e6778-79f2-45b2-8989-ce95fd97a60d","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":209,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"da1a32cf-2f58-4370-af81-e012ebc2978c","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":209,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"bca9e6a5-a922-4dde-86e1-df795f83e731","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":209,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"d8516fb5-ed3e-4508-a720-3719976fdfd6","block_type":"box","text":"of the company and shareholders.","page_number":209,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"6c9ef8d3-4b10-440a-a1b6-64dc89326199","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"abc01d5e-adc6-491a-9370-a80ca908f292","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":209,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d1d3ac10-115f-4560-8a8a-4ce480092395","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be985b36-6a1d-4736-aa4d-4daf60d30492","block_type":"box","text":"Independent board leadership","page_number":210,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"ff5a6510-4ee3-4a44-bdc3-de7d1f28716f","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":210,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"3a9d6e69-20b0-4a6a-8650-6d629781b740","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":210,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"97709e45-4846-4006-8a01-bb7d29f3369e","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":210,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"3c04f326-5772-4d48-b5fc-0c5e8ce90553","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":210,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"afd422eb-ac8a-434a-ba3a-2a612bc6ead0","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":210,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"83c93134-354a-44ff-ba69-a1f77940561f","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":210,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"9f90f679-c9f7-411b-8d43-a92addf732ad","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":210,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"cd1f5730-4366-4db8-9b96-8ac819c0dbe6","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":210,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"20fa8df5-1b2b-46f0-a46c-9e8e4249bfca","block_type":"box","text":"how it serves the interests of shareholders.","page_number":210,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"04a05354-643d-41a7-adf7-425c6988512c","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":210,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"516b9d26-5773-4d3c-8f51-939452614100","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":210,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"c4c303de-4854-4f1f-8020-d233bbd850dd","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":210,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"82e35ebf-e0a1-4f7a-91cc-2198033d950c","block_type":"box","text":"Tenure and succession","page_number":210,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"f98eef79-ba2e-42bd-97c5-980df04c1eae","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":210,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"658ff740-44c1-45d3-8476-ffdf1e1cfb37","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":210,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"61edfee2-42d0-48fe-bed8-076c8dd85fd7","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":210,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"223825dc-f772-409a-97ce-9ce9dbedb652","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":210,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"ee1f1d58-fe8b-4cd7-8c92-3048f95f14ba","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":210,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"19e42ce9-6281-4dc8-bcdb-c35ec032476c","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":210,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"8511b38c-06fa-4555-a2ec-b595b522a068","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":210,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"3d2aea7d-0d54-4654-a5d8-494878002d6c","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":210,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"b966de49-d3d1-4b3f-85fe-c4aba1e9dbf9","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":210,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"01b6d88f-0d69-4492-8e66-e42833045477","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":210,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"8002ffd7-a823-4728-842f-22ff8f49b477","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":210,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"a772894d-a399-4496-bbac-488310e53b77","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":210,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"388929f4-3898-4402-aebd-6a0cbb30bc35","block_type":"box","text":"for their continued service is not evident.","page_number":210,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"74f30165-e2ca-4733-b718-51f504078f2e","block_type":"box","text":"Capacity","page_number":210,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"887434a8-e51c-4cda-b949-15832431c46e","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":210,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"e697c0ec-d830-479c-bb14-a60fb775d6c3","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":210,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"28b152ad-cc29-4328-8d9a-bfee50b66e96","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":210,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"f8352bf0-8a4c-4da7-8efc-34c7a98c0838","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":210,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"30164be9-e152-4ad8-b93d-1a9abe5ff96d","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":210,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"fc0a1112-c356-4429-9a8b-16d4547aa4e9","block_type":"box","text":"determinations across markets.","page_number":210,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"25beb50d-a069-4344-8bc9-0076b93d7bc4","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":210,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"bbefbfab-097c-4ab4-830e-2b61b2e715c4","block_type":"box","text":"their duties to the board and company.","page_number":210,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"3721e970-6e63-4cba-81e7-3d925e0d6fa5","block_type":"box","text":"Director elections","page_number":210,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"3d0f08e8-10e8-4f5e-b3c2-e508d3caf109","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":210,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"3d154eb0-5538-49fa-9f9d-58fd60113e17","block_type":"box","text":"structure","page_number":210,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"60a87c9e-68e9-4f31-8b27-0d3abf620bf9","block_type":"box","text":"8","page_number":210,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"5e9b54cd-ddd5-4139-8110-e9ad29bb2424","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":210,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"64f914d0-87ac-4cb2-b5e5-77ab9b6a7713","block_type":"box","text":"basis of its business model (","page_number":210,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"897837c9-c6b4-4b7d-bcb0-90f549204e85","block_type":"box","text":"e.g.","page_number":210,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"56018e10-7389-430e-a444-92d3fb123e30","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":210,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"bbdaa214-3af1-4479-a895-421564a2426c","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":210,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"81aa0ee0-0405-49cf-8bcb-72fbbcea3d41","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":210,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"59369e2c-9360-47fb-9c33-8f42c701ed3d","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":210,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"1b27a2f8-4d94-470b-a3ea-cc8aa1a07c59","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":210,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"f31760c2-706f-4643-88e0-ea36d90d9aa7","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":210,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"b7943590-f495-4388-8a5a-89d2a0ff8828","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":210,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"9247aac2-f6f3-41be-b0fd-eb4a5f777dcf","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":210,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"f115285c-9385-4f67-a7c1-54668ba06df1","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":210,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"88b01413-827a-4456-ad0b-9f47e5f8e232","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":210,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"c721e180-d9f9-44ee-a07c-5dc51ca233ea","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":210,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"11f342f1-a152-43f0-aa7a-8a6aff1c725a","block_type":"box","text":"8","page_number":210,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"31253c7c-2c35-453c-b44c-104808b72d07","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":210,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"723102f7-9402-463c-9721-81251b6d3921","block_type":"box","text":"directors stands for election in any one year.","page_number":210,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"34231c61-b483-4a4f-aeb3-b800fb68f6b1","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"710a165a-0620-4d0d-972f-f5f6c34f24cf","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":210,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"ac62caed-48f5-4355-a941-d48e6aff9f2a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b0a5248-c3b1-4fde-940b-72d58d7e3b7d","block_type":"box","text":"Committees","page_number":211,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"8757fbe0-f622-488e-9e37-f30ae6d86c7c","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":211,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"58970aaa-f182-46cb-81d6-1d89d84ad178","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":211,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"68d3b010-a327-4f1a-826d-c77e105c3e23","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":211,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"4ceb3f1e-8df3-460f-be1a-80fec49d2072","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":211,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"74527bf1-ce74-41d7-9aee-9590931386d7","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":211,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"9897b330-db05-4a8e-b9f2-8c5f0a6c952c","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":211,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"b9aa3fdd-a5b4-475b-990b-6a0cb482c062","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":211,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"8f2c7e7c-42fd-4919-b718-aae6f6abf0c6","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":211,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"f28e502f-68cb-44b7-9a4a-f5248b04e802","block_type":"box","text":"•","page_number":211,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"02375473-35b6-4fe4-bb48-01c99b1e2241","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":211,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"fd334fe1-8d39-473f-be65-b21157197d9a","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":211,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"50673e52-911f-43bd-981e-052bc08341ce","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":211,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"e0842a52-02f3-4e74-9769-c575650054c2","block_type":"box","text":"•","page_number":211,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"d1c9433b-1ebb-4b77-8f7e-bb53750de073","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":211,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"ebfb1353-f8ef-427b-8221-890f411a9bda","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":211,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"8a55c3bd-f570-450c-80b9-1b8823429f5e","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":211,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"f2083264-3c46-4536-aa99-403417e1f187","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":211,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"595562a7-b4f3-4b4b-bda4-1a6f94522b81","block_type":"box","text":"•","page_number":211,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"47e4a5b1-e7bd-4c0c-af08-6d8ee244c463","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":211,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"08e5bef3-e5c7-422f-90c6-d2904b3b3d0c","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":211,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"ecfc53c6-8143-4c84-9579-a187a944937f","block_type":"box","text":"firm-wide compensation policies.","page_number":211,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"79df0d11-4e23-4a8e-871a-25a359167b72","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":211,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"ff6f98c1-48e7-41c7-890d-80819b627b6b","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":211,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"5670a5c0-6bfe-4859-a11d-61c5ff247b0f","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":211,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"8ecd7676-bf84-4dad-9fd1-d54420a0f126","block_type":"box","text":"Board and director evaluation","page_number":211,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"4e873304-215d-4874-bc72-2f818691cea0","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":211,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"fbfffc2f-6a04-4818-af9a-95f891f53d55","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":211,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"f2ae1846-2ef9-4119-887f-9c4533280878","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":211,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"24fa0328-3cb3-4050-aaa2-c374d77edf8a","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":211,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"b2e772ea-3c81-442b-a13d-0d942e404457","block_type":"box","text":"a result.","page_number":211,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"7d08c0c8-7a8b-4253-aecc-ffb9e97d7987","block_type":"box","text":"Access to independent advice","page_number":211,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"4de312a9-e00e-440b-a6d7-4f0a39e8ebcf","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":211,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"3320caef-dcc3-4ae9-8503-03fb54b9a9ea","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":211,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"2fc70c08-b98f-40c3-b835-f3e033e8c3ba","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":211,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"21dd453a-8e2d-427f-bf3f-4a4fcc783a3a","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":211,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"9757f5a4-aa3e-4a58-89dc-c877a300f00e","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":211,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"99bf2cda-0cb4-4618-9dd5-865359d97b5f","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":211,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"8ac8109b-5951-4f72-9fa3-5ac29695aaa9","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":211,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"6d320ba8-42ca-4a4e-b6ce-aab8979c70b4","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":211,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"391dd36e-48ea-4b01-b5d4-abbc3c69ac8d","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":211,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"05beb926-91c2-4da5-88b2-4047146332b7","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":211,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"d01e108c-2e32-459f-af6a-cb5b4489bb6b","block_type":"box","text":"per formance.","page_number":211,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"4c444022-216f-4ee1-9301-f393ceb338b4","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":211,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"417aeceb-1ec7-47a7-aaa4-9c3c0c954722","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":211,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"f0637d2b-25bb-4ae9-845e-5b2dd4500d57","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":211,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"90ee6a30-554d-498c-a542-4e747a6aaa57","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":211,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"58d82f06-5171-4bea-ac2e-969c37bb2e06","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":211,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"2e3cc8f5-a2b7-4b98-abe5-a24f6ac2f5f6","block_type":"box","text":"recruit and motivate.","page_number":211,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"9530c996-a8eb-4fd7-96d8-07c1ef81a14c","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":211,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"427bc0c1-88cc-4f18-ab00-3cf9b82b1068","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":211,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"bb3e81e7-953b-4a64-8983-4ebd536992fc","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":211,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"4cb065e3-be9f-455d-b459-981a46d1d69f","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":211,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"908dd4c5-3e02-42cd-aed1-6aa3d3625250","block_type":"box","text":"arrangements include:","page_number":211,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"63b946e1-9e00-43a4-b895-2ee1f0b02b6a","block_type":"box","text":"•","page_number":211,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"6b05d721-1df3-414a-8f2e-2c36973068ef","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":211,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"32e3289c-97db-4034-bc7d-7fe7e4455e83","block_type":"box","text":"the company’s size, sector and market.","page_number":211,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"cd63c826-2676-480d-b2fa-9f1d367f4694","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"712d68e3-0939-479e-b940-53883dc00f9a","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":211,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"78f7fff6-0ade-4018-9d29-c343741b5654","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"958c93b6-5665-4f69-afd3-26166e0faa20","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"9c06a1ee-9e9f-4435-bdbe-107bb73e78c3","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":212,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"ea86a613-6a9a-476e-88c3-5c6e2504e009","block_type":"box","text":"strategic objectives.","page_number":212,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"3a83f7f0-a992-40da-b6bc-bb832dc7991a","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"1b38bffa-ed6b-4af4-9f49-da8dbb29d9eb","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":212,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"2a1367fd-424e-4576-88cb-ab5778716279","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"87f12fa5-6450-4407-96cd-199fcd8976ec","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":212,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"fed64751-80a7-4056-b02d-a9bb97decb96","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":212,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"0d922a96-54f9-4b03-b3fd-b5ffa7693b1c","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"882782de-887e-4c1d-9aa4-ee4af3097fa9","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":212,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"efec75a8-8bae-4072-91e8-0368bee25639","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"bb6e15e8-352d-48f0-b826-0ff2acc2dd60","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":212,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"27d8d26c-1661-438a-bd44-9a4828072a72","block_type":"box","text":"transparently.","page_number":212,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"30a636ea-a00b-436f-ab1b-fcc6d00cc7b1","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"f16b23e7-5144-40d4-8bcb-eb33ba9ad1ec","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":212,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"01b43b45-f33b-4f41-9793-c010ee5f4efd","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":212,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"2400e82a-3f77-4c10-8f89-7aab3916bca3","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"c8e8ade1-5cbd-4313-9a22-98f0d389904b","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":212,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"b096c5fb-3d4c-4f52-be34-218f3b055da0","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"94597a13-e452-4900-a543-a116f183ed9d","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":212,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"e1608d93-c858-4753-b49f-20f3f4c6a854","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":212,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"256733d9-fb66-4979-a6dd-45b7f1da0080","block_type":"box","text":"misconduct.","page_number":212,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"e0dee3d8-6ab8-4a16-bd89-2eb0cff9cf01","block_type":"box","text":"•","page_number":212,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"f0823991-fdf3-418c-9749-b3371ff12651","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":212,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"45e3e9a7-5114-4018-908c-3d4f59fa93c0","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":212,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"9b4c8ef9-064b-48e2-9e45-48b8c1436514","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":212,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"1907c84d-269c-490c-8064-af79e1cd80a7","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":212,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"70210852-2109-446c-95c1-7917408c8471","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":212,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"df8653f8-595a-4be3-a2f3-3cc35b7ccf74","block_type":"box","text":"committee, or the most senior independent director.","page_number":212,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"11940183-5829-40d9-9ebe-d765aca6bc93","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":212,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"baf7a85a-51ad-4b90-a8b1-bb493240638f","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":212,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"d84e3636-a262-4f26-9d4f-c667adbe77e5","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":212,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"0b7f2b8b-8ec9-4e5f-a1f1-0cb32d81a842","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":212,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"40088301-3582-496e-b20c-e4a6286b4b12","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":212,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"26e0925c-0c2c-48a7-a048-f18e77268a49","block_type":"box","text":"CAPITAL STRUCTURE","page_number":212,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"4c510f54-8347-45a0-9324-2d2e07ec083d","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":212,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"a0b944a6-56ce-4074-aa48-11a67d1c3f0e","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":212,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"1396dee1-bedb-4a88-944a-b192f65c9f42","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":212,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"ba82ca96-aea6-4678-8143-a1f4475743d6","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":212,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"2fa71df1-053b-467e-a99d-45dd55c7051f","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":212,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"930ba62f-7220-403e-8677-bd3a120298fa","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":212,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"25c490e6-99e3-4b74-ad0d-3bba732d886d","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":212,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"a4c78d6b-c2ff-4804-a605-1b742b125fcf","block_type":"box","text":"Share