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You may","page_number":15,"box":{"x":69,"y":415,"width":819,"height":12}},{"id":"1035c501-f50f-4948-a606-55822f2664ef","block_type":"box","text":"request a copy of the 2026 Annual Financial Statements at no charge by calling (800) 441-7762 between","page_number":15,"box":{"x":70,"y":430,"width":802,"height":12}},{"id":"41c43a8d-ed1e-49d8-b202-e6252dc350da","block_type":"box","text":"8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":15,"box":{"x":69,"y":445,"width":441,"height":12}},{"id":"b5e71879-02df-4b8d-8532-b366a79c0cb3","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":15,"box":{"x":103,"y":468,"width":767,"height":12}},{"id":"b95fc6a4-f2b5-4e53-bbfc-183ebb40b7b9","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":15,"box":{"x":69,"y":483,"width":796,"height":12}},{"id":"c1938a74-cb30-4c64-ac44-b6836bc44e22","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":15,"box":{"x":70,"y":498,"width":837,"height":12}},{"id":"f3639c14-8fc0-4f6a-ba56-e66754a590f4","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":15,"box":{"x":69,"y":513,"width":749,"height":12}},{"id":"76987c1d-7e2e-49cb-afd7-ba19665cef3d","block_type":"box","text":"Commission staff or other authority.","page_number":15,"box":{"x":70,"y":528,"width":274,"height":12}},{"id":"1642714c-8bd8-4126-8f65-5afd7ab508e0","block_type":"box","text":"Class","page_number":15,"box":{"x":69,"y":557,"width":31,"height":7}},{"id":"a89abe29-64c8-4e8c-8f3c-46bf5cf324a5","block_type":"box","text":"Ticker Symbol","page_number":15,"box":{"x":827,"y":557,"width":82,"height":9}},{"id":"b461d004-33eb-4204-9d6f-44dc56663e85","block_type":"box","text":"Investor A Shares","page_number":15,"box":{"x":70,"y":575,"width":124,"height":8}},{"id":"0e472cd0-dce4-42f7-bf45-d4a6757b6cc9","block_type":"box","text":".........................................................................","page_number":15,"box":{"x":208,"y":582,"width":588,"height":1}},{"id":"4b335a5f-c9a8-45a0-8d48-5089ccd0c92b","block_type":"box","text":"BARDX","page_number":15,"box":{"x":845,"y":575,"width":48,"height":8}},{"id":"c274532c-e929-4ad9-b7b8-20c8810c900f","block_type":"box","text":"Institutional Shares","page_number":15,"box":{"x":70,"y":590,"width":137,"height":9}},{"id":"752792a1-bc63-4806-86a6-206a50dd5d6f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-8","page_number":16,"box":{"x":70,"y":141,"width":839,"height":9}},{"id":"ebdc51df-ef7f-49ce-85b1-dd1532ecbe15","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . . . .","page_number":16,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"c6abf0dc-907c-4500-baeb-b0ed33b59fe1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":16,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"244fc55f-f9cd-4407-81e2-76cb61d1903b","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":16,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"0c10f6d4-8562-470f-b32c-7ddf0cfbb85a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-24","page_number":16,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"5cfa8463-4e61-421c-9d97-2d6d72bfeb45","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"d6e857b2-f170-4643-9b38-847ac2219b61","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"9bd0988b-2f27-4c2f-bc69-973a9cc8bb16","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"92d98ca3-4b2e-45f4-b7cb-d7cb0c430d25","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Make loans to the extent prohibited by the Investment Company Act.","page_number":22,"box":{"x":135,"y":506,"width":506,"height":11}},{"id":"6bf560dd-0fe2-4a4b-95a1-2a70a912aafe","block_type":"box","text":"8. Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":22,"box":{"x":134,"y":528,"width":729,"height":12}},{"id":"99d8f9dc-4254-4e00-9ba3-3617f7ea6929","block_type":"box","text":"Investment Company Act.","page_number":22,"box":{"x":102,"y":544,"width":179,"height":11}},{"id":"331a1a5d-c8dc-4d36-bfd3-2d606e5d044f","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":22,"box":{"x":102,"y":566,"width":494,"height":11}},{"id":"9375abae-9bac-4cec-a888-61d54a02c4f4","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":22,"box":{"x":101,"y":589,"width":799,"height":11}},{"id":"b31fc37d-c194-4a3b-b8b1-986e2d14a954","block_type":"box","text":"subject to change without shareholder approval.","page_number":22,"box":{"x":69,"y":604,"width":341,"height":11}},{"id":"3b222420-358d-4db7-ae2d-1375cc58c65a","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":22,"box":{"x":101,"y":627,"width":796,"height":11}},{"id":"a5bfb988-3c25-494d-afac-8864d0c0f610","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":22,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"76b5c36e-1524-407e-8b4b-ce735a52c701","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":22,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"2ecd97f3-fb1a-4ecd-83b0-69912eda8ab4","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":22,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"7d8077ea-2605-4fac-952a-9cddc7c4b8b3","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":22,"box":{"x":69,"y":687,"width":815,"height":11}},{"id":"f81ad6ca-aa46-47d4-a790-f96656724f2d","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":22,"box":{"x":70,"y":702,"width":813,"height":12}},{"id":"bbf9f3e8-8210-4b3f-846d-cd38e2199994","block_type":"box","text":"securities of the U.S. Government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":22,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"28b74172-3509-4c97-a1c7-936a5697e753","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":22,"box":{"x":69,"y":733,"width":809,"height":11}},{"id":"ec31aa5f-74c1-4af0-8189-c8184cb30748","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":22,"box":{"x":69,"y":748,"width":772,"height":11}},{"id":"4602e1fa-df64-4e85-b7b1-50431bff6699","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":22,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"c32ac7ef-0ac9-49a2-afa7-df82d268a16d","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":22,"box":{"x":67,"y":778,"width":829,"height":11}},{"id":"8f1764cb-79fe-4a75-9d86-abb72be1ad8d","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":22,"box":{"x":69,"y":793,"width":805,"height":11}},{"id":"92f180bb-dc68-4d50-86dc-6d8dc871fb74","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":22,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"0f7ab502-b4c0-42d5-a685-a5a0d6ffcfc8","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":22,"box":{"x":69,"y":823,"width":803,"height":12}},{"id":"78315741-4c7e-47a9-b568-3c00129a2f76","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":22,"box":{"x":70,"y":838,"width":807,"height":12}},{"id":"9402ba93-4868-42e1-b60a-c599270cb434","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":22,"box":{"x":70,"y":853,"width":438,"height":12}},{"id":"b5bf7520-f4b1-4729-b109-2a1b1a93769f","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th above, the Investment Company Act","page_number":22,"box":{"x":101,"y":876,"width":805,"height":11}},{"id":"d9eec81a-e14f-4273-9139-c40e1ab01f4d","block_type":"box","text":"permits the Fund to borrow money in amounts of up to onethird of the Fund’s total assets from banks for any","page_number":22,"box":{"x":70,"y":891,"width":779,"height":11}},{"id":"dc6abfa5-48aa-42cb-80fe-42cf6c264b5f","block_type":"box","text":"purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The","page_number":22,"box":{"x":70,"y":906,"width":836,"height":12}},{"id":"b02f3a0e-c30e-43ba-b613-815e240970de","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"1a8b62d3-dcad-4365-bb26-9a60f682993d","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9dfc0dad-284f-4ef1-932d-0a0fe0f03f7a","block_type":"box","text":"Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment","page_number":23,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"e227b28c-6f7f-46dc-bc46-8726de3e3314","block_type":"box","text":"Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its","page_number":23,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"a096a992-b402-4b84-9d61-4ea6bf6c68fa","block_type":"box","text":"borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed),","page_number":23,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"a2e7f6ed-d9a8-4461-ae9f-37e7119da450","block_type":"box","text":"minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to","page_number":23,"box":{"x":69,"y":90,"width":775,"height":11}},{"id":"9a5f7cb7-7088-42ec-a841-0ced2135279b","block_type":"box","text":"increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments, such as reverse","page_number":23,"box":{"x":70,"y":105,"width":801,"height":11}},{"id":"d8219607-3770-4455-bb3b-86ba13415886","block_type":"box","text":"repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the","page_number":23,"box":{"x":69,"y":120,"width":772,"height":12}},{"id":"ec510cce-ab5d-4a3a-a72b-8913a4c80bef","block_type":"box","text":"Investment Company Act restrictions. In accordance with Rule 18f4 under the Investment Company Act, when the","page_number":23,"box":{"x":70,"y":135,"width":807,"height":11}},{"id":"e5b586b8-c23e-41cf-9517-b5ebeb21e5d1","block_type":"box","text":"Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain","page_number":23,"box":{"x":70,"y":150,"width":828,"height":12}},{"id":"d60ba465-7abd-4a37-91f0-f2d4c3258b46","block_type":"box","text":"asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or","page_number":23,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"9451d29f-6430-46d5-9900-6410459a12bd","block_type":"box","text":"(ii) treat such transactions as “derivatives transactions” and comply with Rule 18f4 with respect to such","page_number":23,"box":{"x":69,"y":181,"width":742,"height":11}},{"id":"4c83958b-adf7-4e67-af11-66687a6ee49f","block_type":"box","text":"transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":23,"box":{"x":68,"y":196,"width":793,"height":11}},{"id":"e8c3882e-a390-4c92-b41a-25b2fc03075f","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":23,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"dc3fe608-c922-44b3-8aff-076147ec27aa","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":23,"box":{"x":69,"y":226,"width":643,"height":11}},{"id":"a336bc3f-2a25-463a-9b96-68bd9a229188","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":23,"box":{"x":101,"y":249,"width":788,"height":11}},{"id":"70998c78-fe6f-4199-9e6a-fc1c39a016ed","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":23,"box":{"x":68,"y":264,"width":840,"height":11}},{"id":"e8d4f4bc-4edb-4cc7-8cc4-4aa7107e5f02","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits a fund to have underwriting","page_number":23,"box":{"x":70,"y":279,"width":808,"height":11}},{"id":"02321d49-bd76-43f2-826b-77341aae50b4","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":23,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"c583d312-ade3-4a33-a96d-9461a6607ed6","block_type":"box","text":"amount of the fund’s underwriting commitments, when added to the value of the fund’s investments in issuers where","page_number":23,"box":{"x":69,"y":309,"width":838,"height":11}},{"id":"28cb98de-9dc7-4ae2-a7fd-8051add4c991","block_type":"box","text":"the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A","page_number":23,"box":{"x":68,"y":324,"width":818,"height":12}},{"id":"8d4066f0-3580-4daf-a011-bcb0c6f262e1","block_type":"box","text":"fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered to be","page_number":23,"box":{"x":68,"y":339,"width":826,"height":12}},{"id":"8f5676de-fb8e-402e-b31f-9837720b0f49","block_type":"box","text":"an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed that","page_number":23,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"f9c95dc8-5f60-45a7-92b2-f4602a01faca","block_type":"box","text":"the application of the Securities Act provisions described above would cause a fund to be engaged in the business of","page_number":23,"box":{"x":68,"y":370,"width":838,"height":11}},{"id":"31177a3a-187b-4243-8a9b-0c629b18266a","block_type":"box","text":"underwriting, the policy in (5) above will be interpreted not to prevent a fund from engaging in transactions involving","page_number":23,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"bcbff3a1-65f7-4326-b865-5dde8c7aab7a","block_type":"box","text":"the acquisition or disposition of por tfolio securities, regardless of whether the fund may be considered to be an","page_number":23,"box":{"x":68,"y":400,"width":796,"height":11}},{"id":"a08ff017-634f-4ff3-8d4c-81f0b2a359d4","block_type":"box","text":"underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by","page_number":23,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"8c170012-36cc-4304-8742-e6b67e185ec0","block_type":"box","text":"applicable law.","page_number":23,"box":{"x":69,"y":430,"width":102,"height":11}},{"id":"cd5a9b60-3fb0-46d6-be93-ca0f2a6de0cd","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":23,"box":{"x":101,"y":453,"width":778,"height":11}},{"id":"eff7cb6a-5641-4837-bd1a-09ac0bc051fb","block_type":"box","text":"does not prohibit the fund from making loans (including lending its securities); however, Commission staff","page_number":23,"box":{"x":69,"y":468,"width":756,"height":11}},{"id":"4b18ae6b-8e0b-42c3-8872-bc6ea7a7adb4","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":23,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"8c90eeb5-19e1-4766-97b1-6153c4d38a2e","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":23,"box":{"x":69,"y":498,"width":784,"height":11}},{"id":"6c7b238a-b703-483f-8035-92a714b63c2b","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":23,"box":{"x":69,"y":513,"width":791,"height":12}},{"id":"224e5330-9eb2-44d5-aa76-f3a120505ca3","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":23,"box":{"x":70,"y":528,"width":803,"height":12}},{"id":"144b0ab6-7dbb-4718-9c50-072b24960ffa","block_type":"box","text":"loans.","page_number":23,"box":{"x":70,"y":544,"width":40,"height":9}},{"id":"26529f98-1836-4540-82eb-59b8cd2207b6","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":23,"box":{"x":101,"y":566,"width":777,"height":11}},{"id":"5b97f0ad-306d-482e-b230-0c564351f68a","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":23,"box":{"x":70,"y":581,"width":751,"height":12}},{"id":"58b1e406-27e0-4452-ae0f-c45bff2c063f","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":23,"box":{"x":68,"y":596,"width":812,"height":12}},{"id":"9eeb1f3e-a88e-490d-828c-d5821ebd9403","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":23,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"a4f12df5-7744-4e99-9997-a9d6bde812d2","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":23,"box":{"x":69,"y":627,"width":781,"height":11}},{"id":"a9250197-29ca-45fc-969e-81a45630dc02","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":23,"box":{"x":69,"y":642,"width":759,"height":11}},{"id":"52c8a957-ed76-4ca4-897b-39bfe3dfc5a6","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":23,"box":{"x":70,"y":657,"width":774,"height":11}},{"id":"94c403ff-28d6-4928-96b6-d950f04efbb4","block_type":"box","text":"shareholder approval.","page_number":23,"box":{"x":69,"y":672,"width":153,"height":11}},{"id":"61ad32ee-99d1-40b4-b251-c4190c377a21","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":23,"box":{"x":102,"y":695,"width":768,"height":11}},{"id":"f03a1427-1b83-44d2-ac39-0c185e3c0b20","block_type":"box","text":"approval, the Fund may not:","page_number":23,"box":{"x":69,"y":710,"width":197,"height":11}},{"id":"820e6c14-260e-4cb7-8f8a-6fcee4db055e","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":23,"box":{"x":134,"y":732,"width":742,"height":12}},{"id":"73cdc909-7bdc-4cab-93be-689ae95c8495","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":23,"box":{"x":102,"y":748,"width":759,"height":11}},{"id":"af79e8ff-9431-46d9-bbac-e11bbc64b609","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":23,"box":{"x":102,"y":763,"width":779,"height":11}},{"id":"3a518bae-c988-4cbb-8e92-0808159a8418","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":23,"box":{"x":101,"y":778,"width":761,"height":11}},{"id":"b57f3e8b-ed0d-4c3d-97c6-edb69ca5fd79","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":23,"box":{"x":102,"y":793,"width":795,"height":11}},{"id":"b6ef8b55-f230-4e83-87fb-7ce0ce4c891b","block_type":"box","text":"12(d)(1).","page_number":23,"box":{"x":102,"y":808,"width":60,"height":11}},{"id":"d6ffbd4a-1ebb-4c32-ab46-1c3bda053883","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":23,"box":{"x":134,"y":831,"width":765,"height":11}},{"id":"f94d0964-dbdf-422a-bfdc-e802a0884d25","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":23,"box":{"x":102,"y":846,"width":509,"height":11}},{"id":"4fb8fbdd-7ad4-49fb-9525-44a45b381077","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":23,"box":{"x":102,"y":869,"width":744,"height":10}},{"id":"bb70a117-77bf-4006-add7-bffbd7f8248c","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":23,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"b60b71cf-c19a-4013-bffa-85a56af4a310","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":23,"box":{"x":69,"y":899,"width":827,"height":11}},{"id":"30b884ca-f287-4588-ae9e-76071afd7313","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"722b77e0-04bf-46e9-995d-d7e095395483","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27cf7431-69f9-4615-b86f-0fd5aca9ff1c","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":24,"box":{"x":70,"y":45,"width":780,"height":11}},{"id":"61c90ffe-29ad-4aa5-8f65-ae1e4a7c8dc3","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":24,"box":{"x":70,"y":60,"width":642,"height":11}},{"id":"c64f8c5c-46eb-4816-a100-cd53b3defd5e","block_type":"box","text":"III. Information on Trustees and Officers","page_number":24,"box":{"x":69,"y":90,"width":290,"height":9}},{"id":"e34e2bdd-67e1-414d-950c-7c343a535081","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":24,"box":{"x":101,"y":113,"width":789,"height":11}},{"id":"1ece0f54-5353-46d8-a583-314afb3f74f7","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":24,"box":{"x":68,"y":128,"width":779,"height":11}},{"id":"e000bb6f-4439-43b4-a46b-7c0212d94432","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":24,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"7cd24c89-bae6-4195-becc-7f77044e2292","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":24,"box":{"x":70,"y":158,"width":793,"height":11}},{"id":"019b44bb-f47b-4bf6-b8c7-ffc94bef8b11","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":69,"y":173,"width":822,"height":11}},{"id":"b7d81de3-df56-4133-9deb-11dbc8091338","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":24,"box":{"x":68,"y":188,"width":837,"height":12}},{"id":"b65ca736-8462-4784-9740-aa91b27a3dbd","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":70,"y":203,"width":335,"height":11}},{"id":"7b2f38fe-37fa-44f5-9edc-550d765211a3","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":24,"box":{"x":101,"y":226,"width":769,"height":11}},{"id":"5951ca7c-5f20-4544-b337-b631bff259fe","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":24,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"0a956c9b-be20-446c-8e35-f28361a9e8bc","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":24,"box":{"x":70,"y":256,"width":821,"height":12}},{"id":"ad5a22ba-db86-4fb7-8c9b-49e5ff2ea21b","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":24,"box":{"x":69,"y":271,"width":835,"height":12}},{"id":"60ef8322-9638-42ad-9bab-b98dd7c8754e","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":24,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"af6bded2-6db5-44fc-98a8-3da7f2e3e27c","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":24,"box":{"x":68,"y":302,"width":789,"height":11}},{"id":"57e478bf-bf39-49c2-80e4-ac942f8a4f71","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":24,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"44952086-6ffb-4d33-ba13-ca99c35d2c4f","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":24,"box":{"x":69,"y":332,"width":809,"height":11}},{"id":"a31191fa-4444-4d5a-a9e1-e540eff35b1a","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":24,"box":{"x":70,"y":347,"width":794,"height":11}},{"id":"06d9ecbf-01d7-4fc7-9b56-5c5f80133578","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":24,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"2ee02b87-c939-49f9-9423-6260809e07e7","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":24,"box":{"x":69,"y":377,"width":831,"height":12}},{"id":"9d8c6d4e-93c8-46e1-8544-9b37f9dbbabb","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":24,"box":{"x":70,"y":392,"width":811,"height":12}},{"id":"b5ce0e35-f55e-4918-9f8d-5ef5ba9111b4","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":24,"box":{"x":68,"y":407,"width":809,"height":11}},{"id":"b1d1e7fe-9ea0-4e0e-87cf-6aff14e321ca","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":24,"box":{"x":69,"y":423,"width":825,"height":11}},{"id":"479d0f83-fd48-44b4-b898-e57bf2752510","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":438,"width":441,"height":11}},{"id":"fb7e5276-feda-4d17-b08a-7a29783a05ad","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":24,"box":{"x":101,"y":460,"width":777,"height":12}},{"id":"c53a2998-62ff-44d8-bbc6-b468c5cb77a1","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":24,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"1c53f6af-7e24-4f42-8f89-430a917299a4","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":24,"box":{"x":68,"y":491,"width":820,"height":11}},{"id":"97d2bf3d-fa6d-4e56-9728-4943a63630f3","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":24,"box":{"x":70,"y":506,"width":812,"height":11}},{"id":"5da51739-f8c2-4931-bce1-a192dd4c68b5","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":24,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"45bb07b4-edaa-44d4-bda6-6e8e038f6f84","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":536,"width":192,"height":11}},{"id":"ee444324-6adf-4e9a-b299-962c864787b9","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":24,"box":{"x":102,"y":559,"width":785,"height":11}},{"id":"a8e36cf7-095b-4a78-b174-22f96dc575fa","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":24,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"0b78406a-2d7d-49bb-ac61-bbe6a0a897d8","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":24,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"acbe350c-6ff0-4a19-bd13-a78f35115c1e","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":24,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"78e3c4d9-6655-4f59-9990-760c5382fbf3","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":24,"box":{"x":70,"y":619,"width":811,"height":11}},{"id":"201856a9-dadc-486c-b400-f65d53c40f8c","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":24,"box":{"x":70,"y":634,"width":767,"height":12}},{"id":"86897a06-2086-4ae4-8893-0e0b7b913cb3","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":24,"box":{"x":69,"y":649,"width":815,"height":12}},{"id":"f10f88d5-3606-4551-945b-5a46004595bb","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":24,"box":{"x":70,"y":664,"width":803,"height":12}},{"id":"0ecab31e-d769-4676-9048-f47483a7f7be","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":24,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"5f19a296-070a-4ea9-adb4-88e609316acf","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":24,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"00a5413d-a181-44ef-a6e8-bf5b46ec35a3","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":24,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"1328cfd0-34e1-45d0-84e9-c509eae80280","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":24,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"208762b2-227f-4135-82c2-4f5565333798","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":24,"box":{"x":68,"y":740,"width":818,"height":11}},{"id":"cf0f1c42-a8ee-4d75-9649-7170dcd25c7b","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":24,"box":{"x":70,"y":755,"width":759,"height":11}},{"id":"8ec6de1c-be5c-4c22-b7fe-177774a05b58","block_type":"box","text":"per forming their oversight responsibilities.","page_number":24,"box":{"x":70,"y":770,"width":299,"height":12}},{"id":"379ff182-26a9-4904-be7b-a777881c9e7d","block_type":"box","text":"Audit Committee.","page_number":24,"box":{"x":101,"y":793,"width":122,"height":9}},{"id":"f5611ca8-f45d-4cc5-adba-ba536dbc5d20","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":24,"box":{"x":229,"y":793,"width":673,"height":11}},{"id":"ee8b4636-b855-4d01-a003-7ca9b6173c7e","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":24,"box":{"x":68,"y":808,"width":814,"height":11}},{"id":"3fe85772-65fc-4113-b5ad-10209bfad6af","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":24,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"cce14cf2-5e45-4507-b43c-f319407cb052","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":24,"box":{"x":69,"y":838,"width":753,"height":12}},{"id":"0d9ded0a-a9ec-43a9-829f-866f1a12c5d7","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":24,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"284123e9-2fb8-41a0-aab0-f642e68d5983","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":24,"box":{"x":70,"y":869,"width":825,"height":11}},{"id":"b1bcf5e7-bcc5-418a-b4ca-b8dd894d0909","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":24,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"40874ada-a5ef-420e-9aa1-30ef3e614f7a","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":24,"box":{"x":68,"y":899,"width":781,"height":11}},{"id":"08472df6-5103-4a7b-b6a5-c711fdffb5bf","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"149b82ba-fd74-4048-a9ae-1de1537ddd21","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd94a012-bb4a-4dc6-aeee-4f396ec29c7d","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":25,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"26639dba-e9ce-41d0-a6f4-5cced7d09c20","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":25,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"e7699ea7-9be9-4d09-9e9f-01015dddddc9","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":25,"box":{"x":69,"y":75,"width":825,"height":11}},{"id":"5d2f178a-2df0-45e2-a588-85cab1eabbb2","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":25,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"6a5f5267-2bae-4738-b623-121a753e24b4","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":25,"box":{"x":70,"y":105,"width":815,"height":11}},{"id":"20b50388-d333-4990-b468-2c3e3176f8c7","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":25,"box":{"x":69,"y":120,"width":774,"height":12}},{"id":"c001a848-ef3b-4324-b877-d621d0232d55","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":25,"box":{"x":69,"y":135,"width":815,"height":12}},{"id":"0b3e9511-2f14-40ba-8905-bf564ae05a17","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":25,"box":{"x":69,"y":150,"width":819,"height":12}},{"id":"81db1374-187b-4e42-a483-8a74b3000d6b","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":25,"box":{"x":69,"y":166,"width":812,"height":11}},{"id":"ff36f966-ad1c-4dd1-8753-81d5c786b365","block_type":"box","text":"During the fiscal year ended January 31, 2026, the Audit Committee met four times.","page_number":25,"box":{"x":70,"y":181,"width":600,"height":11}},{"id":"f0f1e70f-2d0e-499d-8bf8-85ca44b9dd58","block_type":"box","text":"Governance and Nominating Committee.","page_number":25,"box":{"x":102,"y":203,"width":286,"height":12}},{"id":"3eec0347-9199-4a66-b008-93e9c4a21081","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":25,"box":{"x":394,"y":203,"width":464,"height":12}},{"id":"71aa2f97-1529-4aac-9c86-f98bde1a073b","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":25,"box":{"x":70,"y":219,"width":833,"height":11}},{"id":"42adcc8b-1781-45c9-99e3-f57b1253a741","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":25,"box":{"x":69,"y":234,"width":769,"height":11}},{"id":"ca7b87a0-7b0c-4039-97f2-85f58fd1ac71","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":25,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"11f8de48-82a3-4d89-a913-51348cbac327","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":25,"box":{"x":70,"y":264,"width":819,"height":11}},{"id":"6409e245-6bfa-4a90-bcd8-d7f6f0399c6e","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":25,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"a8237b3e-6b48-445e-b3f3-d0111cd9623a","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":25,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"435bd026-a894-401a-a1ad-d757396737c7","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":25,"box":{"x":69,"y":309,"width":793,"height":11}},{"id":"b213983b-8860-4d41-8e4e-304f8678ac47","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":25,"box":{"x":69,"y":324,"width":815,"height":11}},{"id":"c63ba54d-971f-4c10-abd3-d108d29a25a2","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":25,"box":{"x":70,"y":339,"width":835,"height":11}},{"id":"9b10cb85-71ba-44f6-83e5-3e2eed433c3d","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":25,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"c34a1fdb-606b-4023-b2e1-0f82135ad94d","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":25,"box":{"x":68,"y":370,"width":841,"height":11}},{"id":"b77b651b-ec37-42b4-b47f-0dc41ef3eaa8","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":25,"box":{"x":68,"y":385,"width":809,"height":11}},{"id":"6b5acb8f-bb44-4fdc-81d1-57d3912bdfc8","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":25,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"b7df30b1-6e0d-4d77-ac8b-7967de8522eb","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":25,"box":{"x":68,"y":415,"width":792,"height":11}},{"id":"64f72a6d-7571-4c64-80ef-b1071ff92ce1","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":25,"box":{"x":69,"y":430,"width":798,"height":11}},{"id":"524570b8-02d1-4b6e-b9b1-86395ea27eae","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":25,"box":{"x":70,"y":445,"width":832,"height":12}},{"id":"36eb7bfe-8f24-4ebb-a34d-488bd42883ec","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":25,"box":{"x":69,"y":460,"width":812,"height":12}},{"id":"ca621085-5593-44c7-9414-d02e6fffe83e","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about","page_number":25,"box":{"x":68,"y":475,"width":832,"height":12}},{"id":"88000272-fa8e-4788-ac4c-702bfbc0164f","block_type":"box","text":"the shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":25,"box":{"x":68,"y":491,"width":820,"height":11}},{"id":"76a59c9d-360a-405e-8438-8479b1598d30","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":25,"box":{"x":69,"y":506,"width":801,"height":11}},{"id":"df0eb629-1749-4821-a9ff-d6506a7cbc04","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended January 31, 2026, the Governance","page_number":25,"box":{"x":68,"y":521,"width":791,"height":11}},{"id":"6755fe35-e7ac-4dcd-91d8-791fac75e8be","block_type":"box","text":"Committee met eleven times.","page_number":25,"box":{"x":69,"y":536,"width":208,"height":9}},{"id":"d4abb455-0adb-4f65-b9ca-339b888a0559","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":559,"width":168,"height":11}},{"id":"8a00d6d0-e14c-451f-bff3-2e8de5ba1bd6","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":559,"width":629,"height":11}},{"id":"37eafed5-40fc-4181-a024-5284b1ab34d5","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":25,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"a961a048-833d-450e-b83a-b3b22805e2b3","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":25,"box":{"x":70,"y":589,"width":812,"height":11}},{"id":"34876a02-ff12-422a-8a7b-d194d47384d6","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":25,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"0514b453-867a-4835-b4ce-e5b3bd3d1ccb","block_type":"box","text":"any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":25,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"fa6e69b0-0b33-41ad-aa6a-61cf493ff8d7","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":25,"box":{"x":68,"y":634,"width":819,"height":11}},{"id":"7bccaaad-e624-464c-9dc4-2a107e358595","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":25,"box":{"x":69,"y":649,"width":832,"height":12}},{"id":"873678ae-032e-423f-b066-030fc8c842a7","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":25,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"24238215-49a0-46e7-898c-b2785716d383","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":25,"box":{"x":69,"y":680,"width":818,"height":11}},{"id":"86112fd5-4476-424f-adfa-85b44649d32d","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":25,"box":{"x":69,"y":695,"width":803,"height":11}},{"id":"bd289bfc-691f-419e-9fd2-4950ab56f76f","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":25,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"2c560050-4cfa-484a-962a-0c8ab33515f3","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":25,"box":{"x":69,"y":725,"width":828,"height":11}},{"id":"fbdfd1dc-79ad-40db-93b7-6d5a24cefbb8","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended","page_number":25,"box":{"x":68,"y":740,"width":720,"height":11}},{"id":"c52c3d84-31e3-4195-972d-959896170382","block_type":"box","text":"January 31, 2026, the Compliance Committee met four times.","page_number":25,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"d0e16b01-5676-4a53-9b48-83d957b2813c","block_type":"box","text":"Per formance Oversight Committee.","page_number":25,"box":{"x":102,"y":778,"width":248,"height":11}},{"id":"c94ef90f-575f-48c8-9eb0-8ca095d07032","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":25,"box":{"x":356,"y":778,"width":531,"height":11}},{"id":"72924819-cc94-4d87-827d-5cf6ecf5919b","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":25,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"272e7c4a-932e-42a3-a5d9-54661ac58a2b","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":25,"box":{"x":68,"y":808,"width":808,"height":11}},{"id":"776e126b-62fd-49a1-a00d-5885dd846f26","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":25,"box":{"x":70,"y":823,"width":769,"height":12}},{"id":"31995dda-7218-4c61-ad5b-c80aee5e6987","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":25,"box":{"x":70,"y":838,"width":775,"height":11}},{"id":"5224453a-bd33-4d7b-886d-ed7cddd3e4e8","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":25,"box":{"x":69,"y":853,"width":782,"height":12}},{"id":"ea4a1ee7-238a-4255-8f0c-c36a5ac27c2d","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":25,"box":{"x":70,"y":869,"width":829,"height":11}},{"id":"5806d423-8a6f-4c46-9669-7ea4cd5d9ac3","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":25,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"6a154761-914e-4ff1-88ae-06d730ca1af8","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":25,"box":{"x":69,"y":899,"width":803,"height":11}},{"id":"f4482db6-54b9-4946-965b-536cd9cead6e","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"08290861-fad7-43bf-8ad2-cf8127bed87a","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa5e2be5-8888-4a2d-9f5c-adcc056481b2","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":26,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"e55a15ce-3d01-477b-8c56-399870143cdd","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":26,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"7b897f1c-8dca-4f7b-a09f-628985407578","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":26,"box":{"x":69,"y":75,"width":757,"height":11}},{"id":"9cc2ad90-a6ee-4872-bd70-5b3d34ee1614","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":26,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"d56ff5d6-45de-4160-810d-dc65d7d5ddb1","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":26,"box":{"x":68,"y":105,"width":800,"height":11}},{"id":"5d388feb-4007-4478-83b8-b7321a606e8a","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":26,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"efbf046c-e36e-4f52-9bb1-a10c3a4a3db1","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":26,"box":{"x":69,"y":135,"width":838,"height":12}},{"id":"beec549d-4f37-40cd-9b15-180dbc6416df","block_type":"box","text":"ended January 31, 2026, the Per formance Oversight Committee met five times.","page_number":26,"box":{"x":69,"y":150,"width":570,"height":12}},{"id":"e15b1493-1eb9-4369-826f-e337fdf2128d","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":26,"box":{"x":101,"y":173,"width":186,"height":11}},{"id":"b32b23d7-92d2-4a31-b7f8-d8df0317bdb6","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":26,"box":{"x":293,"y":173,"width":598,"height":11}},{"id":"1bb4953f-f636-4764-a44a-89a6103b7378","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":26,"box":{"x":70,"y":188,"width":817,"height":11}},{"id":"869e8ce6-7cfe-4b05-9d92-c18d2d52f71d","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":26,"box":{"x":69,"y":203,"width":795,"height":11}},{"id":"2b62e0b0-e0a3-42fd-b215-cfb217f4e889","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":26,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"20a88e4c-eae1-479d-a62b-47b8851e0896","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":26,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"0af7bb61-dca9-4d60-b725-694baedb7949","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":26,"box":{"x":68,"y":249,"width":816,"height":11}},{"id":"ada9516b-0a88-4e1a-b7a6-ecf10920f32b","block_type":"box","text":"the fiscal year ended January 31, 2026, the Ad Hoc Topics Committee did not meet.","page_number":26,"box":{"x":68,"y":264,"width":601,"height":11}},{"id":"f5321fd8-a949-420e-9371-b9601c41a9d8","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":26,"box":{"x":101,"y":286,"width":771,"height":12}},{"id":"adf7762a-23d5-4bc2-8776-81e8b7d7d8a0","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":26,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"c0727958-6826-4b88-b8ed-0aff55facd12","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":26,"box":{"x":69,"y":317,"width":830,"height":11}},{"id":"b2aef66c-6834-492d-89dd-df0eb9885ea6","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":26,"box":{"x":69,"y":332,"width":825,"height":11}},{"id":"356b2624-55c1-4649-b6c4-bdb2baa9f85e","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":26,"box":{"x":70,"y":347,"width":807,"height":11}},{"id":"ea147624-3f1f-40f7-82d4-a5e6a94375d8","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":26,"box":{"x":70,"y":362,"width":787,"height":11}},{"id":"e1aef453-57ba-4ffb-a7a7-21560e1555f3","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":26,"box":{"x":69,"y":377,"width":805,"height":11}},{"id":"178ba3aa-327b-4748-8806-eedcbd9fdbf6","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":26,"box":{"x":68,"y":392,"width":794,"height":12}},{"id":"98a6f117-658a-41ca-94e4-fbd47b786291","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":26,"box":{"x":68,"y":408,"width":829,"height":11}},{"id":"f4817400-9888-40d4-964d-6d40ef1bdd11","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":26,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"f3714a9f-8d37-4e66-967f-c8e81c5ad575","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":26,"box":{"x":69,"y":438,"width":771,"height":11}},{"id":"63393d47-a2e6-4298-b19c-2dce05a23a8c","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":453,"width":473,"height":11}},{"id":"223db6d5-9509-485b-99d4-2dafa09f652a","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":26,"box":{"x":102,"y":475,"width":792,"height":12}},{"id":"e1d2250d-88b7-468d-811c-4a01dd1571af","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":26,"box":{"x":69,"y":491,"width":807,"height":11}},{"id":"0a9aca9a-3cbf-4140-8da7-ef64853ecaaf","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":26,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"5c089bc1-b01f-4f0c-8899-d396efc6837c","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":26,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"aa0920d6-0434-49d7-842a-73858c669f3b","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":26,"box":{"x":70,"y":536,"width":685,"height":11}},{"id":"f2a81c7b-370e-4d83-bf0e-5ad15bf5a654","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":536,"width":47,"height":9}},{"id":"7e12d9cf-f29d-42bc-9a4f-663d89b5e3fd","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":536,"width":82,"height":9}},{"id":"26692d64-98ce-4b38-bf66-65a4626d6214","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":551,"width":395,"height":11}},{"id":"8eca08e0-430a-422d-a3cb-fa3aedd150da","block_type":"box","text":"Trustees Elect","page_number":26,"box":{"x":103,"y":574,"width":101,"height":9}},{"id":"a1e34c5b-219d-4f86-9fe6-b6c1b046d818","block_type":"box","text":". Jeffrey Jarczyk and Marc D. Stern have been appointed as Trustees of the Trust effective","page_number":26,"box":{"x":204,"y":574,"width":643,"height":11}},{"id":"7b8fdc73-a79e-4dcb-9c62-8bbe0e26adff","block_type":"box","text":"July 1, 2026 (each, a “Trustee Elect”). Each Trustee Elect is expected to qualify as an Independent Trustee at the","page_number":26,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"98b36025-3a9a-4ed1-a470-b2fd07ce763a","block_type":"box","text":"time of his service. Each Trustee Elect has been retained as a consultant to the Independent Trustees to assist the","page_number":26,"box":{"x":68,"y":604,"width":826,"height":11}},{"id":"11c63b44-7a05-43be-a6f3-f84a77a699af","block_type":"box","text":"Independent Trustees in the per formance of their duties to the Trust and is expected to serve in that capacity until","page_number":26,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"06c4d26f-590e-4f95-bbf3-586d2f1bc798","block_type":"box","text":"July 1, 2026.","page_number":26,"box":{"x":69,"y":634,"width":92,"height":11}},{"id":"1df25691-707d-4414-a9ea-c59de212899b","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":26,"box":{"x":101,"y":657,"width":751,"height":11}},{"id":"c18402e6-2538-4b51-ad90-8dff07f4d985","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":26,"box":{"x":69,"y":672,"width":492,"height":11}},{"id":"998512e3-6c4b-479b-9590-b915dba354e4","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":700,"width":409,"height":9}},{"id":"d30f5375-92b5-46cf-8683-fac0ca8fbc69","block_type":"box","text":"Independent Trustees","page_number":26,"box":{"x":70,"y":717,"width":154,"height":11}},{"id":"fe3fba3b-1824-4cac-bb25-d488d6d4f778","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":26,"box":{"x":69,"y":732,"width":781,"height":11}},{"id":"d4fadbd1-c8b5-4527-a3e9-a2d350b602a7","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":26,"box":{"x":265,"y":747,"width":604,"height":11}},{"id":"99da6b83-6785-4474-8d7e-b786adee97d5","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":26,"box":{"x":265,"y":762,"width":623,"height":11}},{"id":"edca8c44-7abe-4622-8875-bc967936a3f9","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":26,"box":{"x":265,"y":777,"width":637,"height":12}},{"id":"44445e3d-952a-44d7-811c-1c68d330f549","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":26,"box":{"x":265,"y":792,"width":631,"height":12}},{"id":"cd328f71-ae98-40ce-ad47-d75c938937ce","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":26,"box":{"x":264,"y":807,"width":626,"height":11}},{"id":"7939180f-7d14-4aa3-b80e-5efa1a8a870c","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":26,"box":{"x":265,"y":823,"width":639,"height":11}},{"id":"b040906d-3491-4783-91dc-c8342f00b2aa","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":26,"box":{"x":264,"y":838,"width":637,"height":11}},{"id":"32f9e582-a9fc-4826-8115-ed405f2761ec","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":26,"box":{"x":265,"y":853,"width":586,"height":11}},{"id":"5d2f607b-7f79-42f6-9b2c-1a5f7b3e3caa","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":26,"box":{"x":265,"y":868,"width":640,"height":11}},{"id":"2c502ed7-c39d-4a02-ac4c-7a96ef5ec7d3","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":26,"box":{"x":265,"y":883,"width":389,"height":11}},{"id":"128ed25d-8d7f-4ef8-9a8e-94327543fc83","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"b73820eb-4783-4a3f-b13f-462766086b3f","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f6ee3d26-994b-4f7c-b9d6-83c83645a2d4","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"4a3ccb00-8625-4a2e-993b-c6433cd7ac5d","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":27,"box":{"x":69,"y":65,"width":806,"height":12}},{"id":"95604a56-47bd-4c2f-b39a-f827695b7009","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":27,"box":{"x":265,"y":81,"width":604,"height":11}},{"id":"1eeb2c31-aff7-47a8-91bd-01bc5a182b70","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":27,"box":{"x":265,"y":96,"width":632,"height":11}},{"id":"febdecec-6737-4b95-9e6d-a58b99026634","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":27,"box":{"x":265,"y":111,"width":562,"height":9}},{"id":"78cb4ddf-6e32-4811-936a-db48a1a63f8b","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":27,"box":{"x":265,"y":126,"width":616,"height":10}},{"id":"f9000a63-6c41-45b9-84d0-35c8819c906a","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":27,"box":{"x":264,"y":141,"width":591,"height":11}},{"id":"82a8b04e-2ae6-43cf-a07c-7e4436fe5fed","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":27,"box":{"x":265,"y":156,"width":641,"height":11}},{"id":"b4bc3dc0-251f-4a88-9e6b-12450b63d53c","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":27,"box":{"x":264,"y":171,"width":638,"height":12}},{"id":"dd8dcf06-4a86-499a-9af0-7fcb45513de5","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":27,"box":{"x":265,"y":186,"width":584,"height":12}},{"id":"20278ac9-9bb3-4f4e-9603-ca4b56427994","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":27,"box":{"x":265,"y":201,"width":630,"height":12}},{"id":"c30dc79f-6a92-494f-8cdd-d1f4b45052e4","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":27,"box":{"x":265,"y":217,"width":634,"height":11}},{"id":"d7f74da2-a97d-49c0-bf1d-37f0cf6b8b5f","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":27,"box":{"x":265,"y":232,"width":599,"height":11}},{"id":"fed6b151-c9a6-48ba-baf3-3d7870fb0d0c","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":247,"width":407,"height":11}},{"id":"80f8cb97-1b2c-464e-99fd-c6223688eff0","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. 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These positions have provided her with insight and","page_number":27,"box":{"x":265,"y":330,"width":595,"height":11}},{"id":"ce3e23ca-7689-4b53-aad3-f59f3bc362c4","block_type":"box","text":"perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":345,"width":323,"height":11}},{"id":"4f26d7ec-5103-46a8-92d5-0adcabdbfb7f","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":27,"box":{"x":70,"y":368,"width":798,"height":11}},{"id":"8f0b017d-8171-4ade-bd76-029f154896ef","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":27,"box":{"x":265,"y":383,"width":631,"height":11}},{"id":"c3761fe5-307e-4854-9746-7ea1e4b8bf6e","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":27,"box":{"x":265,"y":398,"width":633,"height":11}},{"id":"c3094306-7f92-4516-9b32-7774b327249b","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":27,"box":{"x":265,"y":413,"width":628,"height":11}},{"id":"850fa0b5-8b8d-4709-bed8-969119c5f1e3","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":27,"box":{"x":265,"y":428,"width":596,"height":12}},{"id":"ab4560e3-d5b6-44c7-a09b-f0ca625e6dba","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":27,"box":{"x":265,"y":443,"width":616,"height":12}},{"id":"e00462c2-8938-4942-b512-41d765981dfc","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":27,"box":{"x":264,"y":458,"width":368,"height":11}},{"id":"c38b653f-6070-4391-966d-46902f3694d9","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":27,"box":{"x":70,"y":481,"width":806,"height":11}},{"id":"19113519-569c-4b00-be72-513404216da0","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":27,"box":{"x":264,"y":496,"width":584,"height":12}},{"id":"66d63e55-cf17-4044-9658-30c12baf2ffb","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":27,"box":{"x":265,"y":512,"width":622,"height":11}},{"id":"996a31b8-de0d-4049-8429-a021a73d7110","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":27,"box":{"x":265,"y":526,"width":638,"height":12}},{"id":"d0a0480c-9892-4d90-a7da-74eb43429f19","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":27,"box":{"x":265,"y":542,"width":570,"height":11}},{"id":"a45b5bd9-9a4c-454b-8e44-46ffb61d902d","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":27,"box":{"x":265,"y":557,"width":642,"height":11}},{"id":"71eed538-0539-4622-90bc-082d8e88cdd5","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":27,"box":{"x":265,"y":572,"width":626,"height":11}},{"id":"80bb8663-f32a-467c-988e-5bc8d069694e","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":27,"box":{"x":265,"y":587,"width":630,"height":11}},{"id":"ba4af3a2-b190-48bb-8918-df608a6228b3","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":27,"box":{"x":265,"y":602,"width":602,"height":11}},{"id":"10c91b9d-d34e-42ac-8845-ba65c9ff1ed7","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":27,"box":{"x":264,"y":617,"width":643,"height":12}},{"id":"2df1cf90-e235-4175-bb0e-6d406275a879","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":27,"box":{"x":264,"y":632,"width":639,"height":12}},{"id":"0eae316c-6beb-40fb-90e3-d31c3f2d73f4","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":27,"box":{"x":264,"y":647,"width":641,"height":11}},{"id":"ff4988d0-b8f1-4f37-a90f-01785460152e","block_type":"box","text":"applicable Commission rules.","page_number":27,"box":{"x":265,"y":663,"width":208,"height":11}},{"id":"ff02c6e0-3f4d-414d-a5ba-d446117c6fd4","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":27,"box":{"x":69,"y":685,"width":769,"height":12}},{"id":"80193ba7-7d96-448e-ae1c-f77aa5fe5192","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":27,"box":{"x":265,"y":700,"width":621,"height":12}},{"id":"2f8a5b32-4879-4add-8ae6-bd0b4e68415e","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":715,"width":599,"height":12}},{"id":"484677a1-6326-4a15-b6cc-2d65bf110ec8","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":27,"box":{"x":265,"y":731,"width":641,"height":11}},{"id":"53bf0ec5-bf3e-46a8-97cf-a6298eb39f38","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":746,"width":602,"height":11}},{"id":"25933d57-bc84-42de-b33c-ec2d136c96f8","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":761,"width":617,"height":11}},{"id":"551d7822-5b57-43e2-9ecf-84bbdcd1a7a2","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":776,"width":629,"height":11}},{"id":"afc209e0-6843-4320-8364-984ed51f7550","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":27,"box":{"x":264,"y":791,"width":628,"height":11}},{"id":"5c29eef1-e041-4388-9cc0-160dfd6415d1","block_type":"box","text":"ar ticles and books on these topics.","page_number":27,"box":{"x":265,"y":806,"width":251,"height":11}},{"id":"dc38e567-0a62-4065-81bb-08be059e743e","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":27,"box":{"x":70,"y":829,"width":764,"height":11}},{"id":"45429c8f-d29a-425f-925b-e3b03bf1eb5b","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":27,"box":{"x":265,"y":844,"width":642,"height":11}},{"id":"2ace426b-c4c2-47d7-9b22-c47ec1584782","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":27,"box":{"x":264,"y":859,"width":593,"height":11}},{"id":"db663a72-f904-4825-adcb-b396987b93af","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":27,"box":{"x":265,"y":874,"width":603,"height":12}},{"id":"450e7b23-e3ba-4aa1-b8b7-1c04c53bb543","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":889,"width":629,"height":12}},{"id":"9eab6ed3-f698-4a2c-9796-ed2042fe7897","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"70f1bae5-58c8-4363-af03-72e8c64c5a27","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ac0fa3b-d7b3-42c2-8378-5f582ce295a3","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"f22bf4c8-e438-4b8d-9b69-12164512bce8","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":28,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"17297899-0c60-4254-a548-e007c693f213","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":28,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"3a100344-beea-4a28-8105-10d439686638","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":28,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"b1f6a45d-a023-4c64-b390-4c2886b8985d","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":28,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"892cf40d-f6ed-42bc-b342-3ff33a926ed6","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":28,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"1665a05d-59f2-4fdb-9a29-e8b6e3ff0863","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":28,"box":{"x":265,"y":141,"width":626,"height":11}},{"id":"a2f3c961-7432-4f59-8613-7767699174bd","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":28,"box":{"x":265,"y":156,"width":592,"height":11}},{"id":"98d0e689-2101-4985-bdb3-be1350acab6c","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":28,"box":{"x":265,"y":171,"width":629,"height":12}},{"id":"427a400d-e18b-4c06-9014-16451b09a726","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":28,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"d04ab5d8-5708-4f5a-9da1-5b9381a66882","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":28,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"bffad0e6-4a12-4eaa-9325-8b4fec3c5ed6","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":28,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"09dc0da6-f5e2-4357-a2fa-710593d04549","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":28,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"ff38c059-0ae7-4092-badd-8e4d254ec07a","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":28,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"2b38e805-b4ef-4b47-9285-d348a9209007","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":28,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"3679b676-3cb7-4f75-819e-0675a24964d1","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":28,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"8c88f9db-9272-4e40-96ad-2395d9bb24d6","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":28,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"3eac4444-e53f-4bf6-8222-cda7abfd03b6","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":28,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"8431d598-3b4b-457b-9108-af85a86e6583","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":28,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"cf773037-79f8-4030-add7-245303986cdb","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":28,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"f94dc892-9f73-4215-af81-3f82fed748d4","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":28,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"0d12605f-133f-448d-876d-94cd31d5ca23","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":28,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"bcd86eb6-523c-4138-8fc9-2e5e7dbf2c32","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":28,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"593f6f1f-22d4-4a85-967e-702cc983d1bf","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":28,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"0b43c691-04b7-43f5-9e99-83fb6edb664d","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":28,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"44611a84-64db-4bd0-b80f-972167b5de5b","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":28,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"1938b0f9-b75a-42bd-b822-ea942703fbd0","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":28,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"5c6e4666-0536-41e8-a11d-9db291e055ba","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":28,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"fbc1d68b-1c44-4ec1-86e4-1fc571d048f4","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":28,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"684d2cf7-bff2-4276-8e10-761c0edb7282","block_type":"box","text":"various private and non-profit boards.","page_number":28,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"5d96f9c1-2bcf-4ffd-8aaa-44dfe0437166","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":28,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"9da49e37-9fdf-4663-a333-5beb631146b6","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":28,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"ff4ccdbe-b3c8-43fa-b137-65ce9bb9ce53","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":28,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"84057bae-4740-4dce-8cd9-6b2bd9a7e75a","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":28,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"6e946a9c-b331-465d-82f6-492ada034f53","block_type":"box","text":"accounting and consulting firm. 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None Over","page_number":34,"box":{"x":213,"y":689,"width":618,"height":9}},{"id":"27ffd514-c364-4551-9e79-75a797b2b713","block_type":"box","text":"$100,000","page_number":34,"box":{"x":837,"y":688,"width":72,"height":12}},{"id":"88e778f2-600f-4ca5-90af-621f942822c0","block_type":"box","text":"As of May 5, 2026, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned an","page_number":34,"box":{"x":101,"y":713,"width":790,"height":11}},{"id":"2876eeb7-5a5c-442c-92d0-e94eec7e3078","block_type":"box","text":"aggregate of less than 1% of any class of the outstanding shares of the Fund. 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The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":35,"box":{"x":69,"y":45,"width":769,"height":11}},{"id":"f78c598a-c7a8-48dc-a7f5-ec4d961ba5a1","block_type":"box","text":"Committee and Per formance Oversight Committee are paid as compensation an additional annual retainer of","page_number":35,"box":{"x":69,"y":60,"width":778,"height":11}},{"id":"53f24ab0-e4aa-46e9-bb67-1049d984f4a7","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":35,"box":{"x":69,"y":74,"width":689,"height":12}},{"id":"7a7fe4d7-9ced-4e2e-9396-1c24d9ef126b","block_type":"box","text":"Each Trustee Elect currently serves as a consultant to the Independent Trustees in the per formance of the","page_number":35,"box":{"x":102,"y":98,"width":761,"height":11}},{"id":"b4004378-7521-4471-a932-2149fd96d517","block_type":"box","text":"Independent Trustees’ duties to the Trust and is paid compensation at the same rate as the compensation paid to","page_number":35,"box":{"x":70,"y":113,"width":816,"height":11}},{"id":"4dacd4b3-8e7e-4a7b-a324-c9ee2c2edec9","block_type":"box","text":"any Independent Trustees who are not the Chair of the Board or a Chair of a Committee. 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Cotty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 775 None","page_number":35,"box":{"x":79,"y":357,"width":654,"height":12}},{"id":"568893b6-14ae-4f8d-b897-31af391a95ff","block_type":"box","text":"$467,500","page_number":35,"box":{"x":817,"y":357,"width":72,"height":11}},{"id":"f75b87b0-d538-4bc2-a693-9d3ee8ae2aac","block_type":"box","text":"Henry R. 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Urish . .","page_number":35,"box":{"x":79,"y":449,"width":131,"height":8}},{"id":"f67d8ea6-9767-4d7b-acdc-cc3f084e2fef","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 769 None","page_number":35,"box":{"x":217,"y":448,"width":516,"height":10}},{"id":"7ddbdcef-e1f9-47a4-922f-ae4c231f42c6","block_type":"box","text":"$445,000","page_number":35,"box":{"x":817,"y":448,"width":72,"height":11}},{"id":"997a206b-31a9-4a36-a520-a477cf45a0ac","block_type":"box","text":"Claire A. 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None None None","page_number":35,"box":{"x":217,"y":494,"width":672,"height":9}},{"id":"e5562939-752d-460f-9c2d-f72708344c48","block_type":"box","text":"John M. Perlowski","page_number":35,"box":{"x":78,"y":509,"width":127,"height":9}},{"id":"845b6ddd-4235-4917-a210-18fee7fb446c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None","page_number":35,"box":{"x":208,"y":509,"width":681,"height":9}},{"id":"ac60ecc3-d258-4ded-a981-96001cff8955","block_type":"box","text":"1","page_number":35,"box":{"x":69,"y":534,"width":3,"height":3}},{"id":"f402e4fb-5072-4913-857c-16e989413c8c","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on\r\nI14","page_number":35,"box":{"x":94,"y":535,"width":786,"height":9}},{"id":"aaaf2f4f-a2d7-4ea6-89cd-62de189856dd","block_type":"box","text":"page I-14.","page_number":35,"box":{"x":94,"y":544,"width":55,"height":8}},{"id":"7ad831bd-ddba-45d7-8e4c-d7f406396af6","block_type":"box","text":"2","page_number":35,"box":{"x":69,"y":556,"width":3,"height":4}},{"id":"b5a84ddb-0e1f-4723-a6c2-a7cd2dec4a0e","block_type":"box","text":"Chair of the Audit Committee.","page_number":35,"box":{"x":93,"y":556,"width":168,"height":7}},{"id":"9beeac8c-c6fa-4cb1-98c5-b7ceb89a384d","block_type":"box","text":"3","page_number":35,"box":{"x":69,"y":569,"width":3,"height":3}},{"id":"f4224cdd-645c-442f-98be-8675f027d98f","block_type":"box","text":"Chair of the Governance Committee.","page_number":35,"box":{"x":93,"y":569,"width":206,"height":7}},{"id":"f7482702-e0d4-4a25-9176-aa7703466b46","block_type":"box","text":"4","page_number":35,"box":{"x":68,"y":581,"width":4,"height":4}},{"id":"11447b7e-647f-4299-a987-1a66268b9233","block_type":"box","text":"Chair of the Per formance Oversight Committee.","page_number":35,"box":{"x":93,"y":581,"width":269,"height":9}},{"id":"98292af2-9522-4b9e-a214-4bf1b2d6e57f","block_type":"box","text":"5","page_number":35,"box":{"x":69,"y":594,"width":3,"height":3}},{"id":"09ad5190-30cc-4e17-806d-1ac9855c5aa5","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":35,"box":{"x":93,"y":594,"width":352,"height":9}},{"id":"b30de94a-9616-45d2-9c21-60af6fba9726","block_type":"box","text":"6","page_number":35,"box":{"x":69,"y":607,"width":3,"height":3}},{"id":"4fbfb7b0-d37a-44e5-8d49-8f9844e76e52","block_type":"box","text":"Chair of the Compliance Committee.","page_number":35,"box":{"x":93,"y":606,"width":205,"height":9}},{"id":"81347b84-9f3e-4d2f-a12a-6b5eb1b834d6","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":35,"box":{"x":69,"y":635,"width":432,"height":11}},{"id":"fcd228f7-8d26-4614-b9c7-44f5aff28f71","block_type":"box","text":"Management Agreement","page_number":35,"box":{"x":69,"y":665,"width":180,"height":11}},{"id":"3a8724f0-e9f7-484d-b319-cab5eb53b9a4","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into a management agreement with BlackRock pursuant to which","page_number":35,"box":{"x":101,"y":688,"width":791,"height":11}},{"id":"1e00e74e-90be-4e90-9a8c-bc803f9d1ced","block_type":"box","text":"BlackRock is entitled to receive fees for the services it provides(the “Management Agreement”).","page_number":35,"box":{"x":70,"y":703,"width":684,"height":11}},{"id":"0c33501d-846d-4cb7-b5b0-7b1ad6f71bf0","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":35,"box":{"x":102,"y":726,"width":762,"height":11}},{"id":"a06f1590-fd08-48f4-b9f9-820fd8cfa889","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":35,"box":{"x":69,"y":741,"width":799,"height":11}},{"id":"8850d105-183b-4634-8da5-bf16dd8c677d","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":35,"box":{"x":68,"y":756,"width":726,"height":11}},{"id":"02fecf00-4321-43bb-8bcb-f964a2148f03","block_type":"box","text":"June 30, 2027. BlackRock has contractually agreed to waive its management fees by the amount of investment","page_number":35,"box":{"x":69,"y":771,"width":797,"height":11}},{"id":"cf991fa1-ec02-4917-b3d5-493ad786c2e8","block_type":"box","text":"advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by","page_number":35,"box":{"x":69,"y":786,"width":789,"height":11}},{"id":"f4660cc9-9788-4a49-9902-72cc625fd4ee","block_type":"box","text":"BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days’","page_number":35,"box":{"x":70,"y":801,"width":810,"height":11}},{"id":"2ffc0055-a0b3-421e-8f70-5bb44a8002ea","block_type":"box","text":"notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the","page_number":35,"box":{"x":69,"y":816,"width":827,"height":12}},{"id":"cb39c4a4-bb59-4634-bfc4-278a7b407bb0","block_type":"box","text":"Fund.","page_number":35,"box":{"x":70,"y":832,"width":36,"height":8}},{"id":"bcf0f3f9-8658-464e-b3fe-3761990c34e3","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual","page_number":35,"box":{"x":102,"y":854,"width":778,"height":11}},{"id":"504af877-95f3-4af5-98a6-f38d22cc4eb7","block_type":"box","text":"Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest","page_number":35,"box":{"x":70,"y":869,"width":824,"height":11}},{"id":"3ec14ccf-b51f-4bb3-be41-c25bea6370f6","block_type":"box","text":"Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) (as defined in the Fund’s","page_number":35,"box":{"x":70,"y":884,"width":739,"height":11}},{"id":"6ce23af0-2c91-4152-8abb-0e379add8808","block_type":"box","text":"Prospectuses) as a percentage of average daily net assets to 0.49% for Investor A Shares, 0.29% for Institutional","page_number":35,"box":{"x":69,"y":899,"width":810,"height":12}},{"id":"91574764-493a-4cbe-9635-1ac0ba894e0b","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"5f135fa6-7f3e-45d5-adab-4988d800aeeb","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67762436-e515-4c6a-8c3a-783bb049dde4","block_type":"box","text":"Shares and 0.24% for Class K Shares through June 30, 2027. This contractual agreement may be terminated upon","page_number":36,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"612ac3d9-49ab-4db6-9c20-bec43b04246c","block_type":"box","text":"90 days’ notice by a majority of the Independent Directors of the Fund or by a vote of a majority of the outstanding","page_number":36,"box":{"x":69,"y":60,"width":815,"height":11}},{"id":"e1acb3a0-99ef-4433-a3ec-5d4a3eb68cf3","block_type":"box","text":"voting securities of the Fund.","page_number":36,"box":{"x":68,"y":75,"width":206,"height":11}},{"id":"ef731591-d754-455e-85f4-d903779ce36e","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":36,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"845bea6e-a256-4a59-a1c0-4c4200b00263","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock, to","page_number":36,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"a133fe72-dc15-4ddb-b4a3-a95faad05906","block_type":"box","text":"per form investment advisory services with respect to the Fund. In addition, BlackRock may delegate cer tain of its","page_number":36,"box":{"x":70,"y":128,"width":810,"height":11}},{"id":"42cdeb5a-6509-4f59-b045-fb1b827d5390","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":36,"box":{"x":70,"y":143,"width":779,"height":11}},{"id":"fa2a0e6f-254f-4619-9717-2864c8b67184","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":36,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"5526fe71-175c-4b63-b093-a63e914ee851","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":36,"box":{"x":69,"y":173,"width":486,"height":11}},{"id":"39c2a69d-c204-4d56-b563-7f4643a5ce46","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with BlackRock Fund Advisors (previously defined as","page_number":36,"box":{"x":102,"y":196,"width":760,"height":11}},{"id":"94aecd6a-896e-4d0e-8b4c-b42b5ef32170","block_type":"box","text":"“BFA”), pursuant to which BlackRock pays BFA for providing services to BlackRock with respect to that por tion of the","page_number":36,"box":{"x":70,"y":211,"width":830,"height":11}},{"id":"902a72c0-698e-4581-bf2e-9398af31a683","block_type":"box","text":"Fund for which it acts as sub-adviser a monthly fee at an annual rate equal to a percentage of the management fee","page_number":36,"box":{"x":70,"y":226,"width":819,"height":11}},{"id":"3d80515f-4f0b-463f-8217-bbbadc29ee75","block_type":"box","text":"paid to BlackRock under the Management Agreement.","page_number":36,"box":{"x":70,"y":241,"width":382,"height":11}},{"id":"3a6b39ea-b345-408c-b828-c3e561c2927a","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Trust, on behalf of the Fund,","page_number":36,"box":{"x":101,"y":264,"width":806,"height":11}},{"id":"f1f3b5eb-ff18-4363-8048-49cf19976337","block_type":"box","text":"to BlackRock (which includes amounts paid by BlackRock to BFA ), and the amounts waived and/or reimbursed, for","page_number":36,"box":{"x":68,"y":279,"width":821,"height":11}},{"id":"3926c10c-6085-444a-8da2-d952adc8f1a6","block_type":"box","text":"the periods shown.","page_number":36,"box":{"x":68,"y":294,"width":135,"height":11}},{"id":"f2362b41-87bc-405c-9b18-82b4cecd589e","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":594,"y":322,"width":56,"height":8}},{"id":"cbaf6376-9089-443f-9d4b-0f19b7d587ed","block_type":"box","text":"to BlackRock","page_number":36,"box":{"x":582,"y":333,"width":80,"height":7}},{"id":"e06c234a-ff04-48c9-8365-0cfe5513c727","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":702,"y":322,"width":72,"height":8}},{"id":"78cce741-ca35-498d-930b-50bc8e387ae7","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":696,"y":333,"width":80,"height":8}},{"id":"6c6fc725-1056-468c-97c4-e25f6e93e3ca","block_type":"box","text":"1","page_number":36,"box":{"x":776,"y":333,"width":4,"height":3}},{"id":"f5b12263-04c8-4e50-a094-780641d75c32","block_type":"box","text":"Fees 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. . . . . . . . . . . . . . . . . $2,","page_number":36,"box":{"x":358,"y":365,"width":243,"height":11}},{"id":"8eaee757-d8f7-4cd0-98b9-d47ef81363b1","block_type":"box","text":"758,770 $ 37,124 $10,459","page_number":36,"box":{"x":604,"y":365,"width":286,"height":11}},{"id":"8359c76f-5cee-4046-951a-f3a3acbee3de","block_type":"box","text":"Fiscal Year Ended January 31, 2024 . . .","page_number":36,"box":{"x":70,"y":380,"width":282,"height":12}},{"id":"9615dcd1-387a-4c32-ae1a-69ecb525dbdf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":36,"box":{"x":358,"y":380,"width":243,"height":11}},{"id":"592e53da-51fd-4a41-9a92-e9d523c43053","block_type":"box","text":"854,070 $ 11,450 $ 1,525","page_number":36,"box":{"x":603,"y":380,"width":287,"height":11}},{"id":"18dac3c9-27fc-4d39-97cc-b84cdb05d3d1","block_type":"box","text":"1","page_number":36,"box":{"x":69,"y":405,"width":3,"height":3}},{"id":"6281a729-6299-4251-a82f-8eb4d939d332","block_type":"box","text":"BlackRock may waive a por tion of the Fund’s management fee in connection with the Fund’s investment in an affiliated money market fund.","page_number":36,"box":{"x":77,"y":405,"width":794,"height":9}},{"id":"235921a7-89e2-4db7-9a35-78ddae5b54f4","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":36,"box":{"x":69,"y":433,"width":335,"height":11}},{"id":"8b5ee709-cd0b-4b21-bcda-5284b7eac75e","block_type":"box","text":"Jennifer Hsui, CFA, Matt Waldron, CFA, Peter Sietsema, CFA, and Steven White are the por tfolio managers and","page_number":36,"box":{"x":101,"y":456,"width":787,"height":11}},{"id":"47bb9662-3bac-4448-bac9-3375276d24fe","block_type":"box","text":"are jointly and primarily responsible for the day-to-day management of the Fund.","page_number":36,"box":{"x":69,"y":471,"width":566,"height":11}},{"id":"e75a39a0-0757-4562-9388-2ddec3d2eae4","block_type":"box","text":"Other Funds and Accounts Managed","page_number":36,"box":{"x":70,"y":501,"width":265,"height":11}},{"id":"1373f8e0-2390-448b-a2de-abd75cba1236","block_type":"box","text":"The following table sets for th information about the funds and accounts other than the Fund for which the Fund’s","page_number":36,"box":{"x":101,"y":524,"width":806,"height":11}},{"id":"2ad14de3-1750-4248-8ce9-2b4d8aa1b19b","block_type":"box","text":"por tfolio managers are primarily responsible for the day-to-day por tfolio management as of January 31, 2026.","page_number":36,"box":{"x":70,"y":539,"width":781,"height":11}},{"id":"e2ed306e-65db-43af-b878-b8458de12fd5","block_type":"box","text":"Number of Other Accounts 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Manager","page_number":36,"box":{"x":74,"y":620,"width":157,"height":9}},{"id":"587b0708-b67a-4db9-b9fa-6aaa39329e0a","block_type":"box","text":"Other","page_number":36,"box":{"x":343,"y":590,"width":31,"height":7}},{"id":"3db55d22-407c-441b-b632-eeb0d19d3f8a","block_type":"box","text":"Registered","page_number":36,"box":{"x":327,"y":600,"width":63,"height":9}},{"id":"89c314d3-be95-441e-a8f4-4eb271496c89","block_type":"box","text":"Investment","page_number":36,"box":{"x":327,"y":610,"width":64,"height":7}},{"id":"71365b2e-5c9c-444b-940c-05f8a1f4598f","block_type":"box","text":"Companies","page_number":36,"box":{"x":327,"y":620,"width":63,"height":9}},{"id":"1c553dcd-1e6f-401a-9802-b95af6205d8f","block_type":"box","text":"Other 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Pooled","page_number":36,"box":{"x":735,"y":600,"width":74,"height":7}},{"id":"9c72324f-c2db-403c-a2f5-b90ac3ceac78","block_type":"box","text":"Investment","page_number":36,"box":{"x":740,"y":610,"width":64,"height":7}},{"id":"d567e645-cf64-46bf-92d1-10e0f73f2535","block_type":"box","text":"Vehicles","page_number":36,"box":{"x":748,"y":620,"width":48,"height":7}},{"id":"f291a50b-064e-441b-97c0-6126a036d316","block_type":"box","text":"Other","page_number":36,"box":{"x":852,"y":610,"width":31,"height":7}},{"id":"db1f109e-6ae9-46c9-b524-cc908d3b02e6","block_type":"box","text":"Accounts","page_number":36,"box":{"x":840,"y":620,"width":54,"height":7}},{"id":"2c51dda2-be93-4f1a-9326-abf2011e08a0","block_type":"box","text":"Jennifer Hsui 371 92 0 0 0 0","page_number":36,"box":{"x":73,"y":634,"width":798,"height":7}},{"id":"96a79c5d-1e40-4887-9922-2a71ac40bddb","block_type":"box","text":"$3.35 Trillion $111.59 Billion $0 $0 $0 $0","page_number":36,"box":{"x":321,"y":646,"width":553,"height":9}},{"id":"3fe50656-6d9b-41bb-bcbf-5d3c60648cc3","block_type":"box","text":"Peter Sietsema 369 213 138 0 0 0","page_number":36,"box":{"x":74,"y":659,"width":797,"height":8}},{"id":"56e53855-b1d6-4a1f-87b3-820ba2620685","block_type":"box","text":"$3.34 Trillion $1.30 Trillion $910.77 Billion $0 $0 $0","page_number":36,"box":{"x":321,"y":671,"width":553,"height":9}},{"id":"127d71fa-19db-47ca-a623-5fecdb8d1b25","block_type":"box","text":"Matt Waldron 364 3 9 0 0 0","page_number":36,"box":{"x":74,"y":685,"width":797,"height":7}},{"id":"eeafca87-6bdf-4449-bdd9-a43318f95f71","block_type":"box","text":"$3.34 Trillion $5.12 Billion $9.01 Billion $0 $0 $0","page_number":36,"box":{"x":321,"y":697,"width":553,"height":8}},{"id":"c5906686-474d-4f4c-9091-603da8bb6217","block_type":"box","text":"Steven White 366 109 0 0 0 0","page_number":36,"box":{"x":74,"y":710,"width":797,"height":7}},{"id":"7b9c79e5-fa23-4cf5-8186-150d82e65598","block_type":"box","text":"$3.34 Trillion $113.94 Billion $0 $0 $0 $0","page_number":36,"box":{"x":321,"y":722,"width":553,"height":8}},{"id":"ea6737e2-167e-4f94-937d-fd2f62dec8d0","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":36,"box":{"x":69,"y":756,"width":304,"height":12}},{"id":"0027c6d6-a315-4f11-a0f3-d5c4e01f8201","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of January 31, 2026.","page_number":36,"box":{"x":101,"y":779,"width":682,"height":11}},{"id":"0059f97f-fb69-4596-9b3b-a2e3f50fe9b3","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":36,"box":{"x":102,"y":802,"width":774,"height":11}},{"id":"dfd581b9-c898-44e8-80f2-a5e5f173e859","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":36,"box":{"x":70,"y":817,"width":837,"height":11}},{"id":"ebb94a2f-0d91-4ac1-a1c6-0ff5641eed0b","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":36,"box":{"x":69,"y":832,"width":823,"height":11}},{"id":"37a46b57-bce1-4837-9598-8b7659b23e71","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":36,"box":{"x":69,"y":847,"width":799,"height":11}},{"id":"a691f795-c3a2-4c74-98f6-7ff0252301f4","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":36,"box":{"x":70,"y":862,"width":670,"height":12}},{"id":"42b28743-bc3f-4fde-82c8-fab8bbcd4f18","block_type":"box","text":"Base Compensation.","page_number":36,"box":{"x":102,"y":885,"width":148,"height":11}},{"id":"c7db046f-8c2b-44bd-9a4a-1d639e321504","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":36,"box":{"x":257,"y":885,"width":640,"height":11}},{"id":"afeed8f2-1c31-4519-ad73-b45535d4c2a5","block_type":"box","text":"firm.","page_number":36,"box":{"x":68,"y":900,"width":32,"height":9}},{"id":"cb03fb29-9c72-41a6-935f-85e28ed1c4d9","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a9d7c349-fc94-41bd-8b95-c3b1c7bf9464","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c845c3ab-383f-4cc0-a3e8-b938f12d2ea8","block_type":"box","text":"Discretionary Incentive Compensation","page_number":37,"box":{"x":69,"y":45,"width":277,"height":11}},{"id":"07cec149-8b52-49fd-bd39-fddc9bc5bcff","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the per formance of BlackRock, Inc.,","page_number":37,"box":{"x":102,"y":67,"width":792,"height":11}},{"id":"e5c341fe-34fc-4e17-8b2c-051a67d1009d","block_type":"box","text":"the per formance of the por tfolio manager’s group within BlackRock, the investment per formance, including risk","page_number":37,"box":{"x":68,"y":82,"width":800,"height":12}},{"id":"9252da85-c6b9-4694-8516-7ce033db729d","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that por tfolio manager relative to","page_number":37,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"baed023b-5739-4f27-9bdc-46851ceb1bab","block_type":"box","text":"predetermined benchmarks, and the individual’s per formance and contribution to the overall per formance of these","page_number":37,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"775aeda0-7702-4ac3-a8f7-f0f249827d97","block_type":"box","text":"por tfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against","page_number":37,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"4aaf67cb-b56e-4d95-be99-afbc4244fe75","block_type":"box","text":"which the per formance of the Funds or other accounts managed by the por tfolio managers are measured. Among","page_number":37,"box":{"x":68,"y":143,"width":809,"height":11}},{"id":"22335373-e2b4-47f0-98d8-fe28a3ab657d","block_type":"box","text":"other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each por tfolio","page_number":37,"box":{"x":69,"y":158,"width":819,"height":11}},{"id":"8b90a286-98f1-4703-a0c3-68be92fa3b81","block_type":"box","text":"manager’s compensation based on the per formance of the Funds and other accounts managed by each por tfolio","page_number":37,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"f3d63d09-7f2e-445c-be47-80e346767053","block_type":"box","text":"manager relative to the various benchmarks. Per formance of fixed-income and multi-asset class funds is measured","page_number":37,"box":{"x":69,"y":188,"width":821,"height":12}},{"id":"e6b55db4-6aaa-48e4-a5f8-3333d26c062a","block_type":"box","text":"on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable.","page_number":37,"box":{"x":69,"y":203,"width":782,"height":12}},{"id":"609dfb4c-781d-4a9d-a151-ff6a4865230f","block_type":"box","text":"Per formance of index funds is based on the per formance of such funds relative to predetermined tolerance bands","page_number":37,"box":{"x":69,"y":218,"width":815,"height":11}},{"id":"39301d61-c298-487b-9830-70c931a7db97","block_type":"box","text":"around a benchmark, as applicable. The per formance of Messrs. Waldron, Sietsema, and White and Ms. Hsui is not","page_number":37,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"300d0d56-313e-4499-8b7e-abe1c6b740dd","block_type":"box","text":"measured against a specific benchmark.","page_number":37,"box":{"x":69,"y":249,"width":288,"height":11}},{"id":"e28ed461-14cb-4dbd-ad1e-45703b0947d6","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":271,"width":389,"height":12}},{"id":"70faf9ab-b83b-47ba-b42e-a56f555de5ae","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":37,"box":{"x":499,"y":272,"width":383,"height":11}},{"id":"755f4193-3243-4189-b178-6319ca104164","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":37,"box":{"x":70,"y":286,"width":815,"height":12}},{"id":"45179a72-7e81-4670-8bd5-0879a127bc5f","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":37,"box":{"x":68,"y":302,"width":522,"height":11}},{"id":"be03bbb6-d78b-4629-b81e-e1d4249f9e28","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":37,"box":{"x":102,"y":324,"width":760,"height":12}},{"id":"b735eb40-6c05-4fda-b4b0-f1a9f3920fb8","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":37,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"d0626160-dbe6-4aaf-9d1d-47b493199819","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":37,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"557db90d-cb4e-4915-8522-51ee37730d38","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":37,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"93aca01e-9365-4b06-bbf1-509284770b7b","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":37,"box":{"x":68,"y":385,"width":839,"height":11}},{"id":"9536ab51-2806-48ac-bd1c-f7e56e2b2037","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":37,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"7e92499d-f076-40c0-a7de-66f3869e3666","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":37,"box":{"x":70,"y":415,"width":820,"height":11}},{"id":"8c569ca3-e2ce-4b29-adc4-57a23d98f867","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":37,"box":{"x":70,"y":430,"width":801,"height":11}},{"id":"1d805865-c2be-4d31-a22a-a501e41d1bdc","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":37,"box":{"x":70,"y":445,"width":831,"height":11}},{"id":"08c95410-254a-4b62-96ac-b5a5839cbdbb","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":37,"box":{"x":69,"y":460,"width":479,"height":12}},{"id":"71edbaed-a545-4d59-9b2f-77f7b73e6f55","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":37,"box":{"x":102,"y":483,"width":785,"height":11}},{"id":"687806fa-557a-43cd-a72f-4ac01aa93fc9","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":37,"box":{"x":68,"y":498,"width":836,"height":11}},{"id":"4d228150-0f77-426d-a806-08259aae13b3","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":37,"box":{"x":68,"y":513,"width":821,"height":12}},{"id":"abf1a766-7646-46f6-899c-c29d47a79f3d","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":37,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"ad24d5e3-2ac7-4099-98e4-30ed06ce0875","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":37,"box":{"x":70,"y":543,"width":835,"height":12}},{"id":"38ed06d8-aee5-4780-8a9b-c5b078695950","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":37,"box":{"x":69,"y":559,"width":414,"height":11}},{"id":"f3dcccac-cac9-44d1-b4e5-9f127e85833a","block_type":"box","text":"Other Compensation Benefits.","page_number":37,"box":{"x":101,"y":581,"width":218,"height":11}},{"id":"e9cc65c1-acd8-448a-a884-ec99db2bf378","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":37,"box":{"x":327,"y":581,"width":552,"height":11}},{"id":"41d1dfac-99f3-4337-b261-fe3bcff67c32","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":37,"box":{"x":69,"y":596,"width":582,"height":12}},{"id":"12b7aeaa-f038-4565-8cce-9c95df284833","block_type":"box","text":"Incentive Savings Plans","page_number":37,"box":{"x":102,"y":619,"width":167,"height":11}},{"id":"9f343654-5675-4095-b30e-251ca292c145","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":37,"box":{"x":274,"y":619,"width":614,"height":11}},{"id":"866963b9-7f39-4947-bcb2-fb0524ea29aa","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":37,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"375b11ea-43bc-4b98-a63b-0544383a1052","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":37,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"5b202f74-c542-4aa9-a107-87423f5ca6ba","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":37,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"f24c2451-a2d9-44fd-af24-e468ec98c4bb","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":37,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"429f07a6-8a44-4da8-97da-0aa5aacfa1e2","block_type":"box","text":"$360,000 for 2026. The RSP offers a range of investment options, including registered investment companies and","page_number":37,"box":{"x":69,"y":694,"width":821,"height":12}},{"id":"bf4ef66e-0032-4539-9285-0203ff06a37d","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":37,"box":{"x":69,"y":710,"width":798,"height":11}},{"id":"481df7ef-348d-4735-bfec-83c32c9ec6e8","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":37,"box":{"x":70,"y":725,"width":809,"height":11}},{"id":"184aa1ec-0081-4416-b0ee-9bfb89798213","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":37,"box":{"x":68,"y":740,"width":793,"height":11}},{"id":"c667d70c-b0ff-4172-a086-3f1204712f0a","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":37,"box":{"x":70,"y":755,"width":832,"height":11}},{"id":"9fc65110-e17e-455c-ab5d-ca1159b11897","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":37,"box":{"x":68,"y":770,"width":805,"height":11}},{"id":"a13ffbcc-5cbb-4770-b0ab-48d39a178b96","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":37,"box":{"x":69,"y":785,"width":808,"height":12}},{"id":"689df5f8-95c1-4def-9bc6-946f0387e2d3","block_type":"box","text":"par ticipate in these plans.","page_number":37,"box":{"x":70,"y":801,"width":185,"height":11}},{"id":"488a95b9-8eaf-49d5-8ef1-4d43c4e6204f","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a3539c77-400d-4892-bbc1-e7923603ace0","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0783b7aa-5339-4cd2-b1d6-525c0cd7382b","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":38,"box":{"x":69,"y":45,"width":268,"height":11}},{"id":"c4122a18-7926-47ff-9f91-a569118c3ccc","block_type":"box","text":"As of January 31, 2026, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":38,"box":{"x":101,"y":67,"width":758,"height":12}},{"id":"e5866f9f-01c7-4fef-9204-08634af42992","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":38,"box":{"x":69,"y":82,"width":519,"height":12}},{"id":"319e7fbd-18b3-4874-b72d-c4aca5b0f6d2","block_type":"box","text":"Portfolio Manager","page_number":38,"box":{"x":69,"y":121,"width":105,"height":9}},{"id":"6abcf151-fc29-4fd7-bce3-4c47f2c83786","block_type":"box","text":"Dollar Range of Equity","page_number":38,"box":{"x":759,"y":111,"width":129,"height":9}},{"id":"33f7f750-9acf-4194-a98a-b3645a863dd0","block_type":"box","text":"Securities Beneficially Owned","page_number":38,"box":{"x":736,"y":121,"width":173,"height":9}},{"id":"e51decd1-85d0-47b6-9e3d-b611e305cc1f","block_type":"box","text":"Jennifer Hsui, CFA","page_number":38,"box":{"x":69,"y":138,"width":128,"height":11}},{"id":"9038b7b8-4ff6-4809-bb7e-59890de69259","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":206,"y":139,"width":635,"height":8}},{"id":"575a4c0c-be8c-4043-a43f-576d6b393492","block_type":"box","text":"Matt Waldron, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":70,"y":154,"width":771,"height":10}},{"id":"530f496c-28b8-4101-b282-587207ddd30c","block_type":"box","text":"Peter Sietsema, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":69,"y":169,"width":772,"height":10}},{"id":"353769d4-64bc-4a5b-b83b-22e760139b85","block_type":"box","text":"Steven White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":69,"y":184,"width":772,"height":9}},{"id":"05ba6ea4-56dc-46f7-9240-2e81a6c57c3b","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":38,"box":{"x":69,"y":215,"width":403,"height":12}},{"id":"58fd3ea4-569e-431a-a1eb-da642529d321","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":38,"box":{"x":102,"y":238,"width":727,"height":11}},{"id":"1836fc86-aac2-4ea9-8f7e-7141f8fdb707","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":38,"box":{"x":70,"y":253,"width":814,"height":11}},{"id":"317d79f2-dc5b-45ca-be9e-eb6affff9773","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":38,"box":{"x":70,"y":268,"width":837,"height":11}},{"id":"c617c9eb-3483-44fe-9874-e28b687fd609","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":38,"box":{"x":70,"y":283,"width":810,"height":12}},{"id":"dc6fff87-1072-4c2e-8c22-faf900089ee7","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":38,"box":{"x":69,"y":298,"width":782,"height":12}},{"id":"cfd6789b-7fbe-4297-a0ef-367b76ecb653","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":38,"box":{"x":69,"y":314,"width":830,"height":11}},{"id":"23b8c4d7-04e5-4659-8080-28a8d424b486","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":38,"box":{"x":69,"y":329,"width":828,"height":11}},{"id":"2e7426e1-3337-4b33-a93b-168faec32ac1","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":38,"box":{"x":68,"y":344,"width":834,"height":11}},{"id":"1cb0fd67-c4dd-4d4d-a0a7-8732b38355f9","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":38,"box":{"x":70,"y":359,"width":777,"height":11}},{"id":"ba754d50-d4e7-47c5-9906-837ae05a4d6c","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":38,"box":{"x":70,"y":374,"width":821,"height":11}},{"id":"61f7b9d8-a231-49a6-88bd-0b0b8a0c4f9e","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":38,"box":{"x":69,"y":389,"width":819,"height":11}},{"id":"08cf4914-9947-4493-8691-8a13638d496b","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":38,"box":{"x":69,"y":404,"width":832,"height":12}},{"id":"5d68b47e-873c-4f1f-bc71-5d9069c35a0d","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":38,"box":{"x":68,"y":419,"width":804,"height":12}},{"id":"764e793b-39c4-418a-abf9-96d114276f7b","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":38,"box":{"x":69,"y":435,"width":760,"height":11}},{"id":"81a4e73a-cc6f-4680-9484-4aa87ae21c4d","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":38,"box":{"x":69,"y":450,"width":834,"height":11}},{"id":"eb86a8d1-c099-4803-a021-e4d284965b98","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":38,"box":{"x":69,"y":465,"width":836,"height":11}},{"id":"df2715b6-3dda-4f54-ab6c-b6954c6808a5","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":38,"box":{"x":69,"y":480,"width":822,"height":11}},{"id":"4a4d473b-6e13-4f20-acaf-e252d3e93ffa","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":38,"box":{"x":70,"y":495,"width":835,"height":11}},{"id":"c0c83aff-e851-4ae7-affe-3883c6edde9b","block_type":"box","text":"be opposed to the strategy utilized for a fund. It should also be noted that a por tfolio manager may be managing","page_number":38,"box":{"x":69,"y":510,"width":803,"height":11}},{"id":"e86b4b10-e563-4c5e-bde4-c958e1f0918f","block_type":"box","text":"hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only accounts,","page_number":38,"box":{"x":69,"y":525,"width":811,"height":12}},{"id":"2b827886-a7d1-4c85-9949-45e119a12579","block_type":"box","text":"subject to incentive fees. Such por tfolio managers may therefore be entitled to receive a por tion of any incentive fees","page_number":38,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"54b1d85b-7320-4ea3-b3a1-b54b35cd23f0","block_type":"box","text":"earned on such accounts. Currently, the por tfolio managers of this Fund are not entitled to receive a por tion of","page_number":38,"box":{"x":69,"y":555,"width":791,"height":12}},{"id":"b7725c41-aff4-40a8-be2f-fbdbc45af1f0","block_type":"box","text":"incentive fees of other accounts.","page_number":38,"box":{"x":70,"y":571,"width":231,"height":9}},{"id":"82f7b76d-bc1f-4b60-a748-5ec54acb5acb","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":38,"box":{"x":101,"y":593,"width":788,"height":11}},{"id":"d83ef8a8-7a85-49b8-8369-859db5d48f88","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":38,"box":{"x":70,"y":608,"width":839,"height":11}},{"id":"f8c831f1-39cf-4cf5-ba62-1f5b7fab0c0b","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":38,"box":{"x":68,"y":623,"width":823,"height":12}},{"id":"8f0e7cc6-ba0a-4655-a742-a237f5207685","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":38,"box":{"x":68,"y":639,"width":812,"height":11}},{"id":"0134939d-70eb-40c9-96c9-604ab3cd5787","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":38,"box":{"x":69,"y":654,"width":777,"height":11}},{"id":"1e654629-cbbc-48fa-a37e-70e28b45f0b8","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":38,"box":{"x":70,"y":669,"width":826,"height":11}},{"id":"0604b5ce-f0a9-48f8-844f-a4b51fb9de46","block_type":"box","text":"Accounting Services","page_number":38,"box":{"x":68,"y":699,"width":150,"height":11}},{"id":"25ee18b5-581e-49e3-bb8f-89d80ffdb735","block_type":"box","text":"State Street Bank and Trust Company (“State Street”), serves as the accounting services provider for the Fund.","page_number":38,"box":{"x":102,"y":722,"width":796,"height":11}},{"id":"f713c72b-c7f7-4cea-92b7-c770620725c1","block_type":"box","text":"State Street maintains the books of account and other financial records (other than those maintained by the Fund’s","page_number":38,"box":{"x":69,"y":737,"width":824,"height":11}},{"id":"47df6bc6-8150-4ef3-8437-17562713e6ee","block_type":"box","text":"custodian); records general ledger entries; calculates daily net income; reconciles activity to the trial balance;","page_number":38,"box":{"x":69,"y":752,"width":779,"height":11}},{"id":"8fe19003-4731-4df8-8258-68dc4b20af22","block_type":"box","text":"calculates and publishes daily net asset value; prepares account balances; and provides such other accounting","page_number":38,"box":{"x":69,"y":767,"width":796,"height":11}},{"id":"6feb1fd3-342a-4c26-95cd-08a02d785335","block_type":"box","text":"services as may be required. In connection with its accounting services, State Street also provides cer tain","page_number":38,"box":{"x":69,"y":782,"width":760,"height":12}},{"id":"158e4b1b-5b22-4327-bc56-6c45b2e11415","block_type":"box","text":"administration services.","page_number":38,"box":{"x":69,"y":798,"width":170,"height":8}},{"id":"10b6429a-3637-40e9-80bc-ef5cb2e90296","block_type":"box","text":"The table below shows the amounts paid by the Fund to State Street for accounting services for the periods","page_number":38,"box":{"x":101,"y":820,"width":769,"height":11}},{"id":"e5c8029c-5263-4660-ae69-8f35dad0a8af","block_type":"box","text":"shown:","page_number":38,"box":{"x":69,"y":835,"width":48,"height":9}},{"id":"277c634c-c4eb-445d-b40a-e023af255468","block_type":"box","text":"Fees Paid to","page_number":38,"box":{"x":837,"y":864,"width":72,"height":7}},{"id":"b7fe6e67-e25f-48b0-acc7-c97029ceb418","block_type":"box","text":"State Street","page_number":38,"box":{"x":837,"y":874,"width":72,"height":7}},{"id":"b53ee1ae-7299-4b3b-90ec-9ff8b6dd1a52","block_type":"box","text":"Fiscal Year Ended January 31, 2026 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":891,"width":467,"height":11}},{"id":"7b033e85-c194-4e28-b5b0-881584dbf797","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":38,"box":{"x":543,"y":891,"width":356,"height":11}},{"id":"7ba75e0a-e6b4-412d-a182-aee37b9aa21b","block_type":"box","text":"Fiscal Year Ended January 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":906,"width":467,"height":12}},{"id":"4f71f308-c567-472f-a9d0-4935d67180c3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":38,"box":{"x":543,"y":906,"width":356,"height":11}},{"id":"8f28bb3d-f86e-409f-85ab-990fddaeb5f7","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"13a34a21-f256-4ffa-9e01-d57e1be6e25d","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5895cff2-22e9-4473-8ec3-f0eba7a22d4b","block_type":"box","text":"Fees Paid to","page_number":39,"box":{"x":837,"y":49,"width":72,"height":7}},{"id":"3a711a36-c4d6-4846-83d6-bfb5c64fb9ad","block_type":"box","text":"State Street","page_number":39,"box":{"x":837,"y":59,"width":72,"height":7}},{"id":"16245ec8-6524-4969-90a1-53a084d2165c","block_type":"box","text":"Fiscal Year Ended January 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":77,"width":467,"height":11}},{"id":"72fcc8c7-98ef-4f07-8fd2-f9d98e7bbe83","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":39,"box":{"x":543,"y":76,"width":356,"height":11}},{"id":"9033c374-0cb5-4442-8cf2-a55d3ee93c18","block_type":"box","text":"Custodian","page_number":39,"box":{"x":69,"y":108,"width":72,"height":9}},{"id":"041cd366-6c2d-448f-bf59-2d95bf9844e3","block_type":"box","text":"State Street (the “Custodian”), which has its principal place of business at One Congress Street, Suite 1,","page_number":39,"box":{"x":102,"y":131,"width":751,"height":11}},{"id":"a8ec5385-9ab6-414a-a9ea-218018c865f9","block_type":"box","text":"Boston, Massachusetts 02114-2016, serves as the custodian for the Fund. The Custodian, among other","page_number":39,"box":{"x":70,"y":146,"width":749,"height":11}},{"id":"2f6f5b14-0701-40c0-b74a-66c3dea47fb4","block_type":"box","text":"responsibilities, maintains a custody account or accounts in the name of the Fund, receives and delivers all assets","page_number":39,"box":{"x":69,"y":161,"width":820,"height":11}},{"id":"e9f5201f-9abc-4fae-b4a4-43ace4441cc0","block_type":"box","text":"for the Fund upon purchase and upon sale or maturity, and collects and receives all income and other payments and","page_number":39,"box":{"x":68,"y":176,"width":830,"height":11}},{"id":"e2de1139-4ef3-4f0a-8bbd-d8525c10f94b","block_type":"box","text":"distributions on account of the assets of the Fund.","page_number":39,"box":{"x":69,"y":191,"width":359,"height":9}},{"id":"a90306d6-f11c-46e3-8aab-c2705ccc4edc","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":39,"box":{"x":68,"y":222,"width":432,"height":11}},{"id":"36f075f2-33e4-4a13-9067-8c2dc5958b43","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), which has its principal place of business at 301","page_number":39,"box":{"x":102,"y":244,"width":765,"height":12}},{"id":"3bfd85d2-ace0-4557-a223-3c6918b4b1bb","block_type":"box","text":"Bellevue Parkway, Wilmington, Delaware 19809, serves as the transfer and dividend disbursement agent for the","page_number":39,"box":{"x":70,"y":259,"width":799,"height":12}},{"id":"5af5cffc-f9bd-492b-a334-2db5574d16b5","block_type":"box","text":"Fund.","page_number":39,"box":{"x":70,"y":275,"width":36,"height":9}},{"id":"b306b33c-bc90-4a20-9b98-d41c07f9bead","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides cer tain","page_number":39,"box":{"x":102,"y":297,"width":740,"height":12}},{"id":"ee261bfd-2b9f-484d-8584-882049037cc3","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund,","page_number":39,"box":{"x":69,"y":312,"width":824,"height":11}},{"id":"ac83e6dc-e675-4dbd-aeff-0582fc093a68","block_type":"box","text":"reimburses BlackRock for its costs in maintaining the service center, which costs include, among other things,","page_number":39,"box":{"x":69,"y":327,"width":787,"height":12}},{"id":"57d4c030-cd4d-4b64-84d3-fcf3363c1fcf","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":39,"box":{"x":69,"y":343,"width":531,"height":11}},{"id":"10ee0018-f68d-42b1-b573-b1240e1df553","block_type":"box","text":"For the periods shown below, the Trust, on behalf of the Fund, reimbursed BlackRock for shareholder liaison","page_number":39,"box":{"x":102,"y":365,"width":769,"height":11}},{"id":"7e5802df-54b2-4975-9473-1814789bc946","block_type":"box","text":"services pursuant to such agreement as follows:","page_number":39,"box":{"x":69,"y":380,"width":346,"height":12}},{"id":"794751ee-1ff9-4e8a-af92-21d8729c2ca1","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":722,"y":409,"width":56,"height":7}},{"id":"c60c84bc-a83c-423d-9eee-03e433f62607","block_type":"box","text":"to BlackRock","page_number":39,"box":{"x":710,"y":419,"width":79,"height":7}},{"id":"fa5a0cf6-b3c8-44b2-82fc-2e28db181df6","block_type":"box","text":"Fees Waived by","page_number":39,"box":{"x":820,"y":409,"width":89,"height":8}},{"id":"f4a3faaf-26b0-4074-9f9a-905acf169e85","block_type":"box","text":"BlackRock","page_number":39,"box":{"x":833,"y":419,"width":63,"height":7}},{"id":"4fa97a8f-e5b9-4a3d-a997-c7d294b449ee","block_type":"box","text":"Fiscal Year Ended January 31, 2026 . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":437,"width":454,"height":11}},{"id":"b3819064-20ca-4b61-b2fe-deac8567233c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . $ 4,947 $4,893","page_number":39,"box":{"x":531,"y":436,"width":359,"height":11}},{"id":"72ff9d43-fed1-48d3-80e4-913936307fd8","block_type":"box","text":"Fiscal Year Ended January 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":452,"width":454,"height":11}},{"id":"7cdf8e9c-19c0-4e6e-b496-c1bf24536226","block_type":"box","text":"...................","page_number":39,"box":{"x":531,"y":459,"width":148,"height":1}},{"id":"98508564-b6a8-4145-8e7f-97a5ad4dce5d","block_type":"box","text":"$11,661 $3,349","page_number":39,"box":{"x":719,"y":451,"width":171,"height":11}},{"id":"2424aec9-3150-4252-9bfc-6f12661ee13b","block_type":"box","text":"Fiscal Year Ended January 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":467,"width":454,"height":11}},{"id":"559c020d-9f83-4e94-99ff-3c34759b7dba","block_type":"box","text":". . . . . . . . . . . . . . . . . . . $ 8,824 $1,235","page_number":39,"box":{"x":531,"y":466,"width":359,"height":11}},{"id":"b0b2d35d-d723-4305-b9d8-0345d049005f","block_type":"box","text":"Credit Agreement","page_number":39,"box":{"x":69,"y":498,"width":129,"height":11}},{"id":"66fceeb5-6acc-49f0-8730-aae64700eaae","block_type":"box","text":"The Trust, on behalf of the Fund, along with cer tain other funds managed by the Manager and its affiliates","page_number":39,"box":{"x":101,"y":521,"width":757,"height":11}},{"id":"b15e0af0-02b2-4010-8db2-ca7ebb2fdc16","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":39,"box":{"x":69,"y":535,"width":817,"height":12}},{"id":"e31b9f56-0bfd-462a-b834-7d000ede031a","block_type":"box","text":"terminates on April 8, 2027, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":39,"box":{"x":68,"y":551,"width":743,"height":11}},{"id":"1f51d477-b1dd-42e8-a160-ea764e76bbac","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":39,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"91cbb1de-6c4b-4824-8a5f-45acd1c38865","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":39,"box":{"x":68,"y":581,"width":818,"height":12}},{"id":"593b61c6-1f19-41aa-96f4-751ee46b1e4c","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":39,"box":{"x":70,"y":596,"width":761,"height":12}},{"id":"ab30a423-6ff4-45e1-aff0-ba169a36a268","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":39,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"433840ee-98b5-40d0-8e0f-469555f08e94","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":39,"box":{"x":68,"y":627,"width":825,"height":11}},{"id":"de03baa0-9728-4568-95d7-23380764f946","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":39,"box":{"x":69,"y":642,"width":805,"height":11}},{"id":"169cd3b4-2116-46f5-a2e0-b7e21a72fb10","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":39,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"9a744a6a-9b8f-4bab-a7ff-1ee13f0700da","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":39,"box":{"x":68,"y":672,"width":801,"height":11}},{"id":"999960f0-ae0c-429e-88e7-7bac89886444","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":39,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"9d53cd09-1b78-438e-9a80-614e877af3e7","block_type":"box","text":"charged interest at a variable rate.","page_number":39,"box":{"x":69,"y":703,"width":245,"height":11}},{"id":"bc695b1c-98fe-4af0-8242-a3cf38b5eee6","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":39,"box":{"x":68,"y":733,"width":491,"height":11}},{"id":"06961748-f604-4b57-9a8c-807839d8cbf5","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor. BRIL is a registered","page_number":39,"box":{"x":102,"y":755,"width":802,"height":11}},{"id":"a4a75a16-cd93-4346-b07f-8f95d5597047","block_type":"box","text":"broker-dealer located at 50 Hudson Yards, New York, New York 10001. The Trust has entered into a distribution","page_number":39,"box":{"x":69,"y":770,"width":795,"height":11}},{"id":"6cc274d3-1ac8-44fa-ad50-d5f544a2d7a5","block_type":"box","text":"agreement with BRIL in connection with the continuous offering of shares of the Fund.","page_number":39,"box":{"x":69,"y":785,"width":612,"height":12}},{"id":"11d8f6cd-9998-4e3b-94c9-160cabb46943","block_type":"box","text":"The table below provides information for the fiscal year ended January 31, 2026 about the 12b-1 fees the Fund","page_number":39,"box":{"x":101,"y":808,"width":796,"height":11}},{"id":"d4f008bf-d78e-4b6c-ad6d-0bd43f584fb7","block_type":"box","text":"paid to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":39,"box":{"x":70,"y":823,"width":829,"height":12}},{"id":"ccd69740-d0f1-41e5-bf52-01af7a1e2973","block_type":"box","text":"shareholder servicing activities for Investor A Shares.","page_number":39,"box":{"x":69,"y":838,"width":379,"height":12}},{"id":"ecec1c04-e837-47aa-a981-e44bcc636040","block_type":"box","text":"Class Name","page_number":39,"box":{"x":69,"y":867,"width":68,"height":7}},{"id":"e693b4db-d5fa-4a32-ac79-0b2f856f561c","block_type":"box","text":"Fees Paid to BRIL","page_number":39,"box":{"x":806,"y":867,"width":103,"height":7}},{"id":"4758cdd5-4df8-4fb6-a014-82f3f2a4ba0f","block_type":"box","text":"Investor A Shares .","page_number":39,"box":{"x":70,"y":884,"width":134,"height":9}},{"id":"be76b09b-d9a9-4c75-96ab-40f7d27ae95c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,513","page_number":39,"box":{"x":210,"y":884,"width":674,"height":11}},{"id":"a6e0e875-ddb6-4b21-aa08-70406d67292e","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"a5c5acfa-2801-40af-a315-531631182f7c","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dcaf4be5-df71-4126-ae66-252167215fe4","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":40,"box":{"x":68,"y":45,"width":318,"height":11}},{"id":"6bfbca55-c820-42ea-bdb9-79389dc36cc5","block_type":"box","text":"The offering price for the Fund’s shares is equal to the net asset value computed by dividing the value of the","page_number":40,"box":{"x":101,"y":67,"width":775,"height":12}},{"id":"a3a317df-ae75-4a05-90a9-74bd70783da4","block_type":"box","text":"Fund’s net assets by the number of shares outstanding.","page_number":40,"box":{"x":70,"y":82,"width":398,"height":12}},{"id":"3e7682d7-5144-4e16-b0b3-121be052200b","block_type":"box","text":"For more information on the purchase and valuation of shares, see “Purchase of Shares” and “Pricing of","page_number":40,"box":{"x":102,"y":105,"width":747,"height":11}},{"id":"e2d2acc3-38af-4801-96fb-2956035f6279","block_type":"box","text":"Shares” in Par t II of this SAI.","page_number":40,"box":{"x":69,"y":120,"width":205,"height":9}},{"id":"d90b6aa9-ad8b-41e4-9f9b-76bad7330631","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":40,"box":{"x":68,"y":151,"width":302,"height":11}},{"id":"ea37c1c9-788c-4457-a975-3815c9304218","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":40,"box":{"x":102,"y":173,"width":609,"height":11}},{"id":"8d7b37e0-6449-462e-9c91-7e5dbcc2c084","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, is set","page_number":40,"box":{"x":102,"y":196,"width":794,"height":11}},{"id":"abeb4c93-191b-4ffc-8290-a113fe71ae24","block_type":"box","text":"for th in the following table:","page_number":40,"box":{"x":68,"y":211,"width":191,"height":11}},{"id":"eee9c121-94f1-47a2-8faf-81f30fb668d0","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":613,"y":239,"width":125,"height":9}},{"id":"39216069-b0f5-47ea-9eaa-dc19e4d6d35d","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":623,"y":249,"width":106,"height":7}},{"id":"8b3182c1-6070-4bf5-8824-f6856c8ed1fa","block_type":"box","text":"Brokerage Commissions","page_number":40,"box":{"x":769,"y":239,"width":140,"height":9}},{"id":"a9131855-a47d-4ed2-9d5e-693f7793e60a","block_type":"box","text":"Paid to Affiliates","page_number":40,"box":{"x":791,"y":249,"width":96,"height":7}},{"id":"68056fcc-d7ad-4953-8a2d-f1a898207ca2","block_type":"box","text":"Fiscal Year Ended January 31, 2026 . . .","page_number":40,"box":{"x":70,"y":267,"width":284,"height":11}},{"id":"197b8828-6685-4d7b-9df5-176bf88c0823","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,812 $0","page_number":40,"box":{"x":360,"y":266,"width":488,"height":11}},{"id":"1b87de59-eb52-4d7a-a3b7-465edd8733cc","block_type":"box","text":"Fiscal Year Ended January 31, 2025","page_number":40,"box":{"x":70,"y":282,"width":256,"height":11}},{"id":"a75662f9-0e77-43bc-9cbb-a45c19146f99","block_type":"box","text":"1","page_number":40,"box":{"x":328,"y":283,"width":4,"height":4}},{"id":"ee743b9e-6a7b-4b4a-b460-d142e9e7464d","block_type":"box","text":"...............................","page_number":40,"box":{"x":336,"y":290,"width":246,"height":1}},{"id":"afdfee61-fa79-4172-974d-69a79c0ffbe2","block_type":"box","text":"$488,596 $0","page_number":40,"box":{"x":640,"y":281,"width":208,"height":12}},{"id":"6b586dd5-900b-4ab0-8c50-e5b9e1c6e9a7","block_type":"box","text":"Fiscal Year Ended January 31, 2024 . . .","page_number":40,"box":{"x":70,"y":297,"width":284,"height":11}},{"id":"3b09014b-2638-4ff0-9eff-72086bf40ed8","block_type":"box","text":"............................","page_number":40,"box":{"x":360,"y":305,"width":222,"height":1}},{"id":"b1255e1d-e03c-4641-bce1-12504d2b326e","block_type":"box","text":"$171,807 $0","page_number":40,"box":{"x":640,"y":297,"width":208,"height":11}},{"id":"6b31ee66-f1e4-4efc-80bc-414c4944962e","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":322,"width":3,"height":3}},{"id":"c8b85468-7439-4a03-afa7-90658dfed724","block_type":"box","text":"The increase in brokerage commissions paid by the Fund as compared to the prior fiscal year was due to increased daily outflows during the","page_number":40,"box":{"x":93,"y":322,"width":800,"height":9}},{"id":"ed6f2b9d-b420-4640-ac04-e9e1b717439d","block_type":"box","text":"fiscal year ended January 31, 2025.","page_number":40,"box":{"x":93,"y":332,"width":206,"height":9}},{"id":"dcc2bfa1-77a2-40f3-9eb3-2f4bab7dcf30","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":40,"box":{"x":101,"y":353,"width":770,"height":11}},{"id":"632bbb7a-bcb5-4cf9-8fb9-923bb0ae0ac4","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":40,"box":{"x":69,"y":368,"width":814,"height":11}},{"id":"0b11ae45-aab9-4d44-8bc9-e6c578cd8fe3","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended January 31, 2026. The provision","page_number":40,"box":{"x":68,"y":383,"width":836,"height":11}},{"id":"12c25953-ad60-4f05-a9fa-02d1e8e6b36b","block_type":"box","text":"of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":40,"box":{"x":69,"y":398,"width":771,"height":11}},{"id":"bf43c93c-4506-43ee-8b57-f57a3cdf3a16","block_type":"box","text":"business with such brokers.","page_number":40,"box":{"x":69,"y":413,"width":198,"height":9}},{"id":"34161cdb-ee5f-4369-870d-881328ce755c","block_type":"box","text":"Amount of Commissions","page_number":40,"box":{"x":357,"y":441,"width":141,"height":8}},{"id":"806751ba-782b-4843-a79d-2a2b91701699","block_type":"box","text":"Paid to Brokers for","page_number":40,"box":{"x":374,"y":451,"width":109,"height":8}},{"id":"70db5171-d01a-4293-a4be-6c9d92eaeb98","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":40,"box":{"x":304,"y":462,"width":249,"height":8}},{"id":"bd2f7d0a-629e-49be-be93-dd2b47b8b7c1","block_type":"box","text":"Amount of Brokerage","page_number":40,"box":{"x":593,"y":451,"width":124,"height":9}},{"id":"49855bc7-aa4a-4b11-a86e-130632316d8a","block_type":"box","text":"Transactions Involved","page_number":40,"box":{"x":592,"y":462,"width":126,"height":7}},{"id":"b7c09c88-9eb2-49f2-bebf-a9916cbfc5a6","block_type":"box","text":"$0 $0","page_number":40,"box":{"x":419,"y":479,"width":245,"height":10}},{"id":"2cd5cca6-a76a-4254-99f5-932b61be7946","block_type":"box","text":"As of January 31, 2026, the Fund held no securities of its regular brokers or dealers (as defined in Rule 10b-1","page_number":40,"box":{"x":101,"y":503,"width":789,"height":12}},{"id":"28df0c28-4ba3-4a40-8623-9bd6267903db","block_type":"box","text":"under the Investment Company Act) or their parents whose shares were purchased during the fiscal year ended","page_number":40,"box":{"x":69,"y":518,"width":792,"height":12}},{"id":"77af4510-1f0d-4341-97d7-db4d1a84bb72","block_type":"box","text":"January 31, 2026.","page_number":40,"box":{"x":69,"y":534,"width":131,"height":11}},{"id":"1653c1b8-3c06-4c08-b99d-0fcd7c888a77","block_type":"box","text":"Securities Lending","page_number":40,"box":{"x":68,"y":564,"width":135,"height":11}},{"id":"c7e342e4-e688-4144-9c9b-ffcce766a87c","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":40,"box":{"x":101,"y":587,"width":807,"height":11}},{"id":"41babd3e-8fc7-4c29-af25-a81d7a3700dc","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":40,"box":{"x":69,"y":601,"width":817,"height":12}},{"id":"dee2ee37-5203-42b9-b01c-b9571516dcfe","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":40,"box":{"x":69,"y":617,"width":813,"height":11}},{"id":"2cf49e47-a0a9-48a9-85d2-7641132ea662","block_type":"box","text":"lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities lending agent for the Fund, subject to","page_number":40,"box":{"x":70,"y":632,"width":832,"height":11}},{"id":"34437a4b-2e01-4837-8706-a97e8b035395","block_type":"box","text":"the overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency","page_number":40,"box":{"x":68,"y":647,"width":745,"height":11}},{"id":"29fc4006-213b-4df1-a90f-861f436c3174","block_type":"box","text":"Agreement”). BTC administers the lending program in accordance with guidelines approved by the Board.","page_number":40,"box":{"x":68,"y":662,"width":747,"height":11}},{"id":"80152d1e-dc12-4877-9b44-1bd20c48a4d7","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BTC as","page_number":40,"box":{"x":101,"y":685,"width":735,"height":11}},{"id":"87659eb9-21fd-4feb-acf1-d6aaefb377d3","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":40,"box":{"x":69,"y":700,"width":834,"height":11}},{"id":"0ddc5765-131d-4eb8-8cc7-5f406f86295c","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":40,"box":{"x":70,"y":715,"width":822,"height":11}},{"id":"820cba69-fccb-4479-b1b5-a1cdcc7855d4","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BTC bears all","page_number":40,"box":{"x":69,"y":730,"width":788,"height":11}},{"id":"f1b3a23b-d0f1-4a18-b05e-ad2b90a6ac08","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":40,"box":{"x":69,"y":745,"width":783,"height":11}},{"id":"6c75d093-b7f4-4c27-bddb-b770778f7d83","block_type":"box","text":"investment of cash collateral received for securities on loan in money market funds advised by BFA or its affiliates,","page_number":40,"box":{"x":70,"y":760,"width":817,"height":11}},{"id":"96bd0580-7c18-4dea-a1f2-4d489d4a3214","block_type":"box","text":"and such fees will not be subject to any waivers (the “collateral investment fees”); however, BTC has agreed to","page_number":40,"box":{"x":69,"y":775,"width":791,"height":12}},{"id":"bc6d1cff-af71-43bc-9499-191a1d049f12","block_type":"box","text":"reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees","page_number":40,"box":{"x":69,"y":790,"width":825,"height":12}},{"id":"17715370-d87e-4745-b1d6-d8a66c811a4a","block_type":"box","text":"the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales load,","page_number":40,"box":{"x":68,"y":806,"width":793,"height":11}},{"id":"78f0d583-6c07-40c7-824b-87e1ae1e6142","block_type":"box","text":"distribution fee or service fee.","page_number":40,"box":{"x":69,"y":821,"width":213,"height":9}},{"id":"64b5eba3-675a-48a4-9cc0-6d17d1d0ff3a","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":40,"box":{"x":101,"y":843,"width":776,"height":12}},{"id":"533345d2-7eec-4077-8406-07e7a6a9c2f0","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":40,"box":{"x":69,"y":858,"width":831,"height":12}},{"id":"65cc60e6-1670-4abc-a8d2-6f106e2a7e67","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":40,"box":{"x":68,"y":874,"width":812,"height":11}},{"id":"d6729921-fdf4-4a44-b0c6-fcf97f93cc66","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":40,"box":{"x":69,"y":889,"width":799,"height":11}},{"id":"4341d55d-6861-4475-89b4-60ec6f2bb211","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":40,"box":{"x":68,"y":904,"width":835,"height":11}},{"id":"1890e39d-a8b5-429f-b458-d49d1f8f66e1","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"23468b3d-a3e2-45e7-9313-d059076ccdb8","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ddda2b21-b2be-4b04-a3b3-798f0ed136dd","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":41,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"5cd062dd-76b0-477f-b2e8-c112205acaa0","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":41,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"346154b7-30d7-4744-971b-4b856e5718f4","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":41,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"85c8daf6-60a1-4adb-b167-86e56fc8b630","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":41,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"85a4c1dc-e8b1-46c4-a4f7-328c234fcabe","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":41,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"616cd00e-5f4e-43cc-ab68-29e015062129","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":41,"box":{"x":70,"y":120,"width":830,"height":12}},{"id":"cca564b6-9dff-403c-a246-5ced65062a74","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":41,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"8c38eaba-223f-467e-9c84-6b3ed11ab1f5","block_type":"box","text":"Fund’s returns on securities lending.","page_number":41,"box":{"x":70,"y":151,"width":258,"height":11}},{"id":"018e1ecb-c2c6-41ed-bc0f-491e99608201","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":41,"box":{"x":102,"y":173,"width":774,"height":11}},{"id":"1b7ec21b-a514-4f25-9e46-2736439dd18f","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity or fund of","page_number":41,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"46c881a0-6bde-4c50-9780-8fad77d7a9ab","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":41,"box":{"x":68,"y":203,"width":809,"height":12}},{"id":"04a8c793-a365-4a5f-a5e1-c95317b50b06","block_type":"box","text":"Trust and BTC.","page_number":41,"box":{"x":68,"y":219,"width":104,"height":8}},{"id":"49830121-e33b-41aa-9696-043ca3673c9c","block_type":"box","text":"Pursuant to the securities lending agreement as of January 1, 2026: (i) the Fund retains 82% of securities","page_number":41,"box":{"x":102,"y":241,"width":758,"height":11}},{"id":"9de3422e-eb78-4a99-866f-9b79684686f0","block_type":"box","text":"lending income (which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the","page_number":41,"box":{"x":70,"y":256,"width":815,"height":12}},{"id":"c7dd2214-9d3d-455c-817e-d95c20110ccb","block_type":"box","text":"sum of securities lending income plus collateral investment fees.","page_number":41,"box":{"x":69,"y":271,"width":463,"height":12}},{"id":"edbdf0d6-da56-45c5-8d67-eaee9cada0b4","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":41,"box":{"x":102,"y":294,"width":753,"height":11}},{"id":"22d6e054-8935-493e-9321-1ab461191e08","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specific threshold, the Fund,","page_number":41,"box":{"x":69,"y":309,"width":773,"height":11}},{"id":"d508eda9-b337-496d-9070-8cc126273696","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":41,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"43eb631f-5286-4d26-92f0-1cfec1a0ee46","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":41,"box":{"x":70,"y":339,"width":794,"height":12}},{"id":"37280465-395c-47bf-986a-f83486aa3d67","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":41,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"80a994a3-67ae-4cf2-a67f-695d82594ac4","block_type":"box","text":"Prior to January 1, 2026, the Fund was subject to the same securities lending fee arrangement.","page_number":41,"box":{"x":102,"y":377,"width":683,"height":12}},{"id":"cee9fe85-96bb-4ab2-b1d6-ea0d4d9d4008","block_type":"box","text":"The services provided to the Fund by BTC, in the most recent fiscal year ended January 31, 2026, primarily","page_number":41,"box":{"x":101,"y":400,"width":766,"height":11}},{"id":"d10fb1e3-f245-4a69-9a79-14be980d3af0","block_type":"box","text":"included the following:","page_number":41,"box":{"x":70,"y":415,"width":156,"height":11}},{"id":"6ba8dd61-c945-42fc-aff8-d17e3b0daa22","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":41,"box":{"x":69,"y":435,"width":818,"height":11}},{"id":"331bce7d-91f3-466b-8118-334cc977df6f","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":41,"box":{"x":102,"y":450,"width":333,"height":11}},{"id":"1c32fe51-0385-4804-ac2a-aedf41b00aa3","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":41,"box":{"x":69,"y":470,"width":538,"height":12}},{"id":"45fb11fc-b3ee-4370-a421-c63a0fbee7ac","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":41,"box":{"x":69,"y":491,"width":330,"height":11}},{"id":"abe21ca4-10bc-445d-9b84-6e7fb22bfd08","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":41,"box":{"x":69,"y":511,"width":834,"height":11}},{"id":"0858421d-3077-40b7-b149-4004852b56c3","block_type":"box","text":"of excess collateral, as necessary;","page_number":41,"box":{"x":102,"y":526,"width":246,"height":11}},{"id":"f8c4c96d-f265-4047-8582-0cea54d7ab2e","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":41,"box":{"x":69,"y":546,"width":562,"height":11}},{"id":"9a158075-ac76-4540-80aa-653150b3737e","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":41,"box":{"x":69,"y":566,"width":665,"height":11}},{"id":"729e6f64-a307-4e28-bc93-9d5a11a72650","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":41,"box":{"x":69,"y":586,"width":822,"height":12}},{"id":"07ec5754-cb8d-4dcb-a0e8-3e16448e7c8d","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":41,"box":{"x":101,"y":601,"width":803,"height":12}},{"id":"e3dd51b9-b517-4ef0-9070-fba36660bfc9","block_type":"box","text":"of the loaned securities; 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.","page_number":42,"box":{"x":79,"y":183,"width":289,"height":11}},{"id":"234c0284-ead6-4ae9-a3ab-3668d80cf531","block_type":"box","text":"........................................................","page_number":42,"box":{"x":375,"y":190,"width":450,"height":1}},{"id":"48fdef00-5f2d-44a4-84a4-f0271ef096b1","block_type":"box","text":"$82,398","page_number":42,"box":{"x":847,"y":182,"width":62,"height":11}},{"id":"f33a29fa-bcd5-4f58-9ba9-832858ceb87b","block_type":"box","text":"Other fees not included in securities lending income paid to BTC . . .","page_number":42,"box":{"x":79,"y":198,"width":485,"height":11}},{"id":"0d7eb858-80f4-4427-9b63-dd8655a2f233","block_type":"box","text":"................................ $ 0","page_number":42,"box":{"x":571,"y":197,"width":338,"height":11}},{"id":"d0d8ebd5-d166-43a4-81d3-46544b7f253f","block_type":"box","text":"Aggregate fees/compensation for securities lending 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Additional Information","page_number":42,"box":{"x":68,"y":268,"width":195,"height":9}},{"id":"d1cd41b7-af03-46fd-9b32-ec116d000035","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":42,"box":{"x":102,"y":291,"width":352,"height":11}},{"id":"60e7c446-e9d0-4931-b4e0-1fee5b2d15de","block_type":"box","text":"Deloitte & Touche LLP, with offices located at 115 Federal","page_number":42,"box":{"x":461,"y":291,"width":412,"height":10}},{"id":"c8f44e63-2b0a-4c0e-9498-f2c259eff54d","block_type":"box","text":"Street, Boston, Massachusetts 02110, serves as the Fund’s independent registered public accounting firm.","page_number":42,"box":{"x":69,"y":306,"width":772,"height":11}},{"id":"01a995ae-3b08-442e-a05c-7664b2e821c9","block_type":"box","text":"Counsel.","page_number":42,"box":{"x":101,"y":329,"width":62,"height":9}},{"id":"ac44928f-9b2c-4e17-8b4f-4d6f52cea3ed","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":42,"box":{"x":170,"y":329,"width":736,"height":11}},{"id":"0a1af79c-c5ae-4189-a7b9-115d23bb4523","block_type":"box","text":"the Fund’s counsel.","page_number":42,"box":{"x":68,"y":344,"width":139,"height":9}},{"id":"d5b6a184-1885-4af7-ad43-9a063fb2b795","block_type":"box","text":"Additional Benchmark Performance Information","page_number":42,"box":{"x":68,"y":374,"width":347,"height":9}},{"id":"f9ae054a-36e6-4dd9-814c-b08a6780e835","block_type":"box","text":"As noted in the Prospectus, per formance of the Fund’s benchmark, FTSE All World Index (Net) and FTSE EPRA","page_number":42,"box":{"x":101,"y":397,"width":784,"height":11}},{"id":"81033c6d-df90-4709-af95-24b84abc2724","block_type":"box","text":"Nareit Developed Index (Net), shown in the Prospectus generally assumes the reinvestment of dividends after the","page_number":42,"box":{"x":70,"y":412,"width":808,"height":11}},{"id":"6af4bddf-a359-49ce-ae5e-696d957feac7","block_type":"box","text":"deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined","page_number":42,"box":{"x":69,"y":427,"width":824,"height":11}},{"id":"b3f4b01d-da66-4296-a0ac-f2f7304f5791","block_type":"box","text":"by the index provider. Please see below for the per formance of FTSE All World Index and FTSE EPRA Nareit Developed","page_number":42,"box":{"x":69,"y":442,"width":837,"height":11}},{"id":"17db50fe-48d1-44c7-80dc-be4feea3b889","block_type":"box","text":"Index that do not reflect the deduction of such maximum withholding taxes for the period noted below:","page_number":42,"box":{"x":70,"y":457,"width":726,"height":12}},{"id":"4cc47fcc-78a1-48ce-b721-eadc78872edf","block_type":"box","text":"For the periods ended 12/31/25","page_number":42,"box":{"x":69,"y":486,"width":193,"height":8}},{"id":"43230663-b411-4b02-b1c8-29c35495cd85","block_type":"box","text":"Average Annual Total Returns","page_number":42,"box":{"x":68,"y":496,"width":173,"height":8}},{"id":"f0e8145e-2a6d-4375-87d8-7877ffce558d","block_type":"box","text":"1 Year 5 Years 10 Years","page_number":42,"box":{"x":716,"y":496,"width":193,"height":7}},{"id":"991aee13-45e1-469f-962c-eb5bd9397da5","block_type":"box","text":"FTSE All World Index","page_number":42,"box":{"x":70,"y":513,"width":143,"height":9}},{"id":"5a6434b0-33ae-47d0-8eb3-861c6edb4d61","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.62% 11.20% 11.70%","page_number":42,"box":{"x":215,"y":513,"width":702,"height":9}},{"id":"3c4ec3c8-88f3-4767-91ea-7706eaa11695","block_type":"box","text":"FTSE EPRA Nareit Developed Index . . . . . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":529,"width":440,"height":10}},{"id":"21a45e60-14fe-4345-8197-cd9e093bb7ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . 9.58% 2.76% 3.25%","page_number":42,"box":{"x":516,"y":529,"width":401,"height":8}},{"id":"ae3b1cbd-0994-48d5-b6b4-85b919fb84f7","block_type":"box","text":"The Trust","page_number":42,"box":{"x":68,"y":560,"width":69,"height":9}},{"id":"2afa8f6d-087f-43c7-98e5-e50068bbe7fa","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":42,"box":{"x":101,"y":583,"width":807,"height":11}},{"id":"27970584-8535-4a3d-a81d-5135054d624b","block_type":"box","text":"Investment Company Act as an open-end, management investment company. The Fund is classified as diversified.","page_number":42,"box":{"x":70,"y":598,"width":811,"height":11}},{"id":"63b64c05-52c2-403e-a4ff-0736c6180803","block_type":"box","text":"Effective January 31, 1998, the Trust changed its name from Compass Capital Funds","page_number":42,"box":{"x":70,"y":613,"width":609,"height":11}},{"id":"6cd6f2dd-e95a-454f-a8ab-3b7d2529eb66","block_type":"box","text":"SM","page_number":42,"box":{"x":681,"y":613,"width":10,"height":5}},{"id":"bf609df9-df3e-4811-8790-3d70c798a5e5","block_type":"box","text":"to BlackRock Funds","page_number":42,"box":{"x":697,"y":613,"width":139,"height":9}},{"id":"7968fbbd-0249-4042-b73e-282f25a82375","block_type":"box","text":"SM","page_number":42,"box":{"x":837,"y":613,"width":11,"height":5}},{"id":"cf7f676a-e711-4e3e-94f9-ce3ec7dee06c","block_type":"box","text":". 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Financial Statements","page_number":43,"box":{"x":69,"y":606,"width":179,"height":9}},{"id":"2e5e2d76-30bc-47ef-8011-f2b280196761","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":43,"box":{"x":101,"y":629,"width":726,"height":11}},{"id":"bf32dff7-f221-43b9-9160-cbf91f7ed85f","block_type":"box","text":"Statements and Additional Information for the fiscal year ended January 31, 2026, as filed with the SEC on Form N","page_number":43,"box":{"x":69,"y":644,"width":826,"height":11}},{"id":"ba0f0241-14d9-4758-abb8-382c63408e21","block_type":"box","text":"CSR (the “2026 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the 2026","page_number":43,"box":{"x":69,"y":659,"width":835,"height":11}},{"id":"2dc07cdd-ece7-4ad4-8837-648d17022222","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2026 Annual Financial Statements have been","page_number":43,"box":{"x":68,"y":674,"width":833,"height":11}},{"id":"8b3289cf-844d-42da-a8d9-631e363710fc","block_type":"box","text":"audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such 2026","page_number":43,"box":{"x":69,"y":689,"width":839,"height":11}},{"id":"23f10610-82ab-4939-8ce1-5f3800641959","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the repor t of such firm given their","page_number":43,"box":{"x":68,"y":704,"width":790,"height":11}},{"id":"2cbc73b8-5c9a-4e57-9e43-d754854867fd","block_type":"box","text":"authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual repor ts to","page_number":43,"box":{"x":69,"y":719,"width":815,"height":12}},{"id":"9d3d8718-5c0d-4449-b6d3-61ab1251cea8","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":43,"box":{"x":69,"y":734,"width":785,"height":12}},{"id":"e13aa6b9-31ae-4d59-bea4-e43cefe7e1d0","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":43,"box":{"x":69,"y":749,"width":836,"height":12}},{"id":"aa96a107-3748-4370-81d9-df7ab30725b7","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"64e7742c-ae49-425c-b316-eae254b4d8a2","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4dc3e1e8-3884-42ea-93c7-ee4c7b81b542","block_type":"box","text":"PART II","page_number":44,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"c5a6aa05-ad79-4421-9af6-b94e17415a87","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":44,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"47706c3a-5a6f-4da4-8767-0e8026098fbc","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":44,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"b5d8626b-7f35-466d-a94f-2f492f20d511","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":44,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"012ae41b-0703-46ba-a0c8-2d03ea478f9d","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":44,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"aabaecd5-78c1-4e77-9d86-ca6363911187","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":44,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"af5768e9-9a2e-40c6-8b8f-8f69ab6faac0","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":44,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"add01d39-cbc4-4bbe-bc10-fd8732df2506","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":44,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"c39b4b57-3292-417a-bcce-52b404d76140","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":44,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"3393ed3b-4455-4a09-b3be-a66a6aaf2ad2","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":44,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"c193e3f7-af1f-42b9-8899-559a33c38182","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":44,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"cfaf588c-00f1-40c8-bade-cf04bedf1dad","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":44,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"31f03320-caf7-4cf8-b1dc-ff5aebfaaec6","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":44,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"35b550d9-4952-45b6-b880-a5ce4a53918a","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":44,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"8aaeb851-5fd9-448f-93ea-fdc2192f60fc","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":44,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"382b7be3-c262-432a-a2f2-5ed600d45d46","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":44,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"86928181-6132-4af6-a299-550a47a2f828","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":44,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"d0d53416-d360-4320-a1c6-a16b41e1b918","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":44,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"9eeabb23-2793-4bfc-95d2-dbf0517e1751","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":44,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"9fab6707-44f1-499d-978f-6ea46e88aa41","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":44,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"6f8d3f45-2a80-4bc7-a5e9-88e2b52aa06b","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":44,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"73f4319c-f9c4-4f8a-a37c-eda07c6437c0","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":44,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"8131a56e-f8d7-416f-9393-043f21a5d3e9","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":44,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"071c7d1e-ecf9-4661-8b40-db9951febb7f","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":44,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"18536db6-439a-4363-a417-8725ea0e6dd6","block_type":"box","text":"par ticular Fund.","page_number":44,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"21274fff-2784-4197-ac1b-e51724dc469b","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":44,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"ac4bf533-8e21-4755-b9b1-f6bd49628021","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":44,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"ab4b5af4-43e9-4d3b-8468-d5ac2bf388b2","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":44,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"0a0c721c-aada-421a-b633-f87462a4e614","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":44,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"4d6fbde3-46ac-4ceb-943a-c54db88e1bac","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":44,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"20571d13-7202-4221-bc20-68b297123c8a","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":44,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"f9537e1f-4002-4352-9145-35c881aab4a4","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":44,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"403da543-235d-4900-bc83-e83566f83833","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":44,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"f1ac72a9-134c-47d9-9470-da113367e50f","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":44,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"3477e758-a2cb-452d-bd77-c84cdb380582","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":44,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"2b4e6f56-1761-4069-b9e3-d23877b637ef","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":44,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"58ff4108-9416-4fac-a176-6520ac65ac0b","block_type":"box","text":"Asset-Backed Securities.","page_number":44,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"2a2fbf1f-433c-4156-9b20-7555cc1773a6","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":44,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"dad5170d-6acc-4207-b6bd-74449626fa3e","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":44,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"6b22070c-244b-445a-bad3-c3ee61e7913e","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":44,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"145325fe-1266-4c1f-9574-bccffd7e50a9","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":44,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"ffbe869e-168f-44c6-8f1f-19a58a7f9bb1","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":44,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"424dc73d-fa9a-4524-80f0-5f3853845ffd","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":44,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"1434805b-ecf0-4522-a727-d1bf9ffafb39","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":44,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"d46d2f41-4ae4-41fc-bf64-02a47a180a34","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":44,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"f6351009-5fbb-4ac4-a2f2-89446ca47801","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":44,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"24ca2528-7f4c-49d7-a30d-2b9059f147e1","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":44,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"50c04362-0ee3-4be3-a48f-c620363cc523","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":44,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"017d9f48-e6f1-43dd-a062-53a276dbe6ea","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":44,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"6580cc01-cf1b-467d-af5d-81427232c82d","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":44,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"2e7b7ea8-52b3-4dff-a1c5-ee4d74c85889","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":44,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"9e8e36a0-2237-4b2b-9193-4bce9f048074","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":44,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"dd7dcf29-a1c4-4302-9e26-fe428c609699","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":44,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"a44b2c09-7d1c-44f9-909b-2b1bc07a12a8","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":44,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"b9a5ef6d-1b68-4962-bf5a-cdec9d2e7a4a","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":44,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"68b5f99b-1220-4a83-9e9f-c40543937b9d","block_type":"box","text":"II-1","page_number":44,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"795a0ef7-a284-4fe4-bfe6-6f6f75b3fae2","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a51be7c8-360f-406a-8f0b-d9e2bfab886f","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":45,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"23f5d4e6-f375-43fe-a555-83e58ff7d2df","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":45,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"dcf4323b-43b4-409f-a367-681fbbea24a8","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":45,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"54316dd5-9152-4629-b450-c26528fdd171","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":45,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"bf687294-67e8-4af7-8b04-7eeae8ab522c","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":45,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"e0b3d414-2358-41f9-9508-b675ea37f909","block_type":"box","text":"Asset-Based Securities.","page_number":45,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"1af02055-11c1-4f7c-b795-6a3e28f28af0","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":45,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"0535cfaa-b810-4be0-9cc1-c4de28d6311d","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":45,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"5801c1cb-dcfc-4416-9aa3-1fe558dc0d52","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":45,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"7031be5c-24e5-4c77-ba49-6a5f5f461ad8","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":45,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"c7a48fe9-57f2-438f-8639-cb5dbd26ece8","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":45,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"6b0f301a-0f7b-4390-b002-7742ba2e886d","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":45,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"5c3e52a1-d74b-47ee-9213-cec4abeab9b2","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":45,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"123783f9-1912-4a68-995c-1e6c69ccca9a","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":45,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"03319e7f-12b6-4dc8-994b-590be86692b5","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":45,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"62ac4bfb-9169-45bf-9b74-6a08f2884cab","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":45,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"dbff331f-7870-4da5-8cf7-af2f13da7df6","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":45,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"0a50a44f-a53b-4767-b55b-6831a67a4ae8","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":45,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"f5e60239-e18a-4d5c-831b-cc2b5c2de445","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":45,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"c1c77ad9-a700-4cfc-b24b-9a48f7012b32","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":45,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"d844005f-1f18-4b6d-a324-3a5cb233dc7b","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":45,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"c87621a8-42af-4e84-bcce-48f0d62bb683","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":45,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"957ce556-4559-4a5b-972e-0b5f20a8415b","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":45,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"1f232043-db87-4263-9e7a-c4bc327c9465","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":45,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"b750501b-2829-4f9f-8c4a-da3f0add5fd8","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":45,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"4cbdb942-55bf-4af7-a8a2-822221aacc86","block_type":"box","text":"appreciation in the underlying asset.","page_number":45,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"a3275541-d25c-4f1b-bc49-62e24bc468fd","block_type":"box","text":"Precious Metal-Related Securities.","page_number":45,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"312e380c-f0cf-46e3-abe7-1de7a64abce2","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":45,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"fad7b2e0-4718-43f5-87c5-5ef26c125824","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":45,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"42344675-f8c4-4309-9d93-cd91c7d5a9fc","block_type":"box","text":"e.g.","page_number":45,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"1069c936-d65f-4a45-9be5-c0a32c30a4ac","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":45,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"5bbe2513-4f09-4d1c-a9c8-d1b2694e484f","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":45,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"a8ed3c11-b8c9-4264-b0f1-b7c69c4b2403","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":45,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"bfb48cae-7d67-4dbd-bfb1-c1d49dc84c00","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":45,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"bda7bfcb-c434-4396-99a0-a6bbac4eace0","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":45,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"2fe756ea-bf14-41dd-a442-32aa0d092fb5","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":45,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"9ae8e0e1-c5db-442b-9a34-4964fb9ece11","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":45,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"0e569a71-18a6-433e-b199-5274c2cb7179","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":45,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"7efdfd74-81bf-4592-9916-cf30f271bdc7","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":45,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"181c2187-599a-4c29-a689-ae3b5d457fc4","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":45,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"d1eb4613-b029-4ca5-9dd2-65a6d55f4758","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":45,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"23bb73f0-bc26-4102-a640-38532a76811e","block_type":"box","text":"South African gold production.","page_number":45,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"df19bd88-a2f5-4c05-8072-83c9d9d2ecf1","block_type":"box","text":"Borrowing and Leverage.","page_number":45,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"c7e2b33a-7d75-4722-add3-9426ad26da1e","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":45,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"3acd31d5-5d5d-422c-b6b6-5027f046984a","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":45,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"70a59ea1-7be7-4636-9bd0-6dc5acd5a35f","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":45,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"157f0485-9348-46f5-a382-4c4dee02b072","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":45,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"0fc6f3cf-2963-4b58-8e73-fba521a2b31e","block_type":"box","text":"other securities transactions.","page_number":45,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"3a688992-4073-4fed-b303-e153fd7b0979","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":45,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"1484b691-a63d-4809-9a31-a3e34114b8e9","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":45,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"07931cd4-653f-47f1-9fb7-223bf5181ce0","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":45,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"d9747a5b-43b3-44f3-97f5-10b4ebe015a5","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":45,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"5a194c4f-66f2-47fb-8829-b474edca07ee","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":45,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"57b1e634-acfa-4564-8b1d-a7a9aed1cd76","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":45,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"ba21e324-ed1a-47a4-b0da-3c6bc0dd180d","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":45,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"57bfd593-3f16-4e18-9f1c-658f9175f097","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":45,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"b0d963e1-6590-4e38-9b06-6cd09d20fb57","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":45,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"a8b18cc7-178d-40d1-a9b1-e46de93d0fe0","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":45,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"3834f8e3-0c9e-4d7f-8672-e52d43ce457e","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":45,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"a2bb78ae-658f-4e91-8faf-0d95b4bd9e01","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":45,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"8447ebf6-f8f0-4272-b6bc-be0e0b17c7ee","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":45,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"b5ac27e0-69b6-4ed0-8e56-bd0190f34bd4","block_type":"box","text":"II-2","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b953bf96-db49-4ef8-95df-f758e0e7f7f7","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"46dbb7a0-125a-4887-b4e9-fe0b65d54227","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":46,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"5fe30d54-bc36-4b90-b135-304771ec72d1","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":46,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"965d8d25-2c76-4926-8a40-07d57208d190","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":46,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"9230e230-3142-4f05-aaa2-3ebb87cc178b","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":46,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"26d9a0b9-3606-40c6-85c2-bc52dce5403a","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":46,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"4f54349c-7deb-45d3-8480-588b763109dd","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":46,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"312fd027-b0bc-4898-80be-cc793ec412f0","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":46,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"12d91869-075d-4982-b3ae-df68984bf6d2","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":46,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"7814e26f-a2fc-467e-8876-44359a55fb44","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":46,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"5aeeb5de-03e6-46eb-b76e-e25baf50665b","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":46,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"eebaddb4-aa52-45ef-87ac-db451261807f","block_type":"box","text":"Cash Management.","page_number":46,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"f1041c29-7b65-4951-9739-8ca71535e2ae","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":46,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"1615cf9a-4e4e-47ba-8474-4a5774c9ce06","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":46,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"1decf36e-eab3-4436-b6e6-93b968d29acf","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":46,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"3894ff01-8a20-4db7-838a-1810ae612781","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":46,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"a856921b-22aa-4027-9f1c-c5de11a2a0b9","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":46,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"317a5c31-8361-4a79-8669-18d85e2b798d","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":46,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"927ea389-f209-4ed3-a50c-265ac1ca926b","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":46,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"1a4ac8be-06b8-4ad7-818a-8927dbbd0faa","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":46,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"b2872bb2-f0ac-4cce-9254-38431b928308","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":46,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"bb1cc87d-5ee9-480f-a9c8-dd8ba4e4f952","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":46,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"bc076e3b-299d-487a-a615-9012b86c9fc7","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":46,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"d8794e67-fa3e-4bb6-a2ba-ef4619c89c39","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":46,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"f4d9a80a-b86b-4d37-bd7d-a44f928182e5","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":46,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"555c778e-9958-4093-9166-b28d64499c7b","block_type":"box","text":"Collateralized Debt Obligations.","page_number":46,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"4aa3782b-6f1e-402b-baeb-87703cc7a90b","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":46,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"c50381ae-b1d0-4309-9463-08cb4735720d","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":46,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"c3743a73-a7d4-44e6-a8be-6334454faeab","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":46,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"3bbde878-f884-4f4e-9e37-e603a190c430","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":46,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"affc0a3b-1134-4d60-9575-5fcd2073841d","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":46,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"79eb752b-150f-4424-b2cc-2d542c700cb3","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":46,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"02bcca2f-4e12-43fb-8aab-5d534def07d3","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":46,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"bb3f092a-996b-43f2-afa7-f5ee41380b16","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":46,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"0fb40114-1902-4a4f-b2d4-7adf0a96ca34","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":46,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"c3ad94ec-38d2-469d-aff4-69976b942d72","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":46,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"bbe52db9-738b-4c4f-b456-3ef6714bc299","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":46,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"3b4f37dd-f80b-4c40-b795-5cf105cea32d","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":46,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"b1cb86b9-f6f9-4ca5-ae49-81d65665b86c","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":46,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"e9c16034-1de8-4494-800e-5129bbd1d6af","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":46,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"b5b20c8b-6612-4ec2-81de-791fa0acee42","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":46,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"68fb42be-b145-4a98-9d08-d3ce22c7eef8","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":46,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"9dfec543-0bae-4540-8f9d-e8a20fffd62e","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":46,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"441c910e-221a-4556-a44c-a9c7e00a6047","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":46,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"634f833f-15b9-44c4-bfd7-3777b5278f87","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":46,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"5a33bcf0-276c-452a-9220-8ffd3915956c","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":46,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"dd18742a-31cf-434c-8be8-be13616146ce","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":46,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"3a26262f-6251-4c9b-abc4-72f4b60aa3c4","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":46,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"0639d1e7-37a8-489e-9bbe-4c81207d6abb","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":46,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"aa2f1ebd-b6ef-465d-a0df-f5d9f91304cd","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":46,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"5eaaf336-0d7e-43f4-8785-79b7cffbdd82","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":46,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"0ca6e5c0-5f12-4aea-82bf-11ac0c256b9b","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":46,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"427991e4-3f98-4208-8f7b-ed6767cab8af","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":46,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"9c892d05-65aa-4adc-bb18-d53f1dab2f00","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":46,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"60c93929-d244-45ef-a8a9-1e29de327f5e","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":46,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"18e04cab-d481-433d-a12e-41678d0a7c91","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":46,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"f6260c97-2d40-4502-9906-d6b456de0ba6","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":46,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"f71c5580-8276-4aef-83c1-8baf6f82c2a2","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":46,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"db8e9ee5-17cf-4f33-9e2e-6890c074bc46","block_type":"box","text":"II-3","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"27bde954-e623-47ef-9d43-d7e042b8e452","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23a3cf57-c91e-485d-b582-0e1e6a26efaa","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":47,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"7543f961-186b-4bfd-8cd0-1716710eddfc","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":47,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"e46c4e8e-231c-4fc5-9142-f4d9ebe1f75b","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":47,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"da7ede14-b879-44e0-bd70-15ef51c773f7","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":47,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"c0d5982e-f2d3-4ee0-a0ed-8457da8c1a1f","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":47,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"c8307cc2-80b9-40ad-8ddc-6095cd77b3e9","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":47,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"0374feaa-8a3e-4f55-aa49-45d7bb133086","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":47,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"d7108444-9e7d-4387-ad19-d87a3c32e9f5","block_type":"box","text":"Commercial Paper.","page_number":47,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"7ab7c14c-6d2d-45b8-ad71-87a5fdaa84bb","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":47,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"1344ee10-7412-4715-ab71-79bf20192097","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":47,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"8dd52708-08dc-438f-843f-e140803c6045","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":47,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"9f78db4d-3658-4f42-ade4-a7a8d01caec8","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":47,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"07ee1e80-f19c-4985-8573-813e59b455d4","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":47,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"72713a44-939c-4963-a27c-4a6244b42609","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":47,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"792d31f9-2db1-4185-a68a-a88430d8ee53","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":47,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"42bd3e47-5dbd-4cc2-b2b9-5f10721e557b","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":47,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"d7674c9f-93aa-4f81-826e-df73cfcac2ac","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":47,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"01836f09-dad1-46de-9b33-207800333669","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":47,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"31d262ff-5450-4c03-b5e4-aeb641aa9de0","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":47,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"6e5409e8-3163-4d1c-ac6f-00026355d4af","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":47,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"8c33817f-7db7-46b5-97ec-5d1bea8f1e30","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":47,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"360a402e-e7cc-474c-9a27-334bde2d9ee7","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":47,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"fa8884b5-1d92-488c-b685-2499c2953e50","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":47,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"f5170aa0-8e6b-4750-9956-16f7af409d1a","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":47,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"7b519d95-4b19-4995-b786-5eaa1126f509","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":47,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"4bd0114e-7879-4c9c-aab2-91f03e3818d0","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":47,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"1143da2f-cd0a-4535-b0bd-9e3bfc0b86f0","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":47,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"13c575c0-ff4c-4892-9060-8b8ec4f34d8e","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":47,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"eed4a643-1465-444e-946d-3ce693ed9d41","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":47,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"33f84d6b-c1dd-4f15-923b-7243a0367753","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":47,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"84501d1e-af9c-4d48-88c6-458d3ced6b9d","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":47,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"83a1da4e-cd69-43c1-997a-1c30e41105ce","block_type":"box","text":"variable.","page_number":47,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"81547543-8c83-4238-a324-16d03cabd567","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":47,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"64d7c334-06c3-4f18-9ecc-525515b8564a","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":47,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"1877c766-308a-4aa6-90f3-497c67b050d8","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":47,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"b152db14-4c08-468d-8f0e-61da41299884","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":47,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"ac963a9a-3631-45ea-933c-faaa6f10a6da","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":47,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"c2567720-8cce-4e35-ae08-2a13935d78be","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":47,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"97376ec8-6581-42b5-a019-3fcc5c54b4be","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":47,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"d4b1e4f2-3b01-44d9-a8f2-ef96a9c9e030","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":47,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"f6ee4643-ff2d-45de-85af-2f31ddb92e4d","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":47,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"1050a778-90fb-4997-b5d9-39708aa727a2","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":47,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"b90cd75a-8e30-439e-9c14-378a832cfa02","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":47,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"34c90269-38de-454d-8117-1e6a8501f35d","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":47,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"f9e57e36-2f76-4204-8568-99fd351bebfc","block_type":"box","text":"correlation with stocks and bonds.","page_number":47,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"36db86fd-9060-4600-a162-6badd0c77c24","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":47,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"67e84b6a-c8a7-48b2-bf66-baf70213fc52","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":47,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"01b4fece-8297-4a78-9242-3f1b216b40ca","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":47,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"10272bfd-4652-4c28-a1ab-1f3bba114b06","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":47,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"0ea87f27-0456-4bf3-815a-51275121e332","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":47,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"4288f9e8-31c1-452e-984a-3d216d98e182","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":47,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"e3dc7cab-70f6-4d9b-af14-7051e30b3675","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":47,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"c9ecee35-f6a2-4ce4-8f88-aee213fd44c9","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":47,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"1ee86420-e11d-472a-a9bf-3f550378f26a","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":47,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"1dad4049-1f05-4e23-a252-49cf600c1d28","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":47,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"29d44286-28f6-4cb7-8290-cd4396a0bfe8","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":47,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"364a1d0e-cc32-4e47-9018-b8f00fd9ef67","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":47,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"e4ae83c6-0246-49af-b434-4a63b0785ca2","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":47,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"49ea2a19-f9e0-4153-a764-e21ffcc93b6e","block_type":"box","text":"II-4","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"934f3386-8bda-46c5-b30b-8ae62616fbe1","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"710da491-f69a-4fe8-a0c9-5a31e47ffb85","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":48,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"e2667d7f-ea4e-48e6-af23-d13204adf3a5","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":48,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"e904da05-8a36-41c1-ba7c-ecc64eebe706","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":48,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"ca6f8a09-c848-4740-8025-31b6914e5f3c","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":48,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"19f5c059-6dbf-4b5e-965f-35c544ae97ba","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":48,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"0f53a026-ac09-4de7-8c5a-8506f594e6ab","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":48,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"88ea33a5-a64c-44b6-8701-8048882f7f18","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":48,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"bc629ab8-8115-4575-82ce-8b909b4ee7bd","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":48,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"c1918c7a-2b72-4fb6-9f4b-a57d4d97a358","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":48,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"6804f3eb-02a4-491e-8280-3eb206ba01d3","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":48,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"2c83b695-efad-4268-8984-612dde978880","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":48,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"273f20bc-8723-4ce4-9127-433a18b21f83","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":48,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"50cf7fce-0690-4118-b215-b2ac04cdee1c","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":48,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"468d177b-0eab-47d9-9518-12c60fbc4edc","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":48,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"e3efdb1b-f45d-4b2f-a191-744ed5889372","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":48,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"8353d949-8b6b-40dc-8a0b-59154b760a63","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":48,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"25c467a9-d1ad-488a-ac34-3fc7bc25b3ec","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":48,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"e5ba4ae1-e006-4ff6-b25d-d0acc233fb16","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":48,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"132d201a-b4b2-4591-b83e-18b8bce000ea","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":48,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"68bd721d-2e5f-40a9-bb2c-5b07675c54e3","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":48,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"77a27859-2c36-4757-b07e-4bd94feb46bd","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":48,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"358eaf32-c8f2-4738-8064-f1b14c6e10b0","block_type":"box","text":"the Manager believes are relevant.","page_number":48,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"227c90aa-f3f3-49b1-8161-5212acbfe228","block_type":"box","text":"Limitations on Leverage.","page_number":48,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"a7d33348-103f-4b4b-b50c-492365fdc532","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":48,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"529e7575-e5e2-4e6b-befe-fecf5ec8fb64","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":48,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"a48fdcf0-67b5-4432-b5cf-1398f08145f1","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":48,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"d6f97b2c-8f24-4a17-ba15-003c2db3cfbc","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":48,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"8947da0c-196c-4150-9a54-dc57ee17f3d0","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":48,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"35161908-8f83-4337-a970-3b331b58a7cf","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":48,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"a6d223c1-45fa-4e40-a15f-ed5efaa0004c","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":48,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"668dcd7c-242f-42ce-885f-835ffb574a3a","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":48,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"8d1c949c-70f6-40cf-95bd-d7c6b9096ef3","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":48,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"faef9f03-b13c-4fd3-8611-ddd86755eb59","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":48,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"e832814f-323b-4654-b0be-83d5642a98a2","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":48,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"1b5099c5-295f-4233-b4ed-a6bd9f4bcc7f","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":48,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"1169b3e0-1132-422f-9afc-42c810a84afd","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":48,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"35d39129-34cf-45c5-94de-e8283c9eaf82","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":48,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"37857bba-ae11-4158-ba6f-67b8a7bb2ea3","block_type":"box","text":"Counterpar ty Risk.","page_number":48,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"eaf241c1-950a-4d6f-9403-458669a3b394","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":48,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"38797e1f-4e23-4125-994c-9c4db42ac4d9","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":48,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"57126f0b-9cd1-4441-aa8e-983e803838b7","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":48,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"2c39bfe7-7d8f-4b85-b9ab-e76cc105823b","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":48,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"bd7f07dc-adb9-49db-95a6-b671efd3f326","block_type":"box","text":"e.g.","page_number":48,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"111ee26a-94e5-4761-921e-11b2941c23b7","block_type":"box","text":",","page_number":48,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"49fcc783-f066-4973-a33d-b095647a7ee8","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":48,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"7ebefa3a-e291-47d0-bf2d-17568c396b42","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":48,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"8e447837-ec29-4210-9ce4-c74ed961f865","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":48,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"7f7a23a2-0be6-4d6b-9e3c-5b267cab59ea","block_type":"box","text":"obligations under the structured note.","page_number":48,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"0e30d194-e172-4e1e-89d1-2f2b3be1a07d","block_type":"box","text":"Convertible Securities.","page_number":48,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"078a05d9-a2ab-44ad-b8d6-a1ae544e3600","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":48,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"3d0f4929-5ddd-4812-bf87-d1ffe2e527ee","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":48,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"938cd28f-0d99-4aa0-a4db-55cc4cd96447","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":48,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"dcbe8a19-bc36-4720-b6a8-a202470ea9f5","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":48,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"884106e9-d2bb-464e-b2f7-e21ccdaaf85e","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":48,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"742d5a4c-53e8-4f1f-95ef-527b0704073f","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":48,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"bedd0890-5b1c-473e-85c5-97c7d18859c7","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":48,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"5c11cc87-a463-4e87-83f5-a89b8f8a555d","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":48,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"e6c7bf77-a672-4f70-a5b5-6a60eff4a23e","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":48,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"8e2c06f4-72f0-4d47-adc2-5bdf6f3e10b1","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":48,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"6779c9ef-b792-47ce-b7d0-7435940ef68a","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":48,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"10b110b4-d811-44da-bbf4-e97818013e4a","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":48,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"69d5edf4-9e04-419d-9637-0673a8cfc705","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":48,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"34c96e7d-39a0-4dcf-b7e1-222760db49b7","block_type":"box","text":"II-5","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"22b67a46-3cff-49b2-978e-78fa48ca2d99","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"39c03ae4-824c-4492-b65f-6a720aa13da5","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":49,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"c3d3e4ee-8ff4-45fa-be18-f5fff9a41077","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":49,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"21f6807e-2cce-4646-ac78-e7610a8c6255","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":49,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"fbba21aa-8a60-4fa6-83c6-9378761ffafa","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":49,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"43f9c066-17bf-47f6-8b86-f705bc4df6be","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":49,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"7a5448ab-9296-4b40-b721-08becf6c4935","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":49,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"457c6e75-d80e-40b8-ba7e-bd75fab11605","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":49,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"57d3bf63-af81-4580-8a9d-e42e8f571ac9","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":49,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"ee0b280f-d52e-41de-9c9d-57845504efb3","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":49,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"503f9bcc-7bd0-4d32-9b60-029743ddedda","block_type":"box","text":"things.","page_number":49,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"a049a312-ac60-4799-ae65-9deb52ae351a","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":49,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"f6782528-a8da-4cb5-92d9-d7df0a1a42e9","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":49,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"d9841182-f85b-4911-a694-fce5ecff7ad4","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":49,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"8c6b6fc1-e450-4850-b3b9-dfbade60466f","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":49,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"77ef99ff-30ac-4fb7-ba64-1decf594ee8f","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":49,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"d7dad566-8f12-4151-be87-5a7e2eaaa1b8","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":49,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"06e9799a-9b30-4c96-aee2-baa58421f6b8","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":49,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"1175d19a-a7f9-4502-ba07-b51e521cc36d","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":49,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"122a2382-c71c-49f1-8849-03ac5228e82b","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":49,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"86f34de0-7053-4fa4-8b2c-e37e1c3d1180","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":49,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"2409826c-5a66-48fd-9f11-45cc2ac9d51c","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":49,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"be5b3209-9d46-4ad1-8cd2-60cea4d002b0","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":49,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"173395d4-56f8-4770-bc5e-001a1185a7e5","block_type":"box","text":"i.e.","page_number":49,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"0d254594-98dc-44ec-8708-7e03eb6d0610","block_type":"box","text":", strictly on the basis of its yield) is","page_number":49,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"c00216d2-791c-464c-b23b-ca0066c4e6bf","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":49,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"43de7377-ca03-4cc9-964f-6dd1572f664b","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":49,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"cb1213b6-dacb-485d-8905-147d1076983d","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":49,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"f0f23a24-9f57-477e-870e-91199d1a3720","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":49,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"7bce6973-6616-4780-bd16-5c18cec4126a","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":49,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"63e5f14d-1945-44c8-9ac9-408c7964a9c6","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":49,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"d654a839-047b-4620-80e7-399113d3bc44","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":49,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"32b1ca88-6404-4b19-b436-270f1798b25e","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":49,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"92929c5b-1f1c-424d-8a78-89d459862b7d","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":49,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"12a1108a-e581-49d1-abd5-6d70f904fca4","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":49,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"ff3f33c7-b30f-40c5-a281-0004690c5357","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":49,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"fc321203-1c77-48c7-ad55-f8dfb93b20d3","block_type":"box","text":"than the securities’ investment value.","page_number":49,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"bca1c34d-43a0-4309-8397-e530fc719f03","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":49,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"a0cce1b0-bb9a-4d16-8755-2374b8d95ab2","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":49,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"a1656182-9048-4ccb-8875-b0eb5471ac93","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":49,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"7159fe0f-46ec-4678-9302-46beb97e8029","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":49,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"25a06b87-3f79-4bd0-881c-941ca4462d00","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":49,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"3e95781c-9ebc-4d3b-8923-fbaadfec4509","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":49,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"108cb0f8-4615-41c1-91ff-800b3c8be861","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":49,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"751d3b64-04a3-47f4-9bc6-1e66a80f4b6f","block_type":"box","text":"security under cer tain circumstances.","page_number":49,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"6baa62d1-48a0-4570-9a57-171cbb145192","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":49,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"81bff42f-97f7-48d1-870a-5a9af7d3de2f","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":49,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"facdab8c-1f68-4284-8b19-bdc161d2d850","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":49,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"7e67230b-66be-4720-bbb4-a7376ad37175","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":49,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"402fc808-c6f7-490c-bb79-1aa25fc3a170","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":49,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"2ef6fe32-a575-4934-ab9c-4e7af8e0a730","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":49,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"c68966d0-d0ca-4a31-99ad-2eb19432f11e","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":49,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"ba70f1ac-120f-4eb1-b2ed-91d3c4d80241","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":49,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"5fb01f30-5a18-4126-9d34-2675c9efbafa","block_type":"box","text":"i.e.","page_number":49,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"f49ca38a-7ccd-4693-93d7-602b7fbee9d5","block_type":"box","text":", fixed-income (“fixed","page_number":49,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"df5184c4-036f-469e-9f2c-ea166a64bc09","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":49,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"99daee04-7d16-422b-850f-cc58525692a3","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":49,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"8d3dd077-12be-494f-acdf-14440741da8f","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":49,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"ffa023d1-330b-4b3d-bbf0-8cf2f238195a","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":49,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"bf6a13ab-aabf-4c78-b85f-32540a8a773a","block_type":"box","text":"II-6","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"7aecb804-7dc4-46d1-8a98-cc24995d7228","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29b863f3-06f3-4e0e-8f80-dc8429a0662e","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":50,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"9965b1ac-6ae2-4fa7-990d-4340cc759500","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":50,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"c103a18d-7172-4301-b5ae-6f8b7da5bd4d","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":50,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"98f8329e-177c-4b3f-b2e9-d948e05de2f7","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":50,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"58b2948a-1371-45c2-b70a-b43e4764c170","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":50,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"bf18b583-b270-49f5-8f58-14bdbeeabfcc","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":50,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"12e2f94f-1bb1-4d0e-8ff1-e236c752df4c","block_type":"box","text":"component.","page_number":50,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"bfb676b5-677d-49c7-ad0b-b6733a8fa878","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":50,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"8cc2d98a-2a4a-431a-8f1f-56059d9543db","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":50,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"6c575325-3cb6-4895-b750-cbcdd164060e","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":50,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"19f23eb4-ee54-4729-84c6-0b79c945fd1d","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":50,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"1e966297-6304-4b07-8293-7e911a0da742","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":50,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"43362916-2a67-49d1-96c2-c8d4f93a5705","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":50,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"f3509eaf-4636-41c4-863c-3aa882b98fb7","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":50,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"dc69cfb2-20fa-4bdc-9227-23bec88f4afe","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":50,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"15da1893-0996-42a6-b054-6ef1eaf91697","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":50,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"64fc43dc-1310-4671-a9b1-058624abadcc","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":50,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"46416d7f-b9a7-4c5e-a089-6fa960661ad6","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":50,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"311d0c2b-210e-4b28-bb97-5c84b981286e","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":50,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"85ce9d83-ac01-4e69-9100-bef772d260ff","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":50,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"14c81672-5e9e-46e0-a881-7e3b2fbb0b46","block_type":"box","text":"favorable market conditions.","page_number":50,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"e9098077-0c3d-4a9a-8de4-afe694f0aa6d","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":50,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"016bb699-62e0-481e-9f5e-0b650a44d969","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":50,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"e8011221-18f3-4e2b-8b5e-69a57c165ac8","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":50,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"a45bc0b0-c9d1-4c7b-9fcd-0de97cdedcc2","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":50,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"166e6d71-4b5a-4ce1-ace0-d511626f0937","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":50,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"14a94a64-b47f-43ee-9336-36cab5adc3b3","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":50,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"26341e6d-d8b7-4345-95df-783923276f02","block_type":"box","text":"Corporate Loans.","page_number":50,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"9fbcabca-a835-465e-859d-e3b1eced8323","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":50,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"ad1d7538-2aa3-47ce-b3cf-ac782b8057c2","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":50,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"9f585cfe-bf46-410d-afe6-70a4797a8cdf","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":50,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"65338916-e992-4809-8385-d283065bf45e","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":50,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"b6b1062f-fa5e-49c1-8d7e-731622b1e51a","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":50,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"c87d3f82-f9a2-4c67-bcb7-8ea0c5616785","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":50,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"0ef3adf9-5878-4cfb-b6dd-1c9337c83694","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":50,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"03f3645f-db04-4900-8dae-ae2b1b28e96c","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":50,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"30a9d47d-22ac-4b8f-ad0a-5f637148d0d9","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":50,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"d592656d-9cc2-437f-af21-093710be43fe","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":50,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"482dd266-573e-4b58-a394-fa64d8f5821b","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":50,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"b3e6633f-2bb9-45ec-b17d-cb9ef3281b8e","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":50,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"86787f1d-1743-452c-93c0-d060f64f52ff","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":50,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"81167500-0996-4022-83e3-39fed6282624","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":50,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"ced3809c-d6cc-493f-bc42-8c2d4d71f058","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":50,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"20282482-0124-4c19-8422-831cc1a0ba88","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":50,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"645fa92e-bc03-43b5-b323-0bc505f6b79a","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":50,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"e15c8e64-a1fa-4bf9-9205-448a4f82856c","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":50,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"bea26fd9-3497-4ec5-b661-8b88916e1269","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":50,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"318639ea-4d50-4af1-b51b-baa61af01e26","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":50,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"634d6c6a-4260-4c10-9d24-3162c7e8e63d","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":50,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"609c1ad2-1a46-4fe3-b3c8-33bfb0ceed05","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":50,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"6d57fa87-7a3c-4ace-9484-fc36b5a8f35c","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":50,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"4f0da24c-8870-45a8-b46c-890022a024de","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":50,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"4fa6bf69-caeb-4145-ab9b-0c4a98b93cf8","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":50,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"408d1c3d-3973-48a5-ac88-928cac2eae4e","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":50,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"7599c405-69dc-46d3-af0e-ccaeb73fa806","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":50,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"d59b14d0-47ca-4b45-9750-4a3c4caa88c5","block_type":"box","text":"of the borrower.","page_number":50,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"65f34a7a-298a-4f56-bff0-f653bf6225dd","block_type":"box","text":"II-7","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"dbb17743-a1c1-468a-975a-8ca9cdf81dd6","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce7de1a1-4107-4925-bfb3-876fccf87c43","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":51,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"61e552e6-208c-4b82-bf8d-414da9a4f47a","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":51,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"61489eb5-828c-480c-8f47-fe39908d5e96","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":51,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"38b3fd56-1773-4d4a-b8a7-50f853c2ccd8","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":51,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"34342fa2-4feb-4539-839e-77d38bea3e35","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":51,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"46d39420-abfc-484f-bc9a-9376c3935255","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":51,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"41c459c2-7658-4d8c-96da-4cf932b9263a","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":51,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"7504335f-0526-437f-a378-f54f91ad920f","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":51,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"2090dda5-209b-49c2-8ade-3036da10b294","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":51,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"acb228fa-0fef-4d9c-b56a-381d8a178f4c","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":51,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"63527dd7-7958-4237-b05c-1b982b8e9981","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":51,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"66a292ef-2540-456b-a046-ac4eed8ebd7a","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":51,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"7ebe102d-e66b-4771-bf37-15fbb711c293","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":51,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"4fff4017-7a20-4f22-959e-cd67dbb398ea","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":51,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"5504167e-f04f-4fc4-ad3b-6a7b11b356f4","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":51,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"5387f998-00a6-47cc-9f0e-72e0ab1aba7b","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":51,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"38960562-4e42-4469-8010-49ca74d9a663","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":51,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"2192c91e-387e-4a2d-8fa9-6ba396377836","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":51,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"eebbf38f-d505-43e7-affe-2ae1987030c8","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":51,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"782b8bbd-108b-4d3f-9cd8-6eaa5f12b9cf","block_type":"box","text":"state