issuance","page_number":212,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"25adc3f8-e879-41d4-aaed-5b03cd47450f","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":212,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"3387685b-e8f9-4dd4-8659-b150b331f4bd","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":212,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"5dbdc581-2503-4328-a200-07c6953edb7d","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":212,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"ca600b19-9ba0-46b1-b501-67423295714b","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":212,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"79f2029f-e1ff-4f2b-9f36-860a77f53177","block_type":"box","text":"market environment.","page_number":212,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"64994f25-000f-4518-bf34-dcb6e2bfa88f","block_type":"box","text":"Share buybacks","page_number":212,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"cee208e5-5a4a-4975-9d0e-a110682792a1","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":212,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"98a90d52-e83e-4d7a-bce9-f523878d8a3c","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":212,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"9819cd58-e6dc-43df-8e69-c498bd8ee5b0","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":212,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"887be5a9-e77a-496f-bba9-cb8e7e37f047","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":212,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"68ca14c7-8d1e-40a5-9bd9-5ecd05934889","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":212,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"8992594b-c5a5-488b-8335-6e28b7def1bc","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":212,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"2e95d702-067f-43a6-96c6-80509a3a81fd","block_type":"box","text":"of the company and the market environment.","page_number":212,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"89ee9527-ae4a-4f48-a79a-18505627e4a9","block_type":"box","text":"Dividends","page_number":212,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"8bb0137e-e16e-4582-819b-8765de2d3bf6","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":212,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"9415d67f-7385-421a-bf32-79bf426c97db","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":212,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"fcbcaa91-9fd8-4657-9be5-5e24f2a8fc59","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ed684277-bf80-4daf-96f1-332c1055f169","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"edeae18d-3585-49ca-b0b8-71501df2ada4","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f744fde-7054-4f8f-a202-4e2043ab875b","block_type":"box","text":"Differentiated voting rights","page_number":213,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"71143f55-94bc-4b54-8e9b-ddc215c06ab8","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":213,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"d9ff005c-149d-40d0-bccc-b58a09368557","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":213,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"0abe1dbf-08cf-42ab-9a42-fc0b60e54378","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":213,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"14507514-7118-4753-bb62-88ac41ef8d82","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":213,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"667e6648-85ea-4a7d-8fa9-8c5bc548426e","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":213,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"06fec2ba-78fb-417e-90ef-8200c31ec3db","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":213,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"009db312-f6d7-4b95-a282-54bb42bffc3e","block_type":"box","text":"analyses of proposals.","page_number":213,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"4de50928-ba18-4255-8e54-49bf4b0877f1","block_type":"box","text":"Mergers and acquisitions","page_number":213,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"556dc0a9-36b0-4f8f-a82e-74c733dc4189","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":213,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"d10ea684-6763-4d14-8808-7931cb35761c","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":213,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"5db97561-7ec0-4468-96d0-ce0f5b04cb8b","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":213,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"a59478a8-ed1a-4ba5-96b2-f326acc7b569","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":213,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"d1fe41b0-d147-46cb-b238-7caf92aafcbd","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":213,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"1d7b7460-d123-4aab-b4c3-6faac348717b","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":213,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"c858f671-4dff-4a7c-b40d-3709c49068d8","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":213,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"2e3637f8-a124-4718-bc25-868284bdec84","block_type":"box","text":"Anti-takeover defenses","page_number":213,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"05c49dff-c1c3-48e2-8376-dc5cec957034","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":213,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"4a9c1428-087a-4a72-b874-da47c7ef57c5","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":213,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"f96d9c9c-3487-4a9e-8b5f-2c6e90ab867c","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":213,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"5e69464f-b19c-43c1-aac8-149089a010b1","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":213,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"86656048-361c-45cf-b2e9-464b3887b0c6","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":213,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"c8190d1b-2cf6-4188-a35b-0974b6c7aaa0","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":213,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"cc418798-188d-4d3b-972e-e8677d8ae94a","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":213,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"7e90f004-fd76-48aa-a79e-58fccc05672c","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":213,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"cefd95a1-e65f-48d6-9a85-9ef7b27fd736","block_type":"box","text":"Shareholder activism","page_number":213,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"3da8649e-d12c-44bf-a97d-760efe23d72a","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":213,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"fd4cae2e-ad09-40ae-9c04-331f1ef86079","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":213,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"fcc1b2d1-8520-4bd9-8fc5-aece69654e84","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":213,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"964275d2-5bd6-473d-ac22-73760408cb0d","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":213,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"77532765-5cb5-4b02-83a8-a00db597f0ce","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":213,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"79b718db-2170-49d0-8ce4-3c3a09ed8454","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":213,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"b6e1b902-3835-4854-8657-973f352a4b06","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":213,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"af5e525b-d264-4531-95ed-75c47c6ad40a","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":213,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"aee248fb-5fb0-40f8-8e3a-6ddecc725b26","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":213,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"e7b09bb4-773b-4bc3-9ec7-210ad2c253ef","block_type":"box","text":"protecting shareholders’ interests.","page_number":213,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"5af45a40-5a11-40c5-8927-36b5e311e595","block_type":"box","text":"Significant shareholders and related party transactions","page_number":213,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"ae2ce694-15db-4187-82d8-d61a6dcf61c3","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":213,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"826b6445-4cf6-4e3b-aaea-831f5d8906c1","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":213,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"20eb62c7-cb4a-4c08-b298-8b9abb242874","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":213,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"62dc2943-6b67-4644-a3a3-aad0506fb9df","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":213,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"b7f3f375-8fc9-408e-86b2-d868f0337eb1","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":213,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"743d5434-8c3f-4dc9-abef-087ebe381634","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":213,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"bf1ff4cc-a36b-4e01-8656-71d35a29da91","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":213,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"d9741697-941d-43a8-b702-d80059659803","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":213,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"a0f4824b-84ba-48c7-abfa-fcf92e9c8114","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":213,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"41dc90eb-9cac-4ffc-9cfb-478591c28895","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":213,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"2296471c-8d31-414c-a885-688d5f9d78b8","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":213,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"5c54397d-10ce-46f1-9a4c-fdcc6e584ef9","block_type":"box","text":"audit.","page_number":213,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"97df4633-2430-4268-92f9-0c485efe8be1","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":213,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"6cd2a4d1-bfd6-44d0-a7bb-09f3e91d0c7e","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":213,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"bdac039f-605f-4c6b-b788-8b490ad7338f","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":213,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"e819027f-d3f7-4855-918e-2702823d5127","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"70ae3272-11fe-4a85-b061-10addb2701f5","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"fa50e29a-a84f-4158-ada0-808d4665d806","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3678200-c374-438e-b27c-d617b6943dba","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":214,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"929b65c9-cec1-4588-804c-6e9f192ec29c","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":214,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"b75b4f0c-7a45-4bb7-ac2e-6622453cb7c9","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":214,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"6237929f-1867-4248-b34a-e3951b7b35d9","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":214,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"7a593522-d49e-400c-8a44-8d6a4d8ce502","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":214,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"7cda274f-4ed5-4eba-96b1-647035f945cf","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":214,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"82e70bc2-7fc0-47c0-81ee-5129c4402bf9","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":214,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"c29d3ff3-0b49-40f2-9b90-afc33d5f9751","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":214,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"a6801541-c94a-440a-ae91-19e6f25bd363","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":214,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"2e9f532b-e416-4e65-85b9-aebd21195c1a","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":214,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"cc549f3c-89c4-463e-98e3-50967ecb2796","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":214,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"f23b3be6-b0c3-4247-9013-1b8d2c7fd7cd","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":214,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"8a374939-2e7a-453c-8ef0-fefc08a562fc","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":214,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"6224a7cd-9891-41b0-af01-c6580a27e920","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":214,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"babafa8f-a4ac-40b3-9b98-dcf747ca92fe","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":214,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"7a7bbef9-98f9-47c8-babe-4ec387a8896d","block_type":"box","text":"9","page_number":214,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"eb78a855-8ce1-46f3-a7a0-60d743c29a0c","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":214,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"c15ee417-54ca-4bc8-ae40-e0c144f7ba15","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":214,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"a4ea1296-6296-42e1-b2c3-8aa2d2709af3","block_type":"box","text":"standards specified by policy makers.","page_number":214,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"bb9dc8ab-8437-4a7c-9b74-c44d69a63096","block_type":"box","text":"10","page_number":214,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"db1f6fbe-13e5-4d26-9c27-0485a8a39288","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":214,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"6b884c1a-bc67-45ae-8ba0-e73143b1f795","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":214,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"c98a2614-5a2b-436e-b216-b37921b74a0a","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":214,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"cbdd1a20-b6a0-4b1d-b26a-719079d5a69a","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":214,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"5d5b88a1-6a54-475c-b4af-d96ec6560a1e","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":214,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"d5d1152d-6777-44ad-bd15-0e112cf3317f","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":214,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"38d0b0c7-2ef0-4ee4-9416-f11d12411995","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":214,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"2dd97b2a-e799-499d-89ef-6df74a638537","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":214,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"d5655518-2dd8-4e10-8652-d229de1466cf","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":214,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"64da1f84-e54e-449a-ad5a-891f233aa147","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":214,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"54dc4c89-0f0e-47ed-8acf-9671daddfa74","block_type":"box","text":"remained independent.","page_number":214,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"02cb4822-bcc4-4cf0-8c27-97bd8ed5de9a","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":214,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"6fdce9f8-de79-4582-9dc3-f9f97564e6f7","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":214,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"99627a72-9c0d-4aac-b395-eea3f4456556","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":214,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"74f1baf8-740f-4046-9473-4198e1aa435a","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":214,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"4c1f715d-d167-4b27-9ff3-1b50d18ee47b","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":214,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"dd4cf49e-bfd6-42ce-ae7c-eae8037ab85a","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":214,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"5c0b273a-1e3d-4a2d-859a-8066e78d8db4","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":214,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"aae30054-6cdb-4e47-a653-a18feced8735","block_type":"box","text":"General shareholder meetings","page_number":214,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"4d5e3e49-ca30-4d46-b3d3-0e86e21533d0","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":214,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"a3d3abfe-1b1b-4674-bfe0-9299f39095a0","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":214,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"0d9c0598-8220-44dc-aefb-9bc001d90d41","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":214,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"4d53ddad-1bbb-49fd-9759-8018b057eb70","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":214,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"5a2d37b1-17ba-4ef0-8745-2a6c7ed6e4ed","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":214,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"8579b9f5-f957-451c-acea-e985c26a7d0d","block_type":"box","text":"an in-person meeting.","page_number":214,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"544a217d-6881-4913-9e40-4fa5b0890fe4","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":214,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"07a3cf13-8075-4563-8247-0808c1f91883","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":214,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"5c09640d-1ba5-45e1-8686-a3204387818e","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":214,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"ca6d3d42-84ce-49fa-aa76-dfc981649ab8","block_type":"box","text":"par ticipation.","page_number":214,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"e08acab6-a571-44e7-96db-f5d9bee0b896","block_type":"box","text":"9","page_number":214,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"9faf99b0-e978-4c0d-8b19-3058b7f7a937","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":214,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"b10607da-b726-47cb-9f8f-d351cd7ea569","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":214,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"ed0c3c0b-8672-4657-9938-788053d9696a","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":214,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"eb34a896-8874-4dab-b8e8-163075fa791e","block_type":"box","text":"Disclosures.”","page_number":214,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"167f53aa-47cb-413c-ab7e-0a8f312312f9","block_type":"box","text":"10","page_number":214,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"cde04fd4-e2ba-4bee-86a8-2ace4ba0f6a6","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":214,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"95d1e8af-d86c-4ea0-8712-77ab5ca18127","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":214,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"9d6611c0-fd86-42a1-a1d8-f4d1def7a1df","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":214,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"af96ec6f-d9ab-4d95-9134-83658dd0ea4d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"69849cb9-2892-4a45-80e2-5887ee5c815b","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"21bf4bee-6fe8-4189-8a4a-ef960e48a94f","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04ef1bcb-9ecb-4aac-94f3-e14fa70fc3ef","block_type":"box","text":"Bylaw amendments","page_number":215,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"2a6c69c0-c085-49e2-9f88-e103e38eb5d4","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":215,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"b09e35a7-16f6-41c4-8198-11b0e87b050f","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":215,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"5cb8f1a0-3298-4412-af7b-4d5d6212549e","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":215,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"6a2c6ef6-a441-4775-b723-5b01c7a273f4","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":215,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"bac87e8d-7153-4707-a423-518c5860098e","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":215,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"3d21ecb5-447e-42d1-9aa4-2829bc3183b3","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":215,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"5574b24d-1faf-45c2-94ca-5d2b6ce8b0d8","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":215,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"5378bf04-385e-42b0-aa19-caafabc31f6e","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":215,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"1b737373-fe2c-40f0-b69a-85d2657f3e05","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":215,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"c880f952-bd45-4eeb-bf58-cc3eb71b9371","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":215,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"e5326895-98f4-4a1d-8d79-62ab1ac5f5c8","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":215,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"9fdd2b4c-53ec-4cc9-8ce5-9275606bec86","block_type":"box","text":"nomination process.","page_number":215,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"bf9c9feb-e61f-401b-aec0-47d6c2e01f34","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":215,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"ff785664-e2b0-49e9-8d5d-e98fe6a0a57d","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":215,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"ee11e67b-3db5-4534-bf1a-cb998ad987fc","block_type":"box","text":"Change of domicile","page_number":215,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"f3224416-885e-4a95-8dc6-0b2a9d522531","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":215,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"956f4e41-fd0c-432f-addc-70a58cb38261","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":215,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"6df5ffed-7253-4132-8471-b5addadda4b0","block_type":"box","text":"immaterial.","page_number":215,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"ebf49cab-958c-4fa7-9012-1d0fd694acf7","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":215,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"9c510a32-938d-4c6e-a882-20ceb9e3cc4d","block_type":"box","text":"with our clients’ financial interests.","page_number":215,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"7f574157-816e-44b2-932a-d28772476f23","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":215,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"17675a7b-de1a-4997-8ede-b98e20ae559a","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":215,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"8e026ec5-fb13-4b1e-a0d2-330c78e2a9a4","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":215,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"33e84b8e-9e42-4565-9758-d777f42e4524","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":215,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"ba7d968f-f186-483e-8461-820382a60c88","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":215,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"e21b1266-ef09-4124-b26f-2320abcdeabd","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":215,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"9cc64339-0b70-4075-9c6c-3404fbc7b908","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":215,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"0f05782f-da55-4c96-a6ff-fb9ec04ad383","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":215,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"b5d21a27-0073-4b08-8538-bb3d61a99847","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":215,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"0f9ad986-bc90-4d93-9991-c8aa3ca1f0f1","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":215,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"90aa3dd7-45b0-47c5-afeb-b2711b48100b","block_type":"box","text":"relevant to a company’s business.","page_number":215,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"a8e03f93-a391-44db-b311-e838841f8a32","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":215,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"7ca09bb5-67b4-4c24-8c99-d940cb7fce12","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":215,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"f0e7af57-0472-4621-abab-4854e8ab826f","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":215,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"dd27dba2-5cbb-4b17-9fbd-6cb0386367f3","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":215,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"968f0f43-172b-41b9-9177-1879f3b323f6","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":215,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"4a0f7b59-dcfb-4816-bc86-dd615991dc6b","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":215,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"d4cb9322-c32f-4418-9cbc-aad2196881aa","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":215,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"b294c073-7f87-48a1-8584-4e98a6dc57a7","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":215,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"fd1d46b9-c1b6-4b8a-a634-1f14ec812264","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":215,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"3d18cfc9-37b9-4d1b-826a-c1f49b37d238","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":215,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"1a9e78ad-5afd-454a-b4d2-597bfd40a252","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":215,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"bdfb2206-35bd-4e2d-bf4d-31970c4a1a8e","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":215,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"05a502dd-e4bb-4fe9-992e-b799a31ce965","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":215,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"55ba2903-7a14-4b85-aa5d-86390109c859","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":215,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"c0d2ea50-0536-487c-a0a3-9559cbb35459","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":215,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"6238323e-0945-4f51-a6ea-eb609b2e1654","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":215,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"f4beeb19-eccd-4ccf-974c-99a1e74d96fe","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":215,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"f365777e-a4f5-42a9-ab85-945d84ef8236","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":215,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"66235f6f-5dc0-40bf-96c2-4a06e08f1378","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":215,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"c58a1fdb-6691-4a0a-82b3-0cf667a8f39a","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":215,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"1fdafc59-9d04-4492-92cf-ec88065526a5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"31a63326-ad77-42c3-aff9-40d9145a6019","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":215,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"7842ae97-e933-42e4-8cda-6e7b95399574","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e6ab75a-c627-4155-9c80-0604a88af72c","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":216,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"bdd59231-7b3b-4757-96c6-c3182449604b","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":216,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"8398c73a-ab68-4d2d-8516-4cb506f6611e","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":216,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"0f17e2c5-917b-40bf-9282-6fba824f9a26","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":216,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"ed170a2d-1024-4a2c-9c37-03010fff57d6","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":216,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"55993523-9f60-4bbb-8e61-a35428d39f0e","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":216,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"9cd97d4c-f16a-4f1e-8c34-381c1ba404f6","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":216,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"2ea3921d-4bde-4d67-a5b4-09988db4d269","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":216,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"71f2ebbd-d12c-4479-bf06-dc6cdc06f4ac","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8b543438-592c-4867-9089-23965ca708d4","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":216,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"57e28747-1e25-42cb-b370-80c1e611c715","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a463ff58-d2a1-4a66-9f64-7340f07c0ba6","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":217,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"a26dd928-28b6-4f97-8210-a593fc8f4fe0","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":217,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"14b5dc2d-a4a9-4e26-a3e1-947b24c65597","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":217,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"fcaf9403-cec2-4588-bd2d-3b29d632ce13","block_type":"box","text":"11","page_number":217,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"f8c3ffa0-5093-444f-8edb-4e24aaea5d84","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":217,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"a4bcf954-f62c-471b-a623-ef7cf3ba6ba6","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":217,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"7ed120d4-6cc4-40f5-a15d-989f46cd0967","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":217,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"7ba59649-1e77-464c-a9b6-d89c115fa23c","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":217,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"b439a8d6-9da1-406e-86f3-d5035ebfed84","block_type":"box","text":"regulatory requirements.","page_number":217,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"be71d5e3-252a-42f0-87ac-a58e1127c47b","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":217,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"1892d9f7-0372-47e2-9ebe-e4b2e4efae22","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":217,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"84e2578f-2325-45c0-8d3a-7a447662746f","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":217,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"f416d1ae-3ba2-47fd-8a74-e10aaabea164","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":217,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"724de99c-85b2-4e02-982b-b1e18fa0d3f4","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":217,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"c767c425-7838-4f46-934d-9f076949883a","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":217,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"62d6b3dc-7469-492e-97da-1b8d15f7e53e","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":217,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"7a797a4b-7667-42be-9a78-72c712b72d72","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":217,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"daa87cc6-0243-4488-a124-92361fe3f3c0","block_type":"box","text":"returns.","page_number":217,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"ba17d580-e156-4298-80e0-1a351ab5003b","block_type":"box","text":"KEY STAKEHOLDERS","page_number":217,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"fd13a41b-050d-4c26-a955-ae6a70453703","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":217,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"16d2fd47-ee1b-47d4-9d6d-7e3c4fff4253","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":217,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"f6eb4402-267d-4a97-80a2-852b3df75789","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":217,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"fd40eb2c-119a-445b-8d04-00fc3c426cf5","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":217,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"bb13568d-a9e7-4f8f-8a6e-4444cdab5e36","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":217,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"d6b7fe1d-34a3-4647-b60f-8e2a00f48e3b","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":217,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"1504c870-0fcd-4b8a-89fb-8f41afc2c410","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":217,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"41b5d5d4-ec78-44f7-b052-e93802cb8cee","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":217,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"ad559a9b-2ffd-4e9c-ab09-017176e9f810","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":217,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"c49501f9-8d23-40cb-b2a6-fce439697641","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":217,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"6f08c1d8-d046-4650-90e0-b7e2ade91d15","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":217,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"c8121038-3042-4ab8-bf82-0dd5ac768153","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":217,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"6ec8d088-05fc-4447-a43b-6be513924ff5","block_type":"box","text":"i.e.","page_number":217,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"19fd5ea6-4626-461c-8811-a5e231a13356","block_type":"box","text":", one in which global","page_number":217,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"667c5bf6-3603-47ad-8e0b-5dec4a1efa33","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":217,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"2100ed52-9982-4f69-99ee-e3d851bc6c32","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":217,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"6c71f4ef-988e-4206-821b-5cf74b3400c6","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":217,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"7dd57944-2091-4458-aec3-f499b6d466a3","block_type":"box","text":"client.","page_number":217,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"f73eba09-b388-471f-acd1-b6b404d92b7d","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":217,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"5365c92d-e91a-4797-9990-0b39c75280bd","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":217,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"20c8f4de-8f1c-4b73-be98-1a9e0eb278b5","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":217,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"57809077-b29b-41c6-a79a-22ef5ce43aba","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":217,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"d21f0977-5155-451a-9dab-aef0088649ee","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":217,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"e456234a-28b3-4648-b58f-05b994376b46","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":217,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"b38275c8-da3a-4141-94af-f5f2fa5630b8","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":217,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"59cc6648-3abb-4ca5-aea3-ba3bb10d8004","block_type":"box","text":"1 and 2 emissions.","page_number":217,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"9ea43cb9-300c-44e1-8905-00d5ea9d06da","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":217,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"30ed0ae6-857e-480c-88de-99f2767ccb25","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":217,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"780dfbce-0bea-4c35-9306-a776c5d3fc8b","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":217,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"2592e049-3162-443a-8cfc-8f8ec31e987d","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":217,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"97b92415-2b3f-4a17-8fee-0b7300329785","block_type":"box","text":"11","page_number":217,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"5247c2af-dbe0-465f-bc8b-7f584fd454d3","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":217,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"4417bc18-07e7-42d6-b999-e48a2f696b41","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":217,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"f16caac9-c86a-493e-992a-a7ecc6b3d46c","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":217,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"4242745a-94fc-495c-b717-03636f99f6fd","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":217,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"4ab8b103-bc4a-4d6e-be5b-db20708246f2","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":217,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"d3deafb4-384a-46d3-858f-3f02bf8851ad","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":217,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"49c33928-02bf-4bc9-9591-68d1fc1ca477","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":217,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"69b06c4f-f3e9-486d-9fab-8864334b1a7b","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":217,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"5ddca64e-93fb-4d21-bfe2-3e381a6a8382","block_type":"box","text":"sound governance framework.","page_number":217,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"0b82f996-9135-4114-a82a-a833271089ca","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e12ebc3f-4eef-4b80-b34c-43704c30a614","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":217,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"e5ea1c93-211f-44dd-9c2e-791268e40780","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e0ea11d-a4d3-48f4-92c0-8f9c169ef1c7","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":218,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"23867d96-1b47-44ad-90c4-7cc8070119e8","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":218,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"2249754a-4900-499d-9f01-c2de31fdf411","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":218,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"ce55419d-5bd5-4d0c-a0dd-7943dd848765","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":218,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"5ca97435-c910-4e89-b52d-235f2b5b1313","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":218,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"5bde05c5-cff1-476f-8ac0-6283cd93bdd7","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":218,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"ccdccc12-2288-4f0a-a1b9-6e8a2969b20e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"945aa356-9862-4276-86d5-9774af11467a","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":218,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ed3c32a2-93c2-49e7-85f4-3a1f332950c8","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8695d48d-bded-4851-8e85-833d3854ad5b","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":219,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"0d2d9b58-9a4e-4691-9384-dd7457178d6a","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":219,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"74ed36b1-73e9-4382-9f61-ffb85c25ddf3","block_type":"box","text":"Oversight","page_number":219,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"0ffc732d-46ec-44db-83b1-630db1925d19","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":219,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"c08ce34b-7edc-48e6-81ec-ef6c8553dc5c","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":219,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"02c6df5e-a864-4980-8755-0ffd5a6d4ad4","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":219,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"0e0bd5f3-dd29-4390-a131-94e1ac59c1e2","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"a67d029d-de01-46c8-8424-d06c617aa3f8","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":219,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"0dc7d7a7-3566-4af2-a628-9f12e46e2e78","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":219,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"ae6e8b9a-d477-4fa5-8d79-a952a95ac892","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":219,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"751f22e9-dc55-4a7d-a297-3d8f624ae6da","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":219,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"364751a2-3e74-451e-b9b9-625a96164624","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":219,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"63d7915b-ed32-4b75-9707-0cb8bc6fd5bb","block_type":"box","text":"relevant active equity investors.","page_number":219,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"34e5afcf-b197-4536-ad9a-c6a0b0239d59","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":219,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"aa6eafae-a3b6-40e5-ae09-dff4dbebb986","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":219,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"4a4858ea-a547-469d-a733-c61f8d15a607","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":219,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"c5cd7dd9-6765-443b-b223-ae48f2358aac","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":219,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"fe17a61b-aa24-4eb6-85af-d0e2916edc0e","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":219,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"2cbe8f39-4a81-43c3-9f93-383337e40bdc","block_type":"box","text":"third-par ty vote services providers” below).","page_number":219,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"eb112132-d794-4dc4-b8b4-3fa56ac88c79","block_type":"box","text":"Voting guidelines and vote execution","page_number":219,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"9e9d895e-f2ee-442d-975a-d7586adb0f66","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":219,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"b569d114-e2bb-4986-8dca-2186a48aec7f","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":219,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"c85f3c51-0c70-4a6c-89d4-2a3c97f88b98","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":219,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"30322748-0f46-443f-939e-211ca204ee89","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":219,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"2a4815fe-6112-4ddd-a672-67ac04479345","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":219,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"9cc5b497-ab46-4dc7-a89d-f60d78ab1cba","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":219,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"f13d3e2d-0db9-465c-99e6-f1b27dd464d8","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":219,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"90fa1357-e02d-416c-9fb9-23fd9328ab13","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":219,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"091a0e85-8766-4577-8fc2-ff69b4ba93fc","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":219,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"e8f7076d-1651-43ae-8d08-e83089752441","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":219,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"5c506536-9cc3-4d12-a687-97fe0f465353","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":219,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"cd734372-bfaa-4794-9c62-4bdfed995a95","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":219,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"d733c1f6-008c-42ee-b157-bd6e4655f206","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":219,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"45191e70-0873-40fd-a89b-a0c28580c72b","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":219,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"e52fbd5b-6539-4366-ac6d-b393b00ee02b","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":219,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"39b0d876-830f-4570-91be-1ef14eeb7939","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":219,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"6c1c5ad9-185d-410e-b5c5-202161f686e2","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":219,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"14b8bba9-2abf-446a-a847-b30e44368653","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":219,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"d6bd7eea-1645-4d0b-a02f-9974f4776809","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":219,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"dd1a5eae-ae82-4812-a45d-92e3ecb61227","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":219,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"0728f095-71ad-41f4-82d1-c78769079ba1","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":219,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"f445a798-6ab3-4fc1-afd9-d2adba722333","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":219,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"0142e566-8b17-4066-9f4e-0be456c7e57a","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":219,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"eb305c76-664b-4489-bb9e-9a376d9e0474","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":219,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"ad730b7f-f397-44c8-a2be-29a52357341f","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":219,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"6d3953ef-7012-495a-8f1a-5707d8a21fdf","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":219,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"9373e557-c111-47c9-96d3-768cce6a0e07","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":219,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"7b0e4ba5-10ee-47f0-9986-d128c472fbb3","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":219,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"a720e91b-d1d0-4e66-af2c-a6c22d1d8f5d","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":219,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"1efb74e7-1ebb-48f2-8547-2a957b6f43a2","block_type":"box","text":"Voting Choice","page_number":219,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"09227ce7-4660-4ebe-b8e8-91590d5ea4dc","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":219,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"3741a4f5-a407-4eef-b322-a99bd7cc37ab","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":219,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"f750c65a-65f6-445b-ae8f-5f53337ce217","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2dda864b-76d3-4465-bb85-f10568414979","block_type":"box","text":"Global Engagement and Voting Guidelines | 17","page_number":219,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c3460446-8b18-4e1c-931e-55d4dbf2ff5a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d2bd408a-3404-4355-bb9f-1bedde6ca179","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":220,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"dcc22672-7b9a-4efb-979c-4966da464736","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":220,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"b0bc55b7-a3d4-4cfa-9e56-ed51eeba26e0","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":220,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"803c281d-164e-44b2-b1bc-5608ffc17b2d","block_type":"box","text":"strategies.","page_number":220,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"39ea3791-bf90-47a2-a29f-c097d311a298","block_type":"box","text":"12","page_number":220,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"792fe240-814f-4bd5-9a6c-9d6bab49dcb9","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":220,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"9879d9c3-23e3-43ad-af6b-37c070b5dae0","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":220,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"a3afb878-2ab6-4f93-8dd5-6bd5da7aff0c","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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Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":223,"box":{"x":134,"y":286,"width":702,"height":11}},{"id":"c1a82af7-f5ab-4141-9f35-d4339260dcdb","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":223,"box":{"x":102,"y":301,"width":789,"height":11}},{"id":"6c6b7ba0-78a6-4645-b6b7-6cd31f8f31a8","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":223,"box":{"x":101,"y":315,"width":801,"height":12}},{"id":"6d8b4504-300d-44f7-8384-041eecb899f0","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":223,"box":{"x":101,"y":331,"width":763,"height":11}},{"id":"760c577d-53e8-4424-b371-53f03e1feeef","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":223,"box":{"x":102,"y":345,"width":775,"height":12}},{"id":"5075978d-c0c0-482f-8b6d-0fd183504612","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":223,"box":{"x":102,"y":360,"width":651,"height":11}},{"id":"4d5eb275-dc6a-4663-86af-a5ad1589c48f","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":223,"box":{"x":135,"y":379,"width":748,"height":11}},{"id":"fb560370-b5d0-4dfb-9ed3-d81fc27175b1","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":223,"box":{"x":101,"y":394,"width":804,"height":11}},{"id":"f2fe495b-32c9-4709-9f7f-defe72658976","block_type":"box","text":"the iShares Core S&P 500 ETF. 