law.","page_number":51,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"bf136bd0-b896-4ab1-b5e3-c2832f0f5c9a","block_type":"box","text":"Direct Lending.","page_number":51,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"dbad3ec6-f406-4cbc-adb5-3ab349439226","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":51,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"739e72fd-94a1-40b4-860c-bdd024bc3983","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":51,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"16597547-3ec3-4374-9ed3-8bf32837ba27","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":51,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"b45a65c0-b30c-4bfe-abfe-3c32439b4d29","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":51,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"f5386253-e774-4336-88fa-48612d221456","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":51,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"33cd4c41-a262-4927-a6ea-b69e423b9dab","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":51,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"f401ba55-d70d-463b-90f1-7ce8d1da5adc","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":51,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"916194f9-bda6-4177-84c8-6350cca73f48","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":51,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"5dcd5829-ba4a-4a42-8b89-c2f20667ea34","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":51,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"f9958fcd-8288-4537-9a05-6c9cf788eb2c","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":51,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"22add8d8-c78a-46ac-8db9-5aa14626b898","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":51,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"bad3af2a-80b2-4a67-8369-77cfbc512191","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":51,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"f2b8ff0e-5352-47f3-9574-d86561013143","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":51,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"ca374471-75e9-440f-842b-d34729f2547f","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":51,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"25d4393e-513f-48f7-b488-b3f5dfb31853","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":51,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"25909333-5799-4ee0-b344-2a00aeb37fc1","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":51,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"52abd5da-6ec4-4b08-9ef8-7c1cef4f1c9b","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":51,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"36e31d64-d700-4c3c-b960-c0ab0b2a5d5a","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":51,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"6781b9e7-5e9a-4cab-b92f-2e7bd37a28f5","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":51,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"1440c85b-3207-4486-8a00-e47790509367","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":51,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"59c5fb55-fb85-4d0d-a1bc-7aa523c6bc21","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":51,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"1566fbb9-11d7-4fbc-a7f0-dc68d41e2e65","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":51,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"8aa1059f-745e-4015-bf96-6242e1bde606","block_type":"box","text":"Credit Linked Securities.","page_number":51,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"175c9f97-3876-4230-aa70-c857fa23c21c","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":51,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"c9efcf5c-6610-40be-ab60-0240aa006f77","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":51,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"aae417e6-53c4-4dd9-8694-7ed4f5562649","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":51,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"566a8789-af10-4d58-9a9c-6501bdf55158","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":51,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"fcb96a9a-8028-46d6-856c-8b059b37efb4","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":51,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"88787998-5d06-4801-9d6e-78399e84b8c6","block_type":"box","text":"traditional income producing securities are not available.","page_number":51,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"15a6fb34-8748-41ea-8a28-aae12eb0bf5a","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":51,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"bd96e3e0-f9c8-4c44-9b57-7a274342ab1e","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":51,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"394fa1ea-c771-44e6-8fd0-af16e46ce42e","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":51,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"ca560a55-7a39-430e-817f-45cfbf438c5f","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":51,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"f9a6b604-a583-4bf5-bb9f-3bb68c687629","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":51,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"69494e32-1bef-4ee9-ab57-355806437e55","block_type":"box","text":"II-8","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"8bedeb75-e82a-4d16-8915-98b795e7785e","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8834757e-7142-47a5-8198-f6fdc21f802e","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":52,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"ed72fd14-8c26-4398-8412-fbd9447902d4","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":52,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"0809506b-6017-4d57-8dd3-594646025dd9","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":52,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"04779946-f618-4af3-9e34-e26904f0f274","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":52,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"42a81a72-e8d7-452c-9f77-a1645e9ac526","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":52,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"8d96d23a-40dd-4ba1-bf10-ccd5661d2f8b","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":52,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"80db2178-bf24-4ce1-a2de-11712d2078bc","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":52,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"1d85f798-411c-4ce5-951c-ff8dbc804525","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":52,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"6a9eaade-40df-4688-a71d-ce65c5f76c63","block_type":"box","text":"investments.","page_number":52,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"183c4f7d-731c-4d5b-8100-de7a1f63330b","block_type":"box","text":"Debt Securities.","page_number":52,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"443095d1-ffa5-42e9-8604-d160c4ba9287","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":52,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"b812387e-aab4-4c66-a633-ef7b15e6f924","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":52,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"45a59106-272f-439c-894a-4d007dbcc561","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":52,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"8977d7ef-7fda-499d-80eb-604b077b5c76","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":52,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"23ec5243-5905-4851-8ad4-f1bc766dff99","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":52,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"526bca17-b041-437e-bb8e-cb1cbe0c2fed","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":52,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"9d23c9ac-8d0b-4c69-a6e7-7f3e56758419","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":52,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"c315ccc9-7ecb-4c8a-a71f-35e6191da11a","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":52,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"bf0af5f0-963b-4ad7-83cc-aa93b9d5106d","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":52,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"5288aa54-3e3d-4884-acaf-d4365d4ad545","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":52,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"18e863ef-a2bd-4cc2-b57b-fda8543e2b40","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":52,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"0c663aca-ccb0-4245-815a-ecedebb4320d","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":52,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"46a492bf-d6ee-48e0-93e6-66d41962f249","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":52,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"7f72a49c-a8c5-456a-9445-582828048754","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":52,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"c7526bc6-59fb-4f80-804a-fb975e4e6c1b","block_type":"box","text":"lose value. This is known as extension risk.","page_number":52,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"8b43d85f-1f9c-4537-a401-81c11486d004","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":52,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"15851691-de1d-428d-a2bf-8c35fa20dce3","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":52,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"8f093cb7-d01a-4433-9601-02ebc29d7954","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":52,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"e5c562b8-464b-495a-8010-c9f05c4dea93","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":52,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"dd873b86-3562-48f0-a368-688292e70f9b","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":52,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"3778ab12-a057-496a-8de7-e14d9c211707","block_type":"box","text":"Floating and Variable Rate Securities","page_number":52,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"348971c4-5500-4c57-b383-ca29e0841184","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":52,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"9759a645-5f78-4b4a-adf0-a8139b92b19b","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":52,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"1d848384-49f5-4dbc-8973-7841bc4d6806","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":52,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"35d56cbf-a917-4dcd-acb6-b20eaf55a46d","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":52,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"ad57fb56-c2b1-4d8c-8ebf-103c374886e0","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":52,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"a1a1e107-682e-4207-a23d-2871a835f55b","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":52,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"e84c8ce0-8fb2-4f0a-a63f-816dee3fc219","block_type":"box","text":"market interest rates.","page_number":52,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"654922e9-7ced-44fa-b5f9-48391527ab00","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":52,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"04c12565-e1ed-4c5e-a3bf-a01a06bc8f6e","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":52,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"00c64a0d-0890-49ef-9231-2f38d5b60b17","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":52,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"97fe15a4-7959-4140-932d-497c98714a41","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":52,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"0a87b169-0181-49b4-9dc8-bff1c41e8c51","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":52,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"78531236-a7e3-4325-bd4d-4cc24c5cf507","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":52,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"fbace634-ed8f-4d2d-9e2c-721a38e840a3","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":52,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"e38a3519-7c9e-4dab-b544-7975cc068dfe","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":52,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"ff546627-8528-4d6a-a6a9-0a4f33233e78","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":52,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"3291903d-9e4d-49c0-8b13-a13580a09d1f","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":52,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"b57c51ba-c6bc-43ec-9d29-1da37ee13be3","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":52,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"dc320924-c52d-40d0-ac5e-d92898ae8313","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":52,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"5bf8a9b0-18b3-45ab-afe9-c78f4e9a3f71","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":52,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"1bd36cb7-2f02-4c48-b414-7a3e97d5ff66","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":52,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"975bb3e6-1c42-42ba-a42e-d8dc871247f8","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":52,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"b59b6b29-2836-4a4c-9632-52b3da1d9d67","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":52,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"92ea2da0-2b4b-4635-ba81-701704a1c29b","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":52,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"c1fcc3cd-a95d-4670-9336-fc31c3976905","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":52,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"ca29c89a-dc08-4254-bb78-25915cb3d14d","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":52,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"459a72c8-fce5-4e19-8a3a-130f9732d802","block_type":"box","text":"II-9","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3ce4d9f0-a1b6-4a90-bdc4-528437334ed5","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62f1496b-22d8-4acf-9e7e-0877f77eb482","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":53,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"e93fce56-2823-4d2a-9799-29070b41580f","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":53,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"044aa31c-6d13-460d-9785-13219b978f02","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":53,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"74881ce5-9a0c-4316-889a-353cf6d81786","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":53,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"d5ce806f-5dff-4ea4-9f0f-11c668b665bf","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":53,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"f1087635-0882-4af1-b33b-4a0508e399c6","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":53,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"9e38274a-6a78-47ad-8fc8-f3b1e4860d6d","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":53,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"1caa9d6b-1b87-4d64-b870-125ebb1901af","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":53,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"81294661-aae6-41d9-aaea-996214256944","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":53,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"b574b8e4-c5cc-4815-bd4b-498dc26a0c25","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":53,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"e830f542-89e3-44d4-9d7d-ca0459692797","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":53,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"f777ac17-736a-45f3-a8a2-a4172b45e5e6","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":53,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"aca28b90-b239-432c-924b-3f0444723c9b","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":53,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"9103519a-3699-4494-9319-5924a6aed313","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":53,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"5546eb86-03ba-4d78-a8d5-67648c3e4f02","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":53,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"43f62598-ec06-4ca6-933c-ef8791380adb","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":53,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"e93bfddd-ecfb-43f8-a366-94ca3a98d885","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":53,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"da88ebc8-e071-4e9e-923b-9d7436b25454","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":53,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"fec8bd36-cfef-46f0-846e-542857b58bab","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":53,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"caa4ad27-f51f-43a6-80bf-ad0373b9b3af","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":53,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"f448f744-1a7b-42a2-a895-ff4219d67bed","block_type":"box","text":"United States.","page_number":53,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"a825fe31-2cb0-4a2b-a59c-b78d82ce11b2","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":53,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"26969752-1215-4af3-b192-40318a56976e","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":53,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"5fc7721d-ee26-41e4-a700-df148466f6c3","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":53,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"62f6b513-acc6-4478-af85-b76ecf21e961","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":53,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"2a4c5fb6-bbd8-4cdc-a885-4bd48cae193c","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":53,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"be00f72c-3b71-4dc6-a9b7-7f22e19d892a","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":53,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"e2832fce-4f65-463d-ab14-44012c1522d9","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":53,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"c20cd2be-ba51-4461-95de-c862bd126480","block_type":"box","text":"i.e.","page_number":53,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"3359ee55-c35f-438c-a5ba-f1a18a86dc21","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":53,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"d4c94650-8bc9-4a13-a59f-f01c3fc84654","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":53,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"735a2042-cec8-4a5f-b858-d353e9528745","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":53,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"b714fc6f-03ed-47df-980a-57554315530e","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":53,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"4841e551-6c0b-40db-9c54-596e7b8c835e","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":53,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"509e59dd-d053-4055-8cfa-38930145c532","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":53,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"d6f242aa-f9da-476c-842d-927a55a04970","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":53,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"bbf00f16-3b92-4ffe-aa15-1be2223e2c50","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":53,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"d4d3cda7-2ad4-4286-8493-9cf7ce182084","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":53,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"d65c76a8-553d-486f-8ba1-1e42de0b1dca","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":53,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"5d9b46dd-c869-4714-8f87-0316d44a5168","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":53,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"20eeea9a-202e-46db-a154-af010629a174","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":53,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"8f3d7623-68b1-4604-9720-a9ba0bc5a4f3","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":53,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"da99f177-1744-4c22-b24f-20cee8116db1","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":53,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"cd398463-8016-4330-9d53-03754b0d6bbe","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":53,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"9e8604f4-3c51-451f-aea0-c24e5c10cc4c","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":53,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"ee696b6d-9dbc-4e45-866f-01c24ec92c72","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":53,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"51d4106a-8ab5-4dfb-8a7f-bfdd705db961","block_type":"box","text":"risk than higher rated securities.","page_number":53,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"d7d47c79-1111-4650-a47c-2fcfe57d9c79","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":53,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"849b1a79-fa41-44c5-a225-f74f804b767c","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"759d293b-887e-4bae-bb8c-97753ea13393","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":53,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"5b245c93-408f-4f24-8930-4ed9ba55b916","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":53,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"56d9e2e1-a477-46f5-a260-8ff079fd402e","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":53,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"38eb8450-9dc9-4421-a3e7-9efff97c162b","block_type":"box","text":"unavailability of additional financing.","page_number":53,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"3c388930-0e04-4b42-a19f-37f784a3d607","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"8122546f-d6ea-4609-bf3c-dd1df4b9016a","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":53,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"fac0882c-91d8-43e4-b084-cc7483905f96","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":53,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"775462a2-8652-449f-924e-34ab515938de","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":53,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"ec2361ec-94de-475d-8637-a9d6b1014c74","block_type":"box","text":"II-10","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a8b497fa-913a-4a97-ba9e-b3f2c51962d8","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"621b64c9-f278-413b-bb4b-f9ec1e0158db","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":54,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"737303f3-c1e1-419f-b24b-0aa01d611600","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":54,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"c455c79f-98b6-47d5-a687-318e56e03627","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"ab8aea16-bc51-46ad-90ac-333f57aa5864","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":54,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"f3abbde7-17a5-4739-8916-5928e7af710f","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":54,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"30e9c0e7-6d9a-4bde-95b4-36e1938fa136","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":54,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"990c9d56-0505-4bdb-baa4-2612196612ec","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":54,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"c194d71e-57d0-45cf-9638-0517a8142301","block_type":"box","text":"investors in higher rated securities.","page_number":54,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"6531f7a2-98c4-46b4-be97-f928676186a3","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"f42ee1d2-f93d-4e1b-b15e-78a47e0a5a2b","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":54,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"16bb3405-1015-404a-9288-9617ee26eb3c","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":54,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"eeb52688-6d60-4e9f-bac2-975920cbd682","block_type":"box","text":"lower yields and may lose income.","page_number":54,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"aa4b90c6-688a-405d-88d0-7bad6526c9be","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"7adfb65f-af9f-4ec8-a760-007c724d7dc4","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":54,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"20670352-4c48-4f93-a9bc-9b605522b75b","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":54,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"1260be54-9356-4142-a269-d4e981ee843a","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"175248bd-950d-4f86-ab96-d9e0e01be3f5","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":54,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"1f06fa84-f916-43c7-a14b-5674c5e37d86","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":54,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"9cb8da6e-87d9-49ea-84c4-8c08eb81ecf1","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":54,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"a8b070d7-270b-450b-bc29-8d02ccfcbfae","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":54,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"f4850cd3-b535-4558-b739-24f2bb879b7a","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":54,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"e93998f9-9384-4dae-983b-8444292e1ef3","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":54,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"8eac4da1-8bb7-4a03-b155-2afa176a849e","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":54,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"327f7c26-ca28-4fe8-8426-2d3b3023670a","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"23e963c8-7172-4e5a-a8b7-3d2a6d6007fc","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":54,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"28abe1e4-5e05-42b1-b93e-9ddcffa934d1","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":54,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"3e017bd9-5186-4c20-9d91-aebd5f6a0efc","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":54,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"706adf65-3219-4f0a-887c-7c82d0379a2c","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":54,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"3e700f6a-6592-4557-906e-467f0db5a3c8","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":54,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"ebfffff6-d2e4-4b73-806a-b1a4b79f3bc7","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":54,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"8e68fc78-2161-4c76-8ca7-839cae9c0f32","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":54,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"33075a28-0ee9-4105-be87-74077b73c122","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":54,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"3d18381e-efc3-49f5-9c74-307484e373b3","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":54,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"f8654f13-4cdc-4c2b-a7aa-560519b4926e","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":54,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"cdfb6621-2a7e-4074-9431-a0983cb22680","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":54,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"c264dab9-6e58-4a01-8246-0815f2864139","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":54,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"21dc0eb4-cea3-4d1d-9925-338ecfed4744","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":54,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"c1ea3be2-7e7f-4e2a-8e90-7ba87529de12","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":54,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"74104b4c-983c-4e54-937b-b7220e351b9c","block_type":"box","text":"role in determining such valuations.","page_number":54,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"bf350d7d-14a8-4e58-8140-162bbed9a7d6","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"8fe209fb-754f-45a7-a095-7ea15b47bb62","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":54,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"29786ac3-4ea5-4a69-ae46-6ca9b7e86bf3","block_type":"box","text":"a defaulting issuer.","page_number":54,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"fb8e8698-eb82-4f35-8dda-f1ee1cdf45e9","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"964a9269-4c26-4877-9bff-0a5c7270b2d1","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":54,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"072069fb-4ebf-40f2-966b-3df1635529fa","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":54,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"9fd53b8b-01ac-4453-9a6b-e79f64ab424f","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":54,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"b4c88e9f-a832-4fac-a041-0638b9adea9a","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":54,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"0bbf47ae-739c-4436-9360-02d77bd04dd8","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":54,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"e8894e7b-5819-4e37-8c60-59a6f4aea681","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":54,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"9d9df42c-8572-426b-8d34-1c226e2ac851","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":54,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"70a69534-cbe6-4237-9a3a-4778ec92435b","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":54,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"950cb4cd-72e0-4991-ba2c-8a082543252f","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"2bfea372-77ee-46af-b1be-de3635ea52bd","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":54,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"8028f9ac-ce58-4dcc-bed5-d108f33ab651","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":54,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"4edd5c99-bbbb-4175-952e-e3b105e21561","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":54,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"f289b061-9c94-4571-9f19-f084f0edd973","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":54,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"d9e5e836-1e25-4ba1-b967-a0a1a5f53d7d","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":54,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"eca1c712-a821-4c6b-8670-9174ce4c0c27","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":54,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"3b1d9591-0460-4315-8776-a56f4c676d6e","block_type":"box","text":"higher-rated securities.","page_number":54,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"b82957cc-92f4-4722-a143-edd35e929a6e","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":54,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"85589675-319b-445e-a7ae-7c472af03fb4","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":54,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"078476bc-ec98-4bad-958e-12d5f07a54dd","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":54,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"b39fffa5-ffd3-42cd-9464-1290a115917b","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":54,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"69b01fce-fce0-4c0e-9136-be1117206c15","block_type":"box","text":"II-11","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8238f9da-6e76-4e37-b576-690b0ca32230","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96c77073-6769-4ab1-b523-f9456d828ff8","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":55,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"3da86b4b-b5f5-426c-b48a-689804f06d97","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":55,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"417d8292-15b2-4769-badd-90d168a0ceba","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":55,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"ad36579a-f11e-495b-b8d7-4af68b47103a","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":55,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"01deaedb-aa1b-4a0d-b437-d3f3ef62192f","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":55,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"44d105a9-6896-4fba-a343-1fbe6346c41f","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":55,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"782e30df-201a-426c-9c3c-9ae1371f06a9","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":55,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"9158cc5f-5095-4579-a675-4ed19b43b2ec","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":55,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"28feb3a1-22c4-4d2d-ba17-ee8ce5b45470","block_type":"box","text":"Mezzanine Investments.","page_number":55,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"b1b8e4e5-fd55-4a55-9d6c-ef7ad45a203e","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":55,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"819aa68e-4f35-47aa-a5d8-33955aca1f73","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":55,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"667b28af-091b-46c7-ba39-3faa50a6215b","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":55,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"ac92d75a-3e0f-4077-b711-30570415a49e","block_type":"box","text":"e.g.","page_number":55,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"ad164639-544c-4839-a66b-f66a9c9d0627","block_type":"box","text":", with","page_number":55,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"75810550-28ea-46d0-979c-45efd86b2c80","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":55,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"bf3a4c9f-6172-4f25-89f4-ea01f9c6f3d8","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":55,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"e48c999e-6681-4c3b-a126-ca80cdd7071c","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":55,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"4ba86fb7-8339-48d3-8d8e-c69b2fd89c11","block_type":"box","text":"other obligations of the issuer.","page_number":55,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"0c2f7813-2a08-4ccc-9725-d19348e484e4","block_type":"box","text":"Pay-in-kind Bonds.","page_number":55,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"f966fd9d-9aff-4840-b4bd-9503ff88261e","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":55,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"3f7abde8-1116-4fba-8885-628ced338c7a","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":55,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"3d47907d-daf7-4591-84ee-586e67da6341","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":55,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"9096edd0-9135-411b-b129-ae31be2578b7","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":55,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"1a369d3a-e639-4f02-9d68-201df36b6ed5","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":55,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"6d056b8b-3864-4f43-bf13-f7008aa6a7a1","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":55,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"cf4d1571-af07-4fc9-9f40-8c1fb482706d","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":55,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"db5d128a-ca4f-4bdf-9445-50b5d0764d18","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":55,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"e2602727-097b-4f9b-b0ef-419754018177","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":55,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"005bf6e8-80b1-4501-97e6-387162798c9e","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":55,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"95bb9e44-9d3c-4ff3-899c-b479984dfcc4","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":55,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"d774995c-99e5-4135-83a9-cc2d95a67d7d","block_type":"box","text":"Supranational Entities.","page_number":55,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"39b0312f-5b27-4541-8c99-273e783de4f9","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":55,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"3ab0d811-ae09-4844-b121-133ed9fca3f9","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":55,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"a7eb309b-4f10-44e2-be39-252448c367f7","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":55,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"8ca33d16-becb-4bd0-b818-79b04d7f1730","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":55,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"8656a5b8-08ff-45bd-b2fd-6267a091f3b2","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":55,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"9d4def16-2e79-45bc-849a-843e4d1fc94c","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":55,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"0235d006-3722-41be-bc37-b0c3f0261668","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":55,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"c1637acc-658e-40fc-9ce4-bbd74b896c5e","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":55,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"db218dca-4f0b-4e3a-822d-57c006d719ab","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":55,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"c722b2e7-360d-4789-8e5e-5753fb359df9","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":55,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"ac79fca2-cf4d-4872-aa35-80fba5e5c31d","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":55,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"718894e5-406e-43c4-bbd4-cf8cb3d190c5","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":55,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"ce813663-6abc-4dc4-90ec-b509ecdd0c86","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":55,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"603647a0-f46f-49ad-9a97-dc29fbe2b091","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":55,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"3945ec8c-77e3-4c94-a660-505badcc071a","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":55,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"a30e981a-4aad-4bf9-a66d-cd43758063e8","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":55,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"392ae76e-f0b2-4e2a-8a69-cb2e705a00d4","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":55,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"1293663d-3404-481f-96fd-3e26d32be40a","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":55,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"8587c9d8-aa8d-43ca-bd21-3722c425ab07","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":55,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"1017f9f8-5033-435c-8c2c-69ecab3fe407","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":55,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"14cbf66f-ac6f-4c5b-98a4-d1f9b41b0215","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":55,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"89933c00-f775-4107-b0ac-ac97e09f648d","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":55,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"0a301451-9133-4214-886c-6cfdc18dcba0","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":55,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"40b3bcd9-e34e-4ff9-b17b-454c98521e28","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":55,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"23b4205a-af92-4878-91a7-04e18a168e19","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":55,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"8a41e34f-4f81-4964-9181-bab79a1b4d62","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":55,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"a31f51e5-3e0c-4902-b490-54d2a744cd5e","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":55,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"daef8ebc-6812-40b8-b02a-46e619192e61","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":55,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"86748af0-a2ef-49ee-9670-71842da95a03","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":55,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"8e0d16ba-cec4-438c-b8b9-cfaa71e6ed8d","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":55,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"cb1bf5ac-3e2f-42ab-b4a5-62890983fdf4","block_type":"box","text":"II-12","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"45ea20e6-5b22-47bf-8eec-5a6a6c005148","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b186e4ee-0c7a-47b5-b581-5ba11c37b282","block_type":"box","text":"Derivatives.","page_number":56,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"9a4e098d-60f5-4280-9b7a-883bc5becd15","block_type":"box","text":"General.","page_number":56,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"73de4085-c28f-43e0-9152-9f151c75ebef","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":56,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"21385148-1165-4de0-b7e9-9b0cc09c4a8b","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":56,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"5372b57c-b9d7-434a-8f1c-b218ac4ebb01","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":56,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"82882c87-1c2a-4dbe-b40d-6940d6843b3e","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":56,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"eda53458-6691-4b3c-b88b-59def76f0975","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":56,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"e799c50b-ac81-432e-bf2f-558989a7f680","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":56,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"dd943cc5-245e-48c7-9585-ce92edd6de2f","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":56,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"321c2c67-7886-44e7-b8c3-2c1f7059972f","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":56,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"859ea57a-a358-40f2-bbad-1bb5a940cda6","block_type":"box","text":"i.e.","page_number":56,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"01bd63b5-4972-48f9-b05b-62a065fa1f69","block_type":"box","text":", the payment","page_number":56,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"f2358c3a-6b70-4aa9-848e-04b10ae94797","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":56,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"64ec4e91-b423-4aca-8444-10a65602083d","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":56,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"93d6f175-a6cf-4190-a6a1-9ae79fd62f33","block_type":"box","text":"Hedging.","page_number":56,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"f938f9fe-187a-4849-93fd-1e953d4a586b","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":56,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"48b38830-0915-4e89-af3b-41a1336d2da4","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":56,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"74471e86-55c5-4d9f-a97e-2549c2a9f8e5","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":56,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"ddc8a60e-519a-4332-8886-00a7bbe60027","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":56,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"92cd806f-ac16-4615-b212-82fc6e38ef1b","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":56,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"8367e53f-9e31-455a-a1ba-bb731ddafa34","block_type":"box","text":"correlation risk,","page_number":56,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"5a43ad23-9377-44cb-84ea-0f5f5154931d","block_type":"box","text":"i.e.","page_number":56,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"3f180459-a434-407f-9c0f-3a9f82007955","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":56,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"00ee268a-ccfc-430c-a95c-eed090d4f408","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":56,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"6d5aa72f-6007-4d3f-8951-9ed8d8f4af05","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":56,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"bb039513-9906-43ee-9af5-fc0fcf9fefeb","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":56,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"d7d235b5-e001-4c21-b723-c0e0e5e501dc","block_type":"box","text":"Speculation.","page_number":56,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"0391ec87-a2ce-49f3-9bbe-94e4eb3ac2eb","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":56,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"fd5b361c-c354-4d71-b3c1-d1c3a1232279","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":56,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"de9cb1d9-2012-4407-9114-9f501238f7d7","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":56,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"0d7c42aa-40be-4822-99e8-44603a80731b","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":56,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"62474a48-25b0-4848-9842-88fc5aad958e","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":56,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"11f66e5b-356f-4da1-97b0-0b1fd47182f7","block_type":"box","text":"Regulation of Derivatives.","page_number":56,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"1016672a-927a-4f36-953f-b5233dc91f44","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":56,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"e468474e-e84d-4b7b-8475-d3c48f84a584","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":56,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"b70e3728-eeef-49a3-b675-9d7dbf19bfd3","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":56,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"1b1002f5-1c1b-416e-8f09-3b948afc5247","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":56,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"60083cb0-e78b-4967-aa08-e321e2f5f294","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":56,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"0db971ed-0404-4abf-854f-c0caf85494b9","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":56,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"9ce5e2e4-d7ce-4e98-8be5-9f7db35cbf7a","block_type":"box","text":"coverage”).","page_number":56,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"75ed28fd-6b54-4e25-b5f5-6ff25736f45b","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":56,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"819a8758-ecb9-4602-b4aa-871a314d9358","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":56,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"93d4e81a-460a-46d0-a2f1-7c6a6d235ebb","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":56,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"0b12a008-22dd-43c0-9c02-8e982364655f","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":56,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"29b0988f-4fd1-4056-8957-68be0023f36d","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":56,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"f65b0a32-b43f-4503-b552-a3de2790738e","block_type":"box","text":"financing transactions (","page_number":56,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"0e8667a9-816e-4367-bbbd-f4f6f18b9a9c","block_type":"box","text":"e.g.","page_number":56,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"fcb6e956-9dc6-41df-b40d-27868f3c0c3d","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":56,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"dbcc3460-d914-4940-a1bc-6f0d9fea104c","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":56,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"0713d418-0ecd-484b-96be-2feec316cdc4","block_type":"box","text":"securities (","page_number":56,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"c60f7e6f-2648-4f6f-b855-764137572807","block_type":"box","text":"e.g.","page_number":56,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"094ed2fe-702a-4a3a-b108-4d49ede749c8","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":56,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"db4e8416-2992-4143-80d1-a1d4b185ea8b","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":56,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"1db092da-88b1-4ef8-bcc1-fed960ab3ed0","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":56,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"6a3cab61-58e0-4cc0-a6bc-8255a02dde35","block_type":"box","text":"Commitments”).","page_number":56,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"f371cf1f-75e8-4fb8-adbe-f73615086bd9","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":56,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"f2bcf270-cfca-491c-9c58-8ed1a7ef55b3","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":56,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"e271633c-69fc-41ae-8e56-3c68abd17265","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":56,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"23957963-0bcf-4780-a191-ae19158fdfff","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":56,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"5037acc8-d825-4f4d-9242-b8089f7908b7","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":56,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"763cced6-5413-4043-a0bb-1d63e18afa04","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":56,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"9b553e59-83e0-44b2-93a9-eec37ffd5904","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":56,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"b39226fb-ba4f-4e4f-b9ec-7ba8853e928c","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":56,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"b8a8bf45-a58f-4028-9e6b-418640d2b4e7","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":56,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"3d15d552-f09f-48fd-ba09-b9848050237f","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":56,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"495df4a0-eef1-4299-a821-9c70680cee00","block_type":"box","text":"II-13","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94236dd2-654f-4803-8c02-8fa3ad1bef5f","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ea804c6-fa37-4ecf-a61f-23eae0ada9f5","block_type":"box","text":"Dodd-Frank Regulations.","page_number":57,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"b0968ff0-1fa3-462c-b49b-f3a7ed77f375","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":57,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"ad64d3b5-8eb0-44af-986b-8c57a8822b3b","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":57,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"72ab2dd9-06a9-4189-bfde-0141500bcd6e","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":57,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"98af37e4-541c-485b-9c5f-5a95e2765432","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":57,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"21364c1b-7d35-4596-ab8a-eda8a247dfc3","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":57,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"5984aa14-ad0d-4c0b-91e1-b3ce3a5b8ec2","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":57,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"49466996-ebef-41dc-9769-f16cc07237ae","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":57,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"63328eec-6534-4392-94eb-7ff74a232f09","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":57,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"3c8e5ae2-2a90-49e2-9d99-8f7eba301fd3","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":57,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"2d44c904-8318-48a2-9501-add9f7a18c3c","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":57,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"eddaa048-0084-4088-8512-1271df019842","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":57,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"74ce03fa-aea7-4a70-8e94-8cb0c17653eb","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":57,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"fdf89c4b-6efb-441f-bcff-1ac4108c1406","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":57,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"1a3fe20a-6095-4bba-b727-7bccddbd2cb9","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":57,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"0b6446fa-55a4-4a07-a9b9-29b05e5c7d0f","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":57,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"2cccf8f0-5bff-4a48-9124-936c3c00014c","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":57,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"6583fcd6-6dff-4073-867a-f976d2b76e66","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":57,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"4a1d1cbb-d103-4116-a8e1-92f4c4bf6960","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":57,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"a3c27bdd-b999-4a72-a8ea-94d0a9267bc1","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":57,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"efab4ff7-956c-4ee2-83f9-4a70a80c4385","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":57,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"5a86b944-c1be-40a8-95a9-207ede7fe180","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":57,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"473b76e0-1b09-4cda-a29d-59f93b00fb04","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":57,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"a9080508-1e1b-4d2c-9ddc-8c8275e5d6bd","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":57,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"4a5ec952-206b-4892-a9c7-84cdff087b69","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":57,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"bb08f28b-e89f-4b75-9608-05630fb25548","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":57,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"40123c9f-061a-44eb-891c-46f102a23ab4","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":57,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"e3581f1b-7006-4f54-88af-cc897fcee7f4","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":57,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"4fab03cd-7094-4346-804f-01ea4711d692","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":57,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"e957b00b-b4cd-4477-baf8-e6e4643fd26c","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":57,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"f43f659f-4d29-4606-89f8-0d73271b5eee","block_type":"box","text":"member.","page_number":57,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"f66822fe-0c66-4d87-8f95-c8e9ab971613","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":57,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"b74e007b-47a9-4f41-a4db-ba910e259af4","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":57,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"18a6870e-9b3c-416b-88e1-bab8b23743e2","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":57,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"03056a81-0d1e-4e94-9eee-74300f47d29d","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":57,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"9840d856-fbc6-482d-bfe5-45477b785490","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":57,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"61f8b894-bfda-425d-babf-5a6d27e568e5","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":57,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"4015800b-0b5f-4982-a03a-cc70183990d4","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":57,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"2a3c4848-2368-454d-8cf0-786447669aba","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":57,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"05a9ecfd-6d66-4255-aed0-ee03ff0caea6","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":57,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"69a9b2fc-de4c-4030-8e31-91ab52fea89f","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":57,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"da842653-f913-4273-8b35-d1bf0b573b72","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":57,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"3c34b5c1-b449-4b29-8f74-729ab6a027fb","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":57,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"7df9f9a2-153d-488f-9057-9601aaa08cf1","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":57,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"eb043f89-1eab-4e4e-89fe-255688c76831","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":57,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"90a3aec7-552b-45c1-ad69-8cccd924facc","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":57,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"b005944d-24cf-48b8-92fe-a65f03cf0386","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":57,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"22e53e4b-927d-4da5-90a9-0f0cb25b8ea1","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":57,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"410b7ea7-c580-4914-b33c-d3cd41d56f43","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":57,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"1d65fd9f-f06a-4254-8283-34e1dd212cd3","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":57,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"6527df5d-7bbb-4634-9ec9-765ed518070e","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":57,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"7641ae24-2af1-48aa-bde0-b9cb62665f0e","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":57,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"620cb580-241e-401b-84a4-9b02037aa4aa","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":57,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"bb5b2857-955f-4dd3-9923-527395fc27ed","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":57,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"1dd1acf9-37f5-4b51-b1f1-6b521c7af9a9","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":57,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"4f42989e-0297-4c14-8dc4-a168f12fafbd","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":57,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"22d55b4d-e455-4f77-ae74-703442a77e37","block_type":"box","text":"II-14","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1a773a9f-079b-44e9-8c41-5f474e0eafd4","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e537f99-7c86-4395-9f7d-08886a5065fe","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":58,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"58137f5b-8e79-4d10-9105-ff7aeb1fbee3","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":58,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"272dfec3-a59b-41ad-81c7-91b8fd587988","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":58,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"4eda6d84-6a2b-4670-a7e8-f5516d2864bb","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":58,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"486136a5-a864-4de8-a7ac-7e73b14ef84b","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":58,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"8bfd9226-c3a5-4ddd-885b-471c5eb4b714","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":58,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"56744eaa-68be-4686-883b-dff081bba6ae","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":58,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"4a8945e1-8487-4c67-99d3-8efd9748f99e","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":58,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"853219cb-de10-4a30-82f9-0c128fa48082","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":58,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"04b600cd-3385-430f-b557-d48e994c6189","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":58,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"9c12f20a-893e-405b-88e1-d40dc80cdb8d","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":58,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"555ccf61-fc21-4b06-a375-91fd977e4d67","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":58,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"ed2217c9-9efb-47bb-8dda-08981a96e1bb","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":58,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"e79af4a3-5cae-4952-a4de-da87edfea539","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":58,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"f5c9d6d2-fb10-4be1-8e88-238f812c63b3","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":58,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"e6ea4df3-e4c7-4ab0-870b-cebaeb10da34","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":58,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"111beead-8a06-4262-8902-07da37066bef","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":58,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"fe3f5345-1c23-4e60-8692-07df32d09eff","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":58,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"ba592134-627a-49b2-a61c-2402db4af8b3","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":58,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"f4587f42-6abc-4bf0-923f-6cdeb8d1d414","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":58,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"982b6e03-71bc-4eb8-a007-ef45c3b4bb8a","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":58,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"63a2bfda-7dd0-4cc4-b29d-c2b9b9120431","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":58,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"19cc9bd8-95b5-4aba-9e63-36161a2f801d","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":58,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"acc0524b-0de3-45ce-ab11-d4ced76f3f72","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":58,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"1fe6f817-0597-48f4-b2f9-0ececc4a61b5","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":58,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"83ef39bd-15b2-4d89-937f-2bee578e0d9a","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":58,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"b3f0ace4-26a0-433d-a71c-a18649dbfa67","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":58,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"9547db69-76ae-4203-87fb-dd766d38f796","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":58,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"1042717f-6320-430a-b2d3-19688b7e4737","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":58,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"254ede49-67a9-4044-bac2-bac8f2427bed","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":58,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"b45f2b0f-bf33-4563-9673-e601116befad","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":58,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"8f738a3f-e469-42ab-9450-5bce5d726275","block_type":"box","text":"collateral received under such contracts.","page_number":58,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"8a6de860-87bc-45fe-9841-9094061fe3c8","block_type":"box","text":"Risk Factors in Derivatives.","page_number":58,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"233a254e-4d9c-432e-b944-4655f5bbd4ca","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":58,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"0f1e173f-fcf2-408d-9d47-4d72eb1d2259","block_type":"box","text":"Correlation Risk","page_number":58,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"af8dec34-2abe-4333-9d68-c5302fc54e64","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":58,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"00be1cef-90a3-4488-9b58-c28ca1c8d8c7","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":58,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"05e09a54-b610-41b0-9bb3-a4685f3f54f1","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":58,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"d4201993-c7b9-4b86-beac-dbb30c8e3c61","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":58,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"1d5b46a9-cb22-4e24-91a6-bedaf38f0091","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":58,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"54cae073-d505-4f34-a997-4afc7ffbc2e5","block_type":"box","text":"Counterpar ty Risk","page_number":58,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"d54a7bd7-0f77-4b91-9975-9e4ce5d1ff92","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":58,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"67b0b21d-78db-43af-b22d-3a792848172e","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":58,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"953b0457-9a96-4730-b138-27fbd3391d8b","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":58,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"99cbcfc3-6aad-47ce-80e4-5012731c6787","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":58,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"1ad4ef17-0943-4a2c-95c7-5b95ddc9b35f","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":58,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"6357ac1a-5478-4bf1-86c9-f69ec8a7db2b","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":58,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"888e1528-6199-4c8c-b303-fdc976b998fa","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":58,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"3be383c2-b09b-4ff6-a644-5fde13b07a99","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":58,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"34c642cd-abfc-47b7-8d10-df2716b0da8b","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":58,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"aa6eb50e-45e0-4f2e-957a-3704523f2611","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":58,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"9a2a8f36-ceac-4953-96ef-3ffbb7d082c0","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":58,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"c10468bf-c2eb-4343-a7ca-8e2519927973","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":58,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"e7682aea-44f7-4131-b952-3aa1357afb7f","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":58,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"2828877e-e6db-4405-85c0-4a610fe86e79","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":58,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"c8a1c535-b345-4e36-8a34-40c0bde18a0e","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":58,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"040829eb-0b1a-468d-9fe4-3d9b9f57cd55","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":58,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"09051ade-b2d3-444d-9d06-c9d9877a5cfd","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":58,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"4682f0b8-3cb0-4398-8f82-46c63f0e6da1","block_type":"box","text":"II-15","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"89665ed5-f043-4416-96c9-cbdc0e2bce19","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b145ddc7-2f52-4f36-8644-55ae0fbe8969","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":59,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"659d46b7-49b5-43df-a349-97044c8e7127","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":59,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"65b3d0f5-2e3c-4da0-ae58-7fd8435d7d89","block_type":"box","text":"by the clearing member.","page_number":59,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"4971d2ab-08ad-43dc-b8ba-af0cfa850797","block_type":"box","text":"Credit Risk","page_number":59,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"7e8fd99e-aee8-4622-97c3-67a3d896c62d","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":59,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"85f569a0-6add-4c05-bca1-93aab3819dfc","block_type":"box","text":"honor its financial obligations.","page_number":59,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"2dd1fe59-6b1b-4ee4-82e4-c0f5f365f64c","block_type":"box","text":"Currency Risk","page_number":59,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"8de1bdd4-fd67-4b93-95b3-6a934617581e","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":59,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"caed3f2d-de13-4ffa-babf-e21be4f4118d","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":59,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"46888c5b-7d43-4cb3-a6c9-f410b1eb2a2c","block_type":"box","text":"Illiquidity Risk","page_number":59,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"43305e57-2c02-4cf7-b8e9-f32c5d8f7fa2","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":59,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"f39943b3-47aa-4119-a8aa-c51a0e45c41e","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":59,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"d35270df-5841-47f2-a086-c525a6feae04","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":59,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"9d43a9df-9499-4351-bf79-43dc99263d8c","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":59,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"badd53cf-a3a0-4e3c-8ee3-1b534944e3af","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":59,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"080c907a-1cde-49ba-a0f9-99b2c4d1774d","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":59,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"b825d057-06d9-4d7b-bf76-afb2eddc8302","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":59,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"54cca692-04fd-4e77-a364-4b0838d9cade","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":59,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"9104b056-4c5f-4db3-a974-ad8493977988","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":59,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"fcb43785-c2f0-47dd-b83a-143e7ebe0646","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":59,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"47e12b9c-5da2-4341-b266-a80c9311a0f4","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":59,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"5bb53c10-df87-4120-9eac-264be652e373","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":59,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"f4a21866-025d-4f98-85ce-b99a8d698d4f","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":59,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"3f8f718d-8a45-4135-8ac4-2669c57a7c9d","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":59,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"388598a1-1ccd-444e-a34c-4beb020f6537","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":59,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"3c5116c8-5dd4-4a1c-93b8-2723fd402168","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":59,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"65bb9cc6-6c5a-4b49-9f56-4cda08f65732","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":59,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"7f662c8e-5222-4fc8-ae41-eea1cbca9b20","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":59,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"5e5a1e31-bb4b-40af-ab54-65a9facc6d59","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":59,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"20481323-c85e-4285-95f2-d43ce661c103","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":59,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"854277b3-a77c-46fe-8636-1603830eb427","block_type":"box","text":"may be disadvantageous to do so.","page_number":59,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"61d1ed34-78ca-4e19-9a35-b8b2be0a2f12","block_type":"box","text":"Index Risk","page_number":59,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"b57a1ca5-29f4-4e90-933f-ae05503f376d","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":59,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"a4f6a777-eb8d-4e27-b9df-cdbde17cc374","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":59,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"2eef5e71-01bd-4e49-b4e5-2bca5e8d81c6","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":59,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"32b9ea1e-18a4-460c-b008-ce683c48c112","block_type":"box","text":"Legal Risk","page_number":59,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"028e064b-205e-42a0-9198-89af7996131c","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":59,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"c9d72176-0c47-446b-a9b3-c191931d3523","block_type":"box","text":"or enforceability of a contract.","page_number":59,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"c954c275-fe4a-4aa1-a127-5c98f5cd83ea","block_type":"box","text":"Leverage Risk","page_number":59,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"c91cfa8b-4a9c-4e13-9c7a-e03902e609a3","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":59,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"3a53eda1-4783-4da4-a45b-1ac1d3bbb7a1","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":59,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"32b37ca4-fa76-4072-9d41-54c5b6dc6773","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":59,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"c94ac729-8e30-4040-ba63-c669d014fdf5","block_type":"box","text":"Market Risk","page_number":59,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"4aebb38d-90ba-462a-bd84-dccfedd0a9e8","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":59,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"d85fa36d-9cfc-4a6f-9425-ea1a5bc3860c","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":59,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"cae0de67-665a-4b6f-bd7d-7b82868cd813","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":59,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"6388a451-ceb4-41e5-8d71-f3c97f9036a8","block_type":"box","text":"affected.","page_number":59,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"02e20848-80b0-4093-b668-0c398aea1b42","block_type":"box","text":"Operational Risk","page_number":59,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"71ea937f-d755-40ca-b39a-62ab3ac065bc","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":59,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"0661ee1b-0e8e-4353-9294-4c5d3b97597a","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":59,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"aa581966-1c2a-4a7c-9ada-753a14439c38","block_type":"box","text":"Valuation Risk","page_number":59,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"20c458a0-c947-44f7-b6bd-94b95b1a717d","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":59,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"b736b69c-7201-4e50-82d1-78ce3746b6a7","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":59,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"72e388a1-113d-42cf-bdfc-c4de0b7a2199","block_type":"box","text":"complex instruments or quote prices for them.","page_number":59,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"548e28b4-12b5-4e44-a726-bfaf98384a57","block_type":"box","text":"Volatility Risk","page_number":59,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"178f83c1-6dc7-46a0-a443-e7f29116195f","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":59,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"002d88ca-8ce3-4c71-b746-0b65db1eb516","block_type":"box","text":"Types of Derivatives Transactions.","page_number":59,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"85b467e2-6e23-4db2-9f34-b92c64791c05","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":59,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"2e5e2ed9-3a97-4ae8-97b1-4917b6c2d79f","block_type":"box","text":"including the following:","page_number":59,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"56c72285-241a-4f27-a647-df00bdc733e1","block_type":"box","text":"Futures.","page_number":59,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"3570f75f-f8a1-4dd3-9f5e-6cabd2fd7f68","block_type":"box","text":"II-16","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf5705c4-e8bc-4a6b-83cf-2562b66b1a38","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbc5fd94-1aaa-4ef6-8ae6-cc53e24f4cc8","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":60,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"f1879daa-8505-4e56-9349-15d7a12af592","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":60,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"64a1db71-8d4a-4dbb-9c97-c143c004f373","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":60,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"ff756f86-4bed-475e-b168-f9cc85ff21f2","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":60,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"01ad1723-b803-4500-baab-7c712ad47e86","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":60,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"e43cf629-bba2-41c9-8d43-0e094933e3c8","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":60,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"bcfb7232-7dc9-4c98-a498-1203447e199d","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":60,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"352e151b-567b-43b1-8c50-878c5e7d745c","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":60,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"6e72c5e2-7132-45d6-846a-bf6575bd8657","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":60,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"9a3c6468-177e-4176-9a4e-3d9e61004b29","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":60,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"3438f45d-f93a-45e4-9635-a448d298a989","block_type":"box","text":"of the futures contract.","page_number":60,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"380bd395-dfae-46ea-b14e-681097870ffc","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":60,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"d5673592-0bce-4343-ab28-3c2a4b63bb46","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":60,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"527e0cea-8d4e-47bb-a635-9b52bea7d602","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":60,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"6c1222ef-a240-46bc-a8cf-cc022b0d9b54","block_type":"box","text":"relating to the futures position.","page_number":60,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"a32acf06-4c89-466c-991f-36a04fa7776d","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":60,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"3f17ab22-adc6-4b1c-bed5-72ce717f618a","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":60,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"55ae8dac-00cd-418a-aefc-4a6d769b76cf","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":60,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"36a99c59-bfb1-4cd0-8b1d-7c60e169a02d","block_type":"box","text":"Regulations” above.","page_number":60,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"0712291c-1674-4475-9b08-3ded9c77f754","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":60,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"775aef5f-cbd4-4585-856a-016240e8e4fa","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":60,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"07ab62d8-52a1-47bf-907e-89f8994eb95a","block_type":"box","text":"(","page_number":60,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"ffe3ac95-dec6-45f1-a20b-4bb68f2a210b","block_type":"box","text":"i.e.","page_number":60,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"893947e8-eb9d-4c68-b77d-133eef50bb03","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":60,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"df17c020-5c22-4ef4-befb-b3aa25042542","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":60,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"7d9e5c43-afa0-412e-bf1c-47beb1ec1d0f","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":60,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"360629aa-1234-4ed8-8903-855c8e8c06f8","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":60,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"1f46ad10-e0ff-4783-b9f4-45f542563e23","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":60,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"15795ab5-6fe5-4ad0-a7b7-11d20bd87842","block_type":"box","text":"Fund intends to purchase.","page_number":60,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"f6e8dc8b-b52a-47a5-bd95-bb44ca8e2b49","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":60,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"41d055bf-87a8-44e8-9a75-bbca399ea902","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":60,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"0eacb589-4a57-4a6e-83ca-f7389ac44dc5","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":60,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"e0f0efb8-3955-462f-8329-d7799e164d00","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":60,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"0a4bc6d6-3371-41f1-ad9a-2d417f24e350","block_type":"box","text":"illiquidity.","page_number":60,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"9e52cbee-0a80-4996-ac3f-cff31e6be40e","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":60,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"73cfa087-b1e6-47e8-ac08-46f25e1ee14b","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":60,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"25e1d352-6636-438b-8fb7-f51ebfb07e3c","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":60,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"38020af4-9962-4475-8095-507dfd66ee7c","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":60,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"d9198de1-beaa-4c99-90e4-f6504cab81f2","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":60,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"687e819a-9261-4178-b1e4-f6c2a8671006","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":60,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"c7f7c6ae-eace-4d65-b549-59eb3e10deb5","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":60,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"2e93b10d-5c60-4c34-8adb-4f4a3868eed9","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":60,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"d35b835a-f4dc-4241-92c7-c784522cb6c7","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":60,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"93ef100b-8010-4c63-9f17-8e2cb49fccee","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":60,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"2c427f6b-5fe1-4bc8-afc2-60b70ad0d120","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":60,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"d4d4f298-f352-4be4-ba7c-d39363ac8776","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":60,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"f66aa561-6a1a-42e7-8726-2ef7dc3ed1cb","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":60,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"8e17efc3-e6e1-46f3-acb5-c3983a83b1c4","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":60,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"586ea6be-1d50-4a87-a958-09e9a6b0721e","block_type":"box","text":"Swap Agreements.","page_number":60,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"7e1d85fd-f6fa-4109-9947-02d553ca1f06","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":60,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"df096af7-68cd-463b-aac3-a2031e605b10","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":60,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"b585af4e-f667-4026-87a7-8f299898c63e","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":60,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"7c70887a-3c5b-4ca0-9df9-5ec9ebeca110","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":60,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"38029b2d-469d-4bac-8291-fc0401b50248","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":60,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"4d4b017d-1814-4df4-b2a7-554a00a28854","block_type":"box","text":"a “notional amount,”","page_number":60,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"4bd20f4d-c0f2-44e0-85ca-1f6e2d521295","block_type":"box","text":"e.g.","page_number":60,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"12c49ef1-75c5-451d-a38a-97695d59a917","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":60,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"8095aa16-6ab3-4e34-87ca-e35da14243b8","block_type":"box","text":"II-17","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a2dd59b6-2b34-4018-a67f-6d40eca54c9e","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b44c818-b275-421d-9761-22b75ae6b287","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":61,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"73b8c4ba-2157-4c2a-a9a5-4317596b2763","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":61,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"41e22473-35c1-4355-aad0-a44bf0b85e95","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":61,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"6cf4cc57-fa6c-4f99-a0a1-91cd36b1db03","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":61,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"978823d1-a3a2-40df-91fd-0162c46e5770","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":61,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"b58dff7e-12de-4e09-acd8-5046d3a93ffe","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":61,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"43409dd6-5483-4662-afc9-e2f9b2cba8a0","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":61,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"2bf4c942-8506-4b5c-97c2-f2ea6112d880","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":61,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"9513c0a7-76a6-4996-9eb3-09968dfa0793","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":61,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"0afe8349-c526-4686-aa9b-8138d17b9074","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":61,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"255aa034-da0f-467c-a4bd-950bba08b85d","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":61,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"eac50280-f518-4491-a463-53abb20a77f0","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":61,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"6a9af545-a44e-4f7e-a150-f5300a690774","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":61,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"439c0416-e69c-483d-83b2-ca6453a8ec2a","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":61,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"4b338ee6-e8f4-4909-9a20-de51d4f609c9","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":61,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"66d2565e-0d55-423f-a09f-824d1fc5bcb7","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":61,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"ff384337-86dc-459a-8bfa-31be47279534","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":61,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"3ebe82b5-ca4c-4cb5-ad77-144233a79837","block_type":"box","text":"index CDS.","page_number":61,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"77f6be6b-3d3b-4598-9301-98b45325f2a4","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":61,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"04d071c0-ab31-45df-a773-ee141de00fab","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":61,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"ea0b2ed8-5015-457e-9495-8eac4a58908e","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":61,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"09f75ac4-b5c2-4050-a885-7869fcb224b0","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":61,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"a403b31b-3029-41e3-94bb-097cb290910b","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":61,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"2880451b-b4a9-4a76-808d-d4c78439f049","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":61,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"c6ef1108-5d04-4508-830a-d4434099591e","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":61,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"7005bdab-0c6a-4111-9932-cc5c6f41a0f4","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":61,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"3de6e286-3087-453c-b7cf-f81402686270","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":61,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"77ac63a9-27e2-4022-84dc-ebb301e92877","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":61,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"511014e5-d607-4a9c-8cdc-dd22a3008372","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":61,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"da5613b2-cb8f-4baa-b885-bd8176672133","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":61,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"44595792-2bfa-415f-9ff8-636c0a192571","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":61,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"6f2a998d-1577-43ca-aad6-e7d307c25983","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":61,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"1602bcc1-a821-484c-8473-040634604507","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":61,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"2f8c1e68-8871-49e0-aa1f-0f724c8c9fe1","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":61,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"467bf540-ee84-4d5e-a288-10b6fe88b133","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":61,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"52d2af08-5de4-403d-b8bc-81dce66cbdd0","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":61,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"edcdceb2-d7e2-456b-9cbd-177e3bf4c3b0","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":61,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"5fb7fb77-1253-4c6b-910c-29dd4e890c65","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":61,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"0d8722d5-2c74-4435-9e9b-4f970b8b7639","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":61,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"f1f9e9c3-08a0-4fe4-8263-79078c97bd39","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":61,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"0dcf6bd2-fa87-4edc-ad7e-99a90cb052ad","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":61,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"69716353-715f-44f8-8689-2e539dccdf5a","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":61,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"61d91cec-010c-409d-aa71-b4a213961ba0","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":61,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"9870e4c1-6f0f-4f37-966f-b985fd402f63","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":61,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"9054168e-c976-4d97-bf4e-05a1e1488b53","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":61,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"e429d716-8829-4058-a35f-145a27a5ac4e","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":61,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"2ec1dab1-c85e-4010-a2e4-1c8931e329d1","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":61,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"dcc5f341-688b-48eb-bbc4-880970fed1b4","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":61,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"f8a1f352-1817-4ac7-a70e-0584ef4c1870","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":61,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"f829ec89-6202-4b03-918d-082e862e2924","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":61,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"c30d9dd1-660e-452a-9b59-58ee52ec6005","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":61,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"c98eca63-4e90-4d2b-b292-c8433e862380","block_type":"box","text":"conditions.","page_number":61,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"5c2c2220-8e2a-45aa-8f9e-ac989780f56b","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":61,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"b8b05ab4-e57b-4afa-9326-294f37f88620","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":61,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"234b006c-0a54-4c06-a40e-d816ae43dbe7","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":61,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"f6d5610c-b41c-4c45-a7cb-728c49df265c","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":61,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"acf5e08f-5717-4b67-8aaf-8f4b6fa3c887","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":61,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"e5ab3a44-97e7-491f-a365-85f0a5f2f6b9","block_type":"box","text":"II-18","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9baad2b2-908b-4e38-9215-f1a47f0aea94","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c8960cb-30a1-4fa5-8751-d48679db436d","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":62,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"5f85b0e7-aa3d-4aea-9322-113e302fea7a","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":62,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"0ebac896-39b8-4595-996f-8bbc55f3be43","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":62,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"32f0d0cd-ae8d-49ee-9c9a-8933ae4c1c1f","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":62,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"843e46b5-8e34-4305-b72f-18d5e2185ebc","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":62,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"201eebfb-d241-4988-8e76-5f34681b6096","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":62,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"25251532-bae1-4a5c-9ef2-1f21fa759e12","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":62,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"d31913c8-6873-4585-8567-812c623d127c","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":62,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"b0d6ca36-6c75-465e-93ff-1362627529a5","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":62,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"a363fbb8-ae16-4f9f-b61c-01712754aaec","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":62,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"4e93628d-3023-4954-bcea-0cd964817bc4","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":62,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"f9122546-2022-4332-ae5a-cb462b17c669","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":62,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"1e872aa5-3eae-404c-a480-af15f09f84a8","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":62,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"5fc7611f-5a44-4035-a92f-707d378a6543","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":62,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"a33eafc2-43ba-45af-a6fd-b93ad3095f28","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":62,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"d4b40c1b-ca25-4a42-a2fb-44e18f2cc0e5","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":62,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"ca480abf-df79-40e6-b930-f4451dfa940e","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":62,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"1253117e-bd66-48a6-8ca9-cb0f7323d023","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":62,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"b816a876-3add-4602-8709-5442f09dc356","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":62,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"3dac2b6d-6db3-48a2-9999-31456e87fd91","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":62,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"a66ce5be-5d06-46ea-9241-83d1e70582e3","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":62,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"4f4f4316-47e4-4c17-850c-200cbd56dac5","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":62,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"761a22fd-e735-4e5e-b37b-4f3206d946e0","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":62,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"db32a7e8-46f2-427f-8658-d03bc6e94937","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":62,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"3d544a1d-cb55-4f5a-bfd7-57a8ddb4dfbf","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":62,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"e349fcd2-d080-4b61-96da-e1377aa8008c","block_type":"box","text":"cleared