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In mitigating conflicts,","page_number":223,"box":{"x":101,"y":613,"width":800,"height":11}},{"id":"5e0fb874-c0dc-4cb5-b32a-5139c9db522c","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":223,"box":{"x":102,"y":628,"width":235,"height":9}},{"id":"698a8881-9649-403d-a2d5-586052834528","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":223,"box":{"x":135,"y":647,"width":769,"height":11}},{"id":"17c00152-32f1-4f18-b6c7-46fd1df603ac","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":223,"box":{"x":102,"y":661,"width":800,"height":12}},{"id":"68d8c2f6-5195-4c5b-b592-a12bda18d9c8","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":223,"box":{"x":102,"y":676,"width":463,"height":11}},{"id":"4f1880bc-781d-4df1-bcde-cb1971fb767e","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":223,"box":{"x":134,"y":695,"width":774,"height":11}},{"id":"9b3c9e93-0fe7-4074-8bc2-ac68064e8ee2","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":223,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"261e03b5-9f13-43db-a356-e48d0c883f3c","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":223,"box":{"x":102,"y":725,"width":778,"height":11}},{"id":"7fb6be19-22ef-4095-bbff-dcf285ab6e17","block_type":"box","text":"connection with proxy voting.","page_number":223,"box":{"x":101,"y":740,"width":203,"height":11}},{"id":"89c4a6b2-8193-4e40-b47a-b0b181cccdac","block_type":"box","text":"Reports to the Board","page_number":223,"box":{"x":102,"y":758,"width":153,"height":11}},{"id":"c36fe7d4-0cc6-40ef-b37d-b4a1138f1404","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":223,"box":{"x":135,"y":777,"width":755,"height":11}},{"id":"49dc9d05-aeaa-4165-bb2a-d1489b878cc5","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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Our regional voting guidelines explain how the BIS Global","page_number":228,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"e1bca8de-f105-4feb-ba71-b1244737969e","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":228,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"4180e55f-1593-4d1c-ada8-d69c7c229434","block_type":"box","text":"4","page_number":228,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"2773f2d8-c12e-4b77-8c02-0c37ad3d9fd9","block_type":"box","text":"3","page_number":228,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"411a019d-1a53-42ce-b01f-cd9a5d383d51","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":228,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"9f5e1dfd-23ef-487a-9436-22215ea670d8","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":228,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"bda77b23-f8bd-42d3-a767-ae19ac342ae0","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":228,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"da5f4301-41db-4e58-87e0-001279dcc01e","block_type":"box","text":"4","page_number":228,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"9eb35db0-8aae-4eca-80d4-43537351134d","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":228,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"f4e42a0a-4960-46fa-a0ad-41129f559345","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":228,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"5a53f683-cf6e-4004-81df-551fe1fdd873","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":228,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"24d42755-56a3-451c-ae6a-4c26c69ac5db","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":228,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"cb6cf0a6-ae5f-4e66-82e3-1e2c054274d9","block_type":"box","text":"guidelines.","page_number":228,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"98f1aac8-897f-46f8-ae32-24b7d00a730d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ea17a85a-84b1-42a5-968d-0830b19a1f17","block_type":"box","text":"Global Principles | 4","page_number":228,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d417d53e-7ee5-4efb-8999-bf5d670286a8","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b307903-8ce3-49f3-92d0-f0284a115eb9","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":229,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"a3cf22c8-7241-4ea4-ba36-3e084ab55fa4","block_type":"box","text":"Oversight role of the board","page_number":229,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"9197b05e-2368-42a8-acf5-73e4c41c0e52","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":229,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"8aa86c0c-3260-4a86-83d1-dc0fd89c358a","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":229,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"d2b8d7b9-a554-4477-963d-f6d36cf426c6","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":229,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"013209ae-f9c8-4f01-a15e-897b52090cf1","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":229,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"9ce29cd0-cf55-4619-8d5b-a1529d2b3c67","block_type":"box","text":"long-term financial per formance.","page_number":229,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"cbd5d42d-3639-4c90-963c-3768db23f06d","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":229,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"e661c95b-3582-48df-bb7f-c6f46bd29b46","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":229,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"0990f0ec-eb57-4c70-becf-9afceb3de082","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":229,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"c6861491-35f8-4beb-a133-580a22e678e7","block_type":"box","text":"the business environment in which a company is operating.","page_number":229,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"5e0fa001-dbec-40f8-80c4-34551743a865","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":229,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"a952ed84-f28d-4a62-adbc-c356581b74a8","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":229,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"f3817013-262a-4b78-92ba-fd85a414f368","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":229,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"fecaccdc-0f61-4e88-a52b-91866173f081","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":229,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"3b2f3cc6-3fe6-4112-b1bb-f623875c1d9c","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":229,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"5cf32ef9-f375-424b-aa87-38a4186788e1","block_type":"box","text":"mitigating such risks.","page_number":229,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"357659cc-dbb2-4d36-bc30-12b695f2bf84","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":229,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"6d820e3a-911b-477a-9707-70341367d6b0","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":229,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"9a5a2511-f94e-4818-a805-191ca919d614","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":229,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"7b6e3446-3e9d-4992-b74f-9ec7980c781f","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":229,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"9380a3e2-39e2-4e83-97d0-bafb129bc6fb","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":229,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"b0ccee56-cbfa-4db0-8db2-935262e79e77","block_type":"box","text":"strategy.","page_number":229,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"115240c1-cc14-4216-9e4d-97ae693bc7fd","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":229,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"a4940610-2f3d-4f14-920d-8118365ef6ad","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":229,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"4830ffd4-d95a-4624-b6c7-9fe678da5375","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":229,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"172fff4e-8aad-41c9-8a29-62feff0dde36","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":229,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"ce48344f-b65d-48c2-a451-6653530c3757","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":229,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"b360116a-1a7e-400c-87cb-7cb7c5b0c77b","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":229,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"38e2e57e-1d29-43d8-a379-317f710bdfc3","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":229,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"65dbcc55-51da-404a-9488-0ff1f52f8b5e","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":229,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"deab823d-bdde-4d2f-93ec-da4f2719e0f0","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":229,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"9d5c044e-b066-498c-b05d-7216c60d6568","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":229,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"55de25c7-213e-4976-ad79-8db29227dbe9","block_type":"box","text":"Regular accountability through director elections","page_number":229,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"06ecfae1-b5c6-46a4-a572-beb9e785743a","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":229,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"f13155e4-d0d3-48e1-917d-ab2f1a718638","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":229,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"fb9a73d1-2b7d-4f6a-98e0-7b209fbc4dc0","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":229,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"cdd01fe6-1876-4e2c-aeba-7301f81c3fbc","block_type":"box","text":"5","page_number":229,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"ff700c7c-cec1-4b6c-b206-8d8af01c0652","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":229,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"1d536334-7f79-476a-b08b-553620a33b5c","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":229,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"8f0e787e-bf29-41bc-b846-7678d9f98910","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":229,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"da02e731-b0d6-477d-a08c-1e1e3544d7be","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":229,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"034c95b3-1d97-4ecd-9c50-5a5b1b98fbf1","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":229,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"54814b08-6794-4655-bb6e-73b94bb3b5c2","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":229,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"5ec568ea-ff0d-45f1-a6e1-4020c0a58b98","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":229,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"962cff3e-331d-49bb-9988-8df67951971a","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":229,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"a99fa17c-8681-4ee3-9e04-70a03a4b8f34","block_type":"box","text":"5","page_number":229,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"9dc8766a-f62d-450b-9487-f1d37161ad84","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":229,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"6fd498b8-dc43-4876-88d5-b1608db73d1e","block_type":"box","text":"market regulation or voluntary best practice.","page_number":229,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"d8d186e0-48ff-456a-9054-0e23ff806602","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d5032db9-f07e-4275-a072-f76be7bfc91e","block_type":"box","text":"Global Principles | 5","page_number":229,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"47246cb4-c6ba-4873-bae5-54cd4c4f94a5","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0e368d2-7669-4de4-8a2b-dbd461b49832","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":230,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"b028bffc-5cb2-496f-a42e-105dfa923ba8","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":230,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"4c8c0602-85c9-4e17-b353-01e04325ce37","block_type":"box","text":"recently.","page_number":230,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"9c9b59bd-bfeb-4070-8028-3627634d629b","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":230,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"d4ae303d-f0b7-491b-bf11-e0a62fc891b3","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":230,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"bb66d9e8-7739-4bd3-ad01-c1e22f4dc905","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":230,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"1dc5b656-9625-4100-b936-23a6f86e8579","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":230,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"4639fe81-f622-4180-b3e3-ed0c257702d6","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":230,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"bfeca1fc-8e5b-4954-b694-0025e24786d1","block_type":"box","text":"Director independence","page_number":230,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"fee498bd-bc67-4f12-b7ab-e860960ca8cb","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":230,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"94bf025e-7c79-468a-a174-19888b1e6737","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":230,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"94965178-90c4-4e44-9028-fb8969df6bfe","block_type":"box","text":"6","page_number":230,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"a6b30f4c-11c6-4614-949b-5af711256ad3","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":230,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"00c81570-db3c-4fb7-a54c-45d645851296","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":230,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"e6dfe118-ef71-4eec-9239-0f381657a7e5","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":230,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"2c7a377a-3423-4ddb-a88d-fa178e663c26","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":230,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"cd3b68fa-7072-4b6f-867c-72805d3532ea","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":230,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"2458d429-dca4-4609-8ecf-99a714652663","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"9a5ea1a6-fcf2-4be3-a2eb-2e06ba547106","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":230,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"126f5e93-8bfa-4d4e-b086-5d87f16ec31f","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"fbb72584-04f1-44e4-97fa-210448f27bff","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":230,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"4d6f0342-d26a-4b9c-ba64-ac517899ebbe","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"5cffa55e-c752-4643-bf81-4dd848b4990f","block_type":"box","text":"Interlocking directorates","page_number":230,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"5b8c232d-a210-463f-a11c-ee2530f8499f","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"c9d999fe-1e42-4bbd-92ee-8276a3a00f09","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":230,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"5b88212c-7ea8-4cc8-97ac-7e524841524d","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":230,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"75c41055-ce34-4be9-ae81-2ca6b99fad2a","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":230,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"8e61af26-3ed3-4994-8120-71fc35c38a96","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":230,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"3fdd864c-864f-4e2d-b87e-17fdab8a52dc","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":230,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"9ab5a1ec-5949-4d47-bbcf-f7952bebebec","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":230,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"033e840b-82e4-4fa1-b09e-9921c27de103","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":230,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"912b26e6-4aa2-4f23-bb85-3104433247b7","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":230,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"244b0c2b-3aaa-4806-90fc-4fc8889ff856","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":230,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"cff221dd-f0ed-4bfc-bc29-497c7b4ad233","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":230,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"d05e839e-423b-4788-9528-4339a063fedc","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":230,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"bf9b513d-5a38-4b7a-8aa8-354184c701dd","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":230,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"8421eca2-2328-46d1-9f10-3c8ac25ae403","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":230,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"ab188cb5-6054-4941-976f-64298d77e086","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":230,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"a12ad888-c69c-4294-bc35-7e00c039ccf6","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":230,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"20fec621-8a34-408a-9b5f-4a2b64a51b11","block_type":"box","text":"Sufficient capacity","page_number":230,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"c8b7edff-79df-49bc-9a47-9205218f8017","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":230,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"ba148fe5-2406-472f-b3a0-89dc4f790094","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":230,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"4493273f-86e6-4ef1-9bc9-7a0cec767b24","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":230,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"6c3a3b5c-a135-4305-8374-03cb39293e82","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":230,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"3c8e1e0f-661a-44ce-a318-de4fe27a7a28","block_type":"box","text":"Board composition","page_number":230,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"ffb3bbbc-c6bb-4eb0-89d5-607ea81f5085","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":230,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"6b51e324-7400-4602-b5c9-21e77256a287","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":230,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"7ea4f9f9-3a44-4175-af81-dba56e9f5195","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":230,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"d94f68b2-351a-49f9-91e7-d98b9097650b","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":230,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"e8721e2c-53de-45ae-aabf-80bd50695e1d","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":230,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"a4c88dce-cbca-4dea-a13f-2cbe1a9accf5","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":230,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"b2216783-0b35-47a8-a1fe-81448f644270","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":230,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"fdeb5e3d-45e4-43cb-9ce2-1b4b819f38bc","block_type":"box","text":"6","page_number":230,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"a850e72d-a7dc-4171-ac7e-87d23ddb2707","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":230,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"4653d033-1d0b-414d-852b-78adc0a7be5f","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":230,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"4830962e-45c5-4c5b-ad3f-8e31e9bf0879","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b7b2f098-a60f-46ce-b884-ca03315c54da","block_type":"box","text":"Global Principles | 6","page_number":230,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"5c1567da-84c2-4a22-a4ec-cc22ffad63a9","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ee6a3e1-541a-48f5-b9d7-bf03a7d4ce12","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":231,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"37d1bead-a045-47fe-b4e8-d17ed83df4fb","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":231,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"b18fc40a-ed66-447b-ba95-6109bd4c702d","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":231,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"98c2d2f2-39e7-433b-8a11-c01f33d82329","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":231,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"beb5bc27-4cd2-4d9a-9dd2-5a40301f6d62","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":231,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"550ec54c-7a8d-44e1-976c-09980a1ca000","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":231,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"9e213faf-132a-47f6-b01b-2d9674a70792","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":231,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"fe1716dd-51d5-473c-bf30-263cbbef209d","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":231,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"3ce1b31c-b7e8-48d1-bf6a-46bf7edd8612","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":231,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"8236dbd5-7788-4d8f-a4e5-a2c6b3ce105e","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":231,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"9e3ae751-ddd7-4551-bd66-81fd464038b8","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":231,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"8d6b0a28-7d38-4e7a-949d-240510a20280","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":231,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"0fa36cc1-16c0-445a-845d-ff8aaae481e4","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":231,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"13ec02c0-8cc2-4cfc-b05e-2d8e0f519361","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":231,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"062cd41c-d0cf-4c8e-9e01-3048efb7c764","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":231,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"a7e65e59-bfb7-40dc-9c0d-b4236b619399","block_type":"box","text":"systems.","page_number":231,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"a38da452-4c61-4368-96c5-6d58496eed9e","block_type":"box","text":"7","page_number":231,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"0e3bd698-799e-4f5c-9833-0a5659285d4e","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":231,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"4234a189-411a-40e3-914e-34de84bdd2da","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":231,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"63574188-9376-4667-9007-4d39fd2ef522","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":231,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"005f5b87-367c-4b58-9f96-f6d50cae34a9","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":231,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"3a4a0f0d-a97e-4278-afea-c6908608d475","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":231,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"8b4324cc-9800-4003-b76c-68ed7f3aa9c2","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":231,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"663b1cbd-9188-4a1a-8df0-c4f5cf12feb5","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":231,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"684170b3-c36f-4525-9ddc-2f0d4f106c3e","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":231,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"d79ca78d-b75a-47a9-8d73-527240315045","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":231,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"2d5e030b-abc6-46aa-8a32-ddd24071dc6b","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":231,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"9f6f0a5c-19b1-474b-b8a6-296e9b80bd8f","block_type":"box","text":"or