interest rate swaps.","page_number":62,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"d0a247f0-adf5-46ae-9625-c957ad7d8ee4","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":62,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"763e70a4-6af7-4f36-bdd9-63ae2d81f651","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":62,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"b6477317-1ac4-4b32-8d78-7d2c771f15a1","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":62,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"617fc071-aaf8-4f3c-b491-7279faa1f531","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":62,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"651077a3-f1e4-4613-80c1-c03e9947377d","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":62,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"78a117d6-651c-4052-beb6-545853be3736","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":62,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"f1d7b5dc-4408-4983-839b-be62f142bc06","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":62,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"dd5b689b-68ba-4626-8788-676799f720cf","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":62,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"8a14a1d5-d3c7-426a-8cfc-8937460f1b9e","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":62,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"19c77f7a-a28d-4bda-b538-65f9e442ba5a","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":62,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"1757cad9-f33f-4dfb-a71a-9ba67c808605","block_type":"box","text":"or variable interest rate, index or asset.","page_number":62,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"25584b2c-ec50-49d2-9d17-1ccecc9b3382","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":62,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"928ad5b6-1091-48a2-8c43-598c725eab04","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":62,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"3a473669-10a1-494d-ae41-a49b509c74b4","block_type":"box","text":"such interest rate floor.","page_number":62,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"98bc900f-3118-49d6-a5ad-0d5a277c6f23","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":62,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"114b3cb1-6c7f-4651-834b-acfb72acd50e","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":62,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"88653cda-a6e0-45cc-8dc4-b56635b8137a","block_type":"box","text":"such interest rate cap.","page_number":62,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"3da22bd6-91ac-4d77-90a6-b9b2ab5cb94b","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":62,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"d5e00dc0-a02d-49af-a84e-02d0d08872e9","block_type":"box","text":"commitments to pay or receive interest,","page_number":62,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"8cb6aff6-a63e-4875-a56f-09f629c10f4c","block_type":"box","text":"e.g.","page_number":62,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"601077c9-054b-4e31-b61b-c56f4a1fe57d","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":62,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"38764baa-ab22-4dc1-abc0-a64c38175c8e","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":62,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"0949f4d0-c35b-425f-9fc2-924d8598be1f","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":62,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"19da95db-3bd9-4e26-a7b8-43365e98ad7b","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":62,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"ce39a902-85e1-45e2-99ab-43faedc0a287","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":62,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"a403bcbc-65d2-4b95-b621-c4f74c56eaa7","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":62,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"fdcf04fd-666c-4448-a2c5-8b5798277a40","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":62,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"09e83754-f248-46ea-b7d2-2e4c26077b05","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":62,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"ff6d9af1-3ca3-4474-a03a-b8038f9ffd7a","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":62,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"e14d2522-21f3-45f5-b444-b570f78cb432","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":62,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"656e47ae-aeeb-4e37-91be-aeb2ec87aca5","block_type":"box","text":"II-19","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5096af3a-9698-45e5-8196-a087a8e25c8b","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de008257-a343-474a-adde-f3b5973b3551","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":63,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"414acb8e-b41a-48f4-8e7f-69439a183f65","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":63,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"806ba5da-d169-45ec-a784-d6b9c143df4f","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":63,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"ffc6dc46-9cbb-4b48-bf3a-ea220819da7a","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"e8d716b4-bb6e-4a4a-a382-57492e505151","block_type":"box","text":"Total Return Swaps.","page_number":63,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"89feeb89-5bf2-4ead-b4c5-d2ddd3f7f777","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":63,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"90f5d306-0d8b-4300-85da-c3a2f6158f0c","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":63,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"9e31a78e-a06d-4440-9d0c-e01a1c23da0e","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":63,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"88f4ee55-8719-4200-a41c-118e1245a2bc","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":63,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"d41af272-80f5-4002-b536-03534eda42ae","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":63,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"857227a0-ddbd-4718-9f1d-5a67e83cef1b","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":63,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"3c393ccd-eee2-4134-8002-6cf7b194be62","block_type":"box","text":"“contracts for difference.”","page_number":63,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"812b3940-82bc-428e-a9a2-14bec4192a31","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":63,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"1cdd6e84-10a3-44dd-b673-4381133183d5","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":63,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"88be7f10-04c1-4349-a994-a5e98df469fb","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":63,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"f5bd880b-911c-4421-9887-d122ba8a4fa9","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":63,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"f425bda4-a4a1-4b19-9f09-f6c4b1254d62","block_type":"box","text":"the notional amount of the swap.","page_number":63,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"8919af75-034a-4287-bd85-66be03bc86f1","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":63,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"98983e8f-e946-4c38-b146-2b13c9fdcaa7","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"12d6b361-6e91-4905-bbe9-85064d6e51ba","block_type":"box","text":"Options.","page_number":63,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"0b85fe8d-a4fe-4ff9-9324-a44517c2548d","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":63,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"f0b28458-83bd-414b-a03b-57ca118660cd","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":63,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"67a02eb9-9a4e-4c35-beba-88bec4933d8c","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":63,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"a9fbe832-1c1f-431e-aac3-a84d7edb0021","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":63,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"f129c957-b4fc-46f2-a61d-0ce56d6679d7","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":63,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"acd2775b-0a73-40ca-a190-b400cfd6ad1c","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":63,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"79832ded-d14e-4dff-ab31-673451fe820f","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":63,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"c96a5e0c-3b57-4bc2-b772-052f349dbf7c","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":63,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"32425cd9-7e00-43df-8758-3d5eaae9b2ad","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":63,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"24ccbff6-78fc-4576-a41c-67288c3e3c02","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":63,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"8ee05863-a745-479b-bc14-de874f494010","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":63,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"7779e158-0711-4006-ab81-d9377351f426","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":63,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"6e78dff1-3a43-425b-87c8-7e782e383203","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":63,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"f7621438-5de9-4f13-a5d1-a58ec96a8b5d","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":63,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"bcb62086-8325-45f3-8799-783b4690b151","block_type":"box","text":"OTC markets.","page_number":63,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"d8073e8f-e221-4008-8d6c-a7ccbd7ff7a7","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":63,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"4db376ee-909c-4ea8-a584-8589b39ae087","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":63,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"21988ab1-d438-43fe-bcfc-1a887a788055","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":63,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"c9a5db13-723f-415b-8296-7dc13620282f","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":63,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"b8bf4177-241f-49a6-8e2b-cef5faf4f382","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":63,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"df152352-72a6-4363-9b88-ae9424914111","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":63,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"93246003-3326-4165-925a-d1186be6910e","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":63,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"a4f3780c-4ec3-4582-b99b-875e8b201bc8","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":63,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"f1f67f31-c265-4cfe-a01f-cd2cb640433e","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":63,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"26f2d016-a520-4da4-83df-62ec897372fb","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":63,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"bb04e05d-a780-458c-baf0-feab961b0690","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":63,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"85fc1fb5-fecb-4eef-99ca-855587b4a5ad","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":63,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"d632671b-971e-4931-94c5-5b864d46c568","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":63,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"44a3cb51-647c-4fea-aa05-46e810ad5be9","block_type":"box","text":"terms.","page_number":63,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"c884210b-a20e-4c2f-83d7-33a6ffaa0eed","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":63,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"2ed24682-9555-4e0b-bfc2-b06357f6c599","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":63,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"a9c8113e-4674-4dba-9d3a-2b3b3f772ade","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":63,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"e4dda8a1-d211-40ff-ab22-42c2af1d8f16","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":63,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"3a491483-a370-4a17-9e33-3bdfc03266a0","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":63,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"9fbc48ee-b3ac-4f5b-8067-c5f0ae44a577","block_type":"box","text":"II-20","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65638f4a-857a-4d00-95f3-3d9a06011b21","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4c0a624-d1ca-48be-bfa2-216dbeb1047f","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":64,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"3e432174-dac4-4466-a1b9-f68e2ae9f84e","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":64,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"fa193ec6-2684-464e-9a46-f60b4bb1c4c4","block_type":"box","text":"Call Options.","page_number":64,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"0ac7da65-8e3c-46d9-bcb0-6fe8caa9df9a","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":64,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"8c65d599-6259-4377-9293-6f27af96c756","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":64,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"438c0181-9514-4878-acee-fdce701220a4","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":64,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"620d7f49-678a-4192-a278-a9ea8b1673d7","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":64,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"6d5c48d7-8a45-4b66-b1ad-802e65629a93","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":64,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"73bf5783-506e-49e8-8784-f577c924c8cf","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":64,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"ed4558fa-4ff8-4c88-814d-bb2eec1c75e9","block_type":"box","text":"of the option.","page_number":64,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"ec323551-c265-4feb-b3d5-c4b269bef419","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":64,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"f835974a-bc3e-46e2-b157-643ee67456f0","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":64,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"576da176-b5e4-47e6-afde-dbda384dede3","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":64,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"3ef88d5c-8a82-418a-817c-cb54578e2fb0","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":64,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"9fa825ae-f948-4970-a3db-8a4195701533","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":64,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"687843aa-9858-4c83-bd28-7fec3923a7bf","block_type":"box","text":"A Fund may write (","page_number":64,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"34be9864-6415-46f0-8866-583d27b2c674","block_type":"box","text":"i.e.","page_number":64,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"c8c7b6b4-5133-4352-a774-4518b0560366","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":64,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"72bf1a2f-0592-4657-90db-8185f2470654","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":64,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"9e678c4d-ab6d-4eb5-8b87-7e37cbf33de3","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":64,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"ea1ea892-7015-4d38-98bd-67814b8571eb","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":64,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"7056354b-27e9-4f10-b523-42a05f90d26e","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":64,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"ec52da18-01f7-4ceb-812f-fa3943e98002","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":64,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"cebe4456-3c02-4e2b-b4f4-475e52dd4f9d","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":64,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"c88e61cf-8b81-4112-8c6c-1076dc41f309","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":64,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"98fc9339-c829-471e-a5ce-c462a190ec81","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":64,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"ffc0cdcf-d246-483f-b5f4-7e32808cc08d","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":64,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"0173c511-a50f-4e7f-8a47-23da63fa1828","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":64,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"410bd815-0560-43cf-8f8b-96fbe0dc4fb4","block_type":"box","text":"A Fund may write","page_number":64,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"28d2d9ff-f44e-4194-828c-bf36cc323747","block_type":"box","text":"(i.e.","page_number":64,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"412b68e2-684b-45fc-bd6e-2df3f504218d","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":64,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"c8cc9df0-8195-49d5-acbc-1c5583c053ce","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":64,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"dec2d478-4435-4952-bd60-ba517671aad1","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":64,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"2135aa99-cb95-4584-b057-e5c7ba1bdaa0","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":64,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"0fa516e8-66a8-456d-87b6-cd8a8cfacac3","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":64,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"a1b8b6ab-063a-416c-aa52-134fa4ed531a","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":64,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"96a37ddc-1457-48f3-b381-2f9049a46e29","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":64,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"1b0b42d1-2764-4aa5-a6c3-45f12da57246","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":64,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"55f0f802-6a36-479d-89f1-fa5ca47c28af","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":64,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"1bbd3fce-7380-458c-9a07-515a4378744e","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":64,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"a9e7c556-0d54-4cdf-9ff7-33a812e44ac5","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":64,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"85d8b0e1-a5f2-4ebe-98d5-58b9948a5765","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":64,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"8493a0a2-a910-4fc1-933f-5f29a2b7ef72","block_type":"box","text":"Put Options.","page_number":64,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"7b4eb467-914d-4999-ac2d-510bc56ab0c7","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":64,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"fe409676-1dc5-493e-bfdb-c97343e3f1d8","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":64,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"2353ea09-f64a-412a-afd2-ad5aa1975bb7","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":64,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"f90e8d83-1268-4e00-88f3-219608e00762","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":64,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"895aa00e-70f0-43d8-a062-5c17823d3840","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":64,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"52178a0f-7771-40a4-b461-3a77843f6841","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":64,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"83d1d857-5c4f-44f8-9259-200ef3620aff","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":64,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"8144e57c-395c-4ecb-812b-2e248868e7b7","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":64,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"f5249749-2d75-4a71-8222-fd11ad42841a","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":64,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"6ab21255-6b34-4b58-8c9b-90ccd3f47034","block_type":"box","text":"purchase uncovered put options.","page_number":64,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"e95827cb-992b-461e-a373-35bdf61bb2e0","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"e3c2a667-f9a2-44ca-8598-9912e9b15672","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"50a5dfb6-4b08-4c27-ad49-56f30a21c5a9","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":64,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"4cb0f56d-326d-456f-9046-021dcdf39777","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":64,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"af64d4e5-ccc5-4251-bd4b-862b7a30a99a","block_type":"box","text":"A Fund also may write (","page_number":64,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"88cc2e0d-51dc-46d2-a509-78a9ad87619c","block_type":"box","text":"i.e.","page_number":64,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"81486005-f143-49ca-a98b-5060a65ef151","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":64,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"952e0c4f-4b44-4cbd-8cca-19ace1a775bf","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":64,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"0179159f-9486-40cd-8bb2-3b7f12135cfa","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":64,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"76dcdde0-0d68-446e-9636-1d34bb264f29","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":64,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"1a68b137-1a83-4848-90be-14ee5e050cc8","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":64,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"7139155d-08f0-4690-bd8e-fb7e7b8341d1","block_type":"box","text":"II-21","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"987261f1-2231-40b2-b652-e825ef3cdbd1","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06656301-70dd-4d54-aed2-47e2b649ed81","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":65,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"f9545034-6823-41a7-b401-10d10c1d8adf","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":65,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"ef9a96f3-a0ef-4408-8583-c53b1a8ed8e4","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":65,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"9c1ded12-5fdf-4e91-88a4-1c9f97ef1d9f","block_type":"box","text":"the exercise price.","page_number":65,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"915ecffb-8c11-4e3c-989d-d5efb1914c0b","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":65,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"9bb6d83b-fded-41e1-9692-2b7359fa152f","block_type":"box","text":"The following information relates","page_number":65,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"49062add-65de-4ca2-9ba0-4c71f2d5cd5f","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":65,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"aaa1da00-4d08-4d86-9070-0c5314120192","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":65,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"4269d1fc-f737-4b7d-9493-400df43baa28","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":65,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"3f929496-ea81-49a0-8bb1-bab80cbd4a6f","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":65,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"df89f563-6628-4254-9050-5c6f9671b54b","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":65,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"ae437f28-2910-4ed8-9236-656eb67af229","block_type":"box","text":"market in order to maintain its “cover.”","page_number":65,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"ff61a312-e40e-40c2-81ea-ac5651f3c842","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":65,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"e6dad050-a1c3-4c57-9670-da65ad21faf5","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":65,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"c15c779a-801f-4241-8900-4898a07de9b6","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":65,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"ea03ae10-a9c9-4302-9d26-a8cd6840a7fd","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":65,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"d92a6b3d-644f-49f2-aad1-56e7012178fb","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":65,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"9492fba7-8a11-43e0-bc50-4def212b0a94","block_type":"box","text":"and incur transaction costs.","page_number":65,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"f1399e70-517f-4379-8d13-f1cbefcd2266","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":65,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"356ceecd-9595-49d2-b697-608fb1f10916","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":65,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"fc2dc3f7-f576-4176-b55b-8c1a7872dc95","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":65,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"0b87e5ca-c4a8-432f-b300-4c5004f386b5","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":65,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"95c8ce54-767e-4a40-a3a1-aed03afab4be","block_type":"box","text":"i.e.","page_number":65,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"c3a00113-68f7-4ee3-afbd-b3869447f05b","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":65,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"90b8f591-446c-499d-a015-40b66b904cb9","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":65,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"1c628e0c-d065-42d2-a59a-b0d599f396d2","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":65,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"f9b0285f-4fbe-40b3-ba8c-ac48a78315f7","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":65,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"23457e69-80d3-4919-9547-0c073f97d5ec","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":65,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"da521356-a1f9-4760-b36a-52653469415c","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":65,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"46995dd3-1959-4801-84de-5f6fdba738d5","block_type":"box","text":"required, to be cleared.","page_number":65,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"cd4e3203-1c47-4c2f-931a-c6df588fb361","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":65,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"3ba88f08-1a96-463e-b595-38147d1c2f50","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":65,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"9e4254bb-f144-4de8-8d67-7c48f6e89e75","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":65,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"9cd79965-5473-498e-bc55-a7d68f0b0d2f","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":65,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"74f76380-d7b6-498b-a3c4-b0d0555376d7","block_type":"box","text":"Derivatives” above.","page_number":65,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"fc3b2028-431d-4a28-9988-cd2bb5e14591","block_type":"box","text":"FLEX Options.","page_number":65,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"8377b997-1488-487b-ac62-a5ba32d8424e","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":65,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"6200430a-082a-4dba-b484-f10da424e7c9","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":65,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"f3681d8e-433f-4a61-a924-9f95384bbfd4","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":65,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"ab24e88e-1de6-414e-8e9a-75011e63f2a7","block_type":"box","text":"exercise prices, exercise styles (","page_number":65,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"3d941a63-d8c6-4c6f-83d0-09130d5eb9f0","block_type":"box","text":"i.e.","page_number":65,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"f8e927bd-9c04-49e9-8c08-b568211e088b","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":65,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"3726628e-9c89-4642-b7f1-823330b043df","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":65,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"c3417336-bd88-490b-9544-1e313d75a441","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":65,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"733e70cb-e545-4982-b917-eea4317e09c8","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":65,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"d328289f-365b-4771-9333-059a6e89641c","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":65,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"eeb1c6f6-00f2-42f9-b9bb-7e8400ce0a89","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":65,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"7798899f-bd8a-44c4-932a-973ece805cde","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":65,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"8e8a7d0b-a9e9-4066-abef-4d96fbfe87c4","block_type":"box","text":"FLEX Option’s expiration date.","page_number":65,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"f6c984c3-f6c5-4950-a640-7c086964bac2","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":65,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"4da6b12f-d3f1-4fad-b7a6-5490c78bfd7c","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":65,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"2d1e1d6b-d01a-411d-9fe3-62ac6019dcf1","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":65,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"c14884e1-5e10-40df-9b4e-a18f44c2bb48","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":65,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"43217587-e486-43fd-99f9-d960c5a8bba9","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":65,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"8de85d5f-43bd-4c40-9d2f-691b8aac7242","block_type":"box","text":"FLEX Options contracts.","page_number":65,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"41394d5c-10d3-4932-ba3f-94dd6005cba1","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":65,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"b71a8a53-46de-4a3c-9409-baebf918a5ac","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":65,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"947fa8b9-9f19-4a3d-82b7-248a97984f59","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":65,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"6d07b7b8-7d84-4424-96c1-2e28e6d6ed20","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":65,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"c3eaaa3d-ad4b-4d56-83c6-3a5c9f6b5259","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":65,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"7063d671-aa0a-4b25-b25a-b44f4521e3fd","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":65,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"b9d8491a-0f64-4bc9-9288-7520d5348866","block_type":"box","text":"II-22","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b92a87da-f2ac-4e81-a2fc-1952d8d33186","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e4b10ca-ec95-491b-a92b-78f8a177f47e","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":66,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"a0f5e9f3-22ea-48fe-ae99-1cc9341d69a6","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":66,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"e91f6d7b-0dec-4dc6-aa0c-04bc02483792","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":66,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"96072cde-afdc-4e00-b30c-2c43c43371bf","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":66,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"a3d9028e-83a7-4cda-87e8-37b209be2b1e","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":66,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"33e87b79-df3a-4e2c-b09b-65138ed644e8","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":66,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"36c0c8d1-e0f9-439e-bea5-4d4d5165d87e","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":66,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"47d7976a-c91b-4533-903f-5622a5d5d0c1","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":66,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"60066388-78e0-4511-8bd1-9af716809407","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":66,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"08c499f7-c402-4d98-8807-377eb940540b","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":66,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"24fd8129-f698-4eab-b5a3-96acb144e2b8","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":66,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"9962902c-36da-4cac-8918-e36739a0cef3","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":66,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"588f1be0-7e17-4add-8316-cc2c22b62110","block_type":"box","text":"expire unexercised have no value.","page_number":66,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"0e09b13d-566e-4a05-97dd-e93a7e9f65ad","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":66,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"93934e6e-fc76-4fe4-ac3b-0d176d076a34","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":66,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"eccd2d7a-6c90-4d6c-8878-f5f7b9b415c5","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":66,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"1a370881-be94-4e51-9ae5-7d98ec3f74dc","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":66,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"a59d9287-fcf9-4c6e-9ca9-e705761cafd3","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":66,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"fca86711-3c8f-4b21-954c-ee4d3bf0723b","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":66,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"f781f7f3-6894-47bd-a2e5-7a50b006ba73","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":66,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"b6c694f9-3981-4d20-bf86-573dea6ac8ca","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":66,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"46cef4ad-a631-465a-aa3b-a38bcfad4b10","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":66,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"5f16264a-f030-45b8-a99d-9f993d0f075e","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":66,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"2ada8379-9d26-4548-a22b-a9ce465b109f","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":66,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"64e976e3-a357-4cc0-8e2e-c7e31faaba9c","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":66,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"439e0268-c595-498d-9d62-b53bab8b4354","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":66,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"58825f99-8184-4e65-bd8e-8a09386fb753","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":66,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"5f4e87fb-a462-4730-ad04-cf268de66039","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":66,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"82773d66-08db-4ab4-829d-abe72c57add3","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":66,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"c30e87b1-60ea-427f-a0eb-dbb727240a50","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":66,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"ae6b3403-8eae-44c7-826d-da0d1d58728f","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":66,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"653770a4-ee4b-402a-a332-1488affbfc5f","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":66,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"24e515d7-1c79-4271-9ef9-1c74c3b2eccd","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":66,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"14e1b0b6-6171-40ae-b120-67d93094d08d","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":66,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"3a68a9ef-b91f-4174-8414-439e47973529","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":66,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"1d71df22-c71d-409f-8a3c-369c67187fe9","block_type":"box","text":"Foreign Exchange Transactions.","page_number":66,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"c3f39ad9-d716-4b09-ac4f-891ad235f86b","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":66,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"e5933e98-2db5-47ad-9b65-9580fdb200e4","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":66,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"7e7a229e-0e49-4d8d-9baf-70179dcef636","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":66,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"90aa8495-175b-471d-a46c-f5a58e62cdda","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":66,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"fce08198-fc9a-4762-ae59-5e7c88d2effb","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":66,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"7e4dbd89-81b0-436e-8642-e2b8da75f3d7","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":66,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"472485a0-0825-46f4-9bd4-911e2d566de5","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":66,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"c0112d78-8794-4753-8ff6-2b73ddeee8d6","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":66,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"ab625291-75e9-4fe3-87b3-a21c2743f9c1","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":66,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"ac9ce80c-4a47-47e2-ad29-0bc3e75a02f2","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":66,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"fc123d05-d5c0-46e7-8c88-9a386e0bae4c","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":66,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"72f4896c-2c6b-4887-b3b7-b94493fc5ff2","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":66,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"66238b59-d2a4-40e9-9dd9-6810a5211461","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":66,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"ffd517be-7e87-4840-a024-87de66ed2132","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":66,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"19beadc9-ee8a-424a-a6cb-ae526acf6845","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":66,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"1d002a23-48df-46d5-9531-49af1903237c","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":66,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"b40f02c6-dbe3-4b80-8b07-e445a02da75b","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":66,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"f85597bc-8e3a-482d-904d-fca4fe5b46dd","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":66,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"a45f92b6-3ad5-4cf4-ada6-96abf1248e21","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":66,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"0c914aa2-c120-4bb6-81a2-bad841a248e7","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":66,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"4cbf2897-70ad-4f42-a944-d42aaefe87b3","block_type":"box","text":"II-23","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ba176b83-55c0-4d62-ae06-fc7afc0f8c80","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d5ae4eb-67e1-415a-97e6-c3b3eb9569c9","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":67,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"72a8eebc-4596-4f2d-8961-0188c371cf95","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":67,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"a44de200-5ca9-448d-842d-dce6eca8e0c1","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":67,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"2afc8b86-0d8e-4df1-8755-89e0f2844fc2","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":67,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"1e1f2222-8cc0-44e4-8e1d-46c22ed196bd","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":67,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"8693ce85-8032-4068-a7b1-436ef43b0eab","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":67,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"32c5a498-99ba-4920-9275-8e5249b07835","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":67,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"ad32de7a-358e-480f-8a9d-6b275361d353","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":67,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"cc5d22ef-d026-4451-83f5-74df499f8a1a","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":67,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"bceee97e-1022-4e22-9d16-3a21bc4af8f5","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":67,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"b5b4c84e-1daf-44ba-991a-97b9be144a27","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":67,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"a49e9bd0-c0f7-4475-9906-ec9be6481296","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":67,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"c78dfc3f-2ed4-4b97-89ff-f8b3d8ce623c","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":67,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"f52e2cea-b261-47f1-890c-c3a6c813cec6","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":67,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"91a88e29-7553-4aa4-ab39-03a6a1c6bedc","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":67,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"22bce698-0766-4d03-b189-7aad9d3631e7","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":67,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"bf171a89-fd85-4e3d-b3af-5464bdf9cc78","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":67,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"c774c07a-75e6-4c96-9189-d4225ed24911","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":67,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"e7451a18-4b07-4ff2-a913-18ceaa2916c5","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":67,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"cf182efd-95ad-41fb-8da9-a6bb160a99eb","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":67,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"20657ec0-e5e6-413b-be7a-3b67f6f70e4b","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":67,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"f70ec47a-97b5-4ea4-9c05-f9503c268b82","block_type":"box","text":"involved.","page_number":67,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"8cf78287-5c56-4602-978d-9bcaf8ac3b83","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":67,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"a598e69f-4ef0-4fe8-8ae3-4c4394f9e5b9","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":67,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"5cb565e5-2eb4-41ea-b515-6cf6edf70484","block_type":"box","text":"denominated in such currency.","page_number":67,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"c699dab4-b138-449e-ba99-8af80bdc85c1","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":67,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"98d709e9-eb64-4110-ac37-14840600762f","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":67,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"23ce9cbe-49d0-4db7-877c-877e421a68d4","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":67,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"8d7e16c3-bc13-4ac3-b255-3735c144673f","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":67,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"b619c279-d8bf-4b6b-8253-6e56bd0751c0","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":67,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"ef68988b-3825-4331-b07b-6f981df0e3ea","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":67,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"266e98cf-d8ce-47db-a709-d637599267db","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":67,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"dd887775-f8ab-43fd-813c-668fe1faa60f","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":67,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"2f456d2e-087c-4ff0-8dda-a61163d4ba55","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":67,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"b1bbd527-e98c-431b-a366-486aba0683f9","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":67,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"a8046501-7541-4bbc-9d69-c4f31cbb601f","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":67,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"e28b92fc-acc5-437c-b5b7-c2ef7f616647","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":67,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"16e27a90-e915-4893-a512-4eb1691d014a","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":67,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"61bb43a2-a973-4b0b-abff-28f6331ba3a6","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":67,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"68801109-4461-4309-8752-6f6621346f21","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":67,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"9d51916d-e5eb-44a0-89b8-2a7d7d7975b4","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":67,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"bb9b893f-da0c-4a86-8b26-b5e3efdf2a14","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":67,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"4e288cbf-b6a4-4c3d-85c0-f4526df1c9f3","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":67,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"8a26a02a-a1a4-4e6f-ae62-efe26b5ae23f","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":67,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"c2be5727-d37c-4578-b128-b0fd08ee9403","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":67,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"8aae34db-df8c-4079-be84-017b398f726c","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":67,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"212d4482-5e08-4e38-a37d-8ae3b7035aac","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":67,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"b846a72a-00b5-4f8e-894b-f3f3a971aed7","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":67,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"82973665-88a0-45e4-bcbc-294acd65260c","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":67,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"059cffc5-6a2e-4e50-8200-df98535fee12","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":67,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"845d8959-3dda-4d28-8d17-20cf85523bfb","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":67,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"36188220-867b-48cc-9136-2d7624a885dd","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":67,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"c0b6d708-8fda-461d-a6c3-85edd1ae1da0","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":67,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"b7b67674-90fa-4b43-9969-7877ccfd2a56","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":67,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"4bd7299e-b776-466a-8772-0671cf218545","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":67,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"8b45d0b3-7fa9-4a71-9df6-aa06390d29b4","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":67,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"d403c2d6-ae23-4fcd-9bfb-631269225ce7","block_type":"box","text":"II-24","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cfb15687-3bb2-4b1d-a64a-94e8bcbdf249","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c9f503c-5afd-4026-8ea5-f3086c6d761f","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":68,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"752447f2-d5fc-4739-9814-38b93b3aece8","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":68,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"9cc7333a-d26b-4aca-96ac-96af6ca2f4bf","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":68,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"466f635e-5195-4cac-ac91-3b0f620ae889","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":68,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"6ec53340-3a59-42d2-98d5-7134ee1b9982","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":68,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"f9b05b1c-8336-4ea5-9911-e5c5436b99ea","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":68,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"4a926605-ec74-44ca-a38a-b73f462b35a5","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":68,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"e0b821a3-d14c-4601-ae8b-c8f67e453a36","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":68,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"6926413d-943a-45d6-ad3d-46bce3fde583","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":68,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"5e28ad56-9e2e-4ebc-8414-fa0f04a246b4","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":68,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"56881431-d71b-4be5-a0c9-424e3147e717","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":68,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"84e10a37-94da-4489-98c2-863222f16d4a","block_type":"box","text":"traded.","page_number":68,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"993ed2af-836b-466d-906a-8f3737e72171","block_type":"box","text":"Currency Futures.","page_number":68,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"51e5c66d-7d5f-4d22-9ca6-910a817b74de","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":68,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"0176f0e6-51d5-431f-bc7f-f6e6e4b95e10","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":68,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"f2406505-629e-4446-9078-3e7e55c7daaa","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":68,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"2a6d6f4a-5c63-47dd-8522-4d15985a1138","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":68,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"b16695f6-b72b-4bbd-891c-0e3757e9a309","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":68,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"b8130c38-e032-4653-9f17-f989eb8d187d","block_type":"box","text":"Currency Options.","page_number":68,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"0edf1f25-31f2-471a-b84d-1eab7026f774","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":68,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"17328bca-d62f-4966-a7cc-ca4e30b2a351","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":68,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"102d8eee-0735-46ff-a2d5-bd6738bc1ddd","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":68,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"c699a770-c6c5-47c5-a04a-185a04716827","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":68,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"7a0ee23b-eb6d-439e-854a-957c5fd6b054","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":68,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"0ac6a339-62d4-4056-a448-87ccc1459955","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":68,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"ed8b1f96-f843-4c82-9368-f1e8bfdf8145","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":68,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"bc0ca3bb-829a-4057-b222-eec2e10f6ea6","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":68,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"d0796d75-8c42-4a4b-b76b-31dd5503767d","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":68,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"ef0aafc1-8a73-4671-9844-89ea4b6126d0","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":68,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"cb30601d-e41c-4b8a-8c65-2638f663d1ff","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":68,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"c1d21191-6be0-4096-bc9b-47a90f812a9b","block_type":"box","text":"Currency Swaps.","page_number":68,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"47a285dc-c6de-4cb4-aef4-4ec161c22fe3","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":68,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"9e6b536a-5b6f-4cc3-acf7-0b112af7023c","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":68,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"0e4addf2-b5e3-46a1-9a8f-8be01f5a4ee9","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":68,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"59d0de32-884a-4a08-b7a6-de226031375a","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":68,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"3055839c-824c-4bc8-b4a4-400e86252685","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":68,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"711731b6-170e-4575-9f7a-6eb1f1f6d423","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":68,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"5a9b8927-98d2-48dc-a897-182ad879f976","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":68,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"4b0663b7-8dc7-4620-9355-2ebb7265af48","block_type":"box","text":"Distressed Securities.","page_number":68,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"3ba4f882-b6a5-4206-9cfa-789ee9a69c6f","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":68,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"2af4dc9a-3eca-4b07-a61e-e0a45db3628b","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":68,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"8381d420-7efe-417b-b31a-222f939b1e4d","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":68,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"44ef21f0-a913-40ee-a304-d43402f24041","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":68,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"ae17584d-a964-47e4-8bf9-5411c183ca0f","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":68,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"68518ee6-c1ae-499b-a577-e520cd6d5d4d","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":68,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"b09f569a-ca57-4530-bd52-61bf0a9a4153","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":68,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"e192d578-271c-4f2d-9d52-bdbc3566016f","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":68,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"9d5e71ca-9942-49a9-b66f-89839ea4853a","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":68,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"30a54dfb-de3d-45ec-86df-bbb61bdac8b6","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":68,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"bf33633b-a29d-4330-b1e3-d9a0e2c06a03","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":68,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"bfa95009-b08c-4f83-98af-3b40515a8b73","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":68,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"02086076-9cf1-4e2d-96f4-9198e1edf6a5","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":68,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"f20494f5-85df-46f1-af70-aeeb6d98f16a","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":68,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"8dd0fc95-c011-45e7-a8f7-926bc2c1ba23","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":68,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"16933d07-a8d4-44af-98dd-e218e6ac89a2","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":68,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"b1ff0ef9-66d7-4c10-8c72-a7548b511ab5","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":68,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"117ae00a-e08f-40e3-b7ad-951575cb7fb1","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":68,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"3f078407-90b8-471c-bb17-329b8bdeeefe","block_type":"box","text":"satisfied (","page_number":68,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"8d92d254-415b-4a2a-bec4-bfac26bc6e4f","block_type":"box","text":"e.g.","page_number":68,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"1ab23b43-dc21-4187-ba79-2aad0a5ccc45","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":68,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"a61789f9-d0dd-4f35-9141-9f509b584663","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":68,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"6a795b9a-cff3-4328-a3f0-da5af6f36d67","block_type":"box","text":"II-25","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d9412151-a69e-435b-8ef0-e1daca7346c5","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29a8fd6d-2245-41f2-86e6-11342536fd18","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":69,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"6e1c8c01-37a8-4cc6-a926-a7a901da7fe1","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":69,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"808fcec0-cdee-44ae-9700-c707752433cf","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":69,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"5a5a1e48-e017-4f5b-a299-a42a8dc96047","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":69,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"55a71074-d7fd-40b4-94c7-80f86493d944","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":69,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"8eb4ba19-788a-451b-a97d-47e85cb8b4e2","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":69,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"81e06c77-3691-4302-b51d-d56226be5ecc","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":69,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"c327cd82-a8f6-4ccc-a136-30304c436805","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":69,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"9118ed7e-dd70-4a12-86a5-02f50b2890b3","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":69,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"b547682e-a630-4f4c-9b62-b816febf4810","block_type":"box","text":"affairs.","page_number":69,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"81c09c9f-dfda-4ed3-9bd8-c9d4a880d578","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":69,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"796e22da-4f57-47f6-ae72-30d871239b11","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":69,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"f6d2d469-0e4c-4203-8abe-6c84999e1656","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":69,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"a9b4a2cc-cdf1-4578-9a99-209548746afa","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":69,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"f1c9949d-e80b-4403-bc3a-16d604f7edcf","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":69,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"a669a45b-1463-402c-9e12-a55536037300","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":69,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"f6f64127-a248-41c3-9fed-a981775839b2","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":69,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"5d9f446c-f2ae-470c-bf5b-d95375d1b729","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":69,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"81a77fe6-d3ab-42ed-93b2-9c303d90e806","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":69,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"addac519-4ed2-452d-9830-8ab10d24e2b1","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":69,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"07c4d165-a1f8-4b11-aee4-c422f925ca5a","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":69,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"b5183700-6b24-4938-a845-f97aa29177ff","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":69,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"16a65acb-f90a-4d66-ace7-bd1b5f4d04c1","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":69,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"33b5a70b-6e2e-40ee-8465-2987b77accd5","block_type":"box","text":"Equity Securities.","page_number":69,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"79fa2860-6012-447d-8010-f1cb68566726","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":69,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"90778080-48bd-4795-b779-192a626a88bb","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":69,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"07f92f48-67b7-41f9-858f-b019f2b80d3b","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":69,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"736e4d58-b4ce-46cc-a5fa-80ce3d080bcf","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":69,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"d009c713-7de0-4b2b-bdcd-a80a8a3366a2","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":69,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"1b4b32db-fcb1-40a4-a2a5-7e19d9622701","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":69,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"af4d02a2-1c6c-4a29-bfb1-40cd269e33fc","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":69,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"cfbc0af1-7363-4c80-ade2-6126c1afa624","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":69,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"18c3dce7-26be-4b5b-96ef-482b1033a384","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":69,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"6d22cdab-3c0f-42c0-ab92-599bc6aaddc4","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":69,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"55b55401-b700-4e0e-ba22-82c46c0e031c","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":69,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"e93657e1-5651-406d-ad6a-adffeb36d1f1","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":69,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"e2ea086e-4a4e-4087-a7e4-0af7054fd4bf","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":69,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"5b61a90f-e324-4efc-9597-5d7633c0ed4e","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":69,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"e33f1100-a4c7-4d22-b876-73bb8181edcc","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":69,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"d07dc32e-bd20-4277-9d68-7207ea40e645","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":69,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"9b90fd29-ca95-423f-8c42-db13a72cd8ad","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":69,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"25e8e0d5-ebd6-49e8-b4d0-58d136e21511","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":69,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"ce997d10-0028-4fb0-bce3-e96a0258197a","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":69,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"4eae1044-5d75-4297-b7cf-93a885725706","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":69,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"f6723bd4-741c-45e5-b7aa-abe90161e333","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":69,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"6f72e955-38ec-4725-8376-308684a40d4f","block_type":"box","text":"initial public offering.","page_number":69,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"167412ac-d894-4905-b9b7-e08c3cc99614","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":69,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"a32739ec-bba7-40be-90d4-b70a0785e7cd","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":69,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"a8826e06-91ef-4a10-97f1-fc4374755a99","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":69,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"d2a5f1a3-6549-4c13-9472-599764e3f0f8","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":69,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"b0a187f9-7fb1-45c4-9b34-db1318750805","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":69,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"19e330c8-2b7e-4640-b165-c7c3729ff3fd","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":69,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"612e77c3-9d16-4258-ba8c-6a2e4cd34d78","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":69,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"979d1f00-15e5-4273-9be2-a8f7f016e86e","block_type":"box","text":"more established companies.","page_number":69,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"c0cc0a76-d7db-4eec-85c9-c0f3298dadf7","block_type":"box","text":"II-26","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a93efeaf-fa3d-42a7-a0a1-700f5b8e3c60","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa7e82ef-344e-4202-8719-d4cd05dfb36d","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":70,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"ebb4375d-b6db-4895-a6e7-21fb7160c37d","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":70,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"6e087432-7bd5-412d-a712-89ef1d44bde8","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":70,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"f076d145-6110-4ff4-81c8-d50aa0f10014","block_type":"box","text":"below.","page_number":70,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"f9d929cc-06ef-459a-b1ad-5d173d03b81a","block_type":"box","text":"Real Estate-Related Securities.","page_number":70,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"44fe892b-537d-4d45-95b9-4fec4298ade8","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":70,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"1dd0e31c-eec0-4c71-bc31-38b52241db57","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":70,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"52e428fd-5fd9-4205-a863-98c32ede9cc1","block_type":"box","text":"cer tain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":70,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"7e78cfce-ea47-4c94-8a24-daf52ce4efc6","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":70,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"5ca117a1-7631-4ae3-875a-e3129d8c7ba7","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":70,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"8de9dd98-7e78-4ed3-8c81-f973e7021f1e","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":70,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"8e824990-11d1-430e-bf24-54695c69b2a5","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":70,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"34f57322-ccfb-406d-ab41-4b1979d1ea59","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":70,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"ce3983a9-b72b-4cd1-ad25-876e3f9a52f6","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":70,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"25784e91-c5a0-4e60-a8fd-e0a90d6f6be4","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":70,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"36a2bd3f-b49f-495a-824e-b5af932247b2","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":70,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"899704d2-0fee-4778-ba5a-991f8d201e36","block_type":"box","text":"interest rates. 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The securities","page_number":70,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"4abbd5da-766b-461b-9f51-7616651694d7","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":70,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"93ad5465-fa89-4fb9-8aad-f0dfd8b23d24","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":70,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"10864cda-74a0-44e0-8f22-1e036d38b58f","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":70,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"8754fac0-30ca-4082-868d-2fa6b27cf2c3","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":70,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"f966e820-5e0b-4a27-89a5-8c4560e4b483","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":70,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"69e665d4-5f69-4ac6-8e93-18166a832b12","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":70,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"7ef22092-c92a-451a-a986-6dabc3ac6825","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":70,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"29d5d052-02e8-4916-97f6-5b89e2c4d304","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":70,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"a2c31e1f-388d-49a2-8193-9717d52db4a7","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":70,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"145f5ae3-c518-4aa4-b749-c0f9c36ff6a5","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":70,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"d6703baf-631a-49fd-ac1e-689d0b9b5b42","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":70,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"b6d38c76-044f-4441-ae58-e6e192a2276f","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":70,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"947e1ebc-a8b2-442e-b254-1c6cf6580438","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":70,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"0851baa3-eedc-43a7-8dd5-accf65491534","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":70,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"a921914d-8138-4326-8253-263282dd492e","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":70,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"bc094aa9-1564-432d-ad80-76f6b647e294","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":70,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"60a497ca-3d0c-41c2-893f-21d50f12e91b","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":70,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"8cc43a05-06d3-403c-9479-a8402b9e254f","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":70,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"70217fd6-c906-4b22-99a7-22f13f04002b","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":70,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"1f33be03-3955-4708-b9d3-c01295e0f6fd","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":70,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"99609a5d-03b6-480b-9a39-d2d0e683b242","block_type":"box","text":"cycles.","page_number":70,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"c9517ed2-b445-44ba-9f42-dd6da945dfc0","block_type":"box","text":"Tracking Stocks","page_number":70,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"dc9edee3-0e90-49a8-bb25-76e8985f0bbf","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":70,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"ae47800c-bef9-4090-acc8-5a0a21cdea24","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":70,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"53b2dfb9-10da-436b-869b-84d3f2268947","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":70,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"771b28af-01a8-44c7-a67d-b5cde22fed8e","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":70,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"2f2a067f-6af0-4950-a2e2-7598b38f729e","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":70,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"55d6d9b6-d39a-4fdc-b6f6-5e44016a79fd","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":70,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"35a4f95c-8ae0-49e8-b886-18910628f608","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":70,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"1ef4d6ee-7c9e-46f4-bbcc-09dcba3f089f","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":70,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"a3f034e9-3db8-4123-89fa-2b7cba454d62","block_type":"box","text":"II-27","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f6ebc87f-56d8-4ddf-9124-cd6eedb0154d","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca2f463b-85a7-4867-922d-f6b1e89f4301","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":71,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"f07e4004-b147-4296-8d03-d45f8a2c043f","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":71,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"75cdc5dd-1f04-4317-8e3e-40b92fecb9c9","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":71,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"10ece4e4-2f3d-4326-80ef-63342d4cbe13","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":71,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"fe951787-0a31-409c-82ae-100c5a9bffab","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":71,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"ab51c9ee-7c46-4c7d-80a6-6df49cc548e3","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":71,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"9b45cfa1-07cb-4b95-9b02-888b9b633a92","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":71,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"7af796bc-630e-4691-9b71-90b1f8c2c731","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":71,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"36614419-c249-42d7-910a-71f36841d9e7","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":71,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"8c1d427d-e2b1-4209-ad22-2621beee45d6","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":71,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"9c67243f-170a-44b7-b293-7ea1c3b1ea41","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":71,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"3a1c1f63-7cf1-462b-91aa-e812b039655e","block_type":"box","text":"ETN.","page_number":71,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"8a779ed9-f944-4512-8637-23a1370972f9","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":71,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"ae4067b7-944d-4fbc-b0b9-b44758c3e7d7","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":71,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"3c78a443-c5f9-44b5-a616-de1fe978439e","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":71,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"bec88b4d-5291-46f4-ab93-4d688c901f5c","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":71,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"6640f6a8-f8f3-4396-ae05-a4d302dd78d8","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":71,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"3bf8b36d-c6d5-4fca-98a0-a38564b98cef","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":71,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"8aa33ee1-a996-495f-9d70-d2d517503821","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":71,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"44129a32-de02-4316-8f90-86c526f5e0d7","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":71,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"5e60141d-042e-464b-b46c-ade9dc7d0568","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":71,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"07561116-2438-498c-b830-dbc6d9502710","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":71,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"21f30452-4856-4e07-a9a5-75eb41620553","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":71,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"f047c7df-d2e6-4c25-995d-3609cfd616e8","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":71,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"7cad2a81-f68e-4580-8961-1f93a2cf1e46","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":71,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"6e3765fb-7f94-45c5-b4f2-d0ceb582325e","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":71,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"5daa98f3-d777-478d-9abb-5a18584406d4","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":71,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"b89d700c-1e2e-40dc-9f21-211d7ba3ed75","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":71,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"3f9d4e8e-83a4-4522-ac87-d5eaf3c1765c","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":71,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"5baf35df-743f-48af-a671-869bc92f57c9","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":71,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"b02dbc88-d859-4385-82e8-db74921b79c7","block_type":"box","text":"Foreign Investments.","page_number":71,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"4a0d7019-3ece-49d4-9e76-6e89e1fc0003","block_type":"box","text":"Foreign Investment Risks.","page_number":71,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"a023c60f-7620-4052-983d-89fc307f8254","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":71,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"33761476-c6c6-4017-ac1f-dd0c68d6bbec","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":71,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"694f4220-1c76-4d95-b89a-dc79cb7c10c9","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":71,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"e475b8f9-558f-46a8-bd61-8754351d0469","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":71,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"59fe8729-5f80-4345-913d-0d362b4120ce","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":71,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"e205f7da-4a06-4686-a3b5-619acf593bc8","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":71,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"d0390cf0-1780-45d1-b495-295979df423a","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":71,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"5803017d-5970-4743-8e90-a529bfbbb9b7","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":71,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"d93e852b-4e70-4ba4-af9f-2978243e964e","block_type":"box","text":"benchmark index.","page_number":71,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"eeae9e03-26a7-4ab9-8ca0-a35b338ce0a6","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":71,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"6b69c147-8ae2-43ff-bac0-ff9d31b0bdcd","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":71,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"bad3d646-65f6-4535-96ad-b15a2beb435a","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":71,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"19fa210e-da8b-4211-a57c-f122d852ec2e","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":71,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"cc372fd8-a82e-42eb-938a-d2dcccdeb067","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":71,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"83d86b4b-4b8a-4913-887c-09e3ae0f1b09","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":71,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"63c6d355-8016-4016-9fdd-c2bebd3021fe","block_type":"box","text":"securities and zero-coupon securities.","page_number":71,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"158a74f3-3851-42ed-9f0a-5a4fa7faacc7","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":71,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"962279c5-bad3-4181-b7be-70a76c93a0b1","block_type":"box","text":"taxes.","page_number":71,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"b92760c8-ee1e-4329-a1a1-11f00bcefeed","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":71,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"33b682e1-488e-4af8-907b-1e6c300ea336","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":71,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"9e60670d-0052-4e2b-94b7-738636ce8e5f","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":71,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"fe47abaf-6796-4b77-a841-c4ef556d3e3f","block_type":"box","text":"II-28","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a97cf92c-5560-4276-99f0-f00c0f020d59","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2ed03e9-7bd6-4b6c-91f9-584e2eef1f89","block_type":"box","text":"underlying security (","page_number":72,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"20683815-9a24-4ce0-a9a7-0d4a815f9573","block_type":"box","text":"i.e.","page_number":72,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"2b0360ca-83b8-4dea-9030-3656535b85d7","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":72,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"8d240556-0923-40dd-b3a5-c7060fff7513","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":72,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"a85dbfa5-1f70-4af1-b30c-f981ccbdc25a","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":72,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"a4f4e30a-a36c-4bf9-92a6-95f75fe493a9","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":72,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"cb0bcb4a-5e7e-4041-aec3-52cb7b4a7694","block_type":"box","text":"Foreign Market Risk.","page_number":72,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"72221856-5d24-4552-b1ec-9e290e0f60ca","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":72,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"5806b5fe-9956-4495-81f2-1db0e8ea21c1","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":72,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"93c0109a-2d15-4873-90d9-53f50fb61cff","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":72,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"2accaa57-63c0-43db-b065-c525950db08e","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":72,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"6c61f329-ef26-42ea-91d3-7067e7c8f10e","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":72,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"46dc5318-44a6-4257-a33d-3e9e053885fb","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":72,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"bb05415b-863b-4b03-a02e-f78501c9f62a","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":72,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"96b14c44-e272-4b4e-bd27-3d72cee62ab0","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":72,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"9c81fd40-321a-448e-843f-218f9d8f4e12","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":72,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"1054fac6-a788-40e6-ba62-62f356268e57","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":72,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"812cba00-5b51-4ffe-b7d3-65a458acb837","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":72,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"1834fc4e-db6b-4978-b7df-d722c0162d26","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":72,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"923113b1-c2a2-455f-be16-502eff879417","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":72,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"332ea513-0049-40a3-ba51-44c12aeb37cd","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":72,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"4d084f71-03b6-4b40-8c3f-4cdfb6ef931a","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":72,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"8832cd9e-e08f-4e19-b609-04bc0f26b629","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":72,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"0d165c4d-acc2-4e2d-9d33-7629962429d9","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":72,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"f0ee3aab-20c0-4489-9e26-75457d2e260d","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":72,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"d73a43c3-6954-4b53-95c1-878ac263a0c4","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":72,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"8e78d193-0d1b-4b28-9f08-98fe7101052f","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":72,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"f6bc4fec-007e-404c-a088-12788e550885","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":72,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"7fa65fae-7d01-4f62-99d8-bed105bd5b89","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":72,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"369ab64f-1175-4209-a837-b82aa96326b9","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":72,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"3883c837-0965-4ab0-acec-7ad3faec2091","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":72,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"fcf29e07-9988-47cb-b23e-cc29e2d12295","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":72,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"5ab298e7-695c-44cb-a480-dda23f353234","block_type":"box","text":"Fund’s operations.","page_number":72,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"eacf9efa-de6c-497c-be66-f4221924989c","block_type":"box","text":"Foreign Economy Risk.","page_number":72,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"b232ae69-42b5-438d-9e1c-d83cdb04d4f6","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":72,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"ff9d0967-ee27-4d31-94c7-1b0b32fcc1df","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":72,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"5f22389f-52e8-462b-8d4b-c2b7569d5d55","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":72,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"57eb7f1a-3e0a-4474-b28c-6c9e061fed55","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":72,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"d9e7e0e1-7724-41c1-9492-3d79d0ba8a45","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":72,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"b2c65ef7-7351-45bb-9326-7f858c2a4b9b","block_type":"box","text":"measures.","page_number":72,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"7282c4ca-4ff3-4186-b0e5-2ae123f30365","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":72,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"a6640500-db35-46aa-88be-0b261e2ccfe9","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":72,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"dd5edda4-be8e-4147-a69b-ccfd205d0442","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":72,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"2a7987aa-bee9-47b8-8ee7-ff1765e86257","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":72,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"eafc7323-ee29-4131-9f75-56efe7438e4b","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":72,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"c1ff9dcc-55c0-420d-a288-71408ef90f91","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":72,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"8e7ec346-38da-4479-9953-b173c14debf1","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":72,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"20f6a033-97a5-4395-ad21-f276d15d7991","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":72,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"90e34c66-5de9-4f45-931d-25f4467bb83f","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":72,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"1e28747c-ed1d-4376-859f-8c86ef308341","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":72,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"9a14a30c-cdbb-452b-a8ff-0068229ccaec","block_type":"box","text":"United States or abroad.","page_number":72,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"004a279d-2291-4bfa-9c61-efa493bd94ab","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":72,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"faf7a22d-9cac-4d29-a2ec-ad618a7549da","block_type":"box","text":"Many foreign governments supervise and","page_number":72,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"895d1436-c84d-49d8-a60c-c9117e0f6e7c","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":72,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"2b6aa698-c41e-457f-8d28-466a1d3a78ba","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":72,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"1229e00e-54d5-451d-bf54-e0d0f30dff56","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":72,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"65b290b1-2e61-415c-bdc9-6a7491e99c4d","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":72,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"af5333e1-a9bf-4b30-9d75-4d64185199ff","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":72,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"c291f41c-3467-4e62-91f7-f653cb43ace9","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":72,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"794cfe3a-2621-4ebd-ad57-3729932feae7","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":72,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"47074e2b-09d9-4f08-aa34-8d15b330be01","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":72,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"adadd38e-1393-4abb-852f-6331a23aeee1","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":72,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"944f2305-392d-4262-9c63-d069a3d37dbf","block_type":"box","text":"II-29","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"62472289-61a3-4850-ad48-24c619f7e1ec","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fec1ecfc-47b0-4f26-a393-67cf4da587b0","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":73,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"2f8d81ac-de87-41cf-aec9-bafb73a79ecf","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":73,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"37a60ad6-46ac-41dc-8d4e-1e1f7447f40c","block_type":"box","text":"investments.","page_number":73,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"8baff9d5-0af1-46ee-b84a-d77f2d56845d","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":73,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"555770c4-d669-409a-9f90-485f9897cc64","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":73,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"749bccc4-557b-4082-86ed-d05bc19b7b8b","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":73,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"b9c54593-ef7d-4863-b747-2cbe0dc896d4","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":73,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"2f260773-0f58-45f6-b8d3-3173b8ca3ef8","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":73,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"d00754bb-7e0b-4041-9f75-dadd901ba8fb","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":73,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"ccce87a5-a5a7-4dc6-9590-d9678f554b96","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":73,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"187cf66a-279c-4efa-9a77-716d6a4131f3","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":73,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"2dcb4dc4-242f-45b1-9625-f3798a56ec89","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":73,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"02b366a2-ffae-434d-81a5-d55e0060d3b5","block_type":"box","text":"States.","page_number":73,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"3de82f2e-d302-4583-9b37-52a3bdb54e82","block_type":"box","text":"Publicly Available Information.","page_number":73,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"ff73ff71-90c5-4b98-bfbb-a2660b26871d","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":73,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"efcdac29-ddb5-4dff-85ff-b498d6097a21","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":73,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"d6b89c51-1bb4-44a2-95c5-0eaf93f90b65","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":73,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"4508de70-0d16-4162-a613-f2b0d505eb73","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":73,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"302edda7-a9fe-4aba-8279-7e052045b03b","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":73,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"fc76472a-a6ba-4d24-b509-c9f736b2d966","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":73,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"6040cf6b-2324-4ba4-876e-cbcb5b5a4450","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":73,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"57cae2b6-c28c-4cf5-822f-62e62e84d528","block_type":"box","text":"United States.","page_number":73,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"2e5a2466-8dfa-4699-b847-19fc3b6b9dc4","block_type":"box","text":"Settlement Risk.","page_number":73,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"40fdbfbd-d6a4-4324-a6dc-e71ec74b3394","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":73,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"58f3879b-0ec1-41c9-bdd0-0385566373af","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":73,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"dbbf02d1-39dc-49c4-9fda-8358cb7cf2bc","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":73,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"09a93bf0-7e7f-4417-955d-9fbe8c223680","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":73,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"cbbcbe93-3796-480e-bf60-9ed47964c237","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":73,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"7ddcaa34-e666-45f2-8b59-4cf997a00cc8","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":73,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"19069175-5790-426d-851f-c5ca2e6f4052","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":73,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"a810aedd-3af5-4727-9919-a0fb19658c2b","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":73,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"0af61200-ed34-4ea6-8b49-a4d29b97ae2f","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":73,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"dcd84509-1c11-4bdf-b6d1-62ef368d321e","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":73,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"995671e2-57cc-47f2-85e3-42a10eb86062","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":73,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"d5c98ce9-204a-4041-8b7b-844ea80f515e","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":73,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"4d23ad66-8ffe-430b-aa28-af737346c082","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":73,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"cae925d9-c5f3-4306-b30d-ab66d55d9943","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":73,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"8cbda3f4-6d06-4d57-b610-80c1f859b5e7","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":73,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"bf66c83c-c983-4672-980a-594848425eac","block_type":"box","text":"Sovereign Debt.","page_number":73,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"859df16e-fede-48bc-b5bd-fd7f70760115","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":73,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"f50fff7f-ea2a-433e-9713-45ac414a4add","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":73,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"2616516f-02aa-474f-9b07-c0c728be2465","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":73,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"cbadf67f-104c-490e-95bc-efef75f7af96","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":73,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"823c93ee-3874-4190-b745-ba3d6343ab21","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":73,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"00b94ba7-0759-4898-a1e7-df5ea82c9c7c","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":73,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"b866c2c9-30ed-4607-9aa9-f1f9aa47c0e8","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":73,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"a8b23607-b2a4-40c9-a5a1-451247303188","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":73,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"b6fb517d-4a0b-409e-ad31-af999cb25219","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":73,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"dc54e84e-2f00-4447-9560-993e3abee4ca","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":73,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"00ad317f-8821-4d0a-8a62-544a7b7b329d","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":73,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"0bdf4b8e-579a-4552-a928-24a4a19822d1","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":73,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"f21e45eb-d8f9-4790-ade3-29652b85d016","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":73,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"cf6b424d-9391-4dd6-94c9-8bb9069f1b86","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":73,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"a8657303-1f05-40c0-80ba-2efd1e251a0e","block_type":"box","text":"debt.","page_number":73,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"7acac0eb-554c-4b69-86c1-9ccc9eb32e20","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":73,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"911f6a4c-554b-4a68-b750-418ff1294d1b","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":73,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"fa527150-c72a-4e92-bf9c-79a9f41c9536","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":73,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"55a7f8d0-55db-4614-94f5-b9005d0f9895","block_type":"box","text":"II-30","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d7017675-0421-411b-9d8e-ef6d4690ce86","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a8c6648-aada-444f-88e3-e8bc9ed1fcfe","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":74,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"44714822-2acc-4813-a147-f29941691d75","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":74,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"bdfdd6b4-460a-4714-b5a8-aa8320dc0976","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":74,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"547a0c95-6e83-4ce2-8580-107325d2627c","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":74,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"a8b906d0-a419-4267-8f3e-a6febadb4f4f","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":74,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"16017636-972c-463d-8f8d-b60defb0c6b9","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":74,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"0930fd33-2301-405d-acfa-67c311ee5a9a","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":74,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"c1a1ab56-5e55-418f-bab2-0aecb29b33c7","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":74,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"77811fca-4ca7-4783-abae-eebb6c014609","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":74,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"0de61cd8-cf03-4df8-a541-d9630c62b110","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":74,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"3018045b-2856-46b2-a358-753c0833bfa1","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":74,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"9a84ff15-48a3-4301-94e2-e2cf5dbe12b9","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":74,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"44a9f139-3cd9-434d-ad40-2c3b5f5a5b32","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":74,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"d89190db-0b47-43a3-9e1f-8456a5b909fe","block_type":"box","text":"in the Fund’s net asset value.","page_number":74,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"513f320e-62e1-41b6-88f2-2267ba3028db","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":74,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"31e8e8be-b271-438e-8718-7027921c52e0","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":74,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"9f004e21-40f8-4c4c-bb03-0ec82d90fcbd","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":74,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"c648fc95-909a-481d-917c-78f8fbb65719","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":74,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"9e1cade4-8fed-492a-9649-e363ae7f0999","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":74,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"2e02ca7a-e6b4-4ee8-87ab-634da484eb99","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":74,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"e4c1e3dc-d189-490e-a715-7547147b9517","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":74,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"b2839abc-7cfa-4101-b589-39ff84a116df","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":74,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"83f2ec31-f7f9-4fbe-b9c3-336ba84af738","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":74,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"4e0103cb-f971-4701-b7cc-6f77e8d482c3","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":74,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"953a57bc-37e3-40ff-96f8-7dd580bb138b","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":74,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"3666510e-93a0-4285-a76d-c6fc7c6eda80","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":74,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"bce84db8-9119-4283-b810-a6f6654b8ced","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":74,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"66e966c3-6aa4-470f-9d7a-31e0e3e76dc1","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":74,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"59fd2274-29d2-4732-9fb4-17870d2e9e32","block_type":"box","text":"Fund may invest.","page_number":74,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"ff4f1296-89f0-4dca-8267-0c7856cb2b3c","block_type":"box","text":"Funding Agreements.","page_number":74,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"ae13f622-1ce1-4f92-a8b1-55df4f7fe288","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":74,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"5205bb4f-1e09-4541-80d3-982255d97d1b","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":74,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"83b0a0b0-26e1-4aed-b931-9710614fefba","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":74,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"e3113076-dcff-4672-9ab3-28f0796561d5","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":74,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"c3636d26-1524-4265-903e-eccd27b158de","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":74,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"c844d910-9fdf-4915-9d29-244524233a45","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":74,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"044fa410-0d51-4ab8-b429-087b75fdddaf","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":74,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"a3e61b64-e1e2-489d-95b9-6acc98cc1f90","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":74,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"fcf69c7e-7556-48b4-9c5c-8906f4e68b15","block_type":"box","text":"Guarantees.","page_number":74,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"59e0a6a6-d66e-44a5-af04-cf6a97c33477","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":74,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"6b1efbb5-a5bd-4e62-84a0-08ab922e5b2a","block_type":"box","text":"issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":74,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"7ca33380-44b5-4b83-b505-6c5437b79aa2","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":74,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"fd193875-ccf5-418d-84ae-13523528e4b5","block_type":"box","text":"Illiquid Investments.","page_number":74,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"b9e9ab95-eeef-40cd-abbd-74ee59bf65c7","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":74,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"7eeac9be-922c-4fc0-bed7-3e4bb8257d95","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":74,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"d1d22406-4b5c-4918-a73f-06cbd6f54ece","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":74,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"86873135-9572-4e0f-ba43-02615e7ad48d","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":74,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"b1aeac69-9320-444e-b953-9c721f05c6d3","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":74,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"a4b3dab7-5ede-4573-a69e-33dc25a8e936","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":74,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"341597c2-dcb3-4f9b-9c91-63009dd4adc4","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":74,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"b10fc78f-202a-4663-ae18-88d0869468e9","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":74,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"e31cdfad-bf18-4537-a33f-4cfafdac24ed","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":74,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"e0324d7b-6931-47ea-904a-bc4693ebb111","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":74,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"d933393e-5512-42bc-b07a-fdca040a21c6","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":74,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"e3e2a9d7-335c-4d3c-8233-2a754855a76b","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":74,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"b3d73ace-1602-4e6d-8eff-c8e5f648e121","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":74,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"1d5843aa-c79a-449f-9dbb-1ee08a5e9080","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":74,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"7f4bb1a6-2748-4016-b8b9-ddcb668dcbd8","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":74,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"cedac3f5-8193-4542-aee3-7f6d2cb7ffe3","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":74,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"68b3e57a-615d-47bf-8deb-3188ddb0ce76","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":74,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"99b4b059-4c91-4239-b9ba-7e1bb35db8cb","block_type":"box","text":"II-31","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4554ddfd-1b89-418d-b0a7-77742b6d0676","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea4d7b55-077a-4213-8aca-436662691d81","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":75,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"4ec3392c-fa81-477b-b62f-1c73e5aeecce","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":75,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"073aca9c-a71d-49e4-ab47-1da9fb5c2896","block_type":"box","text":"Index Funds.","page_number":75,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"ab1c828c-93f6-4710-a763-ff399d898f93","block_type":"box","text":"Cash Flows; Expenses.","page_number":75,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"db6e7890-68e0-46a0-8763-e7196bc97cd5","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":75,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"b14668cb-3ebd-4e99-aa2a-aeb2830d2a67","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":75,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"c6ea4d9e-27c9-47ba-adcc-25caf2fdc09a","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":75,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"7bebf54b-1bff-422c-937c-e8f78109b169","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":75,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"5814f346-b892-4a1c-b386-0f0a090502ef","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":75,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"f5aa62ea-7db7-4bc1-8059-28a00e6d7402","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":75,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"eba52ea1-45e0-4ea9-bb09-ec66ef2dec80","block_type":"box","text":"(","page_number":75,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"02d222b6-6238-497f-98e0-69f42424525c","block_type":"box","text":"e.g.","page_number":75,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"341de5bf-52aa-440b-ba52-28e6a72345cc","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":75,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"e1a0502d-ea67-414a-be74-3ecde1d8d15e","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":75,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"23183674-b92c-42a3-a512-d86ccef51bab","block_type":"box","text":"par ticular security as an investment.","page_number":75,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"a158e6d2-21ac-456e-8102-ce08ca8c4748","block_type":"box","text":"Tracking Error Risk","page_number":75,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"607d2990-7c0a-4312-8c99-206454afc863","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":75,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"f10c7426-67dc-4835-bb6f-bd112cc423e7","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":75,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"6880fa66-9ce1-4861-9c0d-fe824dfe3bd4","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":75,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"b6a85be6-0b43-41f3-946d-4257ad32c28e","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":75,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"41db4df7-85b2-40c8-98c6-6b4fbc269532","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":75,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"95cb2593-dba7-4d16-a30d-96021342bf30","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":75,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"47782048-e7a0-434d-847c-1d1f71d136e5","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":75,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"8b0210a2-9d7d-4b9e-bb1c-307a8a86db4e","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":75,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"8d47328a-8e22-43ea-8063-66ab212ef293","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":75,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"5302c9f7-f41e-4be1-905f-7251e1c7607d","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":75,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"9f5d5f29-e833-49d1-85af-9a893463fd95","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":75,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"41e17733-15e0-4d9f-991d-56be6ee425b8","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":75,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"7bb2534e-1005-4909-bd92-a2383faf3799","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":75,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"c469e243-436c-478f-8b47-15812b4169ea","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":75,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"a2c7c600-f384-4109-ba01-a3f77095a04a","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":75,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"f02819f6-ba14-4d8e-9914-fa53849d7d64","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":75,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"b724ecfa-61d7-4a43-a5e6-d83d55b661f8","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":75,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"7e12bc85-a31e-48d0-9086-56d2e29c7a6c","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":75,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"565c31b6-89d2-4e8a-be72-ec1964c43d7a","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":75,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"f3498abb-1075-414e-82e3-00de6e5dcb2b","block_type":"box","text":"exclude such securities from a Fund’s por tfolio and, if it does so, such Fund will be subject to increased tracking","page_number":75,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"40c81fef-4678-477f-8db3-41e7a2de59a4","block_type":"box","text":"error due to the divergence in the securities included in its por tfolio from its underlying index. The application of the","page_number":75,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"9590016d-4407-47b2-b587-02bd867f5284","block_type":"box","text":"abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of the Manager","page_number":75,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"db05c844-a83e-4a64-ac37-142b4ff22d4b","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities","page_number":75,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"2e47bc8b-a90c-4716-81d8-06c6fc833abc","block_type":"box","text":"from an Underlying Index or a Fund’s por tfolio, and the inclusion of such securities will result in an adverse impact to","page_number":75,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"03d822bd-7323-4f23-9a14-ebaa888282a7","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":75,"box":{"x":68,"y":619,"width":536,"height":9}},{"id":"52c0ef70-33d3-4978-b90f-54f9971165da","block_type":"box","text":"S&P 500®","page_number":75,"box":{"x":102,"y":642,"width":64,"height":9}},{"id":"06c6e092-3194-4d1e-a813-48aeb7d28e49","block_type":"box","text":"0®","page_number":75,"box":{"x":166,"y":642,"width":6,"height":5}},{"id":"6b8511dd-a368-4475-becb-36536c06ba47","block_type":"box","text":"Index (“S&P 500”).","page_number":75,"box":{"x":178,"y":642,"width":134,"height":11}},{"id":"533cdccc-8c0b-4e9c-97f4-b314283bbdaa","block_type":"box","text":"“Standard & Poor’s","page_number":75,"box":{"x":320,"y":642,"width":136,"height":9}},{"id":"eefd22ef-862e-48ea-b2f4-82f2310a6da5","block_type":"box","text":"®","page_number":75,"box":{"x":457,"y":642,"width":6,"height":5}},{"id":"c6e1d02b-5352-4794-b6ab-4a991113c4ec","block_type":"box","text":",” “S&P","page_number":75,"box":{"x":465,"y":642,"width":53,"height":10}},{"id":"6c8aa64c-3e7b-4503-93f5-96eb1ee131f6","block_type":"box","text":"®","page_number":75,"box":{"x":518,"y":642,"width":6,"height":5}},{"id":"b09bc6ee-3942-43c8-8c08-410ed9b57a5e","block_type":"box","text":",” “S&P 500","page_number":75,"box":{"x":526,"y":642,"width":87,"height":10}},{"id":"57d053c3-e552-4f95-bcc2-577dc4bd0529","block_type":"box","text":"®","page_number":75,"box":{"x":614,"y":642,"width":6,"height":5}},{"id":"ecec5527-39df-48b3-b432-bacaef474278","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":75,"box":{"x":621,"y":642,"width":280,"height":10}},{"id":"fdeecd05-ea0d-4c7d-9cf5-8fa93bd26485","block_type":"box","text":"are trademarks of S&P Global Inc. and have been licensed for use by cer tain mutual funds sponsored and advised by","page_number":75,"box":{"x":69,"y":657,"width":837,"height":11}},{"id":"0cd75420-415b-45c1-a15b-e11a74da9329","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":75,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"203a11be-3ea8-48f7-b0bb-b44110afc7fa","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. S&P makes no","page_number":75,"box":{"x":69,"y":687,"width":818,"height":11}},{"id":"ca13ac47-d148-4779-9170-e09334c5f490","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of a Fund or any member of the public","page_number":75,"box":{"x":69,"y":702,"width":783,"height":11}},{"id":"62a3315a-4353-4ae0-bb95-1ce8d5fe5b60","block_type":"box","text":"regarding the advisability of investing in securities generally or in a Fund par ticularly or the ability of the S&P 500 to","page_number":75,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"bb6cf552-a123-40ce-a61e-33442e3d9f4f","block_type":"box","text":"track general stock market per formance. S&P’s only relationship to cer tain Funds is the licensing of cer tain","page_number":75,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"911d1572-c2ba-43a4-b9a5-8a4f6946e168","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":75,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"b963f50b-8d20-437f-bdea-776c4732964f","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":75,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"c437988f-2d06-405a-b2bd-3308fd223afa","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. 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A Fund may also invest in so-called “inverse floating obligations”","page_number":77,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"206593c2-4d18-4d4c-9568-397d73dd3a82","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":77,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"a1e8c26c-33d6-4c57-8c49-b54dee9ed2d7","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":77,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"ea4c5a90-646d-4948-93e9-97776a2c4c36","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":77,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"01298690-f7d6-4b63-983a-4a043219932a","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":77,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"5a7b4d20-b40d-4e58-ac00-d37ef5fbd21e","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":77,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"7aabdd2e-33f3-4fe6-b5dd-b4f850fd70e9","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":77,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"468efb49-7e62-4a01-8bf9-f64a7d0c66c4","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":77,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"cccad63c-385e-4235-9b8d-5db909104702","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":77,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"f32f6b2e-cc98-484f-8b21-ae33981af5a7","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":77,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"12720dcf-06fb-4da5-ad28-69aad2ce4739","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":77,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"c6db2771-6ca6-4f36-ac3f-da388bfe9445","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":77,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"5ed34ea2-b154-4284-b5da-68f54692c529","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":77,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"baea65f3-08f3-4164-b234-70122fa366cd","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":77,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"d1658071-6e66-4cd7-8bef-d30d53c3d10d","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":77,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"009408cd-39de-477a-8ec2-5d510be759de","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":77,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"13efaec0-67c9-4890-baf1-331d99319fba","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":77,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"5eb5cf04-93d6-49b3-882c-090d49b19fa4","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":77,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"9bc65e71-720d-4d96-8914-36d11889111a","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":77,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"08c1f275-f1bc-46bc-a832-97b67278d16e","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":77,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"637dce12-625b-4c17-b885-f745df93cbe4","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":77,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"93428a95-0e1a-4486-9601-1c09fff4e8fc","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":77,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"27edd3c0-3aca-4d38-82ff-2106e8a9ed5c","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":77,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"f62b5701-9901-4645-9bb5-fff07d420206","block_type":"box","text":"Inflation Risk.","page_number":77,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"7fdd6ee1-e895-494d-baa3-e927b898290c","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":77,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"4c51b85f-45ac-4040-9806-a55f3e8051ab","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":77,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"d61acf6e-0def-48f6-ba1c-83d7976d41fc","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":77,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"f8618c75-6531-4249-8d16-3448368b9bae","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":77,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"6004579a-4c6d-42c6-a3ad-a3d320213687","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":77,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"70cbff63-da57-4789-ad05-8a4d1d7e8183","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":77,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"3ef560a4-558e-40da-8eb3-e6067b9c217a","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":77,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"162cd2e3-3572-40a6-bee5-c213239e868c","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":77,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"973b0f56-bd13-4f3f-b0f5-8df0ba0d9691","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":77,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"08ce4b9d-f603-4c19-a00a-8590e257cc23","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":77,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"a5147db8-3d30-4759-b405-d051d746962a","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":77,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"058fd0d0-3bfc-4231-8bf6-7a39828e7508","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":77,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"5264e6a8-89d0-4d69-912d-8bc7cf4aee0c","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":77,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"da26f45f-5166-491c-937c-a2219bfecdec","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":77,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"94258607-106b-492e-97b3-253f932a94b3","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":77,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"90ce6b35-05dc-4a52-bce9-1e230b336aad","block_type":"box","text":"II-34","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1725f49e-ab4d-44fc-b83a-ba35aed888d0","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"665981f4-9c56-4330-a4b9-84aef0f2894f","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":78,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"eef7b0ca-7204-490a-a69c-4ded2edace66","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":78,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"62962642-1f98-4875-80c1-50128e3ebed8","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":78,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"7918e922-a0fc-473c-9e8d-dfb728333807","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":78,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"5438d28b-5879-4e90-8019-3c067843bcd5","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":78,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"0a108362-9221-4def-abc4-0b7950a3bc22","block_type":"box","text":"be available for very limited periods.","page_number":78,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"f17d9c4e-25f6-4bad-b39a-0d682a94dfa1","block_type":"box","text":"Investment in Emerging Markets.","page_number":78,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"3237e788-16e1-4416-b597-7f3a72dbf6be","block_type":"box","text":"General.","page_number":78,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"83da16b8-30d7-456e-9d85-1e9092905c72","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":78,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"1eb0ce4b-bc90-4f1b-a6ce-dfedf0109c88","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":78,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"dc6810af-87ad-443b-87a1-b53e060c5c10","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":78,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"adc056e4-10b9-4e72-b9f5-7e8db156d2ca","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":78,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"293ab867-4eba-4a06-9d9e-031315867799","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":78,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"4b97370f-8c37-4ee3-b758-aafb0eadeab9","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":78,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"839b9074-2853-456a-8a94-ca4f21f8a542","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":78,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"36848d3d-6a4e-434a-ba13-6829142af718","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":78,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"9634872e-b7c0-43ef-a74f-9e827468beaa","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":78,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"6026fed3-abc0-4e6b-a98c-92310cb68a63","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":78,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"19925ea1-4577-4d4b-8117-1f084ccc8002","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":78,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"a69b6230-9d7b-4b29-98da-8506d27b7222","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":78,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"3c156c87-cdf4-46fb-8325-2938281709ad","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":78,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"f2e27cf8-da45-4e43-a0e4-4f7592023f0c","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":78,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"fffd1fcd-c397-42dd-a445-74798c5484a5","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":78,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"1f45812d-2592-4a46-b259-e9d914b9694d","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":78,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"3bd1412e-9cb1-4d41-8899-989397824df1","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":78,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"e258409e-7bd6-4702-9d65-04d3778f48aa","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":78,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"43ef1aa7-86b1-4075-b490-b5fc479f2b3a","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":78,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"5b4014b2-2939-456b-a721-01a98334cf78","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":78,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"5a6f0dbb-532b-4d33-8dc1-62f5223750d3","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":78,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"66a0504b-3724-4001-80d1-dc267b50de21","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":78,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"23abb392-fae3-4c9b-b850-317b956eace2","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":78,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"8b287419-8912-40bd-91ab-41894be20db1","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":78,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"163e5fb6-b7be-4f85-b4bc-cb0a9a6b2c99","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":78,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"30488bf7-230d-4d2b-ba67-02b8e1c4d431","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":78,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"2b8cc890-deda-44ef-98b1-a771adebd385","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":78,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"ee04e463-70f5-4bcb-a2ee-d766798ace6a","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":78,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"29be29d9-dc4f-42b1-bd06-83d612a740c6","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":78,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"b0f424f2-fbab-4391-9cee-010b845deef4","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":78,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"3b74b67e-6872-44df-8faa-0ed603613a0b","block_type":"box","text":"volatile than investments in more established markets.","page_number":78,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"38cc9a7d-73ab-4ddf-a699-ca9d5d357e33","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":78,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"35a1f941-6b5b-4d74-9bc1-6180795e31e1","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":78,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"cdea913b-ea54-4b3c-a865-4e69d8119933","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":78,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"e61f1764-c904-4721-b247-6451ca1b7ea2","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":78,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"7cc3fe7d-2a0b-4071-9002-c5702b095169","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":78,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"d980a206-1b95-4281-be56-adc13a082ac6","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":78,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"2205f734-fb2e-4b4e-9224-6a119b3959c8","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":78,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"6f975e3c-f521-41c1-8f57-4c390d8000f4","block_type":"box","text":"acquisition or disposal of securities.","page_number":78,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"d00e516e-b0c2-413a-9813-542bfa9f5ecb","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":78,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"846bac10-2ee9-40c6-aa89-660b7d44b0d1","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":78,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"8baac1d0-2b54-4741-b46e-b25a7f61f0fd","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":78,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"f937de92-12fc-473d-92ba-020a46a48206","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":78,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"a07dd585-6dee-4d5f-aad8-4df326da17af","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":78,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"d499c1b8-def7-4604-94be-2ec2f2197574","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":78,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"c95701b2-b611-4540-9f4f-3e422d486508","block_type":"box","text":"II-35","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b30b69f-cfe3-476a-82a4-c820ac45405f","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d007e39d-0c76-4adb-860f-0e0467e470eb","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":79,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"518e284c-670a-4968-9e8a-b346d2d263d1","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":79,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"7a7e180d-edc6-498e-ac25-4e8846727870","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":79,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"bd2ec627-4218-48a8-a750-fe372d508218","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":79,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"1b8a1648-ffe2-43d1-89a6-5adb54cfbec7","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":79,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"657d8686-5580-4b35-8594-1cd1465737b0","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":79,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"56142caf-90cc-40c3-887e-84b8cf660ac8","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":79,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"e546b9bb-fe60-4f76-8410-8ab79a8c2b77","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":79,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"7ee03e05-2228-4f32-9e17-3c32005e5921","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":79,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"0a952be8-6fdd-4939-a081-cc7f91531a85","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":79,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"c31ca94c-6cb1-4854-a92b-9a88ea6598fd","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":79,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"d4393af2-58cf-46fe-980c-ca20610d3646","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":79,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"dbc10e0b-0975-45c1-a2ce-f319c283c229","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":79,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"8d7dab91-a27f-40d6-8df8-3b3bf3868c72","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":79,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"b7ac608c-3751-4b61-a59e-330d77a42933","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":79,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"a7f2f955-5495-4fbb-a3ce-20fa7eb22622","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":79,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"afcc7106-c1cd-4659-a298-c4018cab61ee","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":79,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"5060aea2-766f-44f7-ac8a-b6c7be7e1654","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":79,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"3615a19b-ee65-4ce4-a3f4-dd009dc50bf9","block_type":"box","text":"per formance of the Fund.","page_number":79,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"6c4750fc-4b51-48cc-a593-d3958265f38e","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":79,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"881ce204-b80c-4137-b905-c9ebba66c009","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":79,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"91ef3fc1-2124-494e-a1b0-6510b6e06a66","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":79,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"3d82e2e0-65c0-4f62-877f-2ad4404a9ea7","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":79,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"7e428a13-c97c-40f6-89b8-cd498a4042c7","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":79,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"544d371c-0d4f-4f70-bef2-fbd66ba8dc06","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":79,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"0b334066-3f35-4cc9-9d6b-43fbebe747ab","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":79,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"6ccb7992-cc72-49de-8959-6933a85a380d","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":79,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"92a10bf5-3bd0-46df-8f75-5bcbc1beda33","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":79,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"8168d540-4027-4197-a352-271f8205ac53","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":79,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"a06dc2b1-721f-421f-a6ba-4d896e1fcdff","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":79,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"9bf4e7aa-1831-47b5-8329-843bc80a642c","block_type":"box","text":"affected by a variety of factors.","page_number":79,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"e16d7864-0d06-4347-a70e-20444b11a64b","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":79,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"06d55239-2304-4af8-9288-c8e7328a5df6","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":79,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"d0945e57-1504-45d9-8dd1-f69489acb2e7","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":79,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"feac31f1-06b8-4e3f-8c27-1e97d42ccb6b","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":79,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"3fba2600-7b13-45f7-8ba3-bb2e63305c7c","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":79,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"c5270392-339c-40dc-8b85-ece833d52fd3","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":79,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"5b833b43-ccaa-46d3-8f3e-3c2b8242c6ea","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":79,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"5a379fd5-a6df-45fb-a5cb-15e9f1e610a6","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":79,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"a90b4123-ea3f-4213-93e6-90f324001cce","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":79,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"2ce67869-3985-475c-b680-3808604db794","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":79,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"df333ca1-8276-4f20-b855-d0c0cb4631d4","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":79,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"19265e06-a57b-4147-87cc-a74caf0bf82e","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":79,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"f756d41c-1651-44bf-a5fb-cd6a118972cf","block_type":"box","text":"nations.","page_number":79,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"d8ecb8bd-1a59-44e6-aad2-86d5ab2991c5","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":79,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"0c55d931-c4a0-4c02-a3fe-3e360fe6a71d","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":79,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"95ff3f66-8c65-49e8-9384-679f70765bdc","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":79,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"ba6f428e-3f86-453a-9067-8a1a835e59e6","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":79,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"6a2bf5e6-a13b-4b09-9f5b-26621f72079b","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":79,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"fc66b64d-cb9d-4454-acbe-55aaa3c1151f","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":79,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"8bea88b9-8712-4f3b-a88c-72ca21bc6490","block_type":"box","text":"market Asia-Pacific companies.","page_number":79,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"cb167808-fcf2-4a6b-b4e3-c9234828f834","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":79,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"75ffb716-6fe9-4651-85a6-9b50e55fd473","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":79,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"bb6310c5-1264-41e8-adeb-2f4a56f22ac5","block_type":"box","text":"services for such securities outside such countries.","page_number":79,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"0dbcf929-7c61-4ebe-b372-d0ee81d1c461","block_type":"box","text":"II-36","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5e8d3921-f9f0-482d-8977-7119604358ed","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b7f75cf-99ee-4d01-95d9-4b996c47187a","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":80,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"9936c506-6928-4efd-8067-677dcb657fc6","block_type":"box","text":"to commercial banks and foreign governments.","page_number":80,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"e60fe8e8-1ac9-4c01-91f2-8060ccc2231e","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":80,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"739bd47c-be0b-4dd1-9e1c-b7aa0f32973c","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":80,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"3cedc04a-92c8-461f-9468-fa1f7eb99ef6","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":80,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"6e7766fb-185b-4dd3-80be-259898a51ea6","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":80,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"2b79db7b-b19d-4162-a8c4-c75b499abefc","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":80,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"ead3bbfd-6afa-496f-a6a1-8917b40a0362","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":80,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"07c77b38-d9c4-41b7-978b-ad0612021181","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":80,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"4148c4a3-fb07-4845-afd4-84f8481405f7","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":80,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"8fe726d1-7d7d-4668-a647-237584938220","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":80,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"42dc0360-45aa-4448-bee7-4f33c539b5eb","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":80,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"06fb2691-d6a8-4d78-b40d-e1d07b671563","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":80,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"f9fd202e-df3f-46ce-a2f1-ca5098fccf40","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":80,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"020c72c1-603e-48f6-bee2-b401a38316bb","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":80,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"2cdf54b1-3546-42d9-9f72-a4292593c00e","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":80,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"c802186f-4fd0-40d1-b10b-f6c0605d6a20","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":80,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"29883bb9-a181-4015-aa86-b832f8587bda","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":80,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"42548c83-e90a-409a-b8f4-ea20cdca5370","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":80,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"e5d862a6-6475-410b-bed2-2b05bcc078bf","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":80,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"2d60b27d-afa4-4413-bebb-98d66f189909","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":80,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"754ccba9-7d54-46d4-aa01-9e0886d9dcaa","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":80,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"ba9a4c17-a730-4b1e-85f1-3f91f79a235b","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":80,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"162731e4-a836-465a-b6cb-80bb16dc66f8","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":80,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"ec471116-7d6b-4376-93f6-205568679d84","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":80,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"662bab5e-b008-4a86-906c-da55af329320","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":80,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"d3281aa4-806d-4b38-ab13-2ca971945715","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":80,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"a902d452-fbd0-42dc-b2c1-73a15f1640ac","block_type":"box","text":"investment at that time.","page_number":80,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"2c057475-06a8-46c5-83d5-acc7b6dfb3a2","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":80,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"7414bdef-5226-479b-bd89-a42b8588b1ec","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":80,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"87f05a2d-909e-474c-ab89-b97b3f3ca5f3","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":80,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"83443997-1fad-4bc7-83ba-49b64bedc3b2","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":80,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"79c2599f-5117-43b4-943b-5fe5557b3473","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":80,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"187c2f63-4fd0-464c-82c7-e49f396ff812","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":80,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"50959a5e-d260-4058-96b9-d4e9c4864b09","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":80,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"f62329cb-05d6-4e00-92e3-40772bf7c605","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":80,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"9be71476-3caf-4b25-9e00-4c904166b6f4","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":80,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"f4fee185-727e-4aca-9b11-ecef95fc0a4d","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":80,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"c957f0e1-a588-40b9-8c2a-3f0eb2dcba92","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":80,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"2271d860-6fff-4383-a593-65f44c787ae4","block_type":"box","text":"government).","page_number":80,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"b54d4365-8302-46bd-b64e-c7b908bcc1fb","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":80,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"60d99159-1a9f-45a2-a19d-3dbc2794e12e","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":80,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"2f4ecd2e-2c3b-457c-b101-be257c97114e","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":80,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"1a1c78ec-a1c7-4cf4-ad1d-354446a7728a","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":80,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"f749541f-b3e0-4616-a1d7-9878e58315b6","block_type":"box","text":"foreign banks and other financial institutions.","page_number":80,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"d9bc1dd7-432f-488c-a12d-d96c09d42ae9","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":80,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"e2e4b7e8-8a6c-423b-9f7c-e88401590fdc","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":80,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"c827f29d-03de-4262-bb72-3c765bc8a394","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":80,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"29807361-39f9-4503-b7ae-76e06c109cf7","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":80,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"ac237e7c-8a36-44f8-b0c0-5d4ebf080deb","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":80,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"6f85bdfc-02ca-4f22-8007-daed8c95474b","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":80,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"17d67ed6-c117-456b-8790-c4d2f2a18e48","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":80,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"425a1c42-deaa-4a02-adcb-56ac037d2dc5","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":80,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"7e55e47e-88a8-49d3-86a2-33d8d0b2ab7d","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":80,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"9bf809c6-f200-437f-b1d1-e54dd1260a1b","block_type":"box","text":"II-37","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4f6b7d00-05dd-4e72-849b-292d2a31c005","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86908fa2-925c-4198-b3fc-e2000eeda930","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":81,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"093582f0-f0df-4585-9dae-62b6a080fe4c","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":81,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"12c61f63-2060-4912-9ef4-8822cd7d64a2","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":81,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"b3107c19-b2b1-4289-95ea-a8af77d68b67","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":81,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"b55b46e7-0876-4c25-8dbc-20d146635079","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":81,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"9395828d-f010-43c1-937d-3ba5538e435f","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":81,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"40e7c5ad-b6e5-4030-9aa8-ef8d2e83f043","block_type":"box","text":"foreign securities.","page_number":81,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"a33ac3ae-a871-4364-88d2-bd1b604c4416","block_type":"box","text":"Risks of Investments in Russia.","page_number":81,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"5a08cb3b-df46-4440-91ff-1a86e3d1f03e","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":81,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"162d10d2-d977-42af-908f-d0bf76c04b8f","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":81,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"a77c92c7-bd04-4d9e-869e-360e2c9846a9","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":81,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"dd180bf4-e894-421e-8e97-39334a867e7f","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":81,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"8b0bb798-6e7d-4336-88eb-26bd112ed983","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":81,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"6aab01ae-5692-4a88-8500-8a0667228dc2","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":81,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"af3d8265-ef03-4d5b-9649-c59fd8bf8218","block_type":"box","text":"developed markets.","page_number":81,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"fd398c42-357d-4a84-993d-7c73d78b0fc0","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":81,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"7f98bb1e-7ec0-4f3f-a8a6-3e67744a6eba","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":81,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"4f2ca830-0621-44f6-87a6-8c22719e99c8","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":81,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"87a747bd-18a4-464b-a5f4-e35fc770771d","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":81,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"374484ee-d74d-456b-b9c3-7faebb9baa95","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":81,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"fb311cc1-6861-4b50-b3f1-f3510242cdda","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":81,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"3cac7892-01e7-4ea6-8c20-49889f3ebe2b","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":81,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"9f5fd439-7a27-4be9-bd8a-e22b421d04e9","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":81,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"4a203ba5-4370-4b3d-ab16-e0528f9bc176","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":81,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"82819617-07ec-4f04-b7b4-cdc71ea1a1bd","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":81,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"1e4cd545-42fc-4542-8089-2ad0f5e0de0c","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":81,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"c191d026-6e1c-4310-97d6-4e1726b16415","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":81,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"1004cf2f-c96a-4a46-94af-7f1fa29f9034","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":81,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"7ba065ed-918d-4d4d-a836-4c99f4be6657","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":81,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"3cabe0fb-56f6-4f13-ba56-d1b3dbca0c11","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":81,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"65d39539-9224-4243-b96d-7c8a02132f93","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":81,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"364f82fe-1ff4-4717-a117-af76f0c6e61d","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":81,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"488b3c3c-8a72-41f3-905f-c38a3830c0ab","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":81,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"a057b586-d222-4d8f-92ab-70446807407b","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":81,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"8d77f53d-ff3a-4f1e-a6ff-a432479d50cb","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":81,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"e3999c3d-050d-4933-bdbe-35e8994162c6","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":81,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"80a8d974-6425-4321-a210-6cd1d89387c9","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":81,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"cfa9d5aa-bd34-4646-a85c-0b9fbd0855d4","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":81,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"5f948e7b-0047-43f2-8b35-c506697d4cff","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":81,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"0ae4c36e-7256-49b9-91a5-89f1c9ad55c2","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":81,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"6bbc0773-36df-4bee-9b15-d98269504822","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":81,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"e59e688b-7caf-47fd-8f66-cbfa10696df6","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":81,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"c2b4b96a-c600-4642-a469-309078179901","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":81,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"8ecf1cab-34e2-4e69-b388-c31b0b494e47","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":81,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"c5219dd1-b069-4206-bba8-d82a273abfd5","block_type":"box","text":"sectors globally.","page_number":81,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"5d765e0d-1444-4d27-b889-1510900a71d7","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":81,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"f411fc76-cebb-452e-b9a4-7d3b91678b0d","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":81,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"a12b9c36-df73-42cd-a730-75118c34b302","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":81,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"9c18e307-53ab-4aaa-a63f-5aa6e13657fb","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":81,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"3221061a-0e05-46c9-aa43-2e7cf0d957f5","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":81,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"8e835a86-90e2-4e49-abec-16a1e0babac5","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":81,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"7d293c7b-ae80-442c-b410-aeac7c006068","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":81,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"96a36463-9444-41a7-ae1e-f573551ddb79","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":81,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"53a34aaf-4806-49c5-a691-47a4c0be9bdc","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":81,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"820b8387-c99c-45de-b597-da6512eb0d0b","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":81,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"196fd4b9-4032-413e-be5d-3f8ac93c702b","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":81,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"a9256ded-16f4-427a-8034-74da717e88b9","block_type":"box","text":"II-38","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6f4f34a6-6add-4bc2-9c10-87b5eea94f0f","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5e68a7e-2bb5-4517-92fe-f53afe3d1fff","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":82,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"4af39982-178b-439d-a844-20c5b10a79e5","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":82,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"560f50ea-98ea-4ff4-9362-22eac47913c4","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":82,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"92157b95-efc0-426f-ac35-c8c0f505cbf5","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":82,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"8570690a-e97b-4a55-be35-ea5d1aa308d4","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":82,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"43ad76e6-e9f9-4416-91e2-c8fe6a0a2c6d","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":82,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"5cb92da6-549d-41b6-92de-4f6818a94b3a","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":82,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"949d1b1b-2cbe-45b8-8211-bc2fb2308e3b","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":82,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"d82117ef-8667-4370-871e-a4d62abfec8e","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":82,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"5c2999c7-c95f-474c-833a-796032f6c016","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":82,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"ee1e6e1c-ad98-4d63-b7cf-06edad2278ad","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":82,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"d1b0c76a-5522-4583-a525-89e8ae1fbb59","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":82,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"69b2acc5-f19a-49e2-88e5-7c8614e8c11b","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":82,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"9b1143e1-62d2-4f2e-b8ef-f56f9ef116bb","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":82,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"f77bfa4a-b139-42b6-bc88-215a10ffa2df","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":82,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"7ccdc0fd-79ce-4b15-b020-89e81e4c240b","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":82,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"c13b0384-d575-4caa-bd22-9dc3acc79bb7","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":82,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"357023d2-c776-4742-8245-ab601dfeeeb2","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":82,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"8fd7d88a-157a-4920-ada3-985ff490701f","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":82,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"8b14d545-4abf-4be1-b995-dc0e90a1f56c","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":82,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"c7390d1c-7c2c-47e9-aff3-64adb86fad98","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":82,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"11627de4-2ac0-4732-a017-7365fb409b92","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":82,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"61ea474c-6edf-45d6-8a64-924acea811fa","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":82,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"0e966a4d-cadb-448c-9fa7-7990cf16f94c","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":82,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"033ab160-93d5-425e-a485-09c93521ef16","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":82,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"ff41d1a2-22f4-4e64-859e-73a8c953c980","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":82,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"1379fbc6-c7ab-4b1a-97fc-b51802d72e9d","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":82,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"bc73bbdc-8a79-4af9-87f9-b5f2aae2dc8f","block_type":"box","text":"impacted.","page_number":82,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"2702f2f7-fab0-4e01-809f-83a71ee28c3b","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":82,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"fa1098c0-332b-4b7d-b65e-d6493a61c3c3","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":82,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"859cf342-ac78-4015-8874-f3fd53545e7b","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":82,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"8d3ae15f-c37f-460d-89a6-436d8cf06a82","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":82,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"262c16d0-5653-4516-94cb-0269abb74ac2","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":82,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"756587cf-927a-417e-8deb-b01c0776afcb","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":82,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"f0b40410-b8d8-43dd-ab13-bb8bba754d3e","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":82,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"7d7861df-b216-42cd-9ead-cfc33e92e109","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":82,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"826bd380-f3fc-4078-9cd5-51ac4eb9286c","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":82,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"1d67146a-cfb9-4995-846c-4d07203a8636","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":82,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"943388fe-e1d2-41bf-8a06-5d3e6fb06ae7","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":82,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"31d6b727-9923-4dad-86e9-240f7854c926","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":82,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"688775f6-5dce-4a07-96c5-ac02209af56d","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":82,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"a3113c5b-7371-41f0-a48b-dfb5aa554e7d","block_type":"box","text":"economy.","page_number":82,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"7c78aa35-eff8-4893-b900-510fa3ebe4ff","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":82,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"2ecd0500-f595-427b-b881-71fa62638cfb","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":82,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"7942b805-b064-422b-84f6-2e7bf459b141","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":82,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"5053f8f5-9c56-4540-a851-4b50407203e8","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":82,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"b033991e-3a2d-463c-b341-2cb92136a47e","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":82,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"11f2feeb-eb5a-4db9-a361-c719cd2519bb","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":82,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"f75f6df2-a25e-446a-a6ca-ff44df56a96f","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":82,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"f7463c42-9900-4b54-880a-184e587ed746","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":82,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"5fa4d05c-9220-4b5a-9939-6986284dcd56","block_type":"box","text":"typically the case for investment managers.","page_number":82,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"38042481-0a68-4ae8-b7bf-973c08beb0dc","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":82,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"6c5b95a2-ddd0-421f-8984-78174b89d4fd","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":82,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"25279160-5014-4867-95d9-d46a77e1b1ec","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":82,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"25ccc20b-7cf8-44ce-b7e1-efac42d076c2","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":82,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"f8c8589b-7688-4cdd-83a1-fa0b53e18dcc","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":82,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"0f4a68a8-a5b4-43c5-91d4-58af11bc5529","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":82,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"fed78da8-fb12-4ee9-bc5c-e07ffa3d6108","block_type":"box","text":"II-39","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c0d7adbb-7726-4de4-b3c0-464326071941","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd7a5957-8721-4c59-81e6-f4c76a878e29","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":83,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"120d9bdd-be59-4f6d-ac9c-42e8d1b1a7be","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":83,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"06ea7ce4-eca3-446a-bdb4-27e779ce0416","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":83,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"55889f02-3267-4062-91dc-8ef1bf02857b","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":83,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"37b76fba-494e-4381-ba4e-8d1371ca941d","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":83,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"d9623f50-4c96-4f9c-96d5-0afd3ed62e59","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":83,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"f5e2c021-b60b-4bfe-988a-03136c5b24ff","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":83,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"cd0b1cb5-ebfa-4ca3-ae1a-e4494b55d804","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":83,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"5b663fbe-6f77-4aaf-988a-d7c3e1664dc9","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":83,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"c8adbdc6-480d-42b8-ae88-297fc3d63832","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":83,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"3243bdde-a3ff-41ba-8471-a81ba2e0d48b","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":83,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"0980452b-afd8-4459-bf94-b3d4333c4c76","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":83,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"ea1c6616-3fc0-4ee9-bdbc-c27ae179adc6","block_type":"box","text":"will be indirectly subject to those risks.","page_number":83,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"af8d78b8-a805-4548-91e3-1e18613fc339","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":83,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"271476f9-741a-4f83-a4b7-7e37db670c5b","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":83,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"72e2385a-b3ee-4cc5-afca-7c5cde841290","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":83,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"757d835e-12f7-4e64-9099-e684a8718ee8","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":83,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"bf4c797d-a9ea-42e2-9491-02237a9bd04a","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":83,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"7596761e-4718-425d-a4dc-8b0844bc970b","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":83,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"693ad638-5f74-4b37-86cf-45462176524e","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":83,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"02aca919-f693-4c6c-96c1-aae2cfb897c6","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":83,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"bc00a829-77d7-414b-8358-d1203d85eb39","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":83,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"ac998ec6-3eb0-463e-8c0d-890938a438a4","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":83,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"d743dfef-176f-4629-9de9-a75cbf26753b","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":83,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"49b08ab1-7410-40f5-87a1-7dc30ac5b056","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":83,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"ef60e0ed-3de3-41f9-9e8a-b26c86b437c2","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":83,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"bcadd7ec-7cba-4a51-a647-9100959888be","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":83,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"56617006-4906-4f38-989f-3eac8447b071","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":83,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"45480b62-bb2c-40eb-a83d-86b6fc92f2a7","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":83,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"31a1e7b2-7ce8-49ef-a072-edb3b90f6d72","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":83,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"f85eebc2-3997-4f36-a4e7-cdb50cc3cfa5","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":83,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"f6ebadb0-adf3-444b-934d-06fcfcab3a36","block_type":"box","text":"impact on a Fund’s investments.","page_number":83,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"dcf3a820-1eaf-47af-9881-53263c95fa5e","block_type":"box","text":"Brady Bonds.","page_number":83,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"ba48d750-ff40-4333-8b86-47c822f82018","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":83,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"d02dd55f-0870-47dc-80b9-58c878da7c2c","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":83,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"1e4b8191-c219-4704-8305-1ea718779df6","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":83,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"1b37dd81-9b70-40cf-a4e2-a0704e13e739","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":83,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"66648139-7636-4992-b82c-ca47027ec8c0","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":83,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"4ffa59eb-8e96-4712-a44b-6804b44aabc4","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":83,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"40afe3f7-8b7a-4648-b037-f6f37bece77f","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":83,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"ac66d937-bb51-4f78-bd1a-d0c1eedf3321","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":83,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"25a56909-3671-4922-9be1-448f7fc010c1","block_type":"box","text":"Venezuela.","page_number":83,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"cde093a0-29db-4310-a673-e59d6fcb85ff","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":83,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"8bd0a3fd-a922-4073-b9f9-34a4968ea466","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":83,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"44363468-ca50-47e7-af16-a011ea802a88","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":83,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"6426d471-e43e-43fb-b446-5b8e36a3dc07","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":83,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"83575efd-35dc-452c-ad28-a06d11b77001","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":83,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"9ac7daec-d41a-416a-be27-b0abccb54d0b","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":83,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"70dd07ef-32bc-443a-b540-3716795b966a","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":83,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"941b116c-5ca4-4067-a210-633c2ca842b6","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":83,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"db4bcc0b-5aff-4697-a27a-5b43e1b078fa","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":83,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"98398d11-2974-4e10-a5ad-4bbc99efd79e","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":83,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"72917637-b8d4-4df9-aa20-f85fd523042f","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":83,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"b3359141-da50-45e0-abe6-9f1d26871226","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":83,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"32a0d374-e773-461a-add7-ba1a1a075079","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":83,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"98811170-e9c9-405c-8d45-da1e9dca829a","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":83,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"5573f170-063f-44db-9751-0484ba8acdfb","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":83,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"e5cc89f6-67e2-44b4-ab16-9b08e1141e82","block_type":"box","text":"II-40","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7d9fda45-ebe4-4015-b627-8a68e044079b","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c00c216f-27b4-4623-bd13-df45d4539faa","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":84,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"a0f1d294-9d0d-48db-a27b-301adad18ea1","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":84,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"21a94d1a-ddd3-45db-b97b-635d73f2e170","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":84,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"41a9e4b9-ebc3-4dd5-b5f6-3bf60cfb42f4","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":84,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"485f456f-eb7b-44a7-b6b1-7a40a5dcbea9","block_type":"box","text":"China Investments Risk.","page_number":84,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"dbf1e85b-24b0-4a46-b0fa-8ce7a0fe81dc","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":84,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"998281c7-4900-4dbe-b976-d90d17ca9d2a","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":84,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"e507cfd8-f6da-467f-8d5f-0f6d36f12d0f","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":84,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"158ee25c-2166-46b6-a717-b3bca9669a4d","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":84,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"4a6c5c85-cd6b-4ad4-8768-5993babbcdeb","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":84,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"e4689763-ec8c-4d2d-84a8-11b62b362778","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":84,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"4038e133-d823-46c7-b74a-c28f84513e8e","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":84,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"605062a9-9b46-4f29-8725-01be9ef0e65c","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":84,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"8b332562-2dd1-41c1-b4cb-360fdd6dd97f","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":84,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"f4526a24-6066-4b8c-af13-351d1515a062","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":84,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"1cf1deab-7ca8-4617-94fa-aacb6d6934c9","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":84,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"b50340f4-bbab-44d3-ad42-7058716163eb","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":84,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"d0a3d38f-6461-42a0-bcf7-3979d34cdc5f","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":84,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"3ae7c37d-a35d-4f6b-a1ae-374e5827dcd2","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":84,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"ee412dd9-5626-4731-a052-472efd232ad1","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":84,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"972ceaf9-715c-4270-9675-b5e5e4f75eb7","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":84,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"c565fdc6-d0e6-4560-a521-ead6aa849656","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":84,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"94e86d2b-2b93-49e6-9322-4cc349a742f9","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":84,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"1234baf4-b89b-4d96-b211-664a7c47d268","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":84,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"56ca845d-6854-42e4-a9e9-a7dcdac86216","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":84,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"00a5b6bd-0231-401f-930a-b949e0b3f8f9","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":84,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"75f08d9b-575e-4cb5-a5cc-9508017a4cd5","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":84,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"3367b114-e2e1-4230-a18b-85d5c952e89d","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":84,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"41c9eb18-647a-4edc-be74-00c3d53bbd9e","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":84,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"778008f7-098e-4373-be3e-e461cc714ace","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":84,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"d27a05db-5e39-487d-84d0-76a5a3206764","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":84,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"a7cffd70-e816-4641-8798-cead27d62b44","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":84,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"89f906a7-fa1f-4b2b-965d-702a6a80efcd","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":84,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"74d802b6-9867-4254-b9d2-f22219b1575c","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":84,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"78186162-5d43-4349-9734-87fb6fd1c780","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":84,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"050dfade-6fb6-4ca7-805b-b9c7e7e6fe58","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":84,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"08e69923-a5dc-4a2f-9840-5d588f0b7ecd","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":84,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"7ffe7569-b1f9-4b40-9fe3-6f5308552e17","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":84,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"1f697b87-4694-4032-b366-5ba8a4c4cd4d","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":84,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"58054d2e-2e58-45ec-b340-d0c88d94bf01","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":84,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"4ae7c5df-55c9-439a-83e6-9b0318142533","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":84,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"2e3a8322-f4a3-456c-871f-5450fc6e6707","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":84,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"0560ac4b-9d6a-43a5-8b3b-795da960ed45","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":84,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"f5a10e88-77eb-459e-af29-303ed5165cad","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":84,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"f1e11966-8749-4657-afbe-5761806b6af6","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":84,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"a4b1523e-1bc9-4d5a-83d5-a2b2d67ce79e","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":84,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"7229b795-9bd7-495e-a49d-83095320837f","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":84,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"8699ba4b-0ec6-49a5-8f06-6a036d003edd","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":84,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"f566f931-f35c-4710-be70-7617d4faa988","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":84,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"36ca03e2-14a2-4e86-bdd4-900c378083a5","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":84,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"9fb68fc7-2694-48db-9d68-51ffd8b1af83","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":84,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"3f9d1666-b78c-4f2d-b94a-633019cdf567","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":84,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"351e8bf4-e9f5-414d-8fd4-bf016b773252","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":84,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"7c1616a8-beb0-4393-8c32-86c20576e524","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":84,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"80472f7b-bcb2-43ad-95e1-1804642d83e9","block_type":"box","text":"sub-custodian.","page_number":84,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"e241c9e7-a35d-4d3c-88b1-db69b43b5387","block_type":"box","text":"II-41","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e5dcf92a-e891-4a80-b8dc-e57ef7fa53a9","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b53d5284-a1bf-44cf-820d-dd3dff3b39fc","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":85,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"9e163717-46ee-47b3-96e0-00d77eb08e20","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":85,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"8ca33b93-9215-4fcd-b4d7-31a586e396cf","block_type":"box","text":"on investor protection considerations.","page_number":85,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"1c96ea6a-5550-4649-8991-be160f418ca1","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":85,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"b0981b91-f939-436f-a466-8700f202d0cf","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":85,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"62d0bcb1-afc3-417f-b09b-5dad6615167e","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":85,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"f0c7fab1-c945-4b2b-8736-50e0981489b5","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":85,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"3c26aa8c-cd3f-4c98-88c9-b0d0d5752146","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":85,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"07c22498-08a8-49d5-a8b5-18b6de178203","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":85,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"48465ac0-9347-43a6-999f-d053a7a91450","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":85,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"fdaf900f-ba0c-415b-af79-55eb007c7433","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":85,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"424a4dea-3e80-4a3a-9d8d-4a23ba6ce86d","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":85,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"4344e193-7a06-491f-903a-f8d631c3af80","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":85,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"fba0355f-c4d6-4c33-90ed-028975ce7e1f","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":85,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"e5c3ee05-45cc-4a55-bf40-3844c54919de","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":85,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"a1b7cd03-2ed3-43ff-8d1f-a25c782b939c","block_type":"box","text":"accounting firm.","page_number":85,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"0ab2a28c-cc13-4245-9eb6-c50d8fd411b0","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":85,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"552b61b2-1cb9-45b3-8537-4b84c68698d8","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":85,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"66d1e433-77cf-47ff-9a1b-69f6be306b78","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":85,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"41e72ab4-3972-4c16-97b7-59b2caecb986","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":85,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"a6a30424-f0d5-4ed0-8445-5774951a85b9","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":85,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"aa0d7fa3-b45d-4fcf-a89d-084fda6fac06","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":85,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"2b01300a-5848-47d7-b3ea-b280bc4eb326","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":85,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"f6251ea9-73e9-48db-aea9-7a1f536d8a02","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":85,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"4b116e1b-cbd0-4cda-a6d7-b9cecebe9eb6","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":85,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"b64a91e4-a707-4a79-b74b-7b8afeb308ac","block_type":"box","text":"RMB (“CNH”).","page_number":85,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"799cff4b-1d26-4b6d-87cf-8828493927a9","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":85,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"9229fed9-52b1-43e2-bdcd-cafa825a1068","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":85,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"7f283297-c69d-4798-92bc-a6ec82d83582","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":85,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"d6f673aa-6a80-4f27-ac6b-e692f3060934","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":85,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"9fba6a21-3c31-4208-9b3d-a6471873b9c1","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":85,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"720a4934-7fbd-4e4a-bda2-aabfcbec58b3","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":85,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"920e7966-6d4a-48f3-8fd4-d4f4c7ecf8bc","block_type":"box","text":"represent equity ownership in the operating company.","page_number":85,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"bc58c210-7534-4969-89fc-36465cdfc471","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":85,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"94996c6a-cd12-4248-b084-98ea1136e57c","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":85,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"daf144ba-70be-4052-bd19-7ffb87f6fa7e","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":85,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"72522933-4298-4037-a4d6-a79e741f199b","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":85,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"3014f6e1-c92e-4125-96fc-65358cc95116","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":85,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"73357884-3c0f-49d2-b1a6-5f9e27aca4c5","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":85,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"476b800b-a6b2-472a-ad30-3eefabc0adc6","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":85,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"fe71301a-dac3-479e-b55a-72bc2e18d09e","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":85,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"081ae7ac-f78a-4c0c-b41d-334348f2ca1e","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":85,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"d6f28f04-2c47-4b37-9533-972f01b321f0","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":85,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"3caf8754-9c7f-4159-afbc-f09706cbd3ae","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":85,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"8b2e997a-7a62-4c2c-8b9b-19d5574e19ca","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":85,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"d6c24366-e105-4a93-b5ab-1edd8a1bed23","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":85,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"ccb00bb3-4cbf-4d77-ba3d-67da8b63c5ca","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":85,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"b476e34c-3c7e-4034-8655-3ee3635f61ec","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":85,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"1be8013e-33a1-4bf4-8fc3-115d27b432f5","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":85,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"bc245f50-9455-47b0-bcce-892470d6f73b","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":85,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"2a6101d6-1317-4f92-82c9-b2a0422d47a8","block_type":"box","text":"losses to a