internal audit function.","page_number":231,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"f06cd5d1-d205-49e7-bb1e-1c1a76d4c7dc","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":231,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"706f9d82-8c5b-4999-b450-45cfbed4add5","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":231,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"ae99303e-1133-4907-ab77-00842cb91c32","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":231,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"f6fa4d3a-0437-4341-a441-9690cd119b75","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":231,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"34acdd40-ed59-4ed8-a97e-d529b10fa6f2","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":231,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"b74767b4-a02c-4ccb-9455-1c84f5bc2e68","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":231,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"fd57e0fd-26bc-4078-8911-2092583bc9b4","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":231,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"9ec692b9-7d5e-4984-b93b-0f868eb509ec","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":231,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"9d0b1741-1b7d-4900-8704-92bf75d23a3d","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":231,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"013a91f4-59c3-40ef-a65d-701f8dcd7f82","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":231,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"879d75a6-f3cd-41fe-8a35-0388532d1af1","block_type":"box","text":"risk.","page_number":231,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"07445dd6-fb59-46c3-99cc-9f96d70a95e4","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":231,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"803a3858-d6fb-4da1-92c9-2186bf410cc3","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":231,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"dc417b20-10a4-4b8e-9e5f-ad391720982e","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":231,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"bd1f60d7-b906-43ab-81fd-417b7216e926","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":231,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"81739d49-12dd-4167-b815-e7251b693771","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":231,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"ed29c3fd-a128-4f20-9fec-35cdc8662bce","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":231,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"5b542270-fa76-498d-bf81-30cce9787b64","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":231,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"83a5aa1d-d4a7-413a-a399-719d5f987985","block_type":"box","text":"7","page_number":231,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"41c0d98e-122c-44ac-9e10-74517941b1eb","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":231,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"89bf5d4e-b439-4f1b-975c-16d710b85e99","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":231,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"dd744904-da9a-40e3-8820-6cf5099525dc","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":231,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"dccc9134-fac5-4d20-a93e-2934c026f45a","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":231,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"1ed9c893-3869-449e-89af-9f76d480c13b","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":231,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"4c2654fa-8a23-42f9-ae58-821f9c9678a6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"75ce72e1-eb13-43c1-bf1d-fbed57a08fc8","block_type":"box","text":"Global Principles | 7","page_number":231,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"867a4f92-a534-4e9b-807b-7fdafe42ccbd","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b64e81e-1ee5-4efb-9b37-52f8b8239d48","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":232,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"4513381c-a0ce-4ec7-bf91-cb754d36be83","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":232,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"d20fb2cd-6a5d-4476-922f-5c3e9e7d97c2","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":232,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"105204c6-f750-49f1-9169-215d86e830e7","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":232,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"7ebfdffa-3d17-45c0-8805-da7d9e6047dd","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":232,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"ce1961ab-c343-4705-9b41-76f609308c49","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":232,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"880e9f49-081e-4c45-87e5-714ac1fa8d00","block_type":"box","text":"minimizing costs to shareholders.","page_number":232,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"c5370589-85bb-44b5-9394-d19b32342b4b","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":232,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"9d7ee135-61c7-4088-9bda-b0e61f247a01","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":232,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"78957464-48c7-4130-b453-394ad473c7e5","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":232,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"ffc14a25-b265-4d24-b6c8-4e06573b46e2","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":232,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"cd50ba5b-1d43-49b5-9616-39c669dcae6c","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":232,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"b197fb19-19b8-4fda-be90-c5bee8e6588a","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":232,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"38f05054-a201-47b4-ae04-9f22347a66eb","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":232,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"52b385bf-adad-4a9e-b635-ebc0d4141b34","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":232,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"d11d2841-e5ca-49ba-ac1b-8c8d23f72364","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":232,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"cb6a5327-f532-4e32-8704-a464a97b5370","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":232,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"d94365fc-8182-4392-9f71-8c99133a810d","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":232,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"18a804a1-13c0-4709-8d1c-24065b368338","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":232,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"5417982d-b49e-4d47-b1cb-d7b61084e4da","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":232,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"ed8b08f7-46f7-400d-90ce-6d479573af81","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":232,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"75894d0b-548c-449e-b529-d876301e001e","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":232,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"127cde30-d438-4249-8227-83ec0db83eb2","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":232,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"12dae943-8977-4c41-8aff-7ecf397764c2","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":232,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"7e2cadae-c101-4169-98a6-8cfe68e97c62","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":232,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"d09223e9-b1a5-4f0d-bf79-f33531daff0d","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":232,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"d173bba1-395f-4d09-afa0-545df95cae7d","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":232,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"8b2a00fc-7c9f-4719-aac1-9dcf1fff1afa","block_type":"box","text":"ownership.","page_number":232,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"002754f0-6a69-4c04-80f3-efe99d0dd363","block_type":"box","text":"8","page_number":232,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"918cc57f-fe74-4d2c-b513-5258b681f2ba","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":232,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"4797dbee-5070-44d6-bfa8-5d1b52d56f34","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":232,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"10a85db5-80e2-483f-adf8-3ff647730436","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":232,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"cf08abf2-9527-46aa-8ff8-f94b631e7892","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":232,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"99c522a7-e5a6-4419-8950-650edbb446ee","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":232,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"bba49503-f57f-4487-88da-d7400cc21034","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":232,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"e691eb4a-84fd-41c2-8834-9e23c31ec3c0","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":232,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"f1f5c376-c181-464d-a36d-0d49680f36c2","block_type":"box","text":"results over a period of years.","page_number":232,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"70206f99-5eec-4988-9b05-a5800b90a5e7","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":232,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"6f7b4b4b-c473-4af1-9e9a-1a33d7bc9870","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":232,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"d801c35c-7bf3-4a60-aa1b-9a701d441d64","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":232,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"76878a11-2107-4bd6-a199-11b18e111b14","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":232,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"006c5d39-b883-4289-9d1a-8f98d34cc73b","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":232,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"1db9bf55-a414-4df4-9c8d-05027559d85c","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":232,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"19116dc5-d74e-453c-a626-bb8c6274ebdc","block_type":"box","text":"executive compensation strategies.","page_number":232,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"de5b2ffe-2d60-4eb1-a803-cff7ebe4d20a","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":232,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"a7575682-9891-446f-b5fd-60fa6fade623","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":232,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"37268be0-9651-4e97-b377-6e2d1803f162","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":232,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"4cd6aef2-1cdf-4e50-87c8-41bf36fd049e","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":232,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"0ada8715-f5b8-490d-a978-a100e09d51f0","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":232,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"51a131c5-e4e5-4e8c-9de8-83ba7bc78e92","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":232,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"50f96ec1-0d7b-4c1f-acb6-616cb47ded0a","block_type":"box","text":"8","page_number":232,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"6aff02af-cb71-48f1-bb67-451dc26d8b2b","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":232,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"3ef29f92-9a5a-4442-8cc0-d7f367195fd8","block_type":"box","text":"different markets.","page_number":232,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"e5762fc1-66f6-4bd5-af2c-7f90398f1e30","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"47107dd0-5e06-4370-a052-2c2e7c976972","block_type":"box","text":"Global Principles | 8","page_number":232,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c0d298d3-6748-4838-a545-2b30af16afa5","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51d9064f-e9ac-40e1-b94e-cd94d3ece3c6","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":233,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"262949e5-c99b-4223-8e2b-d305da931c20","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":233,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"dd4d3c43-0c71-4cf4-8ad9-3d3b96f2ec15","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":233,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"2b42a07b-d85c-43be-950e-1301e892c7b6","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":233,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"ba8ca590-8e5e-475d-ba41-53ba34d0c168","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":233,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"2831493c-5b33-42b7-8140-328c02010649","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":233,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"5d981f0b-17f9-49a5-b0d9-bbe8baf1d91d","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":233,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"69cf313d-7da4-499c-9ffd-8a3e0ab39029","block_type":"box","text":"whom they are charged with overseeing.","page_number":233,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"ebccd9d3-17cb-46ec-b512-e138aa0aaf20","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":233,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"0743feae-044e-4bca-9657-471d17a75226","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":233,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"7d555d83-af22-4514-8a3a-3685422c8cd7","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":233,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"2abc8383-72d7-4c5a-8b7e-750fb71e894c","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":233,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"5d65af37-e705-4a0c-84e5-f30f8e379b60","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":233,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"83b145a0-9bba-4a1b-b8ca-b326779b66fe","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":233,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"e28e6c57-e8af-4d17-9158-e3628ae4f988","block_type":"box","text":"structures.","page_number":233,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"e94203a7-5b57-4c9c-aa05-bb9aecc5d3dd","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":233,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"fe4d1403-5b80-4db8-a49a-569f35aba81e","block_type":"box","text":"Corporate form","page_number":233,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"9bf1aa8b-aca0-4325-b56f-a8aae93b1070","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":233,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"72f6853e-3ce6-41d6-b023-e5ce2cf86d7c","block_type":"box","text":"the company’s purpose and business model.","page_number":233,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"bd60015b-fbbf-4ea2-9572-61d6117acfda","block_type":"box","text":"9","page_number":233,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"18447e96-6dd7-46a5-8f66-63ebef839d88","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":233,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"43d14e13-fb98-4828-b965-cb2516b9030c","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":233,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"6d0e7a3f-eb32-460c-82f4-3b444b172dc2","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":233,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"8a207d32-6885-46bd-b565-3c018ebe9338","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":233,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"80b3e549-f7a5-4b73-adbd-a0606ac95855","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":233,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"11dcd654-e398-488e-b787-6c33f78f5cd4","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":233,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"089d5ef0-d2d5-4e5f-ba1e-8c85877824f9","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":233,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"1f2d9bfc-b9b3-428c-8e1b-e8fb4b0aaf38","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":233,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"7292fddf-0cf6-4456-b38a-95dfbfe961c9","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":233,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"c035d1ba-786f-454a-8da6-301ba21a4862","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":233,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"6e7928a5-e2d9-4956-bba2-c2e047bf342c","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":233,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"24ae2465-1a44-4078-b155-b33e16c13428","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":233,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"5e80e11c-90b6-4d75-a8f8-420282992c84","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":233,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"b0e39b55-faf8-46e8-9167-2b1a92657eb3","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":233,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"3f189d40-301d-4ce5-a79c-63e2d6cf5e86","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":233,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"4f456f6f-3d02-4df5-9fd7-c8b7945cff4d","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":233,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"ca82d62f-fa3b-4ac2-b984-d11b96c5c845","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":233,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"5a2b2d8a-59c0-4547-b9ad-b89224f2feca","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":233,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"de6f740f-bf22-4408-ba4c-6198bb9d9f3d","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":233,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"31d0f5fa-5b80-41ea-9d19-9a1988fde3a8","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":233,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"5b54072f-ce6a-4330-abfe-2e1f1ed712fa","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":233,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"3230c444-5ff3-4ff3-b7aa-649ba8cb7b07","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":233,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"89c770a9-0b15-4228-ac47-5181fdb88fda","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":233,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"b793c8da-3ea2-441c-99c7-0f39ee493cb5","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":233,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"927d406d-19c8-4304-a3b2-ad5ded83ce3b","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":233,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"ffdaf12b-73bd-4702-ad97-637e7444b135","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":233,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"d64f2763-f921-4a97-a4a9-d190285d1fed","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":233,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"36f497c0-7274-445f-8c8a-fa026111dd27","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":233,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"9bd1cded-dad2-4ce5-8042-33a85fd6b7ec","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":233,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"c4af2ee5-9026-4613-9659-6b81aea38840","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":233,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"be289c7d-d4a2-420a-8228-75149d76557e","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":233,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"d1dc0500-cf5a-4c8c-83f3-d09613d48ffb","block_type":"box","text":"9","page_number":233,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"25b0fd65-615f-41c5-8c94-84f9dbc8c9d5","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":233,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"adff95d0-939d-43dc-a01b-a6597941c38f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b9e09e7c-50c7-4f93-b250-5fa283c83e66","block_type":"box","text":"Global Principles | 9","page_number":233,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"2427f44f-ebf8-4af0-b07d-565c43852358","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff71dc0c-9fee-43e8-96f4-ab3c9d5cf5e2","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":234,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"05748d3f-d99b-4756-b278-0a765d3134c3","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":234,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"daa1ba81-745b-444f-ab4c-0e9c16ed7b88","block_type":"box","text":"long-term financial interests.","page_number":234,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"f49df125-400f-4124-b1cd-1db286655174","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":234,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"33e62f28-c984-42f4-ade1-a4e15377d41e","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":234,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"0c752304-979e-496d-9add-d8c9f72d12e4","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":234,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"7f002f7b-c78c-49cf-90d9-a7c48418d059","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":234,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"33bc269b-f9db-4a5e-ac28-8442e69359b3","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":234,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"1b82ddfa-e3b6-4942-b94a-63c06b317242","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":234,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"3bacc346-256c-44e1-b3f7-e636db0c615b","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":234,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"21013e1f-ce78-42e6-ac7f-ea4c1aac0529","block_type":"box","text":"term financial value creation.","page_number":234,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"480a115b-8d49-4af0-b763-23d13f400e97","block_type":"box","text":"10","page_number":234,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"12f7c273-0a4e-4afb-aa9a-34f305a6d57c","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":234,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"7d6a8163-3949-43c2-b9ae-6d8bfc70908f","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":234,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"2829c77f-9833-47ad-9b24-f94ca7f98abf","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":234,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"f876a03f-d214-4945-93d1-6120f0e180ca","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":234,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"eddd303d-b165-45f8-a69f-383d3fab8ab8","block_type":"box","text":"industry-specific