Fund.","page_number":85,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"26ecd050-c46f-411f-8fc2-805a5188814d","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":85,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"2eff7217-1b7a-480e-9f9b-975d97bb51c9","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":85,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"619bedef-85f9-496c-bf87-f30e8f5fc2e1","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":85,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"6c7f9bc1-86c2-4b21-a719-c422f8d2ba32","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":85,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"01366174-1062-4d17-a7dd-cd08bbb76928","block_type":"box","text":"II-42","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2050ca7a-07f1-402a-bf29-cceb71ec8c7d","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f1dd910-06ec-40fb-9784-e4b661668c3a","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":86,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"ca6fd17a-0268-43a8-8edc-0fd8b6689a22","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":86,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"b9033590-43ff-45ac-925f-a188fc4843a7","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":86,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"eec098b4-19fe-4aee-a9d8-ef8e55efe8e5","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":86,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"8f499236-c906-4ab9-8025-fea95632220a","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":86,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"aa18ec9e-7f09-48e5-857f-65dc5a7687a4","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":86,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"48a11a3c-8f92-4d9b-87ec-c1e51e5a2c44","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":86,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"7543313b-5891-44fb-99d6-1a4f85d22151","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":86,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"f655b2df-03cb-4b28-8efe-0b206c2de714","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":86,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"f76b64fa-1af9-4d22-8ed1-fe277d96b1ce","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":86,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"ddc75cc6-f66a-4c93-9a1a-39da4b7a7cfd","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":86,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"dd9e3260-5115-4556-b64c-7df575598f96","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":86,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"f6a96eda-c645-478b-ae2c-0fad34bce154","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":86,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"17ad7d3c-42e0-4c1e-99d7-38b1597870e8","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":86,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"9e28acaf-d7ff-42bb-843e-703943059b98","block_type":"box","text":"such companies.","page_number":86,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"28b552c3-123e-4917-b1bb-ccde322cfe1c","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":86,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"bc8b761b-3b7f-47f4-8c5b-12986ffce63d","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":86,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"0a104b8e-689b-4db1-85bf-9cbdcd4ce65a","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":86,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"a24bc932-1cf7-4585-9ada-fa3a0ce743c8","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":86,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"88560a27-b398-4ba1-8315-37e3b2e0a802","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":86,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"a31796a2-fc07-4c58-86ec-79df239b6e2c","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":86,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"60e4727a-7a90-47c1-b205-9e2095ef2fc7","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":86,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"8968ae2e-8f66-4e07-99b8-3c6e0d871662","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":86,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"379ce754-37a6-4e70-9b8d-f03082ee168f","block_type":"box","text":"standards.","page_number":86,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"530f5d3f-6237-4dc0-999d-76792c998f1a","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":86,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"3ae2e416-48ac-468f-ba37-184e267a2606","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":86,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"6590834e-0e9c-473f-8655-0ad4526e906b","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":86,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"1e495cf2-bf46-40ed-b774-e6085bb5df9c","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":86,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"c5305ae2-7383-4d7b-9047-517f3ebf4792","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":86,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"c7235bb2-102a-40c1-af5f-c03dbe240db0","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":86,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"d31ab4b8-a841-469a-852e-dfd6d102231f","block_type":"box","text":"General","page_number":86,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"048954d2-7d8c-41e0-971e-165957694657","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":86,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"75912e79-625d-4200-a1de-6c83f7f65a05","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":86,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"98a6b0c8-b254-4572-9ed4-446a8b8f6b71","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":86,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"c380e400-fa01-4124-b80e-fcd58d107697","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":86,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"fbd7f82c-2865-4c68-9f6f-2a243be83fd6","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":86,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"dd54e02a-a9a2-4663-9e05-86dae132cccd","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":86,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"fde52502-9986-4211-a0df-d30fe4432e50","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":86,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"5bf4f10a-79ff-48f9-9334-6a53c7b40e9b","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":86,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"96e27d10-3cd1-4ce0-9690-408c85ecf793","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":86,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"a4d79a33-274d-4123-95c5-625e847e2176","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":86,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"1b0c3d31-58f7-499f-bed8-412e1b657bc2","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":86,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"a051fc08-f9c9-4f68-9a0f-c530e2164af5","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":86,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"6e82f5c6-653b-4126-af68-7718c402872b","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":86,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"9e8184de-8d43-4154-8c4a-47e70bf0f385","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":86,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"572c7cfd-839c-40bf-9ecf-1316a2682b76","block_type":"box","text":"company established by SEHK.","page_number":86,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"302e5ca9-bc67-46a8-95b2-ea7bcf7c4514","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":86,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"62fe1c74-a7d5-4f37-b6f9-885c835ffcc4","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":86,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"c06e7a13-7d06-4c00-a002-663d291350d6","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":86,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"3357f859-1b21-41a7-9e7b-21d62fe72631","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":86,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"c8bd2fac-7ee2-4dd7-899c-fced6ed0814d","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":86,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"269441ff-3ed3-4539-b3f6-0c2806ae7855","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":86,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"072b9ee2-1fe9-4db0-9466-ccdd0ee8e65e","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":86,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"930f5d2c-67d0-4f05-8ac2-82c1da664dc0","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":86,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"f230032c-77e6-4a74-8fb6-46913f78a31c","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":86,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"4bfb589f-26c3-41b3-aa39-b3817ee3d388","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":86,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"89bd2799-b668-49e8-8e92-d3d1df7aceda","block_type":"box","text":"II-43","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9b449a4d-d9f8-4935-939f-70ca8c6d1946","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f207a5b-01e8-4482-9487-b37fa2707575","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":87,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"f84ff1aa-52f7-4f95-be67-a49b16552625","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":87,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"176d0481-35e1-4ec1-b542-293ce9937b5e","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":87,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"56986b8c-f507-4088-8aa5-cc34fe531089","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":87,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"7d32f5ed-87ad-42cb-a4ee-9d4462c4f47c","block_type":"box","text":"i.e.","page_number":87,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"a47d4fbe-5202-4a99-b3e9-906af5ad3221","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":87,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"04dc93d9-8cf8-4bd1-be46-b1874336c01b","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":87,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"6bb7da1b-8ba9-458a-aba7-a41b28acedb9","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":87,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"55a301e4-d905-473b-8768-30295e7d4f0c","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":87,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"880b10bf-62c7-4cdd-91af-195d7b0ef784","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":87,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"53cb11ec-6926-4ea3-912e-b7937543e5ca","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":87,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"b94a9339-ed4b-42ea-b25a-a64616fd31e7","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":87,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"b2a18019-15d6-4344-a834-69566dd43893","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":87,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"0b971c3c-f983-4264-8850-699a67d11f31","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":87,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"1f4d91f5-4423-48cd-9753-73481be0ef5b","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":87,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"0da24b94-5503-4286-97d4-6f9f227abe97","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":87,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"75630fcb-120a-4477-8f59-8575a11de77b","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":87,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"cfdf66b6-4a41-47eb-bb22-2b9299af6703","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":87,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"a1855600-243b-461f-a4fe-72a26148aff2","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":87,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"6a02c817-0ee1-4950-8518-859106c40c63","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":87,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"cc3caefa-bfc3-4ff0-92b9-cd7189112af1","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":87,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"bde61d6a-8ba8-4c27-88b9-aae231869b1c","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":87,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"cf3e617b-69b2-44d5-9483-319ad4d1037d","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":87,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"65ae2ffa-6067-4c6e-990d-e9a10c502f1a","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":87,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"28c21e64-3e8f-43d8-b05a-a05fc1d23040","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":87,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"6ababf05-4b39-41cb-9e63-796cf5b30c51","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":87,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"5a01aea2-7718-4874-8318-2bd279293558","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":87,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"87f9ce18-5f25-4e73-b889-0a914f3c5446","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":87,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"1b14f052-25af-4a1e-8e3d-9fd9fdb0c683","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":87,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"0e9be103-5899-4595-9cc2-3ffbbebbc807","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":87,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"e9cfab24-377b-4f80-8f6e-1d354debb742","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":87,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"a5f8ee06-bdc5-4777-95a1-622d9aca515a","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":87,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"c35e6ace-472a-4b86-86cf-129f3547ab4f","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":87,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"cca50a34-6158-46f0-b1f8-d50062aaaf65","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":87,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"a66256f7-9464-482e-8b68-d4fb89ebda87","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":87,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"a8512ad7-9cea-414e-8af3-de39bec14a8f","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":87,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"93d83a74-a4d7-4cef-bf62-1f50cce2acef","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":87,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"2de07013-1ec2-4856-9393-5c1d20c68cb3","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":87,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"57facf75-0cb3-494c-af28-e1a87ad0fd94","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":87,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"a03619cb-fc6c-453d-a17d-ab84cb8d0b8c","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":87,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"ed60c8cf-8a53-450b-869d-0070b1458e05","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":87,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"c3fa1619-76d6-4abf-a6c4-6c180b4633ea","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":87,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"2df6952a-39c1-4309-92f0-5769aab17914","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":87,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"04b40957-e221-4aca-9ee9-fdc2495bb988","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":87,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"16f37334-3d34-4b79-a269-3a9eeb607092","block_type":"box","text":"PRC.","page_number":87,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"043d8a9e-b97f-4804-be00-74c0ff3b7ae1","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":87,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"3e770d0a-455b-40c2-8e72-e430f0d96951","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":87,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"872209b5-0cb9-4817-983e-f841080be252","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":87,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"dea239b6-33a2-49e7-963b-02c88b612542","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":87,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"99fd9924-4cc8-4c96-a6ea-489e121bc8b0","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":87,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"d8afa4eb-c205-4eda-9fec-ef3fd60f55af","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":87,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"089bcc92-b638-4c21-a4e8-179079d288fd","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":87,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"cc70d52e-8be6-4a94-ac1c-1a7b0a6f6041","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":87,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"4b7dc951-8559-4af5-b364-b5f98ffc55d9","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":87,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"d6734305-d951-496c-93be-336651d70e19","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":87,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"a34462d0-6a32-4122-bdcb-879c779eb263","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":87,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"e5d9c3d6-f234-4c24-8880-341a8aa20342","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":87,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"103948a2-664e-4dc3-a135-b44c45649df3","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":87,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"e7e38f1c-4490-4bd1-b198-93db0dd1da81","block_type":"box","text":"II-44","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c225ce68-aced-4522-90ba-5e8ea70f4976","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"806c12dc-cb7e-454e-8d46-da6a28c86f81","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":88,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"379fd6d5-a43e-4765-81c1-7df305d3dcae","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":88,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"74a5c37d-190b-45e9-83a0-5387b1b5a6a0","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":88,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"5ce0db9a-5fb3-4bcf-8daf-30f306d62b5b","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":88,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"ebe9c3cb-238d-4812-b1af-4f4f609f7a38","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":88,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"5275fa91-8ce1-4613-bef3-7b2e2836df88","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":88,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"cddc7e63-85a7-4bd7-a0ed-309b2cbf0a4c","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":88,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"94b73828-a6b9-4654-a594-6887e097f628","block_type":"box","text":"Suspension Risk.","page_number":88,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"ea114c73-ce58-4f24-a60c-12cff1d19fb1","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":88,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"5915d8cd-54f1-4211-b58f-7dcb82bebe12","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":88,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"ee715732-491e-45d3-8cbe-c53e7bdfa2c8","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":88,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"fecaad48-b524-4db6-984c-aed2c8b23dfa","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":88,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"3cdc24da-badd-4cbb-bb15-d0b776d35380","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":88,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"af0649ec-72f0-402c-82b6-8f6099b86cec","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":88,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"f7ad8bae-f0c1-4792-bdc1-c5d0bcbe9db0","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":88,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"9a157b47-6564-4d6c-9d6f-143e008bb77b","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":88,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"6dc274e8-4e17-4656-9bf7-7603095857cb","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":88,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"1cfbf6c2-e68f-423f-80d5-77abe8fcfa75","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":88,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"5dcd7e14-ea8c-4817-a934-f21e43a0db31","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":88,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"5c1298e6-68ad-4042-b2a0-13ec00344717","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":88,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"fe4f1ec7-0f23-4055-ba7a-7e31cae4bf33","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":88,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"62628216-875d-44ca-9ff1-a6a7e3ce8a3e","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":88,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"63bbbbd1-d56d-4342-9754-a7a7006bcd9b","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":88,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"d4d59942-215f-4c8a-b5ac-9c04a1cb095f","block_type":"box","text":"A Fund may invest directly in the","page_number":88,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"45c563f6-5381-45b1-a1ef-dc4834a4228d","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":88,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"30161d7f-176b-48c9-8cac-8d71123b943a","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":88,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"71833018-8d8b-4072-bd1a-067018840d47","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":88,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"d4764df1-401f-4b6e-89bd-0e05086fb280","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":88,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"eb4d7204-33dd-456f-afda-dba79c430737","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":88,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"dec4b75a-72a9-4946-992b-0505ae3312c9","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":88,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"733c597c-8074-47e9-9e39-6cc26a365989","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":88,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"61b79409-c56f-4fc4-9071-7b2d98b509ab","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":88,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"cc5bb108-9838-47b8-acb3-1927209138b7","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":88,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"a93034c8-6a17-4f2d-a4b5-86af1acbd0dc","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":88,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"77498573-4600-47a7-82e3-446e629c7ab1","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":88,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"a5e4cf1b-b571-4449-99f6-f5ee6c3fcf1c","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":88,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"7789e213-86b3-4153-9397-871a75f2ccf5","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":88,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"5f05b4a5-72b8-4df5-9e63-7dba4ebd26ac","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":88,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"779e9953-51dc-45ba-ab4b-7de90d1fb00f","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":88,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"952acfd9-64df-41c8-93a5-84b83673b8f8","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":88,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"e1533aca-1307-48e4-a6e8-b96416e0dd18","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":88,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"e329fe35-e6f6-44ab-9a9b-9871b5f488b6","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":88,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"7a225b9c-67c6-459e-8731-03ee7048ba98","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":88,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"baa13931-8eb0-4ee9-ada3-c7d79168dc89","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":88,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"591f765a-fce2-4c79-8a48-a03c0168e089","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":88,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"2921ea05-5e8c-4055-a01f-0a38b28346da","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":88,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"c852bf05-9b54-4934-a58d-c64e0e5f8351","block_type":"box","text":"i.e.","page_number":88,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"e362bddb-e629-4c37-b05e-f04371ebc02d","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":88,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"4ff29558-602e-4b53-b37d-a381f96932c4","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":88,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"905bf10a-a06f-4ea2-9484-c79e9b1c31ea","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":88,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"2e8def8e-b78a-4b25-8bab-631c262e5873","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":88,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"25ccb056-d016-4773-a743-9e78a1b886ea","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":88,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"6b465ba9-db39-4dbb-9d6b-1b1fc5c741a8","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":88,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"b1b11cd6-8887-4c47-b856-8d140a47aa77","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":88,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"3d9cb54f-b437-4bad-8638-46ee9b95fc72","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":88,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"379ebe42-c6ee-4e5d-9c6a-e62f5211c964","block_type":"box","text":"par ties.","page_number":88,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"e345e14b-d930-4e58-b0a2-0f33828fb17c","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":88,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"4f900cfa-cb35-4e48-b661-4720c2e785ce","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":88,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"4242ee1b-afa1-4571-8d47-c1d9b3667a6b","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":88,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"0879de05-c70c-48a0-8472-bdab561066a9","block_type":"box","text":"II-45","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b7fde0bd-5301-4728-a7ed-e4261d820358","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3a381cd-28dc-4f77-8a6a-90ad0bdb124b","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":89,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"6235cf03-7b02-4e41-83af-0b8d68778001","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":89,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"0e6f51c6-80d5-4055-85e3-2644e7c379c2","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":89,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"4b0ed02b-9e7d-4ba7-be18-b1059d6f6e44","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":89,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"13048eed-846b-45b8-abcd-90249c395091","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":89,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"8a9fc96a-b0fc-4d59-8c93-ec1d50c57805","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":89,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"1eadff24-1189-4f4b-9aa5-482889d99659","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":89,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"85e6c36d-b144-402b-8eab-b0e863116b15","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":89,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"c4fbf637-8501-4e6a-b565-e6696dfbc0b6","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":89,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"6fa758be-b6a8-40d1-8022-cfb630e9aab4","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":89,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"ad31ee1d-db4b-4833-94f6-75af85f4a1f0","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":89,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"86cdd3a8-8813-4d7a-b75d-afeda3916349","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":89,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"39ae20a3-9666-4e2e-8e07-45c13ec02f68","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":89,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"61a7bd3c-e549-4b8a-aed3-d6db575e4cb9","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":89,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"5ee3ccf3-43bb-4eb9-bbea-db5990201bbb","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":89,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"ef23b173-5e1e-43b8-9aa8-9bf58ad11506","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":89,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"301913ab-d0a4-45b8-b3bd-44884ff919ed","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":89,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"8727ef02-9aab-46c6-8189-e1888f1b6999","block_type":"box","text":"per formance.","page_number":89,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"716e86b2-19fb-4e0e-8a0a-2dc421be3944","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":89,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"0c62e4d7-0add-40a6-b928-b8e7399b6224","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":89,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"8becb429-6948-4be9-9f04-2ed6c0181734","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":89,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"4af6c1fa-7525-4342-b9b7-9d368c981d4d","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":89,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"74719b91-9363-45f6-9788-061ad2fb6331","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":89,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"626d9299-d89d-4e47-91cf-9ea21d80246c","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":89,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"63ceaadf-8ffc-4290-a8e4-5555abae7781","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":89,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"e4ca4714-a412-45ed-808e-9ab9f699b922","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":89,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"2df0227f-f863-43df-abad-0d6a33b362b4","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":89,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"d5e4c73b-8144-446f-bb2b-85c457b7bd10","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":89,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"7108ce20-2826-44a3-ac48-5755187df38a","block_type":"box","text":".","page_number":89,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"4ff10ef7-f347-422e-9206-c22e76dac877","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":89,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"44ca8c72-8d5c-4d0f-b4cc-14de79ca143d","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":89,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"fba413c0-e2f2-40f7-aa23-80a47a546020","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":89,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"db894866-8118-48df-9ee2-9078c0d3791b","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":89,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"2bafc2d2-8ef9-4c1d-b105-de7599a7faab","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":89,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"212767c9-c79d-43c0-ad1e-653782d60447","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":89,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"37de4504-deeb-4735-99af-27ea969a109f","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":89,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"72c950e2-b4a2-4e10-ade4-fe6784ed6592","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":89,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"01c0c961-2793-4ab2-8245-aaec292bd334","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":89,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"acfa7d15-0a86-4b3c-b6b9-b66e8fe22164","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":89,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"9e7ab810-4e4f-42a4-b7b5-d3ab811085da","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":89,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"eb6b4de6-14fa-496f-9203-0ea336c45b64","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":89,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"8f162293-e533-411f-99e7-3610f22ea5cd","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":89,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"202498a0-f50f-474c-9dcd-152e96739fcd","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":89,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"246c4520-7c7b-4d53-a90b-ed5a7a69b23a","block_type":"box","text":"without notice.","page_number":89,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"8a2c585b-fc50-4d94-aaa6-b25c27ad1c4b","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":89,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"72846bb2-daed-4d28-9dd4-da333e51b65d","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":89,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"776317ae-3195-4105-836d-3b5ca7fe5ee1","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":89,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"b12575fe-b2c3-4ffd-856a-a1736a63bd80","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":89,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"b15cc460-6680-49f7-ae25-f9bba3364214","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":89,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"ecef9805-0cbc-4459-80f3-9079dc8e2972","block_type":"box","text":"December 31, 2027.","page_number":89,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"98f95c7d-af1c-4cca-abae-e1a02cacc1cb","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":89,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"1be39dee-0aa9-48da-b4c6-f44da705285e","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":89,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"8c147837-6b9e-4e40-878e-3bb69e63e3eb","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":89,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"a08ba53e-76bc-4e3e-9427-16221f101932","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":89,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"5f4f76cc-1649-46b9-8c4d-a95cfa7009b7","block_type":"box","text":"II-46","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2756c64b-f146-46c0-9470-b53de449fb1c","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2834bc73-f10f-4535-810f-df86fe9a1622","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":90,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"7dd50c79-8ff9-465a-af38-ce92c5bf80e1","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":90,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"854d319e-4d53-466c-8557-87a34575df86","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":90,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"62643ea3-3a7a-41a4-8ce7-3ce264ae92ba","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":90,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"6eb8ea8d-4ec2-4d98-b052-851640e92074","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":90,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"8e78eb8d-bef3-42a2-8a9b-381909bf9613","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":90,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"1ae2117d-5bae-4835-b660-22fc5e24b8ce","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":90,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"618e32e9-8840-468c-b7eb-5346570ab267","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":90,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"57972a18-aedd-4a37-8b7b-2103cce624f6","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":90,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"624bf966-d681-463e-b65d-ca6c382f7feb","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":90,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"a50b500a-e095-46f0-9a13-230e7914d7ac","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":90,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"d6526b2e-71f4-4a7c-b2fa-bcf0a63d7e03","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":90,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"4b821ac5-7485-4ea1-97f7-5ccc2f6d55e1","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":90,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"eeb00d9f-77a3-492d-8e81-4d9c626f1e68","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":90,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"60ea6d0e-4b37-4717-999e-5fdbac61941e","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":90,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"8fdc85c1-9466-4407-bc3f-e33b7ec5b431","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":90,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"aeb47715-c012-40b8-932a-7d0d8f1e7334","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":90,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"1a0bae77-1678-4369-8c45-c408c8cd27b5","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":90,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"019ac860-7775-44fe-abf4-7748358e7223","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":90,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"4b618663-1455-437d-a891-617d15f21720","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":90,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"cc0aecae-7c94-41b3-9780-564824bd5856","block_type":"box","text":"the PRC in notifications.","page_number":90,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"9b90dae1-d3d7-4a85-94d4-5c81265db7d6","block_type":"box","text":"Investment in Other Investment Companies.","page_number":90,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"9cbbf1b4-4803-478a-ad1d-701352e4d5f2","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":90,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"d3e04efd-fe73-467b-953c-9850d7e0d688","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":90,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"6013cc23-ad30-46fe-8953-65ea98c4a9a8","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":90,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"9428d95a-a6ee-4eaa-b2b9-44b3e8dc356c","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":90,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"b769df35-fdaf-4780-b9a7-1ee23b079b59","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":90,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"3b450398-24bc-48eb-8111-4af8dc83c7cc","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":90,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"750bdc9f-2fae-4425-9dd5-4322821d00bc","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":90,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"394f7171-8ff6-4ced-995d-f7b646f02da2","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":90,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"9f90cd2c-64ba-411a-af88-8aeb8feb9f41","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":90,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"f5a3d3cb-e322-4c9b-8fc7-311bd0bad049","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":90,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"10c35824-984f-4d7d-abaf-c017d1cd6536","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":90,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"9989ac81-bd1c-4945-b686-658d4abd69c5","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":90,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"9ec0c969-47b6-4883-a6be-b4d01b341476","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":90,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"7503fed5-66f7-4365-8b0a-4277750c4e78","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":90,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"558a9215-8d4c-43e6-a64e-fe4b73f97823","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":90,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"2e7151eb-e5f1-4fd6-94af-68e6039502a4","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":90,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"0e43a257-52f7-40b9-a097-457f50826228","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":90,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"36a8e536-e332-44c4-b6c2-8d4d58133fda","block_type":"box","text":"subject to cer tain conditions.","page_number":90,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"1a5a495c-4911-4a6b-8ec9-ee55e3dffafd","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":90,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"660195d9-d021-4636-bd59-943bf55505a8","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":90,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"dbc13287-fa63-4131-aec8-4297c1cee5aa","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":90,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"29260253-1144-4935-a7e3-b7d30f493326","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":90,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"0b758311-2431-4986-874f-d82c6e33c5f4","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":90,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"2e53a1b0-9a49-492c-b13e-f2cd5fd5d4c7","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":90,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"57792889-2a4d-40cb-8a23-4d018c55e0d5","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":90,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"99a399b6-567a-4a40-a905-de1cba90dc83","block_type":"box","text":"loss.","page_number":90,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"afde853a-6713-4d19-998d-6452b4af29ed","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":90,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"b0355a21-ac98-4352-8832-9702a4b8d1f1","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":90,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"ec6313de-77af-48d8-a4b1-0b115eca18e5","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":90,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"1fc6195c-a1ed-4ad1-a4e0-b644511957fc","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":90,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"a18b1795-c7c9-4fc4-afe0-15abaf2146a4","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":90,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"8876867b-3ae3-407a-8518-3b536dd76558","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":90,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"e87878be-142a-4493-ab85-cb98168edf5e","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":90,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"f0fb1632-70e5-44fe-9381-e8a4ae7be472","block_type":"box","text":"II-47","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"937ca456-09d4-4473-b75b-868dc9fd45b2","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b82a1711-4c07-4776-b348-fdd6adfd7370","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":91,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"9cf69ee0-a5ea-4ae2-b00c-79509d8e935f","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":91,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"eb140cba-50bc-43d5-b0d1-c0db021ef4fc","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":91,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"ba020055-3346-4408-a65f-81fbfbffaa74","block_type":"box","text":"assets.","page_number":91,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"73cf7bfb-096d-4b33-8bbe-101c487988f9","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":91,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"07d29abb-5ab6-4fe1-bddc-da3d2082933c","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":91,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"3daddaf0-e409-4786-99c9-f1c7d15a80b3","block_type":"box","text":"e.g.","page_number":91,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"b06986f3-7823-4adb-961d-ecde78af6bc6","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":91,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"51403321-9a76-4a26-88f8-0de927584cee","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":91,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"a756965c-b88c-4975-93a8-b1620289c2c3","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":91,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"529982f2-b59f-4d37-a78c-2afb80d994c4","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":91,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"4552f5bb-6def-4b36-a4c6-f12c339e3848","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":91,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"73a19f96-7454-4fb1-91cc-d6d16c505ec6","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":91,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"68f6917a-db60-44c8-8574-e9b484d5fc90","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":91,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"2864f570-3678-455d-8795-e4ab098f503b","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":91,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"781a093d-bb97-45c2-95e9-883c70a81f0e","block_type":"box","text":"countries.","page_number":91,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"120cf8bc-38c0-4f5a-be69-d69c50fe7335","block_type":"box","text":"Issuer Insolvency Risk.","page_number":91,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"b4618105-e572-48b2-a22c-de6a9ae6bfca","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":91,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"c9bae0aa-3e4f-4f59-89d8-7d0eec902eb1","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":91,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"0b7fdabd-e180-4050-b390-342d0b55db6d","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":91,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"8016a73e-761f-46ec-bdab-524af6715be4","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":91,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"3008116b-3132-4eb9-819c-7782a2de27e9","block_type":"box","text":"issuer uncer tain.","page_number":91,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"3fc3d112-d2dd-4f10-9c6a-45f02e8900d6","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":91,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"f69feacf-50e0-4440-83d8-b0fd62097f5e","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":91,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"dcca8521-54a6-4ac6-9b4b-41eae1c00463","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":91,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"53adbabd-e8ea-49c3-9510-8ac9c107bafc","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":91,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"fd096d42-15d2-47c8-982f-ebfdccebc7b2","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":91,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"c062e05a-5055-4772-9d11-f008a879c7c8","block_type":"box","text":"eventually be satisfied.","page_number":91,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"3f3f2c79-5acb-498d-8187-1e7ee312cdfc","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":91,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"e26de487-dab7-40df-9ab5-6d3b31eb88b1","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":91,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"76e6e7c5-3e1e-46bc-9a4e-faf9ecb82da1","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":91,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"7a56d6d2-7726-4425-b5e0-ab408b7d1413","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":91,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"c037c820-c7cb-419f-8149-73b9c297cc5a","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":91,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"5ecd103e-c3f7-4f4f-8bc5-ea2c6fbd6b5e","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":91,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"c0902da6-a15a-4c64-95c1-0aec198f9093","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":91,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"2afe7f17-e511-4a83-a6a4-8e2a2259f282","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":91,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"14637e2b-d8dd-4ddb-b07c-e192f8dddb93","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":91,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"5c429eb2-0b28-442c-93d1-0a4c760a49a5","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":91,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"1d201166-8a0a-4921-9810-e4d7ab835894","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":91,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"1025adfd-2e9c-4a0f-9586-477188e4097e","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":91,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"527596ad-d32c-4278-acf1-833acf7d484d","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":91,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"13d3dd78-3f9f-4949-82c2-6eb66768f805","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":91,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"0e83fe09-8074-46a9-a19c-2e2da04f7ace","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":91,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"50393801-c9c7-44b9-a279-b0d2d46962d2","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":91,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"e592cc8d-7835-4387-9b00-c3dd63179d97","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":91,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"494713fb-6b8e-4294-8b6f-a8c3881c4ccb","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":91,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"4c9c0980-a213-4a16-a2c6-a1c6833f4d7d","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":91,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"493c2090-4339-48f5-9d27-66e3b658e435","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":91,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"95b8bd40-fb55-4400-9dd3-eb94d5f7f719","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":91,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"5a380f62-6a4f-4f3d-b6da-ea2bc9abe4ba","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":91,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"f6fde131-a20b-4d0e-a814-2caeb90b5ff9","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":91,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"9d451472-8ebe-4181-8806-798a4d3f05a3","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":91,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"40120287-4271-4777-84d4-d9d03f97dff4","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":91,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"b097186a-04d7-46a7-ae21-ef008b752fd8","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":91,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"ddeece19-b03f-4243-b431-56df4667cb55","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":91,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"61fbe4ba-64bc-4aad-860c-0018f4b069ac","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":91,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"c6db424b-576f-4c02-b17f-5041789eecf1","block_type":"box","text":"that assumed generally by an investor.","page_number":91,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"8565f646-1e50-4c29-8318-5d19333554bf","block_type":"box","text":"II-48","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9367b807-8a1a-4c99-86a7-fd261e7bf580","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"437eba75-e9d0-4d9c-81d9-ce9e5ec65064","block_type":"box","text":"Lease Obligations.","page_number":92,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"0042f7ea-da36-4de6-95f7-90c6744e7017","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":92,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"e6c87e7b-b67e-4172-809d-0fc419b15b40","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":92,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"6b762d52-7bc7-40bc-9871-f899a919a0c5","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":92,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"7e9ca21c-3f45-449f-94fa-560888720528","block_type":"box","text":"Life Settlement Investments.","page_number":92,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"c06d890d-25cd-4b55-acd7-2d4e640a2578","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":92,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"be45e5c8-ac7f-4dc4-a2c0-cacb0e617464","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":92,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"78cb0807-cf2a-464e-8f4e-500ad2cc7efb","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":92,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"411f20cc-5ae0-4fed-af9c-9286287d0735","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":92,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"7362c373-72ec-4e6c-b896-45f62907f05d","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":92,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"7769bf92-6838-4f40-89ba-d02516acce91","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":92,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"9c68560a-8c26-462e-ac63-217c80f21744","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":92,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"8c888e04-6782-4c47-baac-ccad239793b6","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":92,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"5a13ac93-61cc-4319-bc6d-a661e0476922","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":92,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"1cb85771-fe84-4ce8-9f99-6ff62abb81c8","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":92,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"2c3ac878-a07a-4a2a-8e1d-16198f7cafd3","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":92,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"76bb13f5-24f3-4262-a2cd-e4e1bf87f34e","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":92,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"ffed97b8-76d3-4f72-aa05-90a11e4c0a36","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":92,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"4a8adb81-7815-4d72-b5b2-8c2b85153e76","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":92,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"c714dbc7-62f3-43c4-b6c7-1e6cecd0771c","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":92,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"acb80ce2-9cc5-42f1-adab-f2ba89b5a746","block_type":"box","text":"Liquidity Risk Management.","page_number":92,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"1d9beeb1-d9ca-49f8-998f-bb270d13d416","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":92,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"a80977c7-014c-4f2c-bf84-b2cec67fa452","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":92,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"c4f0f844-28d3-4845-83e0-d2430cd8d293","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":92,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"a25c067b-8167-4c1c-a4fd-971fc5b44493","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":92,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"be8bc968-07a2-479c-a3c7-eec0e0571028","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":92,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"428af738-7487-4050-8117-43e2deef19e6","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":92,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"cd484a34-c47b-4bd8-87d2-6c5229cac4f3","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":92,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"0b2ec825-074e-4cd4-91dc-227cc30f1299","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":92,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"80fd4da1-c7bd-4ee5-83aa-b8d7af3df4c9","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":92,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"a08c5395-153a-45c9-bafd-08809f79f40f","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":92,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"831989e2-1b2b-4480-9a2e-bd169d6eb84c","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":92,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"e8f3c43d-0da1-41e7-a674-7ed6bea018fa","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":92,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"1b10dc4f-a9ac-4a2a-a6f8-0f72ac0e1a62","block_type":"box","text":"Master Limited Partnerships.","page_number":92,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"363a5942-4fbc-4d83-a9ef-571518ea5573","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":92,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"5f69e9c3-07d1-44db-9775-190b10432cba","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":92,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"8e4e5d97-484b-4d1c-a31c-fb9649ad97aa","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":92,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"533ad104-a5ea-4790-b87f-bd1c97abfe4f","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":92,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"a0fde702-4f09-42f5-a403-8994d8aad716","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":92,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"ce18a56a-902a-48bb-82a9-81832cc1b208","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":92,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"cbdd1661-236c-43e9-8e4b-e4d67d9cda5d","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":92,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"e8ffaf36-ae66-49b4-b23f-e7a6723dacc0","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":92,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"88904f48-65a5-4bed-b511-4a3f6347fb31","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":92,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"3e2b9746-cceb-4fd7-aaa0-93bd9ae31f16","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":92,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"971441d6-d818-4b96-8b6a-f48e88d9f357","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":92,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"984cb5da-252b-43a3-beb1-6f1d0d7034a2","block_type":"box","text":"in the par tnership’s operations and management.","page_number":92,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"1ff0c212-5eee-4307-96dc-a9668bb30d14","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":92,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"64fabde1-0248-4fbd-a0e9-9fdf6aa30572","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":92,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"5593ca84-98fe-414c-821c-b2dff5be2bfd","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":92,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"739c2af1-cfb1-45cb-ab39-1d94e87be0e8","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":92,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"cd5bb598-686f-4e02-9a5b-011cf09469eb","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":92,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"d395b805-8af3-4a3a-9cb7-14ba9bf56a7b","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":92,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"eb63d60c-aca5-4f26-8265-e8214a7bc655","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":92,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"2a271c3e-8c56-4098-92c8-3c919a057a35","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":92,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"375054fb-2695-4483-b211-7ee17e65b26b","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":92,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"7341e29e-a2dc-4fff-a718-821f89ffe1aa","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":92,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"d2a64004-1cc7-49b3-84ee-bf5698212830","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":92,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"4f199f34-ef22-4e2a-93e8-99915e26dbda","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":92,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"9cf86e8c-0be1-4cc3-9b89-484fb0309001","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":92,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"68a2f9da-f549-4f0b-964c-1eb341fe0f89","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":92,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"b747e08a-1529-4fe7-9710-665d450ac628","block_type":"box","text":"II-49","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0d12b6b3-43a0-46c3-83d0-f0a53125f9cc","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"308f8b3b-a4dc-4b2b-ac30-e799719c602d","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":93,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"7ec88185-6032-4120-bfd1-b77f7e5cf7cd","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":93,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"e7ae35c9-0b17-46c6-b62c-5fa58d266007","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":93,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"546a503b-51b2-4ac5-8c2b-f6cd3d6ea92f","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":93,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"3f90c6a8-8886-4193-a88c-51d7dc318aee","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":93,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"f2dcf978-73c6-49ff-af03-90f278a8f00c","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":93,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"1b2af83e-fbc7-41d1-be2a-d6eb4f44bb8b","block_type":"box","text":"Merger Transaction Risk.","page_number":93,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"25824832-99c0-4d5c-aed8-4a3e5b68327f","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":93,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"cd8887a7-d0bc-4b13-86bc-1a3dc32d297e","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":93,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"20318782-709a-44de-aa25-296ab06f377c","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":93,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"888196c2-875e-44dc-b2ae-7d420d79c5b1","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":93,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"65bfb938-9ad4-482b-a4d8-9bfeb5149ea1","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":93,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"79f25431-bcd9-4457-bc9c-2ffb597d32de","block_type":"box","text":"the Fund and may lose significant value.","page_number":93,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"d6f4afb1-14e4-4f1a-af8d-9d97560bff46","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":93,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"83d2915d-2e54-4f33-9b5c-ff6bb1d41176","block_type":"box","text":"Cer tain","page_number":93,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"e61e6882-60df-4bc9-89dd-61874f13701e","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":93,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"59458ded-e101-482b-a98c-319e9ab4f300","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":93,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"9581d686-42c0-439e-bb96-e7f8bc4e8fc7","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":93,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"7bf21752-aaae-4ca1-89b7-430bb584e022","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":93,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"4dd89b6b-c20e-492e-8bf9-74f9dba0bab8","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":93,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"b19e0258-3835-459c-bd5c-858da636b35f","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":93,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"577438ca-686f-458f-a7c5-05bf3a1a8b0f","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":93,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"e8544f09-5063-4c4c-868c-5614cd4d3828","block_type":"box","text":"branches of domestic banks.","page_number":93,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"26b3dde0-de03-4337-937b-f0878a760d7f","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":93,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"5f50d9d3-74b1-4bc8-8564-1a9839a52572","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":93,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"848f496e-bdd8-4939-adcc-1ba6ba40626c","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":93,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"131fc43c-7c9c-4200-8ce8-ac636bbbb576","block_type":"box","text":"paper of a foreign issuer.","page_number":93,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"f7d5e396-4b45-4fb9-8293-16687a560470","block_type":"box","text":"Money Market Securities.","page_number":93,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"8d3e2f9a-0901-45f0-b8cd-f918f1334487","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":93,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"424cfea6-1522-401e-9717-36c8cacbce62","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":93,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"2724a3b3-39f6-45da-b104-e21012320f54","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":93,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"f86451d3-27e9-4540-beea-7af76dec53d9","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":93,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"22161179-d6ef-4c07-9039-2bb3fea0fba5","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":93,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"2dd2ca73-cd28-4aea-b06e-4f5a831c897a","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":93,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"f9beb6a0-4307-43bc-b6df-ec1c525b7174","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":93,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"0c247c55-85f0-466c-ad30-275b830f5197","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":93,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"60b5b8fc-55f5-448d-8d2a-52613570cf44","block_type":"box","text":"agencies;","page_number":93,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"eb4e3e95-ca9a-482f-8e11-83236640a0fe","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":93,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"0f6a2125-fdb6-448f-bbb4-3f9720e0046c","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":93,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"98d26334-3114-4668-b729-d13f00e95c7e","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":93,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"dc72d6d3-d96c-4b00-964c-0aa0f4db09ae","block_type":"box","text":"obligations and credit card receivables);","page_number":93,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"a215eb55-47b1-49b7-a3ef-6d7646a0c40d","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":93,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"e2944ad6-e441-4eb9-a8e4-1dc43940ecbc","block_type":"box","text":"authorities and related custodial receipts;","page_number":93,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"3ca191ab-d499-4c38-9323-0dadb0f49174","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":93,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"775f20e1-9219-4fcf-9413-5aaef073287a","block_type":"box","text":"agencies or authorities;","page_number":93,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"c1f38236-c2f0-4b51-9468-e9115864978b","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":93,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"8da14909-2f41-4e28-be2b-0a9f9112cf64","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":93,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"91822820-155b-4415-81c0-9b0c8fbb9edc","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":93,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"23532186-21dc-4fe5-ab56-0b735dfbfc94","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":93,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"1ee44fa6-e8a8-4ccd-8ab5-0ca017f281ba","block_type":"box","text":"one of its agencies or authorities or which otherwise depend directly or indirectly on the credit of the United","page_number":93,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"9937bafd-a6c4-4100-8ef0-6219df2ec9d3","block_type":"box","text":"States;","page_number":93,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"6fc90b97-24f8-42b2-bb2d-cf98527e9e5c","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":93,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"ed886d0b-41aa-4a04-8caa-2242a3347ebe","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":93,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"73cff4f2-3393-40e0-9195-9b14d784114e","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":93,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"7b544184-a0d1-4edb-88cb-710a11a7a700","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":93,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"90c3ba2c-cacb-4db5-83a4-197889d4f30d","block_type":"box","text":"II-50","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f329d48b-7cd8-4fa4-ae34-155e786aea74","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b07060b8-7ecf-4a54-9510-b1412a993cce","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":94,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"8c37a71f-958d-43fc-9d3b-986f1fc7942b","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":94,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"25117e25-eb66-4eef-b69b-f3f653ea442a","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":94,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"838d1eee-9e31-4ef3-9b96-d4a990e1b542","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":94,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"32cde212-82de-4786-bb17-80a3cf6efa44","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":94,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"50fdd691-7bd5-4f3d-a383-1fc1d35431c4","block_type":"box","text":"States.","page_number":94,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"c3d3a7a7-6188-4551-9167-8f25da75bf29","block_type":"box","text":"Mortgage-Related Securities.","page_number":94,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"8cd2eae4-f85a-4f99-9e11-8f7822239be3","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":94,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"1f1efa3f-95c6-4f91-947a-e26d6c972491","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":94,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"cf6c1869-0893-4944-9fde-f60faa07ed9b","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":94,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"ec409ea2-e0d9-41b8-af83-c33bfac38072","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":94,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"76b4bd9d-7c8b-4c80-92a5-07cab69c4191","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":94,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"a067e346-65c4-4d90-ae48-7ff6e6fc120a","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":94,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"fb597db8-18db-404b-9c3c-0bd247dd1447","block_type":"box","text":"maturity or specified call dates.","page_number":94,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"dd337f37-b2f2-4c0f-8f8b-5fe1f554a67b","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":94,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"71e08a25-32c1-49ef-98e2-aaf59c007389","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":94,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"358f176c-a721-4629-a4b0-16c45830bdcb","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":94,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"d16ef36f-223c-4e70-ab3c-382a2a149ef0","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":94,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"c15cb5a2-04c5-489a-b2dc-4f678513415f","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":94,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"49801784-834d-4c0c-a0fd-6fe33de609a9","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":94,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"aa326fc4-e577-4e17-ac0a-3df847f40d85","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":94,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"7c8b0c0e-4dc9-4d38-a549-fc2dcca45551","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":94,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"c3247006-d57c-4d16-860c-f34ad41dfa60","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":94,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"ce5544f8-9975-421f-9fd9-b0cd252ce6ce","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":94,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"f9e13718-d8b6-4703-abdc-e023f04a0b32","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":94,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"00afa567-b072-4eb1-ba95-60b8b968c550","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":94,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"ad1cec38-190f-4819-a31c-040b9b678fa9","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":94,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"faf07efb-3b5a-4a34-9113-af520a1745f7","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":94,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"57af7b34-caa9-4b34-946f-d1f26e1fc15f","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":94,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"ef9e7cd3-4068-4a43-8425-43e7935728ae","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":94,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"e5872fb0-2849-4145-96cb-60071e32de91","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":94,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"1177c0c4-d441-487b-88c0-ba8e1e236fbf","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":94,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"8c629b09-4ea5-405e-a288-7b38cbaf51eb","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":94,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"346e7b50-a0b4-4b71-82a5-7a447d04daa1","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":94,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"72c0b0bb-6dcd-4278-87ab-2ece78bc67b3","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":94,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"d7c86040-8d8c-4718-9d2e-cd3bbf6b4197","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":94,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"32009f1d-17c1-44e4-bf22-6cd2b1545cf0","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":94,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"f2340e85-6416-4361-96e5-1235699fa39b","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":94,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"49451f6d-31f6-43dc-b33a-f4fc3f232f5a","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":94,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"cc571c4c-aefe-4ea6-b99d-4f790b43b28d","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":94,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"e8b31c74-f958-4a3b-a87f-9e287b07bbfb","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":94,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"d586aecc-0312-41e1-9ebc-7089677ed754","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":94,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"d41bfea4-25fa-453e-8f59-183e5eb1d6b7","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":94,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"4a86de76-1f70-46d6-8a1c-718cd154fede","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":94,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"4c19fcea-61ef-45f1-b413-bdeebe07bcc2","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":94,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"c8ac6524-a493-46ee-85d3-66e918c42043","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":94,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"fc9c4f8d-e9ab-46c2-aebd-ffa258998969","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":94,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"5a8d9de6-42dd-439d-ba81-620f67523648","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":94,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"a40fa476-f019-4096-ae2d-9e6be96a1ca4","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":94,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"b1e32650-e943-41df-a7d1-d678eb779809","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":94,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"5b3c308a-87bd-493c-a6ed-5c56a9b715e6","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":94,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"e2123ee8-364e-4b26-bf68-1cb6fd7d6d91","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":94,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"ff27bbc8-1862-4828-9529-23291c1ddd86","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":94,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"90d9da97-d6df-445a-8263-8bc865546d8f","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":94,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"388a646f-c076-426c-b563-9b2d65b9390b","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":94,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"2ab917d7-b8f2-4b7f-b089-ee2ddb49fd54","block_type":"box","text":"II-51","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"83ccd4bc-5c2a-4423-a8f3-acf599df70ef","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edbbe58f-c978-42b2-afee-05112105a8b2","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":95,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"04717e3b-815e-4a5f-89ad-7fe566716623","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":95,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"ea002f6b-3deb-49ff-9dd8-47a89a29bda0","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":95,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"a1e70849-9f80-4832-967b-981557499858","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":95,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"a643c316-0246-4ad2-8ae8-a75fd3d0373b","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":95,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"2517b95a-a253-43cd-b778-32ea46fb8db9","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":95,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"1cd36f42-24cc-4702-875b-1bc19efc1612","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":95,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"290740f9-a1e3-4d40-89a3-85dd422ab12b","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":95,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"64ca579d-92b9-4dc1-bf77-998fce876493","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":95,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"e6e47e4a-a3c4-4f8a-b248-7a573322c8d2","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":95,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"febb43a7-4447-4f81-874c-ba20a182d1f4","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":95,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"1a380af5-ed38-478c-a498-ef49e5722ed4","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":95,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"6a759148-a93b-4aff-8976-ab31bdf4282b","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":95,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"8cc53b99-2627-454c-9b5e-54094cf9ea15","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":95,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"4ca3b1f4-d545-4f59-b819-7db49a550d77","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":95,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"fe3dda02-a80d-44ba-8218-ed234a4ed1ca","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":95,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"5bc4c8a1-d5c8-4ae9-8aba-6c54e1b4709c","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":95,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"b592af2a-37ea-441c-9bf6-cf9a8377a0c1","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":95,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"ab08b06c-fb1c-45e9-b6a8-748b371a88a3","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":95,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"f100e876-9dd1-4365-a3ca-f0cde3462d4b","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":95,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"27e07d26-e340-44c2-8f45-d42796e94bb2","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":95,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"2233b131-c68b-4751-9681-38b9ee298e90","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":95,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"cfd12569-a214-43bd-895f-2bb78a2e4dc2","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":95,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"518db066-41cb-4ce3-8c67-058235f3982f","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":95,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"7dc61d83-8cf9-49f0-aac0-0b65cbc59b14","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":95,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"2e081727-3e6b-4a77-887b-574f0faa63a1","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":95,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"b3c684e9-23b7-44f8-a21d-cd289cb7d375","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":95,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"8d19cff9-3d8b-48e5-a637-28dfa3b09ecf","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":95,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"1535193d-eca2-4d13-a754-9913e33df6e3","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":95,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"df080049-148e-45fd-9456-d97a192ac8e6","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":95,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"92c61a18-1c3d-41a6-b788-728ba1ef530a","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":95,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"9f4eb13d-1b87-401d-9e87-e73e28a60e42","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":95,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"83e3f8e9-eb44-4607-beda-aab4a81df80c","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":95,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"9c9e742f-880a-4f5c-9a62-b0195d48f7af","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":95,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"fbe48682-5b2f-4398-9804-a27f471ca021","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":95,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"07408e50-38e8-439b-a3ef-9ade55f8f48a","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":95,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"3b95475f-398f-4579-80dc-7693d2b29786","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":95,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"0fc3a5fe-c797-4a5e-a7a9-abd2729b77ff","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":95,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"55bc42e4-eaf7-4b13-9886-d636c0f92111","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":95,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"9b804809-a139-487f-b4d4-66966e4922b3","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":95,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"c04e572d-20f5-4720-9531-1aef702849bd","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":95,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"eebd8bc8-51fc-4971-b4de-18dc47afb034","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":95,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"accc8afa-789d-459d-a70b-63741b910f99","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":95,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"8823d6d6-9f87-49ca-9d39-2287335c25dc","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":95,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"292fddb5-9bdd-4c7c-b50c-c232de6c5b2a","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":95,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"f9e59331-4d93-41cb-8a65-04af9df5c490","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":95,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"ca549193-e4a4-4b90-8330-73ae60800e81","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":95,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"932ac1ba-ad5b-4cab-a11e-5b6e97963ca1","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":95,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"959cb39a-4b2c-49a0-a585-4e09157d607f","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":95,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"bdd9d4e1-5d1f-4fce-9e5d-dbc8f5d51ca2","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":95,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"3c32cf92-8aa6-4da7-954d-07bb6b90c190","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":95,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"72683418-944f-4f2a-93f4-449fcc0d15d5","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a Fund’s por tfolio may be par ticularly difficult to","page_number":95,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"569891b7-4f5f-40b3-a94f-50a1ef51f725","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":95,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"27ffd064-5c4f-4516-9b0f-7d53741b7fd2","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":95,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"8a12ba4f-9b8d-4fbd-af62-7e41913a1752","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":95,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"c5e31b24-43af-4bcf-a506-ee47f14fcb6b","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":95,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"2b8f3d44-33c4-4393-b6c0-cf13a26a3c86","block_type":"box","text":"II-52","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e8900f1d-4a6f-4e09-a9d5-acc4c5830b5f","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61ff5735-4171-4776-b551-82dae76a9f9a","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":96,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"7b1b31aa-585b-4ad9-9382-825f17d03d9a","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":96,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"c770b4ad-5da5-4b88-b49f-b1aaf358aa64","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":96,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"e599d28e-06c7-4460-bafc-23fd6432f42b","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":96,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"3a2a77bf-eaec-4be5-869e-e7f4523570f4","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":96,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"fef7dab8-54aa-4e46-9049-e0b978d68db1","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":96,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"b10f6a2c-fa6b-42be-a976-10767e432b04","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":96,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"396c3162-69ec-4630-b374-465974bf24a4","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":96,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"fe004069-94aa-4382-b125-8dd61b38c5e1","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":96,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"10d25fb0-0bc0-4833-abc7-a7ae1d05221d","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":96,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"aad1ec07-3824-49bc-9ce4-f9eb8c14797d","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":96,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"4b6c0b49-9bd7-400e-a3d9-e8a781f64eae","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":96,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"51f234aa-fcf3-4074-a806-246b661097fd","block_type":"box","text":"of principal because of the sequential payments.","page_number":96,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"ab755826-f5f1-40b3-be13-e0a5d44c1fbd","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":96,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"1305737c-5f6b-4e63-a6ac-0a0763534690","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":96,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"e637a4ff-b44a-41e6-a309-ee789e418197","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":96,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"19be0714-7306-4a1c-b59f-2af7ab296069","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":96,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"5110fd04-e01a-4307-b5e2-be05444dc5eb","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":96,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"4d086b05-b77f-4744-a03b-ff6349858540","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":96,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"36740112-a5ef-49bf-bcfa-eed1e80a4a7f","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":96,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"0c51523e-e1b4-402a-9282-c77e277b6b5b","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":96,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"a0446fff-f137-4139-b0c1-0c0c12a7be13","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":96,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"49d420b5-3cea-425a-a53f-f8f0b1b12c3e","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":96,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"dbfeba18-2807-41fd-804a-d6c8964ff529","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":96,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"686858cc-9cd8-47e6-8ac5-b93e72cad3a8","block_type":"box","text":"securities of any single such entity.","page_number":96,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"a299978f-92b6-48e7-94c8-2eeaa0f7c621","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":96,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"b43c86ef-5c4d-4776-a6a7-4b2689990b49","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":96,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"78451fab-7f07-4391-b502-ff1539b99bc6","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":96,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"1c4a72c8-2c75-4a65-9e4b-b40d227ae548","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":96,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"ff87fb85-3af5-4ace-92f5-eb7c1a4af73d","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":96,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"3119e699-5930-455f-9c85-81d503bfa861","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":96,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"a0b30c78-cf58-40b4-9c7f-8e2d3ca9215e","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":96,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"8faa8916-8a26-40bd-8fd3-897a65fed3a6","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":96,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"31c12047-1652-4f2d-acb7-2ecc9b01cda7","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":96,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"dc21cd72-66cd-468e-8a80-c1298c3e1236","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":96,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"5386572b-56cc-4886-bd67-0cf67f2d8c51","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":96,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"c2ed7dbc-4109-4c3d-9f7f-05e9833c7ba2","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":96,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"598e9c56-dbce-4c6d-b7f9-947077a0a293","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":96,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"f4b07a44-be15-4975-a876-e224b6e76af6","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":96,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"98f1dab9-b61e-4979-bec3-108401d0a9a3","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":96,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"5f6978f9-d05c-4195-b1b8-fdf855cdaeaa","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":96,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"c900e698-2e7b-48f0-8bff-e281743cca80","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":96,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"9e8075be-c108-4d2a-85a1-c8ff14084dcf","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":96,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"e88653dc-3534-456e-b84f-ff09601dae5f","block_type":"box","text":"classes.","page_number":96,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"678d6766-eacc-4000-aa8b-b0f62c777b65","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":96,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"1714618f-9cd6-46bb-825c-e71fcf853ddc","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":96,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"2e2b1403-b64c-4056-959b-efcc52a04647","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":96,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"38c7587d-b06b-441f-a33e-e08b25ccbf68","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":96,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"bb388e6a-6f12-4843-acdd-ce484281b3a4","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":96,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"ce6c4fef-5c95-475d-916c-a58694bd0731","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":96,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"fc877b58-7c3a-44fa-8b4d-1915e4f7d074","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":96,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"887d16c6-ce0e-46af-877b-3eb9dfa818e8","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":96,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"b92b1d2d-0b0c-4072-a361-2b227ada00dc","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":96,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"29f88736-1561-4aee-a3f1-7f96171c834d","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":96,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"bb34ef92-7b97-4887-8dfd-fae4f548762b","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":96,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"b1d37480-774f-4ff6-be7a-f43c82dd3a63","block_type":"box","text":"to a designated benchmark index.","page_number":96,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"ba8a3908-23b0-4662-a591-6c89a34b96b7","block_type":"box","text":"II-53","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ec186d4-c5d9-4fea-857f-866f07404a3a","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7678abd-bad8-44de-b5a2-4a6370ad24fe","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":97,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"15c3a9ca-ad85-4119-a7a0-b75b0e21c082","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":97,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"ae734666-31c6-415e-a9e8-593c85a03b74","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":97,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"2a792609-ee42-43be-8fdb-99330cca2ec9","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":97,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"2e56bf26-e857-410a-b5c5-d49c6f5f2051","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":97,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"c2266dc0-77f6-4128-aa1d-249801d38ffd","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":97,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"4efdf8b7-4ce0-42ad-911f-d1c984e95a89","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":97,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"040078aa-056e-4027-9f31-ede79f3f8612","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":97,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"7d2ec242-8634-4a8e-838b-f6ea42382ec9","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":97,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"8346e30b-de59-422e-aec1-a7cc6b804815","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":97,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"23a0205b-a88b-498e-be29-c7aacd225a4c","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":97,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"0f0eedf3-7ee3-4dab-a600-f625e19728fd","block_type":"box","text":"CMO Residuals.","page_number":97,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"89199056-3c26-4084-9f63-1053647cb04a","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":97,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"18d7203b-5811-4b31-b2a9-c3e10495c558","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":97,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"6cac5b5e-3ea6-486a-b64d-375ec1d45f1a","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":97,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"4f0c7236-8cdf-4f00-bd14-76e277f9085a","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":97,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"988b0cee-f7c9-43ec-badf-b4e2f81d7be6","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":97,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"6ee55b21-ee38-44f7-a238-9c2e369bf1c9","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":97,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"2e5f22ce-f68f-4280-b10e-8d4ada34d6d2","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":97,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"fb34f165-80b5-489c-9af7-feab737a0561","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":97,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"f843a650-873a-455c-ab07-5d8ab8f95d4b","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":97,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"0a802b8f-0d5a-4815-bdcb-79bbb48f7801","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":97,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"4e160bb0-3839-443b-8fe0-0d02f9e8582e","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":97,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"5656a842-c070-4a0c-a425-0e0112c420a6","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":97,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"dd216de3-38bd-4a7d-98f3-981c5a6f7eff","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":97,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"2bdb2215-c5b6-4b25-98a0-6487663c8b1c","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":97,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"63f4be55-bfe0-4995-9167-06a4641f585a","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":97,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"43b95ec8-fec7-4a7a-b868-677a9affd8ca","block_type":"box","text":"a CMO residual.","page_number":97,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"eff6794b-bb21-4fca-a309-14c3b51781ec","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":97,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"3dcb5598-b38d-4d82-83d5-5c2634ba3284","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":97,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"bc8fb395-0b9a-4e79-8132-024582834016","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":97,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"935ab102-a553-44fd-a25b-583db3541683","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":97,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"5c5fa3d4-b79c-4825-8112-d6e2b5672758","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":97,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"821f1dba-7e16-4893-b44d-1661b8c2973d","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":97,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"d9a5def9-73f4-40cb-b2f3-9e8a3f5ca9c1","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":97,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"0dc1d253-1811-47f5-b22c-60137dc4fdb9","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":97,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"86be43c1-c56a-453e-8d98-cdb4b20d1d79","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":97,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"b19756a5-4f94-4b78-a2cf-f06573422f2d","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":97,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"bbc70c5b-2785-4d87-b9a0-f69121180d64","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":97,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"c3085ff1-a202-4d46-85db-44e6ea4747e1","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":97,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"7b39ccfb-b3f5-4675-aaef-e43cfb8ab434","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":97,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"6e905390-8b99-43ca-990e-633e5f660925","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":97,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"9a04dc0c-d97e-4eb5-a5a1-5fb3f54b85b8","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":97,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"0786211c-5bda-4a2b-bdd3-78543c01d8bb","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":97,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"eb393feb-56c4-4294-9728-9620fb57efa0","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":97,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"33b63d0b-9b15-44b5-8f18-348b38d019a4","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":97,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"06936959-b88c-4bdd-bc3a-64d40a36c375","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":97,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"80f30ee7-fb89-4f9e-9366-ed181349ec2a","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":97,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"aaf073ef-8d3c-4f5a-a3d1-d5757bfd520b","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":97,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"50f68e59-7c8f-4369-88bc-2c7186ce1a5a","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":97,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"27d6b82a-030a-4ddf-b4d9-3c91f14c2249","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":97,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"cbae88ef-d272-45a4-90a3-784b567bc1ed","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":97,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"9908ef18-b06f-4ef0-a608-70bab3dfb91b","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":97,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"069deb6e-09d3-4dc4-81d4-41843bab95fb","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":97,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"cbc3bc1f-4c1a-4ad2-8c4d-89a9c95bfae1","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":97,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"df648f19-7cf4-45e2-af20-6c7ee632cf3a","block_type":"box","text":"Tiered Index Bonds.","page_number":97,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"67f5a9d9-1a80-4da0-b13a-637536dec0de","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":97,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"8ef30306-7835-49ce-bbac-5ed2483b0dca","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":97,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"5752b16f-801a-4833-83e1-85d790e7c36d","block_type":"box","text":"II-54","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2bb1b061-b250-4497-b5c3-8ed357ce836f","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"11bc4e14-b1df-4f2a-b8ce-1987d3747a93","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":98,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"839fa6d8-5a8b-4398-bed3-cdbbcab4c128","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":98,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"739eaa1b-79bd-40db-9c3a-a5b5c189b341","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":98,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"bc6100c5-137c-4bbe-a3c7-49ef479c6305","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":98,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"fb5b371d-0c9b-4790-9491-83a0d4e9fe33","block_type":"box","text":"that of a fixed-rate bond.","page_number":98,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"14a8993c-c759-4b59-b3b8-29d0f99eac25","block_type":"box","text":"TBA Commitments.","page_number":98,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"9eef27df-3178-4d11-93b4-9423669368cc","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":98,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"2c957470-30a0-41cd-b749-84d1362ea23f","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":98,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"b97fc626-119c-44a3-90ec-83cca332b93f","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":98,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"c648b104-65b4-4bf0-b5ca-b4b95e13c14c","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":98,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"4810aefd-8260-484a-9475-95787047074f","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":98,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"9b2eace2-322f-4516-975d-1b9806c4ba8e","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":98,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"18d89c37-1322-4d1b-8acb-1ee75173993c","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":98,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"d52f02bb-a714-47dc-b54f-021eca701f75","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":98,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"88323b43-a791-48f7-bf44-b7b904f97f97","block_type":"box","text":"below.","page_number":98,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"d788e8b9-ebd8-41f3-9fd8-c5a68bfae1df","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":98,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"4b4bb6e5-75db-4a69-8e22-102c9686c7d2","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":98,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"59b278f0-26c1-47be-841e-0b39cc6322c4","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":98,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"07d377c2-9db9-46f3-9d0f-764878782b06","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":98,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"35b29eee-fc95-45fc-bcff-9b622d5f9cf8","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":98,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"9940e316-aa5a-4701-8f3a-37ed2ab4e52a","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":98,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"5a7d6e1f-96e8-4899-abac-bef9fd1dd7b4","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":98,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"15998026-9110-4a4a-b34b-bc811d6a406b","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":98,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"ccf8a3a6-5dbe-4782-b5d9-42f932848642","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":98,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"a35366cc-8b0c-4576-be73-0cdf777b79ff","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":98,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"d404d1db-e4d0-417c-9a2c-d2575c9c15b4","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":98,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"b778cb83-ed27-4941-861b-6dd607f3512b","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":98,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"fb5e559f-e903-4753-8d0e-718b730cf4bc","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":98,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"32ac1106-7e91-4437-bad7-c18c0aa6a0f7","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":98,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"f9fa40d4-4446-417c-aa24-17600b7322ae","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":98,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"6fc7ff76-5938-4724-a7dd-463cce05a4aa","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":98,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"9f39d19d-e3cb-4e85-b243-6bf3980b8d1e","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":98,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"b99f53f9-0129-462a-93f2-4cf35b98cff3","block_type":"box","text":"securities in the forward transaction.","page_number":98,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"9f195449-72b8-40c9-9d21-397a64bc1471","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":98,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"3aec4132-04a8-4a00-a951-fc18f628a6ca","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":98,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"6bf6687e-3481-4156-b267-6e68ba571681","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":98,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"97a49db1-aa60-4e26-82b4-93f5e36607fc","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":98,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"f8e7c927-ee1e-4ace-8807-0a2ece2a0a84","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":98,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"ba32854c-3d53-426a-8791-9ae022595893","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":98,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"a6adef0d-bf34-4250-89cf-bf5b2b16aed0","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":98,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"841d48bc-1d8c-4f12-9c3f-0419c65be048","block_type":"box","text":"securities (","page_number":98,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"8216a881-bac9-4796-bfd6-48ec71078b08","block_type":"box","text":"e.g.","page_number":98,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"3e7c9c59-6bed-4217-aebc-408b24535950","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":98,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"2cc88a69-f55a-45d2-897d-230c7ca58017","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":98,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"8bc6d4f2-cc3a-407b-bdf2-5774db87ae40","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":98,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"7955fb86-a08e-48cf-b3af-750a0e508cf0","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":98,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"3a767c91-8c8a-413b-8bf9-70b7f8e878fa","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":98,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"e2007628-dcc7-4fb3-b487-170f55bc126e","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":98,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"51f0c410-ad79-4b2b-92a6-c170ef95ee84","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":98,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"c37ba75d-17d3-4bcb-bab4-4785e2d6a695","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":98,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"cac3788e-3d16-4c59-b646-e70728199661","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":98,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"fef1078f-c14f-4953-abb8-e6781ea94f6a","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":98,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"b0c0747d-0854-4bef-962f-ad8afcef98e4","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":98,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"9d07428f-62e2-405f-9316-93ee8d635dd9","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":98,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"0f00f43a-25b6-4a27-afe1-3cb7e6962aac","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":98,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"9449ecef-e587-4cf8-9039-61e4af6d2845","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":98,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"ac174910-b857-4a61-867b-14f74ea84945","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":98,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"ac836afe-e535-44e7-95b7-4ab6169b1f95","block_type":"box","text":"Municipal Investments.","page_number":98,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"6010caaa-b1ff-47f8-b369-3647f3e07200","block_type":"box","text":"II-55","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1280905-636a-4aae-8c2e-b8f207b2360a","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a23a087-417c-4e63-bf10-8df882d6b24e","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":99,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"00e73cd3-06e3-4032-9397-b5e6b2a9add1","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":99,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"6973bd12-22d0-4788-a1fb-5c64f8b975e3","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":99,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"8da28b73-220e-441f-8370-2363812d6384","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":99,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"01b6997a-9fe5-4721-8f3b-ec4a95cde947","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":99,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"c2398634-ebfe-4799-998d-9dc27f4e3125","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":99,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"a1491e14-3a2c-4c21-b7bc-32df9c052710","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":99,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"0b72e280-821c-4be8-85e4-6fdbde34f3e3","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":99,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"c095f991-86eb-4f6f-83f0-758418da06ba","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":99,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"070e5124-204a-4c44-a9b6-3b93873cdfef","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":99,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"5f1df8ec-a077-42e8-b8b5-05b643b19b84","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":99,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"05dd3341-1a79-4259-95a7-7e3df33c42c0","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":99,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"982967d6-9577-4b98-8db0-79c7fc73e7a1","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":99,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"49f67373-d4e9-44ba-b109-2e5c5eff633e","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":99,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"1f4a24d5-d13d-4ea5-b811-d468a616924e","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":99,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"352a5b3c-f2be-4c1e-996c-4c2615bb4999","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":99,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"41d8163b-1bbc-4582-b588-9d14c20d1a6e","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":99,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"61758429-0e8e-4b84-ae7b-1f8a48398b7e","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":99,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"5a3e3aad-71b4-4f5a-9128-b2f3012e3c15","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":99,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"5f4fbe07-95ed-4a90-8fad-be1c18873b4a","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":99,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"e329ae49-99ab-4839-8d44-55ccaf0367e9","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":99,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"908999d7-bbdf-4767-a601-64c088918e0e","block_type":"box","text":"The risks and special considerations","page_number":99,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"b2a2f416-176e-4703-a99d-0f15416c981e","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":99,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"39193faf-3715-401a-a3e6-4032c3e83606","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":99,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"fef96a95-7461-45e9-b8cd-3f0dbb5c5fbc","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":99,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"35d86fe9-451b-4d4d-9c2a-bcd6564d93c6","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":99,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"4f870c51-4071-47fd-90ff-bd9425983c72","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":99,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"33abfc47-c17f-46c9-8e6f-ff54452017d0","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":99,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"a7a93226-94a3-433d-a062-105a17e38ff0","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":99,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"4a593f4b-6829-47c5-91bc-cba0abf8f976","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":99,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"bd62f080-2593-4e5d-8dac-54fd3ae74ed0","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":99,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"79d0182a-2bd3-4f29-a1ee-eb93f068299f","block_type":"box","text":"II-56","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b1b42e9f-b00e-4743-89f1-005f7f95d11e","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4e40fe8e-bcab-4874-bfea-28d6d52b87b9","block_type":"box","text":"Description of Municipal Bonds.","page_number":100,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"7bdb3300-45a9-4ed7-9cbd-51562aa0f39f","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":100,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"223886df-de1a-4ea3-9cb8-f27c40eb5722","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":100,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"1223c967-372d-4603-bac5-d7453f040069","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":100,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"95ac6e70-bf0c-4b16-af73-e05d1b07064d","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":100,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"b4fc2f54-9351-4376-8e51-2ad974fa8d88","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":100,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"7463626d-b2d7-4121-abf0-9c2b07d84ab9","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":100,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"2ccc7d5c-0595-4188-ae4e-49b10ccea041","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":100,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"f8008494-c48b-4f43-aba7-a8ad3bd66e94","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":100,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"0368a619-3af0-4804-82a8-93bf97755fe5","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":100,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"3f3c5e52-59a8-48e3-9b2a-08993a1e156a","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":100,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"d939490b-694a-494b-88ec-ef3a67d26057","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":100,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"e359a03e-0172-49fa-b7b8-6c89fdcc8cda","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":100,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"b58ed4cf-51c2-4833-81d1-758af6d147c9","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":100,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"1e502a36-eb67-474a-8d1f-81524f1d40ae","block_type":"box","text":"General Obligation Bonds.","page_number":100,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"963ba036-2d0c-4f03-a4f4-c176e0c8b985","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":100,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"266db9e7-f0de-4368-be92-03ddc7a8b058","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":100,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"f2729c57-2bf3-480f-8746-163f400b8a08","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":100,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"e6e5ff86-2d4c-4083-91bd-71c8851218ac","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":100,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"6d9f800d-a9db-4721-a7ad-15022c7818f8","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":100,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"937cc633-4d4e-4235-8c78-a40a5150df83","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":100,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"c46160df-247e-4002-80eb-b20db74c6e81","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":100,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"d586f8c2-3e22-4aac-ba2e-9a8020db269e","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":100,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"1005737d-8ebf-48f5-9873-fb2ebc72dde6","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":100,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"13174a57-a320-46cc-b5ff-5a00e5123768","block_type":"box","text":"Revenue Bonds.","page_number":100,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"3768d6ab-003f-4a18-ab08-fae896093523","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":100,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"d942b5f1-44ac-4564-9175-0a8b88d5e2f4","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":100,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"1c70c66d-2d47-4e3b-928f-5d2802abaa4d","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":100,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"a587b9c8-be1e-49d7-a5e6-89904b6599e1","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":100,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"7f104158-fac8-471e-8089-5705fa739d47","block_type":"box","text":"viability of such facility or such revenue source.","page_number":100,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"eed32015-8c17-40f6-ab15-3e09334d4b81","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":100,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"cf44eea0-fee5-44fc-8f97-4764f0ddb4b8","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":100,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"697adf99-bd2c-4d61-9c3a-6476c0d560e6","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":100,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"450a5a3b-ab6d-41ad-a481-463f811c9b48","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":100,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"a582badd-2feb-47b1-8177-03f09b17b361","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":100,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"b6eb2652-2dc1-482a-93ae-b16c58f6b4d5","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":100,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"3a731f9a-1528-4504-a690-bd3126953dca","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":100,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"f5746dc7-fecf-4227-b770-d0c0ab197b33","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":100,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"712b5494-c857-4bf0-9183-ca0e2f245874","block_type":"box","text":"PABs.","page_number":100,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"0394c444-f47e-4b87-9670-1a2d3a12080f","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":100,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"b1e926c2-9d00-4ca0-b1f6-9552269609e1","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":100,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"702d95a5-6db7-40d6-94c3-9b3774da4150","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":100,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"316b526d-9365-4595-a6bf-43b005aadfe3","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":100,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"ecd65d5e-ca99-478e-a2bc-e259e427af50","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":100,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"89681ecc-e824-4298-a1ab-4d26812436bd","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":100,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"46ab0a6f-fee0-4b4a-b87c-2dac84b7869d","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":100,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"a5685c7a-9879-4055-9cb6-4ca11765648e","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":100,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"3b59d38b-9742-46b5-9472-0876692777c8","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":100,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"006aca25-5762-4039-ad0a-01d1f313896a","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":100,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"96533eda-4eff-4a9e-a5db-f5ded08badaf","block_type":"box","text":"the par ticular facility being financed.","page_number":100,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"7b5e723f-aaab-42d2-80fe-f790b135a3e8","block_type":"box","text":"Moral Obligation Bonds.","page_number":100,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"b5e0f5fe-da14-48cd-99d7-8f2d6d28cf5f","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":100,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"3c49c364-2600-456c-bb06-bc8bc0567e03","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":100,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"3e1bfc2e-89f1-4076-9e0b-b06beae9bf9c","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":100,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"3233c972-5ed2-4b51-8c13-79c690d15c80","block_type":"box","text":"that issued the bonds.","page_number":100,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"b61d6766-5ebc-43b6-a5f2-2a0f4eeaccec","block_type":"box","text":"Municipal Notes.","page_number":100,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"02dca560-f2dc-4e4e-9d30-aa29c0245983","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":100,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"768ec90d-edd6-4afa-9f3e-d463990613be","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":100,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"b935424b-579e-4abc-b007-860562adca5c","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":100,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"05fe5ac0-7853-4c16-af30-c729de0a96be","block_type":"box","text":"II-57","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8f0a907c-5e91-4968-8aee-1180fa112806","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be8b787f-98a3-4b81-96dc-528b3f7f3d1c","block_type":"box","text":"Municipal Commercial Paper.","page_number":101,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"d9f8047a-b2df-4783-bdde-be943e551c45","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":101,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"cd8112f7-0432-47b8-b379-d3bd0ff55fa9","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":101,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"70b485da-7578-491c-a1df-3df0f48e90b2","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":101,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"e9201d14-3f4a-4c45-ad45-0c7158f1bf68","block_type":"box","text":"Municipal Lease Obligations.","page_number":101,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"14923e79-cf4d-49c7-9f84-6e1f391fb4f6","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":101,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"b5007f83-f574-4cce-bdf3-416a3d8a9437","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":101,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"11756e66-1815-4a53-9942-2869579a0118","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":101,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"6caf988b-fcf5-43e0-9b86-ba840cdc9499","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":101,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"8239e460-ec92-4eb5-856f-de8c816458b8","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":101,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"e0d340df-1c0c-4ca2-866d-a3c817f4ec32","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":101,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"fb5ae4a8-b5ff-4c92-b130-c3ed9527d743","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":101,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"6ad74282-ed3b-41e3-bca5-90dcfc5e4dca","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":101,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"8d9c33a7-64d6-4293-8b06-e961b0a1700a","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":101,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"99eb36ea-3220-475d-b714-1962ab3a5b85","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":101,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"c86ee56f-fd73-45e6-b329-db2660ede7d0","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":101,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"adf86e83-579b-4aaa-b92b-f4bcf025e266","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":101,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"c6ebd5ce-2e9f-46b8-8726-bd4d0608b4b0","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":101,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"e38171a3-6c7c-4748-af15-f307c7c39dd6","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":101,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"dd63f5b6-2202-48b4-add6-2591184dc257","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":101,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"431113da-dd7f-43e5-9854-6801c7baff95","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":101,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"2c82b444-31d5-4a1f-b923-9378529bd7d5","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":101,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"4b063e3d-4bdc-4b23-824b-a557e64e95d2","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":101,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"18bb70b9-143c-4792-aa1d-6871d480a273","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":101,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"1df49c7b-6244-4ab7-9e37-8c76ee3658eb","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":101,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"a5d57f4c-2310-4603-9a9b-83ffc57a4243","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":101,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"3c6dadd0-af08-4789-907a-ac4a7dc263ef","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":101,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"809cc52d-0738-417a-a5e6-ab27efb183d6","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":101,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"378967c2-d0fb-48e2-b935-144716476801","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":101,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"0ae1a179-ee75-4f51-8ec6-1a81ec395c33","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":101,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"8b418fc7-4172-463f-85ed-dc4487f8917a","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":101,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"0b58c61f-3c70-4d14-b5f3-d7164d97e827","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":101,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"60111c70-5e76-4899-b928-8a37f27e0831","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":101,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"14863d48-a5ce-405f-965b-f17ba8947e2a","block_type":"box","text":"Tender Option Bonds.","page_number":101,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"e64b0eed-5fde-4ace-a2f3-7b4852a85cb0","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":101,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"b3a57ed7-be16-4392-8318-f0d34eac282d","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":101,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"5fee040f-ff56-4d4c-80e1-64bc885fdfcb","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":101,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"92004248-0473-4a6e-b46b-310e6b4aac25","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":101,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"05b71017-bda6-4f6e-9487-08ecdee619bf","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":101,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"03e6286b-752d-4dd0-a43b-97744a6fc3d2","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":101,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"4da6c83d-cb55-40d5-932c-295499602d50","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":101,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"e56cfd29-0a5b-4b77-b198-4b7f48ab0209","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":101,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"2bf9c8b1-ac6b-4e00-a488-d74e79dda4b6","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":101,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"98b3e5cc-2d2e-49ba-895c-5cbef800cf93","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third-par ty investors, and","page_number":101,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"6962be43-72b3-4dcc-9ed8-3de48656e2c4","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":101,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"c3949f9c-a012-46ee-8bd4-918a2be87f12","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":101,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"fb588af8-c714-4534-8528-dc30cf7c3507","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third-par ty","page_number":101,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"a2e6716c-3422-47de-a0ad-2f3e7a78f72b","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":101,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"beda2b12-7b78-43e6-a7b8-8cb4b8eddc4c","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":101,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"6ccc53ef-dd91-405f-8805-3029c7dad215","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":101,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"1ec47329-dec3-47ad-90cb-4c2aebd88a7e","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":101,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"70a3d940-fc9a-475a-9af8-738ca1bfc87f","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":101,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"8d6a0d88-b24f-4eb6-86ca-66e5024b417e","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":101,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"5f0f2e6b-1236-4e23-809d-81038bd7f974","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":101,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"af3fb074-5fb1-4dd2-ac18-a7c4a9acab2e","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":101,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"5048d75c-5f70-4876-879c-8c5c644e07f7","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":101,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"eb218b0f-3733-4fec-8855-26ed8403c33a","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":101,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"fdbde361-ddd0-4aa8-914d-f321585eb768","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":101,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"06d878aa-d6f3-4a0b-a0ad-f06a4780821a","block_type":"box","text":"II-58","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0e5c327f-4844-4be3-9d0a-397112ac4115","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86659688-c5cc-498f-bbad-e750dd8b77da","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":102,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"38d9cb26-8c30-485a-b2b2-dfbbb24e17e0","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":102,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"492a1b82-a459-4b75-9abc-d962699beb9e","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":102,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"f38dd96f-b153-4f66-a4e0-7f19d21d0d93","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":102,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"c018b584-4487-4c0a-92e4-06f9499f21dc","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":102,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"44e9eecd-9867-4e47-a1a6-5b79d90072c4","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":102,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"90f4c3d5-a95c-44dd-b320-fbeff138e6e3","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":102,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"274596de-0337-4219-b312-793fc9b1203f","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":102,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"2e482481-b70c-4b49-90e1-edf9cfc554ad","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":102,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"b2e28833-a029-4e8c-9b06-2ae6b57a10f0","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":102,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"cb14e807-b533-4383-b2b1-9d4137140228","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":102,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"b7f1a730-159c-48ad-88df-a92cb586f325","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":102,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"1a8cc53c-fc86-4ed8-a7ec-3bccd6db6716","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":102,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"f4f89c4c-dc89-430b-83ba-39e9ec6419d9","block_type":"box","text":"issues.","page_number":102,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"cc1241d5-1472-4980-8f1c-9af5a30e354a","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":102,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"73e51495-099b-42b2-91fa-251d7b601174","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":102,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"978dfe6f-6472-4a2b-a954-8cf59eae9078","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":102,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"4fb8dc8e-00a6-4fcc-94f3-2362551e42a8","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":102,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"94f2353f-c44f-4204-8434-4e5fb44c0c78","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":102,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"2b532d07-9385-439f-81ed-0932a5a363bb","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":102,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"c3b7d0f1-b5af-4767-b8b7-e05aa56a019c","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":102,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"85485890-6677-4e8c-b7c3-42bc9177130d","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":102,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"727693f6-6148-412a-b320-0fc40bca872c","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":102,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"0162c9fe-05af-44f4-a0eb-528f2b09e4ba","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":102,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"ca1f73ac-62be-4110-86e4-ed222c763392","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":102,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"70ef0e39-6adb-44cb-a9e9-329c40719024","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":102,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"d8958f03-ddc6-40e4-a07e-f2ad3d0148f7","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":102,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"749c2857-2c5d-4944-9267-150e6b8bb213","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":102,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"beb6510c-517c-47e7-8835-6aeb90edb263","block_type":"box","text":"i.e.","page_number":102,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"c196cb1f-4f95-40c6-b6c4-1a8a5945f6e4","block_type":"box","text":", the Fund). In contrast, in the","page_number":102,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"69c78f66-cd89-47fe-bdf1-b55ad7e17e7e","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":102,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"70cb6bf5-99c2-4d7a-9355-986180ec4bf7","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":102,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"72b334cf-a428-4a15-9050-69185c41c186","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":102,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"4a980f66-9908-4dae-b66c-754f1d16b83c","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":102,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"9c141b4f-4b55-4772-9b9f-497b392da0c5","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":102,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"f125deee-ea81-4f7f-a732-0494512b2935","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":102,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"8e200858-20a9-45a7-9a77-f22a2fff4218","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":102,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"aa44780f-eb12-41e0-971f-33ecb6bfb156","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":102,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"5ed09d56-1310-445e-b6e1-821d48d852a6","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":102,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"e7e48963-7389-4a7a-b34a-d95ef29a892f","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":102,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"f8b2c46d-73ca-4164-9aca-d15a785cf52a","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":102,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"a2d568c3-8f8e-4bf2-8c3b-a60ab88e98b5","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":102,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"3a54c3c6-3658-4d0a-a4b6-2ce4d15a43c8","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":102,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"727d5408-312a-49cd-a983-1a8f1875bb9a","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":102,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"5ed441bd-1371-4827-8ff1-d0928ccc62bc","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":102,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"34b9814a-b051-4e1b-bd80-b9f185a497d4","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":102,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"3815d944-9643-429b-b5fe-5de4111a6212","block_type":"box","text":"Trust.","page_number":102,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"238859a5-c69d-4420-85a7-208ff0176365","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":102,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"cf256df5-be50-4a1b-801f-c0d56e43cd00","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":102,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"32e510fc-1998-45e1-a259-153ff699dd29","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":102,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"84d219f2-c415-46e6-8eba-926f837b6976","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":102,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"54d653f2-8693-41b9-bd6c-260976d9f11c","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":102,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"6a6fadf9-5f38-40fa-a7a8-ac3c0320f218","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":102,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"c3645267-49d9-40c6-bfc9-3b4f5e76548c","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":102,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"3030614c-0836-488a-8cce-47b1bd394d33","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":102,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"81c4c9f5-da06-4e73-b5d2-cbadda12b1fb","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":102,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"33e8d9a2-ffea-4137-a953-62beecafb3d3","block_type":"box","text":"II-59","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"699954ae-06a6-4888-9a5c-1647ebada802","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54033220-47a4-4485-af5a-acaac50be0ab","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":103,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"5db79b23-c962-45af-a2b6-6b06fb9161da","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":103,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"e89b7a71-6ab8-49f4-bffb-e090cb4d2687","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":103,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"6332541f-1d1c-4f5e-887e-eaac83203fbe","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":103,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"3f3b5e2d-0c25-44e1-9703-406d9cd8cd0a","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":103,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"8780d601-258b-4729-a788-18e84deb5813","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":103,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"59102957-b55b-41e2-a8d5-cafef9915a3f","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":103,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"c11a115b-3902-4fc2-a308-e70a483912ef","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":103,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"d000f240-9ae4-49e6-be81-7f2f701aee84","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":103,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"3ca2c29e-f65a-48e9-bd61-f09c4afd3a31","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":103,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"d932892d-e461-47f8-8c07-205489c47cf1","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":103,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"680e1235-8a57-451c-a3e5-070223dfc1c9","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":103,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"a00d598f-1c28-4e72-9822-3f22321308ea","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":103,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"02a36cef-8dc3-4312-9c61-711bae4e19c9","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":103,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"55331b9d-e213-48a0-aab7-8da953bf6ff2","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":103,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"6ebb21da-14a0-4f76-8353-2b271e498fd0","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":103,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"7bfd30ce-189b-4752-8001-b483a65cf8ef","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":103,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"9d431c1e-efad-4e9e-8906-361664259fec","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":103,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"31ce1dbc-165e-41e1-af8f-f8c4b6991606","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":103,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"7ff22e5a-9743-4770-a3b6-74a3a224dc43","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":103,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"82ff1031-8d9e-4f34-82ae-5d88a632041b","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":103,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"78901fe3-a635-4029-b427-f8a4705b905a","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":103,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"32557b23-3fc1-48d6-81fb-639cf33b0873","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":103,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"a3cd66ff-b797-47d2-b0f6-71d28436895c","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":103,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"65edf159-6d93-4cfe-93bd-a017d67ad696","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":103,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"8e9fb7da-1dd6-41e6-a1e4-43dd40d0f0ec","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":103,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"2663c271-386f-417c-b035-2e026d2230a7","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-par ty investors, and the proceeds of the sale of","page_number":103,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"ca69b768-47f7-4c20-a27a-91a7d86f6c1a","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":103,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"0a1d0eda-4c17-44fd-8b94-f0ca14916e08","block_type":"box","text":"i.e.","page_number":103,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"eb4ed107-4361-4aef-989e-55f9c57d9834","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":103,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"1ceef9d3-cca9-4723-b954-36b6471ffa47","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":103,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"035a92e8-b302-4ff8-aedb-8f3b6bbaf27a","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":103,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"f658da2c-aa74-43af-bbc2-5cb8ddd98535","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":103,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"d2d5d882-fa5c-4773-8c9a-c9c1b178e74b","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":103,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"cfcce6da-e606-4ecb-a3ef-6340690270f9","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":103,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"aab207b9-74df-49f4-a58c-28d04e497c96","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":103,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"b0cfcd6e-d379-4d48-aa3f-bde11e13b3e9","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":103,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"c3eb7861-15a4-4f95-87f4-070e3d33299e","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":103,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"e8cad909-69f3-4eea-b3b0-b5a733467475","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":103,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"908b0592-48d3-4fe0-b17d-8eee8b350bbb","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":103,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"a2d812ad-e171-40be-9e77-e9e33a0dea2b","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":103,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"f042c4d2-5da5-4cb8-a47d-a74f3d5bf496","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":103,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"51270321-27ae-4eae-ab88-4fc22e6b8ecf","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":103,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"7d646131-d6bd-4191-b8b5-37e616feedfe","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":103,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"e0f8d87a-f113-4d70-899e-0de77ad080bb","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":103,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"13f6304d-126d-46df-85b0-5343725ec83f","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":103,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"7c3c9410-834d-4c82-903f-824806c9a535","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":103,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"7334e499-7f05-40e2-a72b-8c7b75d06be5","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":103,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"2059a9e4-f58b-4a98-80ee-1dfcfa81596b","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":103,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"0ea44849-9adb-4ae3-8936-658f8622a8c5","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":103,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"72e3c711-b405-45a2-8838-a7846004e1fa","block_type":"box","text":"market is not yet cer tain.","page_number":103,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"90f42c88-ef64-46c5-8a6a-6c21b461c8af","block_type":"box","text":"Yields.","page_number":103,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"9a0b5f60-514a-4eb6-af6b-d8fa4132f2c3","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":103,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"9a34ed0e-ff7b-4ad3-b86f-ab9277fd311b","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":103,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"ee5b5de7-81eb-4815-8b65-13ed20219246","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":103,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"25fd540b-b8e9-4cc7-986d-40496480685b","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":103,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"831b5827-8f2a-4b2b-8019-6ddcd6988601","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":103,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"4f238564-cd27-464a-91f1-d32ba4554652","block_type":"box","text":"II-60","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"72abbeae-f2ca-460b-b8ad-b1165db33e17","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b7c26a1-d638-41bd-8f6c-1aba55852914","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":104,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"1efc20d0-d316-4f46-9236-a474ab365b93","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":104,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"16e0778a-8a44-4cf6-a046-f667ff0d7fc5","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":104,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"a258fb1d-04eb-4694-bbbe-d7b6f8250e5f","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":104,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"4889cb41-6e24-4778-999d-243d4e918263","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":104,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"fd48064d-5956-40f8-86b4-80afb0aeb440","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":104,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"be97ea30-2041-4368-b3f2-191f973d5f9d","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":104,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"ddd9745c-e3ea-4766-8705-3a0b6fbce750","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":104,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"f9e90ef4-5f7c-42cc-a926-23d54abc47d5","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":104,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"195321a2-b064-488e-91f5-d46cfd8e9c96","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":104,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"d111b3d5-8034-4547-8785-f33bf58b5ccf","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":104,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"2637874e-435b-44ed-ba7c-2282138b0a04","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":104,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"d4f41cf8-1f53-48c5-b867-1388bd845d49","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":104,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"76f57193-dcb4-4ce3-8b30-ad2e715d3755","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":104,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"79147262-da8b-4696-97a0-95d186f06870","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":104,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"aa92c72d-8777-4775-9a31-58a50b828167","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":104,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"ea6f85dc-599f-46bb-92b4-49c00f5a4c47","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":104,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"fe166576-2b3e-4e06-8de8-a46f0c9ed9b4","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":104,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"026f2981-3904-4020-a9f7-72e9883732ee","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":104,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"da4b7574-e079-4316-9594-7f2ff7adff36","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":104,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"80179f19-bb17-49f0-bde8-15d96677b4d3","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":104,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"9da41dd6-9d79-4151-af59-6122f1b2a882","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":104,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"4f22fa02-a555-4b90-b613-49c109557ae4","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":104,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"c7f79abe-46f6-4373-a376-a67e972cfb78","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":104,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"88256420-bf4c-42db-b352-b986bc97f494","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":104,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"0127148c-1cc2-4a99-b2a0-c13bbba05e77","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":104,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"114cf0cf-9078-48cf-ae2f-0025bf3802ae","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":104,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"0c95aa03-fd02-47c9-be3e-5c7d4b25d062","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":104,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"8e221368-2399-4630-9cd2-b065b91e725e","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":104,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"09ad42b5-5ba3-4ba0-b8b0-1b125e6473ce","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":104,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"6597e433-f01f-468f-8d41-7035377698f7","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":104,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"835e0f62-1852-4d75-a9fd-a5efaf6e8eb1","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":104,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"ec913c13-0680-4b00-a3a8-5154f2a7cbc6","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":104,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"4767bd92-36d6-42fb-9929-556bdd053671","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":104,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"2d9621e5-fb60-4ac0-8253-16f97e3fc324","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":104,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"3d52284e-c3e6-44ca-9886-9b2e90ec31bc","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":104,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"659bb31f-f3bc-4e91-8e44-475375cc7dcd","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":104,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"098924cc-e522-472d-853c-fd63434073ee","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":104,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"103bd0e8-2d15-4456-bac5-b63593a27a0d","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":104,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"e39d2f42-549e-42b1-aed0-e5e2cce5d7ea","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":104,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"715fb743-f16c-48fb-8662-1f20ec899c06","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":104,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"f72c2f69-974f-454d-8328-a2e6b30a72d7","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":104,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"a4181cf1-97e2-4596-a3aa-097676509f41","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":104,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"5f16348d-78eb-4b9b-ab27-9c5d3b6bcddd","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":104,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"730e1c16-7332-4b00-9dd2-766f3a43c7b6","block_type":"box","text":"Call Rights.","page_number":104,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"36014f2e-3264-4621-8129-75a23b1d2514","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":104,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"5ce90da0-ba4c-47e6-b40f-8d5c3e8d750c","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":104,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"cb0048e2-e6f0-4d78-99f6-9acf75ca5b72","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":104,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"f9f530a3-0762-442d-b204-82292e20a4ac","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":104,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"6f633951-e10e-422b-9ee3-5b573fdc287c","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":104,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"74d898ff-a730-4e91-9794-d98ae24d037e","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":104,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"928a2512-b90e-4013-8b67-bbc0ce6de340","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":104,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"6bf4dda7-47f0-4282-a500-f6f7bfdbf9f4","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":104,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"79f71937-1a63-48bb-9638-9132a7ff49b6","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":104,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"0ac5d790-2ec6-4383-964d-648a81e4e79d","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":104,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"2d546c88-25f2-49bd-97eb-ebc15ca4d1f6","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":104,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"5e87cc29-26d3-40d1-ae94-ce6c0b12b4cd","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":104,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"18ec2d09-620c-4c9e-b970-e1f1611d731d","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":104,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"0db6116a-e91a-4412-a206-f9cc41afce1e","block_type":"box","text":"II-61","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4f2ed927-c9fc-46e1-9f78-c928146516c4","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2e15f2f-0dc7-4733-a55d-5188e18205c1","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":105,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"26434984-9c06-4967-b60a-82a3d4a8a476","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":105,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"c3f83d83-f0bd-4570-b3db-f06305c30847","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":105,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"eb9daff5-18eb-45f5-adaf-08a7fcadb500","block_type":"box","text":"i.e.","page_number":105,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"ce3b1c0b-d083-40e9-b95b-314872cc5822","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":105,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"30bcddb5-787f-4127-8517-91131c331557","block_type":"box","text":"rates).","page_number":105,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"f9ce799c-1579-471a-9d14-abaeeb1636e6","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":105,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"7c5aba78-bd94-450b-9e45-502a1a71d0fc","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":105,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"1a449f85-cf75-49bc-94b3-1b24349ec595","block_type":"box","text":"e.g.","page_number":105,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"a65c105d-2f6c-476a-8ce7-5b18103daf73","block_type":"box","text":", an exchange of fixed rate payments for","page_number":105,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"4d1a081a-13af-4fa9-af1d-83b3e9e2c63d","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":105,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"340c5a63-5e05-4ea4-808c-cbb056025031","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":105,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"5c93254f-6bb0-4eaa-a478-c0273b490c4e","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":105,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"807583a6-4d1e-42a9-93e6-25e07bda3eb7","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":105,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"6ea22566-837c-4de2-9262-7a267ce72870","block_type":"box","text":"with the same attributes as the swap (","page_number":105,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"a6de39ac-7507-4b9a-8a5a-7dcebcc0231b","block_type":"box","text":"e.g.","page_number":105,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"1696af4c-df4b-4b79-b094-643a3bda7eae","block_type":"box","text":", coupon, maturity, call feature).","page_number":105,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"5c7a85bd-7196-45bd-a51d-bff10ff93766","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":105,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"7b3b32d9-fece-4dab-a345-0e704debdb8a","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":105,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"f7d38c9c-c9eb-4842-bcce-29f8c36dc10e","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":105,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"5bd8b5ce-1ba8-4a85-9c8a-4347e20c8525","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":105,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"4fa4c63b-c75c-4aa3-b854-c9237d0f00d5","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":105,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"af16eaf4-b4ec-4b93-9e85-6312eba2648a","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":105,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"2a047db5-1fe5-4915-973e-4f5fca1b4574","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":105,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"e01edb30-a9c6-4ac5-8306-9496901780c1","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":105,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"94640b77-f4ae-46f5-bf3b-13075bcb0865","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":105,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"eaaf1548-fcb5-4bb1-aecc-4483cc58a9be","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":105,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"fedba2c8-171e-4f63-a09b-af70389e1b85","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":105,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"1b56a089-4474-44b0-b66d-a1e702601d4b","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":105,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"cc22755c-1aef-4c24-848d-258a1410c791","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":105,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"2eda0281-822f-4f38-882c-5dbd4e7a2adb","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":105,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"31b1e545-c728-4bfb-8110-2a015b310aba","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":105,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"8808e8e0-d5d8-461f-900a-4e7f91cb7206","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":105,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"c109859c-771c-46cd-84cd-c9348a3e67c0","block_type":"box","text":"Insured Municipal Bonds.","page_number":105,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"08b50527-3448-47f3-929a-aaa73630ffe5","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":105,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"795fac06-d268-4c50-b0da-4fb43c4dc545","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":105,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"3fb1635c-a5ba-4fc1-ad66-32a3a6fdea6c","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":105,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"23eb172d-b450-4e6d-bbbf-dc97a8478e8d","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":105,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"cfbb507a-7206-4496-832d-e734e179eb8c","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":105,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"e58a4e98-c64e-4ed9-964a-392ee5ae2c40","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":105,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"c0a7aa25-340d-466e-8b9e-5b24653eb1b5","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":105,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"847d2582-729d-41b7-a0c6-2f5810b98f3e","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":105,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"76bc303a-4634-4f50-9f4e-99fbbbcd10d6","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":105,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"db619946-53d9-4a35-bdd3-d264be2bbcc8","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":105,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"bebccc31-b5b4-4548-befc-c016e595ddc7","block_type":"box","text":"bond could drop.","page_number":105,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"7c6282c7-9463-469b-b0b7-1d1aa2b4dc4f","block_type":"box","text":"Build America Bonds.","page_number":105,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"e51cd24e-a97f-4fb5-b4c5-660f471f08f0","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":105,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"7472949c-e2b2-4e77-aadc-175db72815b1","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":105,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"e999d2ea-246a-4161-96aa-003cb14b5c40","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":105,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"333f37a8-1f9d-47ee-87bd-6603d9540526","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":105,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"4760f490-eff7-4e01-982b-127f6cbb1b72","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":105,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"9ef6bb48-aa35-4888-b4d0-d86c01bcf030","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":105,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"602b1bce-adc2-4c03-9037-d060f96f80e1","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":105,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"7dec1e5a-4970-4f36-8114-23819d94c4c6","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":105,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"8a84cd0e-5ca6-4dcc-b83d-78940ebc6c4c","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":105,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"7740548b-2263-4f28-88b0-5cb4b3a1b926","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":105,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"73c9ca86-0295-43b5-8f99-e6e412e112a1","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":105,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"7b9b036e-40fb-4a18-a0cd-7653790d345b","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":105,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"8a2ba5e9-f6e9-47d4-824f-c49a6cccd784","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":105,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"40aaf4dc-ca50-451e-b5b6-91471bbdaa40","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":105,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"4ca1cd02-6153-4483-aeab-55064e4a7ad0","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":105,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"3578769e-792d-4106-9cf1-cfd34217badf","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":105,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"d8218bf3-b34d-42a8-8b1c-52767c61e530","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":105,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"7afdf829-5e0f-4b95-83c1-3c94afbaded5","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":105,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"79da52f9-caa8-4561-9ced-ca88b0534811","block_type":"box","text":"II-62","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5f053033-5a8d-40c8-a3bb-2dc054565020","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ee64708-f78f-4441-9c2c-cc8e2955aea1","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":106,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"256eaacf-1f0d-4f42-900d-2cd87ddc00df","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":106,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"10c29d20-98b3-47c2-bb11-1c19021826c6","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":106,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"590f2881-d8b0-4f8e-8d97-97c3d7d1e62c","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":106,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"e5424a55-6607-4d62-891c-98a268c9aac2","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":106,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"1c149edc-f654-43b6-ac4a-a8617f0d481f","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":106,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"bd36ee38-d670-42da-9a89-5e6ce15bde0c","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":106,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"5f0e340a-c533-4911-b555-4611358b2f68","block_type":"box","text":"their face value to the sponsor (","page_number":106,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"b196ad1c-c743-4d00-a707-4891c10af8ec","block_type":"box","text":"e.g.","page_number":106,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"576d03ae-4979-4458-97eb-89f4d99f3b67","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":106,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"7730b3a9-7fb1-41e2-8206-0f84c10dd20e","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":106,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"52ceee59-8f73-48d6-a5c8-3f4f5d874332","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":106,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"dfa5374d-2373-4259-9309-13db119465e9","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":106,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"687995b9-0a1f-48c0-bfcb-c594ae5a7ca8","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":106,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"09118c2d-6fd0-46dc-8265-b5a0b889980e","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":106,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"629dee02-95da-4ada-9138-a84c155cae34","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":106,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"7fe0424e-2c86-4a7d-89f7-affc4f4816bf","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":106,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"70bb6fcc-0c8c-4538-88c4-e67b7bec648d","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":106,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"55f5bd9e-d5da-4073-a36b-acd35a7d171c","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":106,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"a892cfb4-87ad-46a9-b2ec-d10b8b2c1b06","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":106,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"84599a7e-3510-482d-a11d-8cbfe10e855f","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":106,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"c07db1f8-6bcb-4aad-931d-944d6b219215","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":106,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"0ff9a4d5-92dc-4266-a622-1e5159708f2d","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":106,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"bb33c77f-a8b2-4b7b-bc39-658509dc3d17","block_type":"box","text":"such opinions.","page_number":106,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"8bfb7b63-822b-4b11-8c8a-fd212cc2b266","block_type":"box","text":"Operational and Technology Risks.","page_number":106,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"242b24df-c5e2-4a42-a081-c29863b68e74","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":106,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"4e0562c4-ad8e-4918-9b92-ed5e9ecbae92","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":106,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"b7cd59e6-dc79-4e20-bcbe-0d12d9a5d260","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":106,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"d22561ee-c257-4db6-aa97-e730799622e4","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":106,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"eb51d72e-4784-4338-a1bb-b48b65cc3796","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":106,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"ac4e506f-53db-4cd6-b633-2e4a19a251d1","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":106,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"ec156f7c-c253-41f9-8812-dc70a96aec8b","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":106,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"4fd609b0-3831-4ca0-9e04-2dc6e9d8b53d","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":106,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"21de92a5-85a1-4c5d-9ea4-a7791507c1e1","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":106,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"7a6184f2-cf18-470d-8afe-7fe847206a9c","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":106,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"e69d275e-3eb7-4522-b20c-351bc9520b02","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":106,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"ca705ddb-20b4-4405-b4bd-fbd10ed06554","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":106,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"ca329d4c-2fa7-45b2-ab03-c569a7e6c5b1","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":106,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"aac8624c-e17c-4a50-8ea8-d7f35dda344e","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":106,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"62407af4-4959-4406-9b6d-54ec5d3a1308","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":106,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"bec3ac42-056c-4d46-bbb9-96cb6f2c389c","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":106,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"e9f402e5-a231-4c51-a0e0-48579c2538c9","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":106,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"0c466ed1-52c9-4857-8039-b4b0a8ba38c2","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":106,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"d9eb27ab-f1e3-4de3-9474-2b5efd8531ce","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":106,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"5236545b-d3af-4b7e-9cd8-6a935b0a2381","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":106,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"7cb8102f-cdcb-40a9-bf41-b18c9999f033","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":106,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"33d452cd-2f3d-4bfb-bf33-6dd4c281f35a","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":106,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"b2a564aa-b8ac-4bc0-a69e-c469017f2eb4","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":106,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"a5daf643-213c-4adf-bc03-32dd64031ea9","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":106,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"0a752bae-f753-4c58-a780-7169cd11346c","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":106,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"8c1c55b7-ebaa-4417-9e93-a7fc4869afc4","block_type":"box","text":"to the Fund and its por tfolio investments. These advancements could harm the Fund and its por tfolio investments by","page_number":106,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"b658897b-4c2e-4e4c-a21f-c77ee7bca488","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":106,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"78faf31f-abbf-4a3d-ac2f-c05553feacdc","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":106,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"00fb8dd7-ab85-4107-9b7d-8f543a74786e","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":106,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"5d58905d-3a0c-4907-9d77-7fff616c9853","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":106,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"9c492fbe-bd84-4f8c-82e2-2e27fa0b97da","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":106,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"4a9c4a74-9139-4178-86ec-dd67c9fd01a1","block_type":"box","text":"infrastructure assets.","page_number":106,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"c6e8ca80-ab4c-4f1c-b165-d825f95110bb","block_type":"box","text":"II-63","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dda6492f-de3c-4621-b598-f91b0e6f3e35","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"39054d09-6edf-4d3f-83c7-42351a085675","block_type":"box","text":"The Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":107,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"af3078b5-de46-42ac-9a75-7b3ff4bbf7c0","block_type":"box","text":"providers or any counterpar ties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":107,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"1b12e2a1-6385-41cb-909e-f732db4cbe51","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-par ty products","page_number":107,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"d0033623-94f7-44f2-8db8-93cd3c6d69b2","block_type":"box","text":"or services.","page_number":107,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"01c21544-32ab-4557-9dfa-b58227f16425","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":107,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"2eef31db-e46a-4d1b-8c74-d6a86b39c360","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":107,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"519ced50-a233-40d4-8e61-6f08d67487b4","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":107,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"72ba4ca1-5f83-4b89-8559-f50f2a7d0e90","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":107,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"db2de807-f31b-49fa-b055-67816d900554","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":107,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"37bc6f3e-aa18-45ee-acee-80a523a0316a","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":107,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"e7da1960-9268-4404-b5e7-5e36c9a0c22b","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":107,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"c9d92525-f1f1-4108-b678-87f753054ba7","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":107,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"e8b3f484-09d3-4f67-bd27-587eadd3dc8b","block_type":"box","text":"incomplete, erroneous, distor ted, or misleading. Fur ther, AI tools may lack transparency as to how data is utilized","page_number":107,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"63e6d2ed-e94c-44cc-882f-8ce4ecff6b04","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":107,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"f45c0ae7-05d3-40de-9035-67d35fa9d3c5","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its por tfolio investments are exposed to the risks of","page_number":107,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"0b0643b7-a7fc-4ca4-bca1-efb037b67eab","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":107,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"c923a55c-fc2b-41b5-bdda-f07b95eb7d80","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":107,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"788177bf-0299-4da1-9c65-3cda13de5798","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":107,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"fb630df2-ccb0-4d22-be8f-a40ce7bc713c","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":107,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"6078e244-f9c6-458f-bd4e-78468e138bc4","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":107,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"3384e861-dd4e-4247-b53b-91e28b1c1f02","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":107,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"e9902b86-4d4f-47ca-b36f-767d1294065d","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":107,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"d98caee9-2523-4e9a-be72-ccc54b7f82c4","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":107,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"e04bf326-d84d-4cd8-9f01-fa2025801f97","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":107,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"b2266497-90d7-462b-ac90-871142d96954","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":107,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"171aaf53-5b5d-441f-9b42-9107581e198f","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":107,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"f6425c11-f9e6-4819-b9ef-c073a91c1dcf","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":107,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"b86c9c24-76ef-4c40-9340-d02318b4d3e9","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":107,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"3bde1239-47a5-4f48-977a-3a3aeec0a69a","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":107,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"dd8838ee-fdbb-4554-939d-9c9e8311e84e","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":107,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"1cb8522e-037c-4b91-bdaf-e0d796d806d0","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":107,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"84b94aab-9a35-48dd-8a02-e9df29a65863","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":107,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"7d05ec00-9818-49d3-b166-1f97c49b97cf","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":107,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"fb68b361-b22d-4537-82e7-9ff733392a02","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":107,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"9306f67f-ee8b-4000-82cf-86618a126997","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":107,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"24b543dc-fca9-4b0e-8b6b-bf5b295ed0b9","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":107,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"b49a00fd-266c-411a-a1cb-026d885ef5a8","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":107,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"aa4b8c4d-f786-4a05-8889-2da275194faa","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":107,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"03ede98f-2468-4b0d-b429-976eaa3ded72","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":107,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"bcd28f16-75a9-4880-aa8f-fd453b44feff","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":107,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"e335a068-4749-4f00-a6fe-0fb5fa7934ca","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":107,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"7a2e2d1d-dbf1-4fc2-b97e-df52a44168d7","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":107,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"ef5fc7c2-6911-447e-992b-b9a343f6062f","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":107,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"01a7eca3-48af-43e6-abed-2b2da6a5974c","block_type":"box","text":"resources to monitor and implement required changes.","page_number":107,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"e0fb3dd5-2062-419f-a06f-b39b5612c83f","block_type":"box","text":"Participation Notes.","page_number":107,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"1ef492a1-1f70-4b3f-8ee6-fb5d4666859f","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":107,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"00437a86-24e3-4283-8d20-56b99a905fc3","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":107,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"3aa5a9e3-1e8c-464e-9833-3c69ad02e95b","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":107,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"86a6fa33-35ce-4e15-87a6-4d5a196a6f83","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":107,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"c30de921-fa66-4b14-943e-097ec31a8b91","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":107,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"55f47434-72a6-4bdf-92d7-66ebd1945654","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":107,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"52ed7c92-375a-462f-85f5-6c7074587f62","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":107,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"ecf8e123-f544-4710-a177-ba38da0a13c7","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":107,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"b947e68d-09b4-4feb-ae2c-79efdc092c5d","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However, each","page_number":107,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"01c162a7-a2cb-4bda-a88a-722ff91bb98a","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":107,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"84d5d1b5-a587-43c5-bb08-f85e335a86bc","block_type":"box","text":"II-64","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"51cf000f-2265-4c66-bb90-8dca868701cb","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f21416e-c099-4022-809f-70e90165975a","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":108,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"be8b64d4-754a-405b-be8b-5d8bf04083be","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":108,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"60101636-1f8f-4c84-b5cd-cbe358cd3b47","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":108,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"4997127e-d9d6-49f7-84ae-55e4ce48fc95","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":108,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"1c46a058-f8bb-408a-b1da-0e76cfe53780","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":108,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"f022542d-68ce-4ec4-be3e-ee8324bcf80d","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":108,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"b4e995af-ad0c-48eb-8f94-f61dfc95bc99","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":108,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"f22dd9f2-1683-4578-9f11-d1b9161957be","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":108,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"09525bea-4bec-49ed-b49c-a3f449dd26df","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":108,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"4d7e1146-1062-45fc-8b8e-780ea8e33ad5","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":108,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"ff13b788-8122-47e4-95b0-fd94f44e5961","block_type":"box","text":"Portfolio Turnover Rates.","page_number":108,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"96db5f62-c922-4254-8f72-eb29d5cc6e4a","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":108,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"dde5d4e5-39a4-4179-8f3a-70c29e294023","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":108,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"1e24c7ad-a65e-4df6-9adc-0b8ef140f5fe","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":108,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"744d4d34-d88a-4666-a431-4eb3b34ead85","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":108,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"3bfc5f41-b2dd-40cc-abb0-63c33efa8489","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":108,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"5ddc5fcf-2b23-4ca4-8e22-6f8fd8087ef7","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":108,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"ae3066cb-ba82-4b65-a8ca-8cab0d1af2be","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":108,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"591dce3e-65e7-4982-8b1b-ff4b714383cc","block_type":"box","text":"i.e.","page_number":108,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"8ba375b1-1f9c-4ec1-ab20-a00b6d41c6eb","block_type":"box","text":", 100% or more) may result in","page_number":108,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"e614c411-d1b1-49d8-aff8-e1aa66a64e5c","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":108,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"82cdc932-beba-49d1-9a3e-e2d95f977d18","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":108,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"c83afa2e-fd35-45e5-8dcb-deccbca463d7","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":108,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"952ece37-2db3-415c-8f4d-fd9b7b9a6382","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":108,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"69e17b37-26a9-47c0-8c7a-98606fd84bfd","block_type":"box","text":"Preferred