metrics.","page_number":234,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"005d830b-af0c-4a31-8a02-b614bd86d586","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":234,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"10559f72-cd36-4e7e-8af9-db9d735af124","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":234,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"45f0914f-d46a-4d02-96e6-22bbae9dc48e","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":234,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"cbf75690-6b71-46c0-889f-a8ba2ab28f4c","block_type":"box","text":"11","page_number":234,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"04123576-b6e3-407a-b591-d6f260de7171","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":234,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"c8c2d72a-f8dd-41ec-9e51-a079645cdef4","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":234,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"37cdd29d-a4bb-4e34-bf27-a9729d25294c","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":234,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"d3a84d49-4180-4314-888b-f4b7be535825","block_type":"box","text":"specific.","page_number":234,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"a3fc7893-2123-4046-8138-46ef1f08a826","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":234,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"38b4d319-c124-4b02-b2d0-bb8ff0d69e07","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":234,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"65e8a74e-0d0a-4e18-9e50-b3369b93f9b5","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":234,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"632550c7-603b-4666-935f-384250f0951e","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":234,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"0442f0e3-b54d-4011-8e05-59b6a6103a0b","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":234,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"8d510167-0d8c-45fc-a976-cda85d72939b","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":234,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"3f4f0e83-4485-4f34-92fa-3a4c6e971960","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":234,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"506488d5-1192-44bc-8843-3341b691c567","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":234,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"65160e3c-3638-4b55-9a93-6d1bfbcc36d6","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":234,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"e44cb6f9-884b-4a69-a2b9-e485b25797a9","block_type":"box","text":"10","page_number":234,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"52a29b26-7a0d-48f0-99e5-ab9e00006f9a","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":234,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"dca83213-b2d8-49c6-aefe-b7f96c75a4c2","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":234,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"6d040d77-2301-4896-beef-33189804005d","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":234,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"804843f2-ea48-4594-bafa-09668be3a1d4","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":234,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"d9b27109-bc6c-488e-866b-cdcb43ef7468","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":234,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"a76f80f0-69c5-4007-8c7a-d8908ceff7fc","block_type":"box","text":"11","page_number":234,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"07cd8144-d5ff-4e1a-ba92-661fd2d53951","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":234,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"ce864563-de12-4bac-b901-652b451dd953","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":234,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"9c9b1922-9e48-4cab-8f03-cc0ec23f126d","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":234,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"34c1712b-3186-408a-aaa7-1123813d2b18","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":234,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"1e7962e7-1474-4249-ad91-5c8dc99bfdac","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":234,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"72157033-20d8-49ac-ac4f-d366904505ba","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":234,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"4ced3288-2705-4462-a21e-74dc35775329","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9fd7c951-f1d0-478a-be62-14b72a42612a","block_type":"box","text":"Global Principles | 10","page_number":234,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"6c4b151a-9d39-4f37-b587-7dbb61cee53c","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35cf3b13-a7eb-4668-887e-7e48385e74e4","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":235,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"135f155c-fdb7-43a6-95a1-bcc413d99418","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":235,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"967eebec-c249-4e1b-a754-cb3cef9d3b26","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":235,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"e2c4e255-84b1-416a-9bac-89f1eb92306a","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":235,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"f43636fc-0c8c-44bd-bcc6-6bb710124bd1","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":235,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"b85f43c4-91c3-4940-8851-4165efab3349","block_type":"box","text":"12, 13","page_number":235,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"f17a3a21-8607-4acc-afd0-9e6d22bba23b","block_type":"box","text":"From company disclosures and","page_number":235,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"c42767b8-88fe-4720-9cfe-62cccd6404da","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":235,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"3d8aa058-3d01-4e72-a471-8551e50b0f32","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":235,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"af746242-7388-407d-8139-ff735f4fca1d","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":235,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"791f9698-d726-44e0-a1ea-438e41f37f8e","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":235,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"e5f29c93-0fea-4b4d-ac2b-44f870e96bfc","block_type":"box","text":"viewed as best practice in the market.","page_number":235,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"23fc84c0-76f1-4772-a9b7-354d2b591b9c","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":235,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"3d21c5c7-2995-415d-a03b-dc685bfd5631","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":235,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"4b15156f-1a7c-4736-bcbd-72977066db6a","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":235,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"013d9823-994f-45a0-b1e1-715e7c446938","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":235,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"4f9e2b65-ef30-4f9a-be3f-9264a0931935","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":235,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"1286eb79-8c3c-4918-9b55-bec671c63725","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":235,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"f73acf9d-e0cb-4cd9-8630-3e87ab7ce8a7","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":235,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"f3d94e3f-af07-4af3-8be7-2c3b412b87ad","block_type":"box","text":"interests of their investors.","page_number":235,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"d304a552-352a-4a3b-869a-5f0e265aafa7","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":235,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"661e0600-79bd-4b85-a410-3f99d4b93f4f","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":235,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"15791459-2022-45a7-b81d-b534c5bfd4a8","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":235,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"afb3d34a-e559-4eea-b312-6198c359c1b2","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":235,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"6d73c27c-16ea-45e3-ba8c-8251c787ac47","block_type":"box","text":"good-faith basis as methodology develops.","page_number":235,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"34047057-e8fd-4931-9aa7-12251b3dd61e","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":235,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"183ce15e-33fb-4e93-8792-6965f5dab6a3","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":235,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"86d6ad0f-89ea-42f9-abe4-09f9e772fb66","block_type":"box","text":"generate long-term financial returns.","page_number":235,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"0c4a3f42-fdbb-4573-91bf-1a44dc8cd155","block_type":"box","text":"14","page_number":235,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"c867991b-8f79-44af-8287-27b361d13ccb","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":235,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"14bed766-f0bd-4aa0-83cd-ea78bcc4da7c","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":235,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"669127fd-1c5c-4d0f-8760-43a9ccbc3332","block_type":"box","text":"15","page_number":235,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"a10302ec-46f9-4ebc-9a80-b69a91769509","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":235,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"b395d984-80f8-4bb8-a0af-f7b7e0f48964","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":235,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"74195c83-e62a-4f17-b00a-666ee97195b6","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":235,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"abf125bf-28a4-44f3-ad86-6a6456fa0fa3","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":235,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"0738a1b0-95c9-4c17-b87b-da1f99e626dc","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":235,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"214f5409-fe0a-4884-9afe-7a5d97da07dc","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":235,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"93256c7c-265d-45b5-bc57-e87f609cfdd1","block_type":"box","text":"12","page_number":235,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"e6d05cea-8e2a-40cc-8207-28bcbd3f8f4d","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":235,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"7d16a2fa-3518-4ac3-9307-9d591887c36c","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":235,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"b2bcf2b5-b9bb-47ee-bf3a-3f1b9c05a94f","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":235,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"e9f08480-5b22-4a91-b94b-d225c147c82b","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":235,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"1767631e-10c0-4065-95f3-371585cdc94d","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":235,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"08bbc14a-5766-4d8d-ad03-24a42049c7e7","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":235,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"b5d87d61-175b-4b2c-81f0-8749ec4cbf8c","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":235,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"6b4e065c-33ff-4169-8dd0-044a19f0838a","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":235,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"3667d86e-b542-4b45-800b-d2be73709e75","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":235,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"59cddb17-ab79-4156-8126-09032c31d4c0","block_type":"box","text":"13","page_number":235,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"d5dce3b1-bb78-462e-9e19-a2432568d28c","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":235,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"ea4ca197-c61c-4553-9f11-605416556742","block_type":"box","text":"2025.","page_number":235,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"a7a94fd3-b307-4b67-9029-a238aa12e4a3","block_type":"box","text":"14","page_number":235,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"d7df8b33-8f99-48b7-bae7-f704dc654734","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":235,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"349b1f35-2e5b-4dd2-9d63-df78bf43835c","block_type":"box","text":"2025.","page_number":235,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"9c734860-cf0f-4058-afe8-919028b1a447","block_type":"box","text":"15","page_number":235,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"ec9f243b-e768-4d81-80f6-0a421e396f91","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":235,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"4b2d4e47-8e73-46fa-8bf0-9f1789499bcc","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":235,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"16f01ea4-4c40-4a04-9b4a-a423b3b0bd55","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":235,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"d36654c8-9053-4aa4-b339-3a0a7279d070","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":235,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"d25ba0bb-63fa-4c15-82ce-abfc7392589f","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":235,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"d08415d5-c3d1-4c5e-a8e2-ad6d257fbf6f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a6219ede-3b37-4092-b71a-79cc97dbc4bb","block_type":"box","text":"Global Principles | 11","page_number":235,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"8763349c-a76b-4f45-ab3d-284571d851c3","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de73f414-cc6b-421d-8c17-1036dd9ef24b","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":236,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"dabc20ee-375a-4235-9785-d2d57b201094","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":236,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"97e859ca-f265-4f82-9d89-3675e925415f","block_type":"box","text":"16","page_number":236,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"95e814e9-4f9e-4c4c-bb29-da8370e91777","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":236,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"65d59e3e-3021-4f51-8695-8a60d8ab86e5","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":236,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"1a7a63cc-12f7-474e-acf5-9b76de3c69e8","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":236,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"d94c1cb9-5ff7-4bae-b83f-a46cef37dbb4","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":236,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"b2607456-cfe9-4e98-b3d9-6a43db0c6a79","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":236,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"ad9b782c-e503-4325-9fda-9b9d783aef3f","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":236,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"70f74b16-ecb0-4432-8961-dbadc8296d57","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":236,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"c0d1a790-993b-44f2-aee3-f118a492b40e","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":236,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"de7c62de-5010-4b6a-a1c3-82cb9836e056","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":236,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"05f6f1de-eeb8-4103-b08a-dc4696fd4f2d","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":236,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"b8cf9672-eb26-4285-ae35-44e7ae431cdd","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":236,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"9232081c-3124-4fb7-91a7-e63fe1ce9ecf","block_type":"box","text":"impacts.","page_number":236,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"824755ca-3b35-4ae8-a400-315a51c38877","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":236,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"e16818ec-956d-4fba-b357-67c34793c1b4","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":236,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"d12aa7b2-19e3-43d9-b7c3-1c25d68b15a1","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":236,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"e03317ef-aea2-45d2-b3d9-62ac86cf473b","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":236,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"cb18648d-8b27-4de9-8a18-06bf8d514294","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":236,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"28a9dbb2-966e-4407-a565-b401cc140274","block_type":"box","text":"clients at the global and regional level.","page_number":236,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"8ed55327-984b-4d96-878e-7312504c8980","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":236,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"4541ac06-9c71-4c40-9a4c-0a01ce941fee","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":236,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"2c4a7770-a59a-4505-9b73-585eb8529d81","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":236,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"1e256906-226f-4834-9a00-5effcea0bdd3","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":236,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"ceab632f-c183-4bd9-8e72-75d5684b54cb","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":236,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"c613b30f-33e0-44ce-b123-417685910f69","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":236,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"f9999c56-4144-46a3-af83-36753ebfab38","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":236,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"8ae9f97e-992f-4412-98f3-0146b27dd0ad","block_type":"box","text":"are independent from the investment stewardship function.","page_number":236,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"57b7200d-b863-4d01-bdf0-5ec85ccd168f","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":236,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"1593acb1-defd-42d1-ad2f-c95b4d3dd539","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":236,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"06193c10-f2c7-4051-967f-2465bbd6bcb4","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":236,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"ed26479b-0f8e-47c0-90f6-ff8e780a6347","block_type":"box","text":"VOTE EXECUTION","page_number":236,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"5db411b7-1d6e-4898-84ef-4ee71608f711","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":236,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"d56c4d2b-a2cd-423c-8366-a6e802101aeb","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":236,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"a1063c7f-7e24-4026-ab1e-8319b66c69a8","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":236,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"adfd48ad-c282-46ee-a034-d7d3164d9701","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":236,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"58174e4d-1c0b-426a-a2d2-513c6a292ff5","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":236,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"f140297b-20ee-4edc-9a3c-dd093f04cd25","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":236,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"bdf354f4-2638-4917-97be-9e48c4a4b66a","block_type":"box","text":"management policies and procedures,” below).","page_number":236,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"5b931b38-3dad-454d-971f-f3e039c0566f","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":236,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"727a0c4a-bd08-481c-b7c0-9c26a833a741","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":236,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"d0899fa5-853e-4ed4-adcd-10ff4b4c6dd3","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":236,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"1820d2ad-3c07-4748-95c0-3cd29224c077","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":236,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"afabf2f6-f552-45f1-9904-cb3a83659abf","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":236,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"264a42ed-2fea-4942-811d-7e1b7fd2f131","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":236,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"2395030a-e116-484c-bd53-c8d4e82984ef","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":236,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"f747653f-cad2-4933-b1d0-2741e657b303","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":236,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"2c87acf4-59fd-4585-a911-099b22f63dcd","block_type":"box","text":"16","page_number":236,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"f0332ec1-2ad4-4c79-ad3e-22db77808bff","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":236,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"81d33d41-94ba-4acf-86e1-05610ae3c77f","block_type":"box","text":"December 2025.","page_number":236,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"08e36908-1b1c-454b-a6f7-bd09c7aabf91","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"161046a2-0b51-4e0b-a6c5-52b2b0fc982a","block_type":"box","text":"Global Principles | 12","page_number":236,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"aba3b35f-cf02-4842-aab6-827b210da24a","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1776356c-0acb-424b-8ea4-93074b6f17fb","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":237,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"70a36608-8dd2-4635-a01c-16164efffbe2","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":237,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"02a31a52-651a-4df7-b76e-d7f05305d802","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":237,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"f85b467d-e442-4c04-8cfa-93c475fee855","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":237,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"f38c346e-fda1-46fc-be65-b51fac27204e","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":237,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"f6ba0c29-f1aa-4e36-bca7-fdd2c4913d20","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":237,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"eea74ea2-e7c9-4b97-aa24-7acf7c8d3359","block_type":"box","text":"enterprise-level vendor management activities.","page_number":237,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"bc1129bb-eca8-4ddd-a405-c12fd9b84f65","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":237,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"136df408-04c5-4b25-9a7a-0ba1d09ab196","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":237,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"ccb8c46a-ee4f-4201-bdc1-e54c5d0225cf","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":237,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"8df89277-e0e7-496d-999c-80c683b0530c","block_type":"box","text":"BlackRock employees.","page_number":237,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"5fbfffdb-a7f5-48d0-8a2c-ca77c7bb6a56","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":237,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"105fd908-3bf9-4e74-99aa-3eb6dfc44667","block_type":"box","text":"SECURITIES LENDING","page_number":237,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"06ecdc92-2917-4811-b264-df11d0f99a86","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":237,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"0573d4e8-cb9a-4ee0-a6f9-0dd9ec532ccc","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":237,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"f6e73675-8cb0-4bc4-89cc-d9af1823c994","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":237,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"f23bfaec-9263-4567-8c1c-067eedb6ac89","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":237,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"780c9e73-b6e4-4824-85de-12ab7b140e70","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":237,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"0cbfb2ac-025a-4f73-82ce-d882ebab66c1","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":237,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"92bd9a8a-33fa-4192-b5ac-9f982f787648","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":237,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"7c342589-caaa-42fe-beae-e6857ae619d2","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":237,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"04048dfe-09c0-414d-adec-aa8470e9ec48","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":237,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"8390994b-0cc7-4a7a-9735-07daa98af1a9","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":237,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"0dabd79b-c5f7-4280-8621-5c22f7282685","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":237,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"1a9a1608-cd34-4554-8da5-52d1602b75a1","block_type":"box","text":"of recall consideration).","page_number":237,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"a53e5cf0-86eb-4223-8136-ca1bcc8df4e8","block_type":"box","text":"17","page_number":237,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"c2336a33-0b49-45f1-b0e8-31d6867ac527","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":237,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"cc834bc8-b61d-4b41-aef0-3c0db0846075","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":237,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"abfcf069-622a-4794-a580-b14b1f268717","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":237,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"d2fa3ea4-f6f8-4103-956e-a79a49dd61a5","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":237,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"ac5668c5-5cf3-4a6e-99e6-fac61d9d63a4","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":237,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"94e789ba-cd5f-450a-95a8-44910bb0e0ad","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":237,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"a3e93e75-9074-4827-b7e7-300f4420b495","block_type":"box","text":"impor tant to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":237,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"a3d743a2-61e9-4f87-aef0-e841d95ee072","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":237,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"f9145512-4ca0-4369-b7af-9ee4ab485d31","block_type":"box","text":"and may modify it as necessary.","page_number":237,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"2d180c59-be58-453c-94e4-c84307248178","block_type":"box","text":"VOTING CHOICE","page_number":237,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"b142543b-9989-4411-b2c7-556363be33a2","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":237,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"8baf11c9-a48e-4e85-8f86-b6c6192bfe90","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":237,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"ea1249d0-02fd-46ac-9ef4-6b6864b8143b","block_type":"box","text":"18","page_number":237,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"9c4e04af-1562-4975-bec5-4d6ac80b48e1","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":237,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"7e00e459-6958-4dd8-b1f3-afdc3c7a80e9","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":237,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"c0253dcd-895f-430b-b6bc-769776c6d2aa","block_type":"box","text":"17","page_number":237,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"e28c65ba-7ac1-4df9-b1c1-8d981c5578b9","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":237,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"623a34ae-ff58-48d0-9630-7cf80558651e","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":237,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"e6d2ef9c-448d-45f8-8290-0c7f7f42ebf7","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":237,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"ea5156b2-4837-44e7-8065-3eeff5a36e3a","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":237,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"0ecec2b5-4436-4bd1-8394-c1389b897d82","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":237,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"d932232e-193c-403e-9b0a-9f2a45a3ef14","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":237,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"4bd2eaf0-928e-4583-852f-dbf510f87af2","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":237,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"50dfc4f0-bde6-45e9-b61f-43832c65e315","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":237,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"ca865fad-ee27-40db-8253-c808fee77a09","block_type":"box","text":"18","page_number":237,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"dd1b68b6-ac2f-4f1a-8a2f-7ea881d52221","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":237,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"c4f46f47-f71c-433b-8519-cccbd9e82ed8","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":237,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"82e7d963-b1a5-405a-841c-fe3c1161d16c","block_type":"box","text":"including the decision to lend securities.","page_number":237,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"9fee64a4-e025-4605-809e-6c0c2add0a0a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0e4c2b8a-d0a4-4fa6-baee-ea9aad17b688","block_type":"box","text":"Global Principles | 13","page_number":237,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"4945c6cc-f25b-4c42-adf0-e9ce528744ba","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4971d150-13ee-440f-8d04-b9516f347d02","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":238,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"ba36583f-c584-4cea-a51d-48ee878f19b8","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":238,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"6c110ca3-9336-4d86-955a-5540675993a9","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":238,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"7744283e-387a-448d-b5c5-bbc258532789","block_type":"box","text":"19","page_number":238,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"c344596a-c5ff-45b6-ba2e-6259dc6ccdca","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":238,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"ab572637-1b67-4af6-8426-a6dfbe373c57","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":238,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"595ac1f3-6f15-428a-b0d1-c07c1b3b658a","block_type":"box","text":"20","page_number":238,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"b0605a66-c20f-4645-9513-4d98494a0f89","block_type":"box","text":"As a result, the shares attributed to BlackRock por tfolios in company share registers may be voted differently","page_number":238,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"218399fb-3e66-41ef-9b43-cb1fce15e5f0","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":238,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"a9addefa-dd34-464d-94cc-758236794a0d","block_type":"box","text":"accordance with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":238,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"34535703-eb10-402e-ab0c-8b77b34fd5e6","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":238,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"69af8f35-5fcc-4616-8425-93a2200b6d44","block_type":"box","text":"21","page_number":238,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"da590d1f-1c49-4386-a83c-a824377baf2c","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":238,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"bef7524c-7114-405a-ac77-53a7c04bc43b","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":238,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"624a501d-4018-4187-b44d-5a307302d2a1","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":238,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"870058c4-9d2b-488a-a4b0-e4909f47fa5c","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":238,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"00ff7fc9-8713-4838-a704-89c6492d060b","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":238,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"f3925cd2-e60c-4d13-b25b-9eceb8162485","block_type":"box","text":"priorities, as well as quar terly repor ts detailing our proxy voting and engagement activities.","page_number":238,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"5f13b801-6bd9-4a37-8755-628a9cfdc929","block_type":"box","text":"19","page_number":238,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"1df01dc1-d1a9-4c18-a94c-a491ec99ea84","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":238,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"3a477ba6-99ff-4675-b084-41429459ce2c","block_type":"box","text":"preferences from a set of voting policies from third-par ty proxy advisers. BlackRock can then use its proxy voting","page_number":238,"box":{"x":70,"y":338,"width":800,"height":12}},{"id":"f109802c-6e99-48cb-b8ac-7069c4ec83a0","block_type":"box","text":"infrastructure to cast votes for the SMA based on the client’s selected voting policy.","page_number":238,"box":{"x":70,"y":354,"width":596,"height":11}},{"id":"10b68876-4d94-485b-8d95-b95b808e74f5","block_type":"box","text":"20","page_number":238,"box":{"x":69,"y":372,"width":9,"height":4}},{"id":"2dad85ad-9e32-4de4-9699-463fc99b62f2","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":238,"box":{"x":84,"y":371,"width":415,"height":11}},{"id":"a24ddd9f-7a87-4108-b7dd-4adc12b92c77","block_type":"box","text":"21","page_number":238,"box":{"x":69,"y":389,"width":9,"height":5}},{"id":"66de2344-cc2b-4c2c-9d01-7f371f05e351","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":238,"box":{"x":84,"y":389,"width":820,"height":11}},{"id":"6986c142-cdad-4da6-b770-66e946aec4b5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e660eac4-97b1-4ef2-a9db-1a5083cea232","block_type":"box","text":"Global Principles | 14","page_number":238,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"09e38e84-bb76-4a33-9c15-dfbb6e51939c","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7ec6647-fde6-4a75-84dd-163e8e4584e6","block_type":"box","text":"Want to know more?","page_number":239,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"f50275d0-ffcf-42c2-afec-f8b8b4ba498d","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":239,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"d0979ad0-8e49-4a57-ae6f-ed6f8e31d3ec","block_type":"box","text":"This document is provided for information and educational purposes only. 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Fur ther, the Guidelines consider the","page_number":244,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"5c2d37aa-1bc3-421a-beec-f34476587d23","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":244,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"adb2a850-d27e-4e31-8b89-daa2ccbb3e3f","block_type":"box","text":"does not.","page_number":244,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"e19dc02e-7431-4fd9-87e6-f14181d8311f","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"fa068082-256b-436e-8f49-f120633733d0","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":244,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"5a806b27-35de-4c1f-86b3-556d2707ded1","block_type":"box","text":"limitations:","page_number":244,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"a4064764-df35-4291-86c3-435b512478fc","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":244,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"410248ad-b86d-4b50-849d-a82048e5d71e","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":244,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"a1d967ab-407d-4f62-b105-13ef561f33e8","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":244,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"26c9999b-8be7-4e25-ad5b-52625d3ba2fc","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"7d3a3ff4-d56d-46d7-8678-d88415796cb5","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":244,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"f5ec5ac4-c792-4064-ba56-7e5584915e3e","block_type":"box","text":"The boards and executive leadership","page_number":244,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"6c76dd41-5945-4f4b-b314-9e47be7fe3a9","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":244,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"f1dd2779-b285-45a4-addd-97a9949fa247","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":244,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"66df0331-1a45-487f-8ce1-5dca156a55c0","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":244,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"5c59fca1-0e28-435d-b848-8d3cb21321b8","block_type":"box","text":"Voting approach under the Guidelines","page_number":244,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"d68f8613-b50f-4a83-be68-bb6a8ee0689a","block_type":"box","text":"12","page_number":244,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"a836f538-9251-48b8-87d6-51d3f1f8c427","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":244,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"1e86f5eb-d772-468e-a382-e2f616ae932a","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":244,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"d123107c-701f-4cc1-8ef6-3a1b13b15d08","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":244,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"69e159b7-06df-4519-8aa7-2f7c5ee1a5ac","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":244,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"26614be7-d886-438c-91b3-cf7901dad044","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":244,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"2e7b1535-2a3b-442f-acc3-752a942d30ad","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":244,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"af1a0adf-c434-4cd2-8655-ce50c7b9ae7c","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":244,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"15f783ed-5ab7-4049-9dd7-da75bc2c4132","block_type":"box","text":"Corporate Disclosures","page_number":244,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"09ff7d14-5196-4f1f-ae5c-c756e527e11e","block_type":"box","text":"13","page_number":244,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"eebb2417-f142-493b-ab23-df8d135ebde1","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":244,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"0b56192b-2865-4f9a-8d11-e9b826640ac9","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":244,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"2ddc74f7-6a61-4465-8e49-cfb7f8d9c8ec","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":244,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"c945a495-267f-4bd4-b2fa-4537b14a83f3","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":244,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"01552388-c398-4136-984d-25079faa3053","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":244,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"48e16a35-94b3-4b3d-89e7-964c3a54cd6b","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":244,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"0ee17ed3-1620-44f1-9b44-7790dbbec2ba","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":244,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"2d1f03d5-d8c8-469f-9de9-9f83134fe61e","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":244,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"23c1630c-5f0c-4207-8af5-21a00845a261","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":244,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"5d539ed1-482e-48ec-83f4-1e754924f4e6","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":244,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"06637187-42fc-4b76-9b1a-9ae221da4fd0","block_type":"box","text":"14, 15","page_number":244,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"f76c266c-5b50-4479-b78b-484ee74afadf","block_type":"box","text":"IFRS","page_number":244,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"a6012c4d-105c-41c5-9f7a-02bc41f601cb","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":244,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"4c376c7f-af77-4541-9f8a-d5984631669b","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":244,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"7f2c1719-e06b-44ec-9789-080242b7e3c3","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":244,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"49fca7fc-993e-463c-bea1-c4ec617966ca","block_type":"box","text":"and assurance standards are developed.","page_number":244,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"2ca459c2-4782-40bf-889f-f0e6dfde5990","block_type":"box","text":"12","page_number":244,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"d989b744-e5c4-4fdd-a662-297352d97259","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":244,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"21aab0ed-5c50-47db-b509-4a628459e00e","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":244,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"acb4e8aa-7bd3-4a87-8843-b3ba26dadf91","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":244,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"486c9755-3b00-469d-96ee-11dcec3977ce","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":244,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"d24b01d6-3d48-4ba9-ba99-fe6f9391aa39","block_type":"box","text":"13","page_number":244,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"dcffec17-bc54-4734-9828-678a3b03be31","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":244,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"59b7022d-b5ab-4267-af59-90715f46b9d1","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":244,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"6cd733e0-b3b0-4570-b232-ff443cc08bd5","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":244,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"f0263740-ff83-4bf7-b225-a4805b5a5a43","block_type":"box","text":"14","page_number":244,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"e46d0130-e0b8-43cc-b220-a0d48168358a","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":244,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"b21b450c-b292-4970-8ec1-0b8cea1d8a3f","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":244,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"f14873d1-3440-4179-bea4-d62e7f2fcacf","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":244,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"756c39c7-5839-49cb-b517-f17c5fb0cb4c","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":244,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"6b8e3a96-56dd-49a8-b4a5-2f3036ab2f59","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":244,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"5f04e31e-469c-47f2-a2b9-ef8fd4f85ae5","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":244,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"1a7c1adf-27e0-4296-b925-2042f68320c1","block_type":"box","text":"15","page_number":244,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"06043b97-3737-4207-8921-a85e1d92610a","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":244,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"5f3d6344-5fb8-4467-ad24-9b9b8ec8a7d3","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":244,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"374344f1-b722-43c5-9617-c41b371e8a64","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":244,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"87b656af-afed-4833-b759-03147caec927","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":244,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"04d55ca8-cdfc-49c4-8917-e7c554fd4d6b","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":244,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"efa31698-ee26-4bb8-bda0-816a148ce645","block_type":"box","text":"BlackRock Investment Stewardship","page_number":244,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4a5064e7-9ae7-4fc6-9247-afb295a57158","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":244,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"d7cbf84e-31c1-4d8e-ab8e-693897d57767","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":244,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8bcf0f8-ffcb-41ab-ad96-0dc1614a7e51","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":245,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"45ac7d11-2c3e-4ebe-99e0-e6da3c592fae","block_type":"box","text":"16, 17","page_number":245,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"19ef5598-7033-4664-bb10-5199640348a2","block_type":"box","text":"In addition, the dedicated team looks to","page_number":245,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"c0e61417-522e-4d78-b479-b7fe11527802","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":245,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"493da0d5-c230-466a-a406-de1478c5a4bd","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":245,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"e1a214fb-12e7-41ce-93a5-bbd88228ffec","block_type":"box","text":"scope 3 emissions reductions. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":245,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"1997e821-79ef-4b9f-b58d-e1f18e0359fd","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":245,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"acee7f8b-e186-410a-88af-0d7084195962","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":245,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"b129fb0f-6701-4a33-9f99-429f6636d2cb","block_type":"box","text":"18","page_number":245,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"3bafa642-0af5-42a6-907d-a7508778eb61","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":245,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"019ec511-38a1-4144-9657-0743043598e6","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":245,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"ad5173f3-9aca-43b9-b22d-5b567691f84d","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":245,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"ecdbd5ea-155a-43ea-abe1-78b0099c2954","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":245,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"f13ce05e-c9e7-4904-96a3-e64cab2fc2fe","block_type":"box","text":"material to their business models.","page_number":245,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"d914d282-f5aa-4989-8f4a-244fd3b852fc","block_type":"box","text":"19","page_number":245,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"abd4f9a9-a65f-43f1-bb4e-d977313e54b8","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":245,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"084738ff-e1d9-4f21-91bb-956338f392ff","block_type":"box","text":"December 2025.","page_number":245,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"7549bc99-6152-4683-85da-46f6ffe3ffda","block_type":"box","text":"20","page_number":245,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"27b00c28-06a1-4d8d-b8a1-fa9cfeb2ac5e","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":245,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"f6782421-ec0a-4893-a3e2-03f8742fb3b8","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":245,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"7819c6f1-54da-466e-bbbd-0116d5f3d549","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":245,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"8f82765a-3e05-4c8f-8bb9-66d5c33d01b3","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":245,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"02a1662d-cb5f-4614-ac2a-a8b48b72a3d8","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":245,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"6b28181a-2ba4-4380-ac75-210e3e7a827b","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":246,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"9609f868-3784-4ae8-ad70-89c9fe2d4a8f","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":246,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"1be1760d-71bc-42fc-af5a-7d919121b33f","block_type":"box","text":"with the different constituents in their value chain.","page_number":246,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"b4095be0-814d-47b2-a470-af6812a90d1b","block_type":"box","text":"21","page_number":246,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"60bed573-7dec-4ba1-8b28-2d4125ace757","block_type":"box","text":"•","page_number":246,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"876fa22a-e8a7-44e9-946e-e25cfce172f4","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":246,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"46250313-7b41-4fcc-b001-12be2628b615","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":246,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"47ccc075-6b2c-46ec-ac04-a28fd99f06fd","block_type":"box","text":"22","page_number":246,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"0045fea9-fc0a-4b1e-af7a-aa76e11d34ed","block_type":"box","text":"The dedicated team looks for","page_number":246,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"3ff92fd5-8f2d-4ba0-ae36-c908cb86c692","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":246,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"143fa4d1-eb32-408b-8613-ee1d53337e0f","block_type":"box","text":"related to the low-carbon transition.","page_number":246,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"91809fed-79ac-4a62-8452-e008344fd94b","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":246,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"301e3884-7236-4523-9673-1f2cb755c152","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally suppor ts non-executive directors standing for","page_number":246,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"8920dcf3-49f1-475b-b2be-743b00f87c10","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":246,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"6e7dee70-f2ec-4cb5-8bae-41a359b59e4c","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. Where the dedicated team","page_number":246,"box":{"x":69,"y":599,"width":788,"height":11}},{"id":"a7d75eab-4d85-4dc9-ae24-b6b349101dd5","block_type":"box","text":"determines this is not the case, it may vote against the election of one or more directors who the team identifies as","page_number":246,"box":{"x":69,"y":614,"width":828,"height":11}},{"id":"15b683ca-5006-4713-9918-922fbbd026b4","block_type":"box","text":"having the most responsibility for the issue. The directors most likely to be in focus are the chair of the board","page_number":246,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"14f48a55-4b0a-4d34-8272-a89f41d2a810","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":246,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"629df776-6a5a-49c7-8fbb-1fa1b05d93a0","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. In cer tain markets, the","page_number":246,"box":{"x":69,"y":659,"width":808,"height":11}},{"id":"4626a362-cbb9-4fc7-8d75-a0c4cb02b167","block_type":"box","text":"team may withhold suppor t for the discharge of the supervisory board or equivalent and/or board repor ts.","page_number":246,"box":{"x":68,"y":675,"width":758,"height":11}},{"id":"b6a18bc6-1ff8-42b4-a1ba-f775f8aca917","block_type":"box","text":"23","page_number":246,"box":{"x":828,"y":675,"width":9,"height":4}},{"id":"7acbf52d-a313-4588-9ff4-c5a283d586ee","block_type":"box","text":"21","page_number":246,"box":{"x":69,"y":704,"width":9,"height":5}},{"id":"6f5f562f-eec4-4687-98b8-b39d14d047ff","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":246,"box":{"x":84,"y":704,"width":825,"height":11}},{"id":"89b8a5ba-ff03-4e9d-9887-5bbd2e632cba","block_type":"box","text":"paper “Scope for improvement: Solving the Scope 3 conundrum.” Their research indicates that there are 2-3 material","page_number":246,"box":{"x":70,"y":719,"width":835,"height":11}},{"id":"7721bcae-5721-4a94-8bd0-fba89519ddcb","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":246,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"1f9892dd-cd29-4d51-bd51-f6ad0a6011bb","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":246,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"7f4977e2-4693-4896-874d-bae0f77f4d79","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":246,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"047deb7e-939d-4653-b095-3ac59eeee155","block_type":"box","text":"Website accessed in December 2025.","page_number":246,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"a232f470-eb7b-40be-9037-4b253d070c6a","block_type":"box","text":"22","page_number":246,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"508beaf1-6899-4fd3-b832-af3bddce48bd","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":246,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"35da1f96-d37a-4b9b-95be-44313ea54cdb","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":246,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"e77ea96f-64ae-4ef5-86f7-3d4097d6c0fd","block_type":"box","text":"23","page_number":246,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"cfba6c99-6baf-446f-89ee-ee5de0572501","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":246,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"6a8ae92a-13cb-4bf0-b316-8bffe868b15b","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":246,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"e67fbe9a-69c5-429c-9fbf-9ca0e3b39a84","block_type":"box","text":"BlackRock Investment Stewardship","page_number":246,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"89c41147-d05f-4ea3-b5e9-a286483f423e","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":246,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"ff68b8f5-4731-4125-ae63-6d2075df9e83","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":246,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d79a05c-36d6-44ec-a14c-404bb6ce452d","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":247,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"5f947157-934f-496c-bb23-9237aceb0a8e","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":247,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"b1befab5-bfa1-4b6c-ae68-94351bd960bc","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":247,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"61fe16a8-795d-4968-838a-280fa4bf5b8b","block_type":"box","text":"24","page_number":247,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"755c2bea-95c8-405a-aaec-c32e6765b280","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":247,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"ac866ee5-67b9-4941-9038-c4d107688303","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":247,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"338b877f-fbca-498b-999d-e5cf10b0b629","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":247,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"c88dee86-08bb-4c33-9498-0b195a08341e","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":247,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"9c77ac9d-a4af-48f7-a232-b1fc5e58b555","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":247,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"2658617d-766b-4a3e-9371-3b59e25e01ae","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":247,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"52fe878a-e589-4300-9b79-08205e4a2db6","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":247,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"44073264-8f62-495c-b609-b536fcbf87a7","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":247,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"ff480507-8c53-4494-b1ad-5f78ef1ce4d4","block_type":"box","text":"transition plan and targets.","page_number":247,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"5f71e8ba-2bf1-43d2-b23c-49ac7b9a4f0d","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":247,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"39b7d47a-c25a-451e-b48f-72cbd54af9ee","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":247,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"5480a978-d49c-453d-9c12-4447afcc24bb","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":247,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"285f86a4-feef-44e8-a9a4-431a08f97042","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":247,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"e993107e-e058-4cdd-a16a-85697433a427","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":247,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"2cd8529d-fa0c-4329-8f14-749e242de53e","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":247,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"f4eeb4b0-8032-44c3-a149-685335d9516e","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent.","page_number":247,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"8f6ee400-5f8e-4128-944e-d2713c2ca45b","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":247,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"d62787e3-8562-4eb5-9afc-ea3c263ca931","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":247,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"5b5207fa-0445-4ac6-bb59-0134669b451e","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":247,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"9c215731-a39e-426a-9306-1f3e78562652","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":247,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"c382ccd6-b94a-41b7-95eb-500f92142fc1","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"4e130683-da3b-4ce9-8de4-b448b4f405c9","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":247,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"aae3b470-b1db-49a9-aafe-fc81d45f0a72","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":247,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"a7ea16af-d162-40e4-8f11-53e47ac4d88f","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"e4248ea9-e975-4455-b40c-5a72487b35b3","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":247,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"1f79201d-b593-4169-86af-929a62c50ba3","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":247,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"1ef422eb-a77a-419c-bbbb-e1cadad1386f","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"5993a791-5a29-4b91-bcda-b4dd8ec8ed03","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":247,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"2518772c-39e2-4ea4-986c-35195f26abdb","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"b28aa85e-aa6d-4c05-bbe6-22d4d69d4411","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":247,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"c172d146-64d4-4a97-87f9-4989df439341","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":247,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"4a2fbcd6-32ae-49ba-9b4e-b86086db1fc3","block_type":"box","text":"25","page_number":247,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"2150e3bb-94d4-49d4-8f72-fbba030957f7","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":247,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"bac3828e-9189-4682-8097-be795afadc4f","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":247,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"fb31c100-28b9-4d0f-8235-6225ac719b10","block_type":"box","text":"RELATED MATTERS","page_number":247,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"a62c92d9-f7d6-48bc-81de-61acb8ec0a88","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":247,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"e33fd194-24dd-4afb-bc23-6ae5a7e04086","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":247,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"b7c37107-e0d1-4bd7-8288-60cca64d6cd2","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":247,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"9c9c0884-929c-4ecb-8934-67717f35809d","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":247,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"1caf7b7a-754c-4f46-a1cc-26dc5ff025f6","block_type":"box","text":"Executive compensation","page_number":247,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"051f746e-139e-43dc-bd72-e2a6970a9161","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":247,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"0eec518f-c863-42c1-a74d-88846ff52211","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":247,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"177b9dc5-2761-4c97-a3be-1eccbd9425f5","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":247,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"ba029742-7a14-48e6-848a-339733dca853","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":247,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"be99c0d3-a2e7-48ad-b419-2d1a7feb2c2d","block_type":"box","text":"24","page_number":247,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"7e6ed80c-4e58-4c78-9ae7-6569bb38d42c","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":247,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"7c7131ef-7924-4d93-a2d6-224ce130d2fd","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":247,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"5852d1b8-6af0-42fa-a2c4-90781b10cd2e","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":247,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"7a28db3d-d413-48d4-9ad7-02dcb3eb3d88","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":247,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"771c935b-0654-4f79-b5bf-a38a0783b51d","block_type":"box","text":"25","page_number":247,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"852e3d59-cd3d-41eb-bb9c-2977f73c8034","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":247,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"75e38e4d-0a38-4e64-b2a7-24b45a768c1b","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":247,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"a1451101-ce6f-48a6-949f-06204c9551ca","block_type":"box","text":"BlackRock Investment Stewardship","page_number":247,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6a4b74e2-36c2-46d2-bf13-14ec4c7e8d64","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":247,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"a57b2ba7-8196-4e80-be1c-dacf5d628909","block_type":"box","text":"BNM1026U-6032181-19202175","page_number":247,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e186a4a8-fb04-4fdd-ad4d-7b92fde8f4fd","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":248,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"3ad642e6-aa7e-4d99-9108-0ee9122b4003","block_type":"box","text":"strategy and risk management.","page_number":248,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"2924cfed-607f-4cba-95c9-2c6ca435d581","block_type":"box","text":"Auditors and audit-related issues","page_number":248,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"af741f34-0ddc-4f5e-af08-545e7000e885","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":248,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"4243761f-6e7f-4f2b-8b42-56d847bcc6a0","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":248,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"e62dcc44-0c2e-413e-af2b-b753cc8f52ce","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":248,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"cbc9263b-ff4a-4054-a1e1-a7e7210f8293","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":248,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"379191bf-2fc2-454c-9bee-4aabef8cf208","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":248,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"7c767c4b-50fa-4bb6-9a3e-ba3c709a3058","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":248,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"ba6db4d1-c4c3-444e-ab28-45962344e124","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":248,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"3cdd7cc8-ca5d-476e-8f92-20051cf72aef","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":248,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"7812cf4e-12ec-436b-8a28-f5e98ae404bf","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":248,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"354871e6-42c4-45ac-841d-b8fe050d7998","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":248,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"9da61c8e-8126-4776-8150-6c59394686f0","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":248,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"1ee6181e-652a-428e-a2f1-76a5a253fd32","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":248,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"e16755fa-38ed-43dc-b4a4-6a8ba1563c81","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":248,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"12d4a47d-0d8e-470f-93ac-278d5148f2b1","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":248,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"93f7601b-5dd8-4312-9527-6d2d0f2ffead","block_type":"box","text":"stakeholders.","page_number":248,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"eeb19ac9-f273-485e-a1ba-e066b0686f04","block_type":"box","text":"26","page_number":248,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"445d47bd-936e-4a15-b7d5-ab991842123f","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":248,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"1796075f-a38a-41de-8b89-f0f0552fc1de","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":248,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"ed95e110-b3c9-42d2-a6bb-7e70dd0e0040","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":249,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"6e28e932-583b-46a1-b138-1d00b71035b2","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":249,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"d9c1c586-8eb5-44fe-ba83-59974d5918f9","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":249,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"c3f28f40-6275-4e58-8339-4a028d8a2a85","block_type":"box","text":"Decarbonization:","page_number":249,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"2ce5ac43-a6ce-41bf-a87d-6d6fae84023a","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":249,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"20daf27b-e0c7-4833-aec0-5908b3636628","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":249,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"a66b8589-18da-4cba-8a52-e682d0cb6e7a","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":249,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"1d8c4f18-a294-4f31-8df2-abd0b5480ca6","block_type":"box","text":"e.g., methane.","page_number":249,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"5128fc1e-5730-4a03-b402-7b529b0aec5c","block_type":"box","text":"Climate-related risks and opportunities:","page_number":249,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"53ff42c8-1b41-4def-9ba1-d442e460e508","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":249,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"5ea64fdd-5b9c-463d-a10e-5f6cbca25af3","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":249,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"8665bce2-ca12-4c01-bf51-53e37cb8ebde","block_type":"box","text":"to physical climate change.","page_number":249,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"eede5461-b19b-4c62-ba8b-e7e6b08eaf86","block_type":"box","text":"Climate-related transition plan:","page_number":249,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"78e542e2-48b5-4e6b-99aa-91ff173166b4","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":249,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"31b63dcc-ef2c-4cce-a698-ded13b7179f5","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":249,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"e7ae340c-6cb1-42a6-a9fc-173a6ed71dce","block_type":"box","text":"greenhouse gas emissions.”","page_number":249,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"3d3477ec-4eb9-4932-9b0e-8f9c5a82b351","block_type":"box","text":"27","page_number":249,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"7e292014-faa2-418d-8c6b-fc6fe031ad03","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":249,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"cce79b3a-7af0-408c-889f-3e676e63cdc1","block_type":"box","text":"Targets that “","page_number":249,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"beaf2481-656b-4932-aee5-2c43f8cc84b3","block_type":"box","text":"are in line with what the latest climate science","page_number":249,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"32c97dd9-0d98-4212-a3de-617e2ec88c23","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":249,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"49cfa8c7-1eb7-4f41-aebd-1014944a9138","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":249,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"ecdf10c0-d876-466b-851a-5d784a0b1e3a","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":249,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"952efe7a-b1f7-492d-84b3-50c9f59a8f85","block_type":"box","text":"with the Paris Agreement goals.”","page_number":249,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"a79a0122-0f01-4dbf-a77b-9d1651463ca2","block_type":"box","text":"28","page_number":249,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"5006c423-6c9e-4afa-8723-8f053ae0cce0","block_type":"box","text":"Scope 1:","page_number":249,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"33d2713f-639e-4953-b6ee-eab1083e58f1","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":249,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"e2deeb14-0474-488e-8021-f099e9bca65c","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":249,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"a861a3a1-0016-4657-8348-95ceb0246163","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":249,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"7a48fbf9-4cf4-4d6b-b136-ca3db49b5684","block_type":"box","text":"29","page_number":249,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"ce64b479-e1a1-46d7-94a0-8defae6869ab","block_type":"box","text":"Scope 2","page_number":249,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"e0cb5960-6d1b-4d0d-b536-1ee7a7024086","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":249,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"eb85e38e-e2a0-409d-9bf7-337a3fddcfe4","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":249,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"920cd0f6-5752-4fb4-8b24-4be8bbb11cec","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":249,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"bbf9a28e-3545-4416-a9b8-064fda4e5917","block_type":"box","text":"30","page_number":249,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"83badf42-8439-473a-9eb5-9370fe4e8daa","block_type":"box","text":"Scope 3:","page_number":249,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"2aebe5c5-b2d1-46df-b240-9021ca724f9f","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":249,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"a45876c6-8e3c-4531-bb03-13d8f9bbe1db","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":249,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"c0c9ea30-9a50-41a2-9294-96067e43b962","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":249,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"31750f19-b13d-4660-9761-1c79a3ba59e9","block_type":"box","text":"31","page_number":249,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"7416483f-0c61-4a5e-9bc1-6c39786eaffc","block_type":"box","text":"27","page_number":249,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"b878c950-a9da-4a75-b327-ae4a5a695149","block_type":"box","text":"As defined by the International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":249,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"7e0255dd-b4c3-48da-8bc8-c654a33a5a0d","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":249,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"f92bba30-4c3c-47a0-8d56-10c44d81a414","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":249,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"118ff0b8-5d25-497c-9e7d-955d9ad5df48","block_type":"box","text":"28","page_number":249,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"dbc09f85-7ef5-47ce-95ff-c3b9775ff2ef","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":249,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"5a978399-6d3d-48dd-a3c9-b867f4fd44f9","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. We develop","page_number":249,"box":{"x":69,"y":742,"width":831,"height":11}},{"id":"646330aa-e787-47ed-98a2-7a927fb51663","block_type":"box","text":"standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in","page_number":249,"box":{"x":69,"y":757,"width":826,"height":11}},{"id":"0e3d27b1-fcc0-4a05-b801-671830847f9f","block_type":"box","text":"line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.”","page_number":249,"box":{"x":70,"y":772,"width":795,"height":11}},{"id":"8e4969bb-a25b-413e-8f84-aca17ff10201","block_type":"box","text":"Source: Science Based Targets initiative, “About Us.” Websites accessed in December 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