Stock.","page_number":108,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"0e004cf4-4a2d-4542-ab27-2a35f570d08c","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":108,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"f939245c-c604-4027-ba73-7c597f7dcf61","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":108,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"d0f109ec-2a1b-44fd-bab7-b52f1fd858aa","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":108,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"5e72f99d-349c-4509-bcce-e417741a04a0","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":108,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"b3115591-7504-49ed-9df6-6daf7426acd8","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":108,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"dc075d1e-ad77-47e3-b761-82eaa06ef273","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":108,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"e6d0d627-dccb-4d09-ac60-5ec82868a050","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":108,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"23197b91-a33d-4670-b6c8-e504dae01c2a","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":108,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"083f6a9e-e41f-41c8-8c17-2f4648539eae","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":108,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"b5fb8f37-2281-43ed-b874-348d414d2214","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":108,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"f496686d-a435-44ff-87b3-6e575a5c1f09","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":108,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"a8ebd44e-c668-4dd7-8c1f-7927d4c1fbf0","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":108,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"2a057b56-d31f-469c-b48b-3b6a55e5cac1","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":108,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"086878d5-64d6-49d7-8908-039f6573db17","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":108,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"ac47cc97-d7b2-4b7f-ab4d-d924e7e40bde","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":108,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"f530bb37-7f57-44ae-a95b-dec96be9f20f","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":108,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"54033647-55ab-4e5b-84a8-f51c7b4add3e","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":108,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"271cf934-9de7-42d1-8166-37190bbcc0cb","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":108,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"9370fe25-cdc2-4137-a844-9711652e9918","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":108,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"b809065d-32c1-416d-bb79-028dba95ffa4","block_type":"box","text":"Trust Preferred Securities.","page_number":108,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"ab4db0ec-d4f5-4151-8475-e3c46645ee21","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":108,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"157c4ef7-25f0-46b1-ad9f-62d6521611ea","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":108,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"8ec3dc44-569f-4e10-a7f6-15961919160e","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":108,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"4796fc31-e3a5-4398-80e3-22ce6ae87c7f","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":108,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"5cfab41d-3dd4-4dcc-a039-098bc4b2947c","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":108,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"dc150dc8-8fee-4373-89d8-9aadf6fb7554","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":108,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"0ad7e8cc-e539-4438-adcb-29aad2a31e3a","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":108,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"6b1f6ba1-d3f4-4e7a-a777-9f0a80581c32","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":108,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"8a8b0e2a-523d-4027-9450-2780f91d31fc","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":108,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"d66bfe2f-2b5e-43da-89b5-1ddcdea21db6","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":108,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"c5c6767c-ea73-45ad-8644-3ae539644fed","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":108,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"e8bc2e2b-8784-4522-9dc8-d0fdc0ac938c","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":108,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"c6009f33-e145-4ffd-8885-32a79bef9b2d","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":108,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"8f3ac452-93c1-490c-acca-635f764b7032","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":108,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"cc9e695a-8623-4080-92a9-2dab48dc9831","block_type":"box","text":"®","page_number":108,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"96ff410d-b304-4999-91bf-cebce619fc5d","block_type":"box","text":"”); monthly","page_number":108,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"cd57eafd-b5c2-4573-ae1b-1ea314d2c7dc","block_type":"box","text":"income preferred securities (“MIPS","page_number":108,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"48cb6c67-0da6-41ab-bed1-19d2b34ddeb2","block_type":"box","text":"®","page_number":108,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"860a7a36-3b5e-49d4-ad7e-bf5459e35971","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":108,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"22b1d967-6996-47ac-91dc-517c9b290074","block_type":"box","text":"®","page_number":108,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"595ed566-5ac0-49fc-ab93-37ea22e03cf9","block_type":"box","text":"” ); quar terly income debt securities","page_number":108,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"a53579a2-e9bd-47bd-95d8-a451476c2dce","block_type":"box","text":"II-65","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a907d978-a251-462f-a0f5-661320b272ca","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09648ea9-7e9b-4ff2-8f9b-224e7cbb377c","block_type":"box","text":"(“QUIDS","page_number":109,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"e71b5059-98b1-4b2b-98fd-9575e543c380","block_type":"box","text":"®","page_number":109,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"c1398024-47c4-4a92-bba2-25e1c931ff68","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":109,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"fcbbcb60-e6c0-4a7d-919b-53fe0baf1bfc","block_type":"box","text":"SM","page_number":109,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"3fe9d5f8-403d-4816-bb26-9e3378721825","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":109,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"69154c3a-3fe1-4766-b340-9aa1d7fdd829","block_type":"box","text":"®","page_number":109,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"a84e9bd3-01b2-4b11-802e-f67ecb435b69","block_type":"box","text":"”); public income","page_number":109,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"7048a9bc-f8b7-4620-a026-57bc301677ad","block_type":"box","text":"notes (“PINES","page_number":109,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"04f987d4-515b-4f86-8ed7-5e37e7729064","block_type":"box","text":"®","page_number":109,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"40f061fe-1535-435d-9b47-f48a1fef7788","block_type":"box","text":"”); and other trust preferred securities.","page_number":109,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"ef9313f2-2b60-4b3e-8936-6c12b25455da","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":109,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"5abb8cfe-ef0c-4203-a24b-394acc05404d","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":109,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"c1003f03-c081-4801-9c70-94619c8d7989","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":109,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"795fb80e-4d9b-4133-9084-8a00d1853acd","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":109,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"e7841db0-dbb0-4f00-8d92-4487a9927096","block_type":"box","text":"regard to whether all payments have been paid.","page_number":109,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"82c904b5-5021-476c-aad4-8e43bc5466c3","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":109,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"19cb7d2a-a6ef-4c54-831b-0e64a22456e7","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":109,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"9bf7c15e-33eb-400d-a017-62b4806fccb7","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":109,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"aae2c50a-97b8-408b-9130-29950e0babf9","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":109,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"ff2b5878-5505-4ef4-8512-74e4f0126f88","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":109,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"2de0eb9f-001c-476c-a8fb-7b155ba502ee","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":109,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"5be552a6-7029-4277-8ce3-57ec92ea2e29","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":109,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"6f4f31f8-1ece-46f5-8ae5-9951e0a5924f","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":109,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"3cddacb8-af51-4e63-b457-db9250e075b8","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":109,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"b1758940-5d65-42b1-85a2-6871e44fe42a","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":109,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"b00be199-5a33-4245-bd39-f12090efcd6b","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":109,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"ea262679-040e-4acb-80da-88b042562f7e","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":109,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"5dd64596-56d3-4288-adfa-1d2d307e1b6b","block_type":"box","text":"debt securities.","page_number":109,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"9e4acbbb-f227-4c35-8f24-2636f79126b1","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":109,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"62e1c01b-18c3-4f77-8ad9-b5022be21dd1","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":109,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"74a2c2b6-4f3a-436b-aff1-c0cf84bd61c2","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":109,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"b7143c08-15bd-490c-a34d-9ddbf0bc6637","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":109,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"b5d4a1d1-8dcd-4d27-807c-c96daf5a47a9","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":109,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"af5855a2-3a5d-4dc1-a284-be2f987e1e2c","block_type":"box","text":"i.e.","page_number":109,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"74e98af6-7f7f-4dd3-8bac-7b0ca40c78d3","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":109,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"adae30f5-d5c8-46d6-b67b-e452b1fe8a52","block_type":"box","text":"buildings.","page_number":109,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"31467a5e-e5d2-4428-b004-3e65b10ef17c","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":109,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"6558ab74-8e6b-4045-86d4-e5a9e0622cb5","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":109,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"01f62072-cc0c-4a58-9c4d-67f6ebf7aa73","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":109,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"1e0c19ed-e692-4fb9-b02b-078a55f56928","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":109,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"00dc1d47-10d0-46f1-b2c0-1827e5524f58","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":109,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"abef1bb1-3d76-4ba5-becd-f1cb1fc803cf","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":109,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"4ed5c571-16af-4f80-a493-26003d8dbcf9","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":109,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"18435569-721f-48fc-a3ee-38829264f7ab","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":109,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"0e1ccdbb-140b-4e17-a7b0-e6e65bad07d9","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":109,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"6ac43eec-5829-4849-a588-cf30fef1578a","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":109,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"9075a46c-6c92-43f1-914b-1677be024be1","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":109,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"8b12caf1-7619-400e-8467-6701d09632a8","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":109,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"57c092da-b782-45b1-880d-f06407851702","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":109,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"14937858-04c9-4e31-a391-785647141986","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":109,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"23afd4d8-7abb-4122-9116-febe8720bdd0","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":109,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"90ad2249-e20e-4e7a-8e82-f2e70d28a183","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":109,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"ae85ce4a-9d38-4866-89f9-3d217ef79412","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":109,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"c2a8fd80-acef-4b5a-b9f1-6cc0fb92c3fc","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":109,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"b51f926c-b51e-423f-b0b3-01d467e0b234","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":109,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"39a5ad50-445f-4511-aadb-38ca2e267c25","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":109,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"6dbcba06-5250-406d-8a4b-240e9822993c","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":109,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"e033ce86-b236-4e58-8f20-bddf923cee33","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":109,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"618f0573-c737-40c7-8a8d-29d1ff4c265e","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":109,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"c22099ac-83d6-4c44-bee0-84e749be0dfa","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":109,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"82c7ee07-67bf-4a69-bf50-d93b811bbd33","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":109,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"d42c374e-e536-4d65-ba65-088639467071","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":109,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"51ffb89e-ed43-4fc0-9727-ff342a39958d","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":109,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"db4a6665-62f6-4a27-b3a1-0627865fd7fd","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":109,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"0b8ce03e-6600-4acd-a41e-0be26afa1c13","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":109,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"da9988a8-258e-4001-861d-c48898b40c54","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":109,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"ecc2798f-fb2a-41c2-9f08-e97d6d8a4974","block_type":"box","text":"II-66","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6c9df554-fe19-4dff-88a0-88c891f12aef","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99f14083-c1d7-4350-8fc8-86ad9becb56c","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":110,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"d23f3dec-fa45-4035-b39a-f2791e8899ae","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":110,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"f97e0348-05f5-439d-9bd0-ec8dc94764ed","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":110,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"92c22966-08ff-4b7f-9916-7c4bcc23dcee","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":110,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"e718a067-9147-4c3f-bfdd-90c384c6f857","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":110,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"ff616cbe-e10a-4aab-9b36-1cfeb91e3288","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":110,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"e834026f-b484-4b6c-a3ca-6864121e203a","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":110,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"bd1f1189-7a11-4a9b-9eb1-686aa3f2e499","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":110,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"8cc37e37-0cd2-4957-ba5e-1b9cafc7a5c9","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":110,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"be7ec9e8-9f25-4aca-ac0d-0d5a81eafe65","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":110,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"eaf41b58-f3e9-4ee8-a774-41a73ff22e44","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":110,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"a8b7e2d0-6154-4dcc-b776-de1cd8385ad3","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":110,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"a029a4df-6343-490e-ac09-502960254237","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":110,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"2fad3ae1-47dc-4103-8c42-54db7bb49087","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":110,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"4e36067f-a50e-47be-8063-62c648a16155","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":110,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"8056b33d-5f92-40a2-9bc5-f0ac43850ce9","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":110,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"e4dedbd2-f649-4dee-be7c-0b31cd8ba6be","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":110,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"d03d0dbf-2865-4a88-bee3-db9a132ebbdf","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":110,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"740b2a25-4965-4fdc-81fa-94952cfa6e07","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":110,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"df8ee4dc-fa6d-4655-950b-4088ef664c4a","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":110,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"705fb856-abf6-46d3-81aa-577750b1d130","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":110,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"0046dc46-4e97-464f-baf2-3b6c41400a38","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":110,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"132f8ef3-54c2-4b22-9afb-1040865ffd45","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":110,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"ad77fa37-ed06-46b6-b2e5-64968f58ac02","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":110,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"7e162efd-a433-44a2-9d4e-ed38f25b4dd1","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":110,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"901fafd1-f64f-48ef-8409-03a080212a63","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":110,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"5f027efe-06fb-4b34-91f2-79bbb7e400ef","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":110,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"c8a909fa-90ad-4342-b1b7-e692982d9257","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":110,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"6f2965d7-828c-4660-83a8-7417822e8474","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":110,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"b9cc11a9-a62d-4b1d-92d0-12d70c96dc0d","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":110,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"570650d9-dc0a-486e-ab21-942063cd973d","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":110,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"efbe5052-4ee7-4d00-8c79-fac8f3684ac7","block_type":"box","text":"conditions.","page_number":110,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"8679ecd0-8d0a-41d4-ae08-9a2360928281","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":110,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"c9e4f675-563b-4b35-8400-ba11c76a8c10","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":110,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"2371808b-b3e9-4949-9fb3-84899edc9484","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":110,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"130c2c2d-71d4-4401-bc2f-0a2d991e3a15","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":110,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"8a80df73-738b-4b8c-af36-442f60937976","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":110,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"7847bafb-3e1f-42a6-898e-43c531d2db34","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":110,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"a20ed858-750f-47ed-9067-fe9c6b980b8b","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":110,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"227d5b33-d843-4fdc-90a7-7949020efa0a","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":110,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"3b76bd1c-37b0-4496-8e64-53f2624d7d12","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":110,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"585b8ae7-2815-4961-8de8-47c525ea285d","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":110,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"340371a0-8919-4b32-83f1-f98fb09ac995","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":110,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"ba17fc74-6e89-403c-9886-2a174d783c51","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":110,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"c0f6a29a-de78-47fd-8719-7903d116d826","block_type":"box","text":"affected by such events.","page_number":110,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"e39ef2ac-b986-4aab-90bd-5547d063cac3","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":110,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"622ba82d-6cea-4187-b393-f70253907686","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":110,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"bbc243c5-944e-467c-8ca8-8bb665fb1387","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":110,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"1cb9fcf4-e02c-4112-bbe0-047fe72e4213","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":110,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"706213a0-b0e5-43f1-b7c9-907958a8baf6","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":110,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"3126d848-11e7-4100-b28a-fb85eefcb9cf","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":110,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"181a713b-1600-4ef3-a9f6-b2a106433348","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":110,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"80a50062-e655-470e-8e06-2a6a787bfdd0","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":110,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"59ad4212-3026-4466-aef0-26fe90873e61","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":110,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"db798e90-d730-4405-98ef-b6fee98c4fdc","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":110,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"0129abf3-16ed-466e-af0d-d4873c326959","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":110,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"cab3895a-402c-4b21-88b9-2a08677a7cac","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":110,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"84d4204c-c495-4e9c-ab13-7a3e6aa4ea48","block_type":"box","text":"II-67","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b335f9a-2863-4975-9dd7-19c8580181b6","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd9ea790-2e05-489c-be43-611a3c42ad89","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":111,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"c8c8a444-3769-4cf9-b077-9bafc7613fcf","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":111,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"884da2fe-d799-4662-b39d-6cf8f38e55bb","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":111,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"c503a49e-afa9-46f5-a30c-7aa0baa53fe1","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":111,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"d8fccd78-f870-4913-8916-9634a41bee6f","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":111,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"4f8b2a91-2b0a-4d73-a238-1d38a0295ed1","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":111,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"26f5a0fa-8de8-4a3e-ba39-19e479be9548","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":111,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"1e7cc41f-01b7-4178-a939-e9a29ac039af","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":111,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"114900ca-afc7-45de-bb55-7a09d8b196f9","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":111,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"31cc9120-5ecc-4803-b347-ef89a43318ff","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":111,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"207c9324-cf28-40ff-b5cc-3960ba046e3f","block_type":"box","text":"investments.","page_number":111,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"7e9bb9dd-4416-46c9-8654-2421e24660cc","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":111,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"ed112123-7bf4-4e4c-b75c-fc8c17bd9ebd","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":111,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"b204d233-f83f-4048-8111-d7b8f0dd4be5","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":111,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"5cb3f801-154b-4ffc-82df-8b9de17c4b7a","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":111,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"7705bccc-03aa-4cda-990b-1b510f7efe4a","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":111,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"c2e34c19-2c11-4a1f-b388-0288a822506f","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":111,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"6bfa4536-a089-4fb0-84b9-3c583d401190","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":111,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"eba12a05-8613-4f59-9d1f-86ece0f3fef4","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":111,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"f3f43401-6457-4f00-ae38-96c13df3b47c","block_type":"box","text":"Legal and Regulatory Risks.","page_number":111,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"4cff9d44-6c7d-4bf8-ad3c-197471a43480","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":111,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"69c52f2f-6998-4125-88c4-5af233f6f900","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":111,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"8a5ea51f-8782-45a5-aff9-0c185cefa868","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":111,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"914ea917-c100-4211-9ddc-179fb9623dd0","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":111,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"17ffc90f-c56a-47a3-b617-d409cb5b28a8","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":111,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"8767d83a-8e0f-4610-b427-236d96f3b9b7","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":111,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"0add955b-b0ec-4386-b82e-5b3abfd53de5","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":111,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"327eece8-d837-46c7-9256-9430bda89d72","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":111,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"7373e496-57ec-4654-b01e-0f1b4e8c5753","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":111,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"9e9e827c-8eae-466f-8c29-60afe6d9a290","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":111,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"511a4119-7ae5-40ba-9609-98cfc6ed290b","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":111,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"c2bd5c1c-b112-4fec-9a8c-1d8d403a7569","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":111,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"0e8900de-9d32-4430-9b21-deb34e405eeb","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":111,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"66b3a0bc-acf3-4612-8c95-5082de4515d9","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":111,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"aa2df36c-6ff1-4b05-82f9-1609678fbc7f","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":111,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"9516097d-1738-4ef9-ba96-9b602602d389","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":111,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"7c72a57d-d950-4142-b2fc-a77a7281a7cb","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":111,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"c0211644-234f-4252-af8f-c6c32ae00295","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":111,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"2db4e6c5-e06a-4040-b29b-ad8a2d2d9f27","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":111,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"54c87a53-0bf3-4525-a197-f247c11b3929","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":111,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"4a93d60b-c540-4c34-8213-18d1cdb1f26e","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":111,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"69ac0265-c03d-4e1a-aa2a-34b34e9e4ad9","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":111,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"7acf4edc-fa40-4978-bd3c-03b013a09a8f","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":111,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"713b11a1-1ba2-42e6-bf78-8622c1b97892","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":111,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"102039c0-2341-41fb-8ca1-1c17a6c175c4","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":111,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"ba9c004d-37db-4a23-a9f8-6fb34a7ebb4c","block_type":"box","text":"Geographic Risks","page_number":111,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"2581adae-b17a-45b6-ab20-039c4af72c6f","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":111,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"5340c6db-62e7-48a6-a477-16a243c63a65","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":111,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"eab09afb-efc1-486b-b9a8-9882a0662434","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":111,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"b49f9c30-6376-468c-8b6b-e827f326406c","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":111,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"3207fc5e-8c75-4f4b-96ec-c5df6996dc2d","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":111,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"155311ad-aec5-4690-945c-d68164af0a8d","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":111,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"c667d9e5-15ff-4f47-a024-d576858b861f","block_type":"box","text":"Fund.","page_number":111,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"e2bf45d8-5503-4a44-8e8a-0c637cfa154f","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":111,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"6c606d50-5c88-43a1-9465-b555d38a35f8","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":111,"box":{"x":363,"y":846,"width":514,"height":11}},{"id":"22ebc2af-2934-4a76-9ddf-cff344ca959d","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":111,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"fe7d33ff-89a5-456f-ae62-e0a0d48ddb91","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":111,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"7ea8b4f5-a71d-48c5-ae2a-19982e0d9462","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":111,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"1da2c88f-a23e-4b3b-b8b7-d36c6c91394e","block_type":"box","text":"rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Funds and issuers of","page_number":111,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"e5bfbfaa-b71e-42ae-b96a-a22fdcb71d30","block_type":"box","text":"II-68","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"765b1b00-cdec-42cf-99b8-18ad13d8a8cb","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b7d21f3-4afc-4d99-a551-b613b791c0f4","block_type":"box","text":"instruments in which a Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":112,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"044387b5-a9d1-4423-af8a-74e7aadb5fec","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market par ticipants as a result of","page_number":112,"box":{"x":69,"y":60,"width":783,"height":11}},{"id":"d60c1f66-9ba8-442a-bc22-b5caae5fe99b","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":112,"box":{"x":69,"y":75,"width":779,"height":11}},{"id":"6b3e39b0-61c0-42a1-8d34-4c45dbb5eb89","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":112,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"8b6081e1-8387-4662-af05-2f23895c687d","block_type":"box","text":"continuing to develop (","page_number":112,"box":{"x":69,"y":105,"width":160,"height":11}},{"id":"a5ba6bb2-3009-411b-a152-901ce6ae98a9","block_type":"box","text":"e.g.","page_number":112,"box":{"x":231,"y":107,"width":25,"height":9}},{"id":"694116e4-3813-481c-954c-fbeaf10ca3b4","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":112,"box":{"x":258,"y":105,"width":641,"height":11}},{"id":"ca28f499-64f0-4797-859b-b18148f6eee0","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":112,"box":{"x":70,"y":120,"width":777,"height":12}},{"id":"c4d494ac-7bd6-47ad-8838-7e844f20c746","block_type":"box","text":"markets or par ticular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":112,"box":{"x":69,"y":135,"width":776,"height":11}},{"id":"22e5d151-c86f-4dcc-9cf6-b7b8a65e36c1","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":112,"box":{"x":70,"y":150,"width":493,"height":12}},{"id":"3dc14405-4f63-4eec-8b7f-9a65e1d02c12","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":112,"box":{"x":102,"y":173,"width":750,"height":11}},{"id":"fbd4953c-9da2-4670-aa72-bda3e358659d","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":112,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"a0d6b943-0ed5-4e7f-9077-ed29da63a3b5","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":112,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"03cda6c4-f82d-41f4-a307-eff50cf38340","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":112,"box":{"x":70,"y":218,"width":801,"height":12}},{"id":"a8d63ee0-30b5-4768-b0d3-1503b43955d4","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":112,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"6453eb00-82aa-434d-aef9-81dc628605ab","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":112,"box":{"x":69,"y":249,"width":803,"height":11}},{"id":"3ba8460b-0584-42ba-8df4-7e8add9a350f","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":112,"box":{"x":68,"y":264,"width":825,"height":11}},{"id":"1905fdb2-8a5c-4e42-9f17-3978c2386110","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":112,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"16581c9a-9223-474e-b7f3-093dfb253384","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":112,"box":{"x":70,"y":294,"width":838,"height":11}},{"id":"9748cfe1-8251-47b5-ac1b-b1d60f0a38af","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":112,"box":{"x":69,"y":309,"width":796,"height":11}},{"id":"fa2c7b78-1959-4ccb-bd63-d32c928f1265","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":112,"box":{"x":70,"y":324,"width":836,"height":12}},{"id":"1dda9f16-f14e-4e56-979a-3e93cdc572db","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":112,"box":{"x":70,"y":339,"width":824,"height":12}},{"id":"e99a2d88-3940-4c6d-a802-9b75fc7b22de","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":112,"box":{"x":69,"y":355,"width":830,"height":11}},{"id":"779a5857-679e-4d25-9e80-a892697de80b","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":112,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"3902bcfe-4782-47bb-9971-074c714c5a8a","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":112,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"d91a7dbd-0655-44bd-9d9f-651356604d67","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":112,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"681b6276-383d-48fe-857a-4be1cd2ef38d","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":112,"box":{"x":68,"y":415,"width":384,"height":11}},{"id":"2d25983a-eeb3-459a-b348-4b07cff45731","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":112,"box":{"x":102,"y":438,"width":782,"height":11}},{"id":"cde2ff29-2035-4480-bbea-fdfc3173bf31","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":112,"box":{"x":68,"y":453,"width":786,"height":11}},{"id":"de310770-8878-47df-93ec-64a36cb2e0a1","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":112,"box":{"x":69,"y":468,"width":746,"height":11}},{"id":"df3b5842-9207-4967-8a03-c97b8018a98a","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":112,"box":{"x":70,"y":483,"width":822,"height":11}},{"id":"ef2cf89b-7599-4da7-bf4f-1f185010d017","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":112,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"c7f32011-af92-4759-b792-a6d5b282d036","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":112,"box":{"x":68,"y":513,"width":799,"height":12}},{"id":"c1d2e312-70f3-4c7e-a5ea-cda5bfbeb4e2","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":112,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"2c68eb8d-9057-48e7-b8d8-468b2b161823","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":112,"box":{"x":70,"y":543,"width":757,"height":12}},{"id":"653b6e52-e297-4be7-8937-cc51d198c210","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":112,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"00646b3c-0e24-4412-9343-23bc3141bae9","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":112,"box":{"x":69,"y":574,"width":840,"height":11}},{"id":"3caaedfe-c215-4874-a7c2-29dfec8003ec","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":112,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"45b8482a-be44-4e3d-bd20-f4aa5609e58e","block_type":"box","text":"consequences which cannot be predicted.","page_number":112,"box":{"x":69,"y":604,"width":298,"height":11}},{"id":"70379f3c-4871-4875-8734-0f9ede68f016","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":112,"box":{"x":102,"y":627,"width":432,"height":11}},{"id":"fc68d772-bb2d-4e2e-a72e-e287ad1fa62f","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":112,"box":{"x":541,"y":627,"width":347,"height":11}},{"id":"068ff429-0258-46f7-9420-2810e921e4eb","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":112,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"f4038699-7ca0-43ab-890d-8c10642a7644","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":112,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"6a1dd052-597b-4895-98be-eabee3cc0199","block_type":"box","text":"term of the agreement.","page_number":112,"box":{"x":68,"y":672,"width":164,"height":11}},{"id":"e6a84552-8d01-4444-afd4-1955e60ecf19","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":112,"box":{"x":101,"y":695,"width":788,"height":11}},{"id":"74430e38-9690-4a36-bc9e-3b98bfbc0672","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":112,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"2abf4722-8d88-4ccc-95b2-6947ef772977","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":112,"box":{"x":70,"y":725,"width":821,"height":11}},{"id":"0bc27a94-ca26-432b-b086-d3600e1381b6","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":112,"box":{"x":69,"y":740,"width":790,"height":11}},{"id":"0230ba36-e8c2-4d7c-859a-e10b5efebc0e","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":112,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"73d0e522-e95a-4b35-959c-bd4d22b6e3a0","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":112,"box":{"x":69,"y":770,"width":788,"height":11}},{"id":"5743872a-380a-436b-9688-6e43b9514bbc","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":112,"box":{"x":68,"y":785,"width":522,"height":12}},{"id":"da50c26c-2a1c-4af5-8202-993283de6395","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":112,"box":{"x":102,"y":808,"width":792,"height":11}},{"id":"d14b16ee-2144-4b53-9e61-693130fd4ea7","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":112,"box":{"x":70,"y":823,"width":784,"height":12}},{"id":"11040eff-8103-4d6d-b93e-8e31eb846c57","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":112,"box":{"x":69,"y":838,"width":837,"height":12}},{"id":"03486d01-7c17-480b-af5d-12c6ec3285de","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":112,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"405aade9-1355-4cf4-8b0f-452c6b29c297","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":112,"box":{"x":68,"y":869,"width":770,"height":11}},{"id":"b14d3050-5abd-4c9e-aeaa-83b69c98b88b","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":112,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"b30b0306-26db-4b45-b9ed-ad259dcce518","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":112,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"0ef5de9e-2f49-412b-967a-bd6283a30bdd","block_type":"box","text":"II-69","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d64b1ca-5042-44de-b11f-660d4dc18f6e","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8487ce8b-0e35-4f01-ab6f-2a9172761260","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":113,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"3f45f64a-4107-4d0c-97b3-6a102d1d1757","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":113,"box":{"x":70,"y":60,"width":765,"height":11}},{"id":"aba153b5-01c3-41a9-86b1-2e42ef4df41f","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":113,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"f8e9e52f-513a-4835-bb47-1a90f3d6aa9c","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":113,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"c618be95-6f4d-419a-bd05-a1f1abe06d1b","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":113,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"7eff7ba8-ceb4-4543-9535-2ba16d2a41ee","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":113,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"132bf81e-3590-4cad-9b73-e363c1fe624c","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":113,"box":{"x":70,"y":135,"width":831,"height":12}},{"id":"873d9443-5997-4f4d-b6e4-164f2929e164","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":113,"box":{"x":69,"y":151,"width":810,"height":11}},{"id":"1de4c615-59a3-4a24-8cf6-9d5a4bdeda87","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":113,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"f7616b15-279d-4ac9-8d33-bf1f30af93cf","block_type":"box","text":"or by another authorized securities depository.","page_number":113,"box":{"x":69,"y":181,"width":329,"height":11}},{"id":"17f760c0-6732-4c84-bcdc-7c9a43c425a6","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":113,"box":{"x":102,"y":203,"width":770,"height":12}},{"id":"40000991-1f00-4b11-b747-fd6d41ac5983","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":113,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"54bab7bf-7e1d-4c28-8f27-a0a6a71b81e6","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":113,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"e2edad78-e3e5-46e8-b7f5-45e0ab2b41f2","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":113,"box":{"x":69,"y":249,"width":778,"height":11}},{"id":"d9f02933-9e9e-4543-9092-df8f89732f9d","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":113,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"084b504e-60a2-4332-beb2-57bc877632a7","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":113,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"898497a1-4389-4c66-92d2-b5063d502793","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":113,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"eabd60d3-2bcd-47e2-91df-cf27bab3ea73","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":113,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"a001404b-bb6c-4f42-8497-c0b092629066","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":113,"box":{"x":69,"y":324,"width":817,"height":12}},{"id":"eeee897d-b98d-4bba-a48b-390f6be0a9db","block_type":"box","text":"the repurchase price.","page_number":113,"box":{"x":68,"y":340,"width":151,"height":10}},{"id":"5d5dabfd-a64a-4cd6-b0e0-409daa64611e","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":113,"box":{"x":102,"y":362,"width":805,"height":11}},{"id":"8fc6df45-1a6e-4c1a-a3bf-99aaed8c72a7","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":113,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"032a22fd-db4a-46fb-8731-56f0a0be4b35","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":113,"box":{"x":69,"y":392,"width":788,"height":12}},{"id":"2a009cae-3de8-48e3-b44e-df39baadd841","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":113,"box":{"x":69,"y":408,"width":767,"height":11}},{"id":"d9cb4197-2f28-40fd-bebb-dd618de649dc","block_type":"box","text":"strategies without the repurchase obligation.","page_number":113,"box":{"x":69,"y":423,"width":317,"height":11}},{"id":"15d8dfa0-f5a7-495c-a50e-ce09d2f80d77","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":113,"box":{"x":101,"y":445,"width":782,"height":12}},{"id":"c4a139be-5144-457a-b8e9-82622fe6eb37","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":113,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"9fbd0fa6-c0d6-43ad-88ab-a212eb5b2c65","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":113,"box":{"x":69,"y":475,"width":799,"height":12}},{"id":"11e1539d-58c9-4c1c-a500-24e1bdb88347","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":113,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"af38893b-5f56-4cb1-8974-5a538dd70059","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":113,"box":{"x":68,"y":506,"width":825,"height":11}},{"id":"7d263a7d-120d-44d1-ae3b-9614bbf966db","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":113,"box":{"x":69,"y":521,"width":374,"height":11}},{"id":"c0b301f0-6e05-4498-a9b1-ea049c561899","block_type":"box","text":"i.e.","page_number":113,"box":{"x":445,"y":521,"width":20,"height":9}},{"id":"7b8f8bfa-8f9d-4813-bb05-c24850228af1","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":113,"box":{"x":468,"y":521,"width":434,"height":11}},{"id":"450f5f44-056f-4a4c-a613-f9455a3ea187","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":113,"box":{"x":70,"y":536,"width":813,"height":11}},{"id":"be111631-9721-4e53-8627-41fdf7368276","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":113,"box":{"x":68,"y":551,"width":816,"height":11}},{"id":"318b858f-775b-4c02-834c-d6ef1d127775","block_type":"box","text":"and income involved in the transaction.","page_number":113,"box":{"x":69,"y":566,"width":278,"height":9}},{"id":"9671a9d1-849d-4952-95ba-dd2a12510647","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":113,"box":{"x":102,"y":589,"width":800,"height":11}},{"id":"86ca3757-0ff0-4c3d-9600-5550b7febc6d","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":113,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"62058515-f95b-4dc2-8f86-0666f3d9ee2e","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":113,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"5bad58e1-699c-4172-94d6-f508baae4dd9","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":113,"box":{"x":68,"y":634,"width":790,"height":12}},{"id":"5169a295-5339-4405-af35-c01315a9586f","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":113,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"69bf6824-4cc6-4162-994a-624d7e38e354","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":113,"box":{"x":68,"y":665,"width":783,"height":11}},{"id":"008a8273-cc3b-43b4-bfaa-242f654ec8b4","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":113,"box":{"x":69,"y":680,"width":821,"height":11}},{"id":"8761f5e1-d2dd-4bc0-a164-10891f1b203c","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":113,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"5e4e81fe-6b55-4876-a533-17f7e676545c","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":113,"box":{"x":69,"y":710,"width":796,"height":11}},{"id":"8ad1db20-143f-4446-8a2c-9cb908c837fa","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":113,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"bc3beff3-15a8-4500-a009-eafc521fca53","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":113,"box":{"x":68,"y":740,"width":824,"height":11}},{"id":"c0e688c3-23ec-4aa8-88dd-223f7736187f","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":113,"box":{"x":69,"y":755,"width":279,"height":11}},{"id":"bdf37d95-15e6-40b4-a890-cf9462fe8b6e","block_type":"box","text":"Restricted Securities.","page_number":113,"box":{"x":102,"y":778,"width":157,"height":9}},{"id":"e73326c0-ccf4-4f6d-9327-b17cbd9f9988","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":113,"box":{"x":265,"y":778,"width":617,"height":11}},{"id":"914a6c20-779c-479c-82e7-778e9fc2f432","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":113,"box":{"x":69,"y":793,"width":801,"height":11}},{"id":"a13eb6ca-8511-480f-89ae-d9e07c96f6df","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":113,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"1cc50335-1a99-46aa-98e6-c1fc1035fe2b","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":113,"box":{"x":70,"y":823,"width":802,"height":12}},{"id":"fa018ada-91ab-4acc-92dc-cf855a32911b","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":113,"box":{"x":70,"y":839,"width":834,"height":11}},{"id":"988b8dbc-50d0-4a85-88d2-05a301e4058e","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":113,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"47e8a89c-009d-4b5a-a6c9-09437b7deb51","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":113,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"9918ac6b-a0c0-479b-9bcd-48a22fc5483a","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":113,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"18eaf4b9-5d0b-42d9-969c-e28bacca7064","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":113,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"4875a59a-8b56-4d80-a9a1-d50c73f41c59","block_type":"box","text":"II-70","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"573f75b3-5fc3-44bd-bb89-49a3813afa7a","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ef1e3ed-c0e8-4d33-91ad-92068b8ad3c7","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":114,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"2428a6ef-5591-4c60-ba92-0b4502f7edab","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":114,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"43e863b8-6dbb-4dfd-b365-31c4378405a4","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":114,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"ebe93903-092d-4405-af6e-0f393d48ce4e","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":114,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"f23d201b-d487-4e4b-9926-5880f4a974a1","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":114,"box":{"x":68,"y":105,"width":805,"height":11}},{"id":"31ad5f1d-2390-4cbd-a8c0-8f96eac2f0ac","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":114,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"60ab12d4-6c30-4f96-b789-29c4d7e28597","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":114,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"3364da59-0518-45de-b9ce-7f83de2b4a62","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":114,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"818f3271-4468-4365-b280-0032f265a5c0","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":114,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"6b428abe-a06e-4a10-9adf-7ac63550cba6","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":114,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"2928f624-b590-49de-b870-f59b5e130bc1","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":114,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"64ca8049-3c8e-4cab-b552-a15753b16db7","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":114,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"f5cb5d1a-4986-45a7-b278-d1f9b2904505","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":114,"box":{"x":69,"y":226,"width":777,"height":11}},{"id":"e584282f-ed27-42c5-a1ae-224026571e65","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":114,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"44fd1cdc-4bb7-4951-86eb-8285e4176012","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":114,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"7e234093-771a-440d-9200-f5f489d9a402","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":114,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"d52eb99c-231e-4610-84f4-18c3ae1e6b01","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":114,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"fc2806c9-1189-4d60-998a-21c0fa697a5c","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":114,"box":{"x":68,"y":302,"width":819,"height":11}},{"id":"f9b88f8c-874f-460e-a0c5-ac31d1434290","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":114,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"323e47a7-53c8-42b4-a10b-fe6fa80ff274","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":114,"box":{"x":69,"y":332,"width":798,"height":11}},{"id":"21ebc181-30a5-4e17-9c75-ee336c275f13","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":114,"box":{"x":70,"y":347,"width":780,"height":11}},{"id":"443a5dcb-5075-48dd-a535-855a10d5ecb1","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":114,"box":{"x":70,"y":362,"width":773,"height":11}},{"id":"bc6e4301-eb52-41b3-8ee8-b1efcc659180","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":114,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"f7c52797-2f6d-426c-a17c-14c42317daea","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":114,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"65a529d6-c104-45d9-bab1-93b210d2791a","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":114,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"908596e2-8718-4a81-b020-6075771309f6","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":114,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"1525501a-512d-4a87-9e1c-67b012f5bf08","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":114,"box":{"x":68,"y":438,"width":804,"height":11}},{"id":"b1c0c240-2795-475e-9010-fd14d1d410c1","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":114,"box":{"x":69,"y":453,"width":647,"height":11}},{"id":"75a911e6-0a26-4583-9974-f55b6fc7eb62","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":114,"box":{"x":102,"y":476,"width":714,"height":11}},{"id":"4b5c0fa4-530d-4c78-8d51-01e7d3958575","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":114,"box":{"x":70,"y":491,"width":823,"height":11}},{"id":"290a1453-c297-4e99-a10f-15a27719b2b1","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":114,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"194b63d9-c9bd-40f7-af93-14221af085fe","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":114,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"a7822d0b-9fa7-482b-a63b-671b92d18508","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":114,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"08c0e55d-979f-4ecb-a4ee-ecc367e877e1","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":114,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"91764b28-f522-45ae-9967-969a16e31c10","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":114,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"6dc27f4a-17bf-4a0b-be17-3847d2881e67","block_type":"box","text":"offer other liquidity oppor tunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":114,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"ba532109-cd8a-494c-9c6e-6db88abf5318","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":114,"box":{"x":70,"y":596,"width":833,"height":12}},{"id":"9932a479-5769-4052-a27a-3bbccd6c284b","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":114,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"32659339-09d3-4ef4-9124-059d6777707e","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":114,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"6aa63cac-bf38-4ec2-87ee-4526e85309c5","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncer tainty. A Fund will be","page_number":114,"box":{"x":70,"y":642,"width":804,"height":11}},{"id":"fae1a7aa-d0d4-4d99-8760-0ef0277b4cab","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":114,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"eed89833-0c03-4386-a9f5-50b97ba01f50","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":114,"box":{"x":70,"y":672,"width":835,"height":11}},{"id":"7110b953-99ee-4034-8061-c6cace1b29c5","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":114,"box":{"x":69,"y":687,"width":768,"height":11}},{"id":"5e9c6468-4bf8-4a8f-ad14-203f06fb2783","block_type":"box","text":"investment oppor tunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":114,"box":{"x":70,"y":702,"width":815,"height":12}},{"id":"b680c848-ab7e-4744-8160-4144a6fc40ee","block_type":"box","text":"especially as that Fund grows in size.","page_number":114,"box":{"x":69,"y":718,"width":264,"height":11}},{"id":"e12eec98-c1fe-4e70-b328-8050e9087796","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":114,"box":{"x":101,"y":740,"width":762,"height":11}},{"id":"4710e7f4-ee3a-4769-a203-ba32eafa9c16","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":114,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"464bb05f-af61-4399-919f-f38d448c26f0","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":114,"box":{"x":69,"y":771,"width":751,"height":11}},{"id":"e59275fc-96d4-4ad9-bf0c-b085624ab496","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":114,"box":{"x":70,"y":785,"width":755,"height":12}},{"id":"b5358d4b-650a-4028-855e-1caee31a2916","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":114,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"48e13426-4436-4493-a7c0-8b85f0437b6b","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":114,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"4ec1a3b9-1aa7-4ad0-9712-a4c23a736af0","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":114,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"bd6665a6-2943-4f47-834c-381a48cbd155","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":114,"box":{"x":69,"y":846,"width":792,"height":11}},{"id":"77055917-1744-4a90-9cb5-2581743d78ca","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":114,"box":{"x":70,"y":861,"width":821,"height":11}},{"id":"1e964da3-e887-46f1-b373-1e70ae5bce26","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":114,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"c67f8be1-3f98-4b00-8714-f7036ccd19bb","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":114,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"36a5698c-6247-47ef-a173-d091727603ce","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":114,"box":{"x":69,"y":906,"width":790,"height":12}},{"id":"3d845cfd-6971-47c6-99e3-061f911fa3db","block_type":"box","text":"II-71","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5d7fb5b7-7189-4daa-84fc-3f54600b3f7b","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0acb487a-baf1-4de8-b490-b38c5d002a03","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":115,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"ffd19f27-8ea4-4ab4-8184-3e75eab5bf9a","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":115,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"0812df13-084d-493d-8799-38ad783899c7","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":115,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"491824d1-ea9d-4ef3-8f3c-58c9f0b8ff23","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":115,"box":{"x":68,"y":90,"width":839,"height":11}},{"id":"b81a2eab-6688-480c-bb4a-aefef09c1471","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":115,"box":{"x":68,"y":105,"width":514,"height":11}},{"id":"f3f34994-c50b-4e34-8c60-eb3938ecbde3","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":115,"box":{"x":102,"y":128,"width":385,"height":11}},{"id":"4ded1f48-2869-4be4-a1a4-877587c23aea","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":115,"box":{"x":102,"y":151,"width":246,"height":11}},{"id":"a30a4f64-f00b-4e0e-a3c5-5d312361d391","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":115,"box":{"x":354,"y":151,"width":548,"height":11}},{"id":"f021bcee-a0fa-4e99-88e2-222ec2209883","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":115,"box":{"x":68,"y":166,"width":830,"height":11}},{"id":"69283dfa-2d50-43a2-8b6c-f020344401ad","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":115,"box":{"x":68,"y":181,"width":793,"height":11}},{"id":"0145c4f7-73dd-4642-849c-79783b8f34e2","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":115,"box":{"x":69,"y":196,"width":784,"height":11}},{"id":"af868fda-022c-49fc-8b3d-c5212c6855fe","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":115,"box":{"x":70,"y":211,"width":591,"height":11}},{"id":"80f6e7b6-b05a-4ea5-ac21-7cdc9943edea","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":115,"box":{"x":101,"y":234,"width":730,"height":11}},{"id":"e715cba0-a9b2-4ba9-b186-6cf3a9777102","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":115,"box":{"x":70,"y":249,"width":822,"height":11}},{"id":"8fe873ed-4087-4db4-aeab-6b9511523c2d","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":115,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"5e0bc496-3684-4f66-b13e-fbcb9139594f","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":115,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"015ada81-1eb2-4b49-891d-381e278f7778","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":115,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"5ac697c6-19a5-4e01-98bc-e0b33e7bee49","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":115,"box":{"x":69,"y":309,"width":354,"height":11}},{"id":"1db57fbc-1409-40cc-b0f4-2b85347597f8","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":115,"box":{"x":102,"y":332,"width":769,"height":11}},{"id":"faeaa437-d859-4722-ae61-f40fd05afbc7","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":115,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"9e64555a-e57b-4c3e-8de7-aa86213b5ba8","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":115,"box":{"x":70,"y":362,"width":782,"height":11}},{"id":"10c7bfcf-4248-44dd-ac30-4d9038c32119","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":115,"box":{"x":69,"y":377,"width":449,"height":12}},{"id":"21bf004c-8d6b-461d-a861-2d47ebbda51a","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":115,"box":{"x":102,"y":400,"width":794,"height":11}},{"id":"3aae848d-3163-4e6e-b02a-d27e950e0c01","block_type":"box","text":"similar financing transactions (","page_number":115,"box":{"x":69,"y":415,"width":218,"height":11}},{"id":"6cf14aa7-a29e-420a-931b-f2e40fbe446a","block_type":"box","text":"e.g.","page_number":115,"box":{"x":289,"y":417,"width":24,"height":9}},{"id":"4d2a7799-d4ba-45d3-a710-fd7d95c629d1","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":115,"box":{"x":316,"y":415,"width":594,"height":11}},{"id":"fa649981-932a-4ae7-a52f-685d465d478d","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":115,"box":{"x":68,"y":430,"width":813,"height":11}},{"id":"5043ca1c-6757-4540-82a3-5c9154a10ec1","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":115,"box":{"x":70,"y":445,"width":789,"height":12}},{"id":"c28efcee-0160-4e95-846a-6d223c1ab7e6","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":115,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"c36c2232-066e-4419-af68-414411951b66","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":115,"box":{"x":70,"y":475,"width":824,"height":12}},{"id":"5499765f-4421-4961-a830-85f8c0ae2fe1","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":115,"box":{"x":68,"y":491,"width":758,"height":11}},{"id":"9ce8ccbe-960b-4d81-b483-9ada7a446b56","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":115,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"a71f360d-12cc-4504-a594-d424e3198bdf","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":115,"box":{"x":68,"y":521,"width":838,"height":11}},{"id":"f36add0c-9811-4edf-9494-f923f3053a26","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":115,"box":{"x":69,"y":536,"width":538,"height":11}},{"id":"eeb7a584-3f3d-4eb7-bc07-87d72e6105d8","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":115,"box":{"x":101,"y":559,"width":780,"height":11}},{"id":"5064000d-9298-4eb5-a315-7e8b156dba73","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":115,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"b8261fff-ab95-4a94-a4cb-39b4b1824bd5","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":115,"box":{"x":68,"y":589,"width":775,"height":11}},{"id":"2b4fa561-0efc-428a-b8b1-3aba2d6ae958","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":115,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"d43dc038-935e-4241-a3a5-0eb91c932740","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":115,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"292ebea5-1247-465c-a501-00b5f29e4eb1","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":115,"box":{"x":68,"y":634,"width":783,"height":12}},{"id":"2ce3dd01-7555-44f7-b7a2-5ddfcc3d0adf","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":115,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"325ff37c-02c0-4596-8286-2e76b79888a4","block_type":"box","text":"amounts to be received under such agreements.","page_number":115,"box":{"x":69,"y":665,"width":345,"height":11}},{"id":"8220e8e5-329e-452c-9a64-f20965a2a8a7","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":115,"box":{"x":102,"y":687,"width":316,"height":11}},{"id":"13f51995-0c9d-4224-a76c-cd5d6edbdc8d","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":115,"box":{"x":424,"y":687,"width":481,"height":11}},{"id":"0012721f-98e9-42b8-9222-c193ff20e9ee","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":115,"box":{"x":68,"y":702,"width":822,"height":12}},{"id":"0b9d5f0f-714d-4602-8386-9e334fd41258","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":115,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"10614f4b-0a22-4c19-98f9-289d4cafc422","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":115,"box":{"x":69,"y":732,"width":817,"height":12}},{"id":"d9a58291-cceb-4df8-ad64-cea33f431520","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":115,"box":{"x":70,"y":748,"width":833,"height":11}},{"id":"ac3d8a8f-9e3b-4b94-b7e0-00d50574b25e","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":115,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"c5acd4e0-3948-43d9-aec0-421dbd6ecf93","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":115,"box":{"x":70,"y":778,"width":821,"height":11}},{"id":"efd69a9f-3335-41dd-ada7-4a61badda478","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":115,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"f36b66b0-a84a-4955-b2e9-5bfc5d679f94","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":115,"box":{"x":69,"y":808,"width":777,"height":11}},{"id":"3af1153c-965f-4d24-8f4f-206cc3e394ae","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":115,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"1abea1c9-4144-4131-9ee2-f347c013cd48","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":115,"box":{"x":68,"y":839,"width":708,"height":10}},{"id":"0acc41b9-92c7-4529-b561-3079364a67ed","block_type":"box","text":"Rule 144A Securities.","page_number":115,"box":{"x":102,"y":861,"width":159,"height":9}},{"id":"bbc479f1-8a46-4881-88cb-9eeaa99be067","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":115,"box":{"x":266,"y":861,"width":560,"height":11}},{"id":"65020cf6-749b-41ae-8fc0-44906b738ba3","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":115,"box":{"x":70,"y":876,"width":741,"height":11}},{"id":"1bb47bab-82b6-4eee-8576-a5058061baea","block_type":"box","text":"II-72","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"60c9219a-bd4c-4a61-a245-f53e10bbb2ec","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7825dd27-cbdc-4e4f-bb79-b2d30b1849de","block_type":"box","text":"Securities Lending.","page_number":116,"box":{"x":101,"y":45,"width":139,"height":11}},{"id":"ae83786b-0e08-46e1-8002-40caac21ab39","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":116,"box":{"x":247,"y":45,"width":645,"height":11}},{"id":"00746d71-4899-4a72-8f5f-aa1744339628","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":116,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"4753c514-0899-4f6b-a4e7-2324324d5973","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":116,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"3bf1bfd6-42ff-4373-a7b2-435006a6e017","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":116,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"17ddf336-59cc-4778-bd40-51e4b0165b30","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":116,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"1599337e-a4ca-47f1-8f37-f2a89585d1db","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":116,"box":{"x":69,"y":120,"width":829,"height":11}},{"id":"2c96bee2-824f-416b-90ea-d3439b2e522e","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":116,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"70c5e069-2efa-45bc-963d-c2860f6f15e0","block_type":"box","text":"the securities were not on loan.","page_number":116,"box":{"x":68,"y":151,"width":225,"height":8}},{"id":"44db6126-fb9f-4886-9b27-b0dce23ac9d3","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":116,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"4a826bb3-8eaf-4e53-b540-caccd9be2aaf","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":116,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"e5759e7b-410f-4ba0-b651-f31af17f4667","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":116,"box":{"x":69,"y":203,"width":824,"height":11}},{"id":"d9452e9d-37f2-4491-9857-83c6d383989d","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":116,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"b24f70b3-5e9f-4363-9e98-a3ed83734025","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":116,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"25b0edd7-8968-4b25-8457-b9b677328911","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":116,"box":{"x":70,"y":249,"width":789,"height":11}},{"id":"c38cf832-adfc-4a70-97ac-2a907cd955c1","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":116,"box":{"x":70,"y":264,"width":643,"height":11}},{"id":"dbf7edd5-a72c-4d29-a0f9-7738c8047ac7","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":116,"box":{"x":102,"y":287,"width":568,"height":11}},{"id":"3afd89ea-bcba-4564-bbb5-f2cb20c5668d","block_type":"box","text":"i.e.","page_number":116,"box":{"x":672,"y":287,"width":20,"height":9}},{"id":"74ffa0c7-3c7c-4ebf-8b82-92d97443de4d","block_type":"box","text":", the risk of losses resulting","page_number":116,"box":{"x":695,"y":286,"width":198,"height":12}},{"id":"d42752e8-a9b4-4a69-86e1-097af017bc61","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":116,"box":{"x":68,"y":302,"width":501,"height":11}},{"id":"23e2fc7d-f06c-43bd-a5d7-f0ae3841fe10","block_type":"box","text":"i.e.","page_number":116,"box":{"x":571,"y":302,"width":20,"height":9}},{"id":"9d348308-7c28-4580-bad5-d0c9e6050af9","block_type":"box","text":", the risk of a mismatch between the return","page_number":116,"box":{"x":594,"y":302,"width":307,"height":10}},{"id":"a82fa422-d8b5-437c-9f4e-b70a38668484","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":116,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"4efd5a18-3ef4-4114-a6dc-b77a5ab6c32a","block_type":"box","text":"i.e.","page_number":116,"box":{"x":865,"y":317,"width":20,"height":9}},{"id":"e9fc939f-2a35-4055-8581-0f82e0a2f3f7","block_type":"box","text":",","page_number":116,"box":{"x":888,"y":324,"width":2,"height":3}},{"id":"1c01dccf-dfcf-4d13-8097-126c3d1bace9","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":116,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"6bc3a500-27fe-49e1-8846-91920f630b39","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":116,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"2e34b1e0-47fb-45fc-8cb1-327f30d7526f","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":116,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"ca35e90f-699b-4ca4-aa01-06a15a78af62","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":116,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"f62565df-bc39-4b83-b504-3baab77b4467","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":116,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"e14315f3-4c71-42ec-bf92-38b500b4e8e1","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":116,"box":{"x":69,"y":408,"width":790,"height":11}},{"id":"b3e1c28c-15b2-4e5e-8b26-7f17f4131f49","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":116,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"50f2150c-31da-4523-9c1a-e3fc15533638","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":116,"box":{"x":70,"y":438,"width":805,"height":11}},{"id":"e2ba05eb-063d-4bd7-bbba-53fa7432e6f7","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":116,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"a87faf6c-dd80-42c5-a812-1130d6f693b2","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":116,"box":{"x":69,"y":468,"width":775,"height":11}},{"id":"6bf30974-35d9-4ca7-af32-0fc577c5603d","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":116,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"0dc43517-c01d-45c8-8380-69fa5a27a1c0","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":116,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"8b175d59-02f4-4233-bcf6-14fc511ce600","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":116,"box":{"x":70,"y":513,"width":837,"height":11}},{"id":"9a433d5c-825b-4b8c-ab5b-d40d4a3c763f","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":116,"box":{"x":70,"y":528,"width":808,"height":12}},{"id":"c719c241-cd1b-46ae-b02e-95481f2c2875","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":116,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"21f47d0d-3659-4d27-9cd0-21ef117619f8","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":116,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"ed7c33a7-c46a-440f-80fc-8aa0cb3a759e","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":116,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"8746a532-6bbd-4567-92bd-85d0622527fa","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":116,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"b0a23827-3b72-4480-b2bd-1eb3cd66647b","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":116,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"3d60a989-b709-47bc-97b9-b09b9d392d5f","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":116,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"2a90e882-72da-4327-b9fb-4ea588c3ab94","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":116,"box":{"x":70,"y":634,"width":814,"height":12}},{"id":"fdea4279-b31a-49d3-9766-19d84ecdd648","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":116,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"bf14c364-0901-4fe6-b0fa-9f99b2e33d6f","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":116,"box":{"x":69,"y":665,"width":828,"height":11}},{"id":"40dbad7f-c311-49e7-b393-2da3cd58e73f","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":116,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"c421a811-40ae-419d-b84b-f249a75a7c36","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":116,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"3f659c8d-e80a-4b3d-85fd-c172f64c06db","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":116,"box":{"x":69,"y":710,"width":731,"height":11}},{"id":"a38e26f1-ef8a-4e4d-aa0e-674138c2e814","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":116,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"e8b93e6e-9f18-4a1e-9a73-2416e2b6a29c","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":116,"box":{"x":68,"y":748,"width":802,"height":11}},{"id":"8e9bdade-fdb4-47d0-960b-ccbc7704743b","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":116,"box":{"x":69,"y":763,"width":783,"height":11}},{"id":"99e7670d-1c13-442c-b9ee-da72884d1e93","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":116,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"4dbac90f-1e88-4c05-806c-dada6b24d775","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":116,"box":{"x":70,"y":793,"width":747,"height":11}},{"id":"f04e8b31-317b-416f-9901-1661858aa584","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":116,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"5c2f8020-2579-4bfa-a361-23a0251bcd13","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":116,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"f3789b74-3246-4e2a-81ab-1797e450728e","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":116,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"18085404-73a2-427a-9ca4-d2f2d37f69d8","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":116,"box":{"x":69,"y":853,"width":827,"height":11}},{"id":"a06dddbb-e60d-4209-a954-762be16a1be3","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":116,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"ee69ca67-bba9-4c3a-a7b0-f2c66bab8b35","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":116,"box":{"x":69,"y":884,"width":371,"height":11}},{"id":"1fb798f5-e4c6-47ef-8ddb-4320cf97317a","block_type":"box","text":"II-73","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5855e23b-64c1-4f17-b7f0-d77bcd67ea93","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7cf05b1-ce77-4cd6-be58-e06aa69e633a","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":117,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"51310236-6c86-4ec2-bdff-c376c6d60069","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":117,"box":{"x":70,"y":60,"width":808,"height":11}},{"id":"198de3c1-743b-4b5d-9ef0-522d6a42e09b","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":117,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"ff3a35f1-d80b-403b-9bf2-c22aff70e579","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":117,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"abaf1dc2-3e4d-49ef-96b6-cc571a29afb7","block_type":"box","text":"the current expected compliance date.","page_number":117,"box":{"x":68,"y":105,"width":273,"height":11}},{"id":"cae5f92f-a0d6-4758-800c-d6efc49ceeba","block_type":"box","text":"Short Sales.","page_number":117,"box":{"x":101,"y":128,"width":89,"height":9}},{"id":"18cfef12-f3ad-4eda-95ff-49927947e183","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":117,"box":{"x":196,"y":128,"width":696,"height":11}},{"id":"4bf80386-f5dc-468b-90db-b68e7a0f624d","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":117,"box":{"x":68,"y":143,"width":821,"height":11}},{"id":"8ab0cc78-cee4-48c4-baec-1e9a90eeff27","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":117,"box":{"x":69,"y":158,"width":778,"height":11}},{"id":"3ba136dc-dd6d-4bf8-be82-c92e96db19cd","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":117,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"74e25022-212b-4468-ac90-d32eda792d17","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":117,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"4d8a5159-6bb5-4b45-812f-814874c30518","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":117,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"ccf1ee3f-b217-405f-b73c-827611178257","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":117,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"55bd4953-e7dc-451a-99ac-64849a29e788","block_type":"box","text":"securities to the lender of the securities.","page_number":117,"box":{"x":69,"y":234,"width":289,"height":9}},{"id":"2c6a7d45-1d9a-4a9c-9ab0-b1994dc9c8b6","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":117,"box":{"x":101,"y":257,"width":772,"height":11}},{"id":"b8e8b178-9710-4410-bd1e-c19e0596d47c","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":117,"box":{"x":69,"y":272,"width":795,"height":11}},{"id":"51bf03bc-516a-45bd-a656-60b764bab3c6","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":117,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"f30c8b82-fffa-4321-a760-2da45eeb0aa1","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":117,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"b5e9cf69-ab6c-44e2-987b-834f9ec88875","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":117,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"9fbe4490-627f-4875-83aa-3c5e511dd1e7","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":117,"box":{"x":69,"y":332,"width":770,"height":11}},{"id":"9a462b01-0842-49ee-83f9-9ef4928fc475","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":117,"box":{"x":70,"y":347,"width":568,"height":11}},{"id":"fe15c1c1-8c7e-4906-8b1f-decdfd432c9d","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":117,"box":{"x":102,"y":370,"width":806,"height":11}},{"id":"dfa061f4-64a4-4235-bd04-7b551742f53c","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":117,"box":{"x":69,"y":385,"width":817,"height":11}},{"id":"6af9b1e4-d121-4584-b37c-de76d6b04780","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":117,"box":{"x":68,"y":400,"width":819,"height":11}},{"id":"5991f2b2-1092-4745-ade5-ee0c5501c70c","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":117,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"95c2c561-0dcc-4055-a7fa-869aeeba2f85","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":117,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"c84a511d-552d-4029-bffe-2e9031a003b5","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":117,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"df030250-f268-4254-8bde-1ae0720f5749","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":117,"box":{"x":69,"y":461,"width":818,"height":11}},{"id":"f67441cc-30e3-4117-a4f8-0e2d3b51a336","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":117,"box":{"x":68,"y":475,"width":821,"height":12}},{"id":"2bac6bb9-3545-44dd-a93a-2cb499d3e065","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":117,"box":{"x":69,"y":491,"width":640,"height":11}},{"id":"a6c516a7-5175-45f9-a160-65bb2ab7fdee","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":117,"box":{"x":101,"y":514,"width":673,"height":11}},{"id":"72585d53-a444-4129-903a-4349e8870c87","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":117,"box":{"x":101,"y":536,"width":721,"height":11}},{"id":"11394186-8b60-4b83-a2ba-2f34332ec877","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":117,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"e57202f8-12c7-461e-ba8b-e316c6e8030b","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":117,"box":{"x":70,"y":566,"width":489,"height":11}},{"id":"11348c8d-be55-42ee-bea3-cc98b8941c82","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":117,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"d5db9326-7abf-42fc-a35e-114c11d6a112","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":117,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"2509b422-d044-4488-854a-72fb39a225f5","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":117,"box":{"x":69,"y":619,"width":796,"height":11}},{"id":"a1312cc6-3467-47ce-9190-1f2c185d532b","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":117,"box":{"x":70,"y":634,"width":766,"height":12}},{"id":"008af9f4-7b23-408a-92e5-69a8d8ba358a","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":117,"box":{"x":70,"y":649,"width":754,"height":12}},{"id":"fbc5ab7e-ed56-4f07-bf30-9e2109567172","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":117,"box":{"x":67,"y":664,"width":800,"height":12}},{"id":"8ddcfb2f-88d8-4cb7-b690-62e9d7f99dc9","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":117,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"d3ed9753-e786-4285-932e-48cd427f0ca3","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":117,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"aee89207-6d1d-47c6-baca-400161bef0f3","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":117,"box":{"x":69,"y":710,"width":460,"height":11}},{"id":"f8d123eb-6bca-48b9-8632-6d25156fcc8f","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":117,"box":{"x":101,"y":733,"width":293,"height":11}},{"id":"8e55f140-9bbe-4c55-9fd6-bd9a8c9cacbe","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":117,"box":{"x":400,"y":733,"width":504,"height":11}},{"id":"c17e434b-dc92-4a12-a60c-2167f0e6989d","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":117,"box":{"x":69,"y":748,"width":791,"height":11}},{"id":"ad525e3c-ab0e-4663-90fc-4d4ec1778fc4","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":117,"box":{"x":70,"y":763,"width":793,"height":11}},{"id":"82b3ca2f-fcbb-4347-9c49-cffbb0f7a824","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":117,"box":{"x":70,"y":778,"width":824,"height":11}},{"id":"ab5977b2-cef1-44c1-8826-3a992446e01d","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":117,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"e2c487c4-7f6b-41f6-a6b6-a503c5d8f5d0","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":117,"box":{"x":69,"y":808,"width":768,"height":11}},{"id":"81bb1794-6ea6-40c7-8d4f-397b1ae3ad55","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":117,"box":{"x":70,"y":823,"width":826,"height":12}},{"id":"5f3bc51d-b7b8-4478-a04c-86c2594adfce","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":117,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"6c892597-3229-4c14-91d7-09a5eacd6cac","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":117,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"3398c2c4-7f6d-407e-8845-a75d7582b7ed","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":117,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"38ea436c-2cb2-4aa6-b966-b49b56834031","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":117,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"a76fdd1c-fdf5-4476-b17d-338b50897c46","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":117,"box":{"x":68,"y":899,"width":794,"height":11}},{"id":"df1bf8e4-b283-4bde-acda-e00c758473aa","block_type":"box","text":"II-74","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"173ed5a5-028d-4d5f-935a-b3a279a6d801","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8aef1073-fb81-4006-96ea-665d034eb6ab","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":118,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"917768f7-a644-4b26-8e89-3bca4b7057c1","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":118,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"d1cd8e72-1e84-41e5-bf7c-39b4639f763c","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":118,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"b35757f8-c7f2-48eb-abc4-54f6448dfd31","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":118,"box":{"x":68,"y":90,"width":812,"height":11}},{"id":"584ecd2c-5945-4672-9d9a-4e2e6d9c5ec1","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":118,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"859d675f-37e8-435c-83c9-31ddeb13d229","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":118,"box":{"x":69,"y":120,"width":806,"height":12}},{"id":"3af65b34-130d-4a03-be1c-2654b3670966","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":118,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"28fc34fd-7743-4356-adca-7cd37f2ab4bb","block_type":"box","text":"Standby Commitment Agreements.","page_number":118,"box":{"x":101,"y":158,"width":255,"height":11}},{"id":"911dee64-819e-4428-934f-35efdce9a2f3","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":118,"box":{"x":362,"y":158,"width":511,"height":11}},{"id":"f06da57a-5a4d-440f-9833-075443bf10f7","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":118,"box":{"x":68,"y":173,"width":834,"height":11}},{"id":"d7f859c0-85a3-4194-badb-8bfa8590e1ea","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, a Fund is","page_number":118,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"e87edac5-a0c2-4acf-8a10-8cb890fc196e","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":118,"box":{"x":70,"y":203,"width":802,"height":12}},{"id":"9c16a057-2164-4f1a-be46-67a900a693e7","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":118,"box":{"x":69,"y":218,"width":793,"height":12}},{"id":"df3ed032-fec8-411a-8ed8-a1f4dfb0fe1d","block_type":"box","text":"advantageous to the Fund.","page_number":118,"box":{"x":69,"y":234,"width":188,"height":11}},{"id":"987a00cd-77f5-4f01-8bbe-1fa38542ef4b","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":118,"box":{"x":101,"y":256,"width":800,"height":11}},{"id":"8113bb3a-6c51-462a-8994-f89d05df0ffb","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":118,"box":{"x":68,"y":271,"width":816,"height":12}},{"id":"d9f606bf-d219-4c87-bb95-7941b19a950d","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":118,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"469bc6d5-1dc5-4f7b-ba6e-709dca8b2bf5","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":118,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"bce80128-0584-477f-af8a-2ed71b8679cd","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":118,"box":{"x":101,"y":324,"width":785,"height":12}},{"id":"a12d73e8-b8eb-4ffd-adab-a67af2e230b6","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":118,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"20814d99-db0c-448a-9933-9cab297fd3ce","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":118,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"98924aab-e8db-4699-ae0e-ea58669cc049","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":118,"box":{"x":69,"y":370,"width":792,"height":11}},{"id":"0723f40a-2bae-4147-a583-111a9597fc59","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":118,"box":{"x":70,"y":385,"width":415,"height":11}},{"id":"9ac23719-9868-40b8-93c7-46da1863049d","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":118,"box":{"x":102,"y":408,"width":789,"height":11}},{"id":"8dc8e497-2695-4f52-8c47-a721cf024ae8","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":118,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"9efcf0b2-2342-44f8-acdf-b6487572c487","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":118,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"ab3e9a52-971e-48ab-abcc-5753ecec240e","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":118,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"493dfa14-a706-4812-bfc2-4e9f44fac793","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":118,"box":{"x":68,"y":468,"width":817,"height":11}},{"id":"ca1c7c03-a31c-483a-a964-973d32196e8c","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":118,"box":{"x":69,"y":483,"width":578,"height":11}},{"id":"bc7c3b2a-ac4c-4c40-b7a7-7fa367cf88e7","block_type":"box","text":"Stripped Securities.","page_number":118,"box":{"x":101,"y":506,"width":143,"height":11}},{"id":"279bc4f9-26b0-48b5-bb8e-34402465eb4f","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":118,"box":{"x":251,"y":506,"width":596,"height":11}},{"id":"9bf045b1-577e-474c-bf13-9e2320c04723","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":118,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"d6f88949-3ed5-4ac1-b5a4-e69d7e7f37e9","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":118,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"33d24129-7c94-45d5-bb2f-4d6655ba3368","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":118,"box":{"x":70,"y":551,"width":813,"height":11}},{"id":"64548c2e-c34e-44a7-9327-f335d8c33489","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":118,"box":{"x":70,"y":566,"width":777,"height":11}},{"id":"07866e11-9945-4300-ba92-5d1e98a76809","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":118,"box":{"x":70,"y":582,"width":802,"height":11}},{"id":"aa294f98-3353-4d6d-ad59-55620df30807","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":118,"box":{"x":69,"y":596,"width":794,"height":12}},{"id":"57277b57-5a03-4d6f-b363-d9c5a4daebcc","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":118,"box":{"x":70,"y":612,"width":837,"height":11}},{"id":"d9f6701f-7465-4db4-acc7-b0a2a938ee59","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":118,"box":{"x":68,"y":627,"width":823,"height":11}},{"id":"2053af0f-8939-4b61-9a66-d11aa3199594","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":118,"box":{"x":69,"y":642,"width":494,"height":11}},{"id":"2a54aeb8-8fd4-4493-a5a0-676a30cdf885","block_type":"box","text":"Structured Notes.","page_number":118,"box":{"x":101,"y":665,"width":130,"height":8}},{"id":"823d44a2-eed2-4b33-973b-db98de3eb7d5","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":118,"box":{"x":237,"y":665,"width":650,"height":11}},{"id":"c1a3ee9a-5fa6-476a-8f43-846c152428c6","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":118,"box":{"x":69,"y":680,"width":818,"height":11}},{"id":"2a406687-7901-445e-98a2-0db70d0afa6e","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":118,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"135358ee-2faa-432a-811a-e5f97a621a98","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":118,"box":{"x":70,"y":710,"width":821,"height":11}},{"id":"d4be7838-b1c9-42c1-b433-0ee35652dbbf","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":118,"box":{"x":70,"y":725,"width":839,"height":11}},{"id":"ba4fb18a-f9df-423c-96d5-2874a43e52d4","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":118,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"456c69d4-42af-4a4c-a8b8-9501488ea03f","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":118,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"3191ce55-494b-4f57-b607-b28d479f4b03","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":118,"box":{"x":68,"y":770,"width":673,"height":12}},{"id":"4ef53914-d991-4ffb-a1ae-64c6b6952392","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":118,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"84bae4cd-82e1-4dd5-b6f2-4eafe864d1dd","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":118,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"abd45b68-f994-4805-bed8-13b98f63ab5f","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":118,"box":{"x":69,"y":823,"width":787,"height":12}},{"id":"6e2d5f11-cb1c-4946-aae7-a9be38dac4dd","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":118,"box":{"x":69,"y":838,"width":827,"height":12}},{"id":"682de0a1-0a33-4538-98e4-62b5b1126622","block_type":"box","text":"the risk of loss.","page_number":118,"box":{"x":68,"y":853,"width":110,"height":9}},{"id":"57d19dde-d140-42cb-837e-48547b4db9c3","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":118,"box":{"x":101,"y":876,"width":759,"height":11}},{"id":"b6f61e4b-6257-48d3-a157-8d6f56c3fa5d","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":118,"box":{"x":69,"y":891,"width":795,"height":11}},{"id":"bc2e4da5-ecf6-43ff-8c5e-8d988c2f688b","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":118,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"316ec3ff-ee50-4059-b8ef-20ede4923dce","block_type":"box","text":"II-75","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"72d64fa9-f206-4715-a32a-856fcd75e289","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85d3cd9b-f8fd-4087-a3b7-5a92e84a9917","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":119,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"655e9c98-e6e4-487c-a4fd-2272ee067717","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":119,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"351f849e-188b-48f7-a09a-71a34c78b293","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":119,"box":{"x":70,"y":75,"width":618,"height":11}},{"id":"7a7369be-8e54-42dc-ae1a-f3f087e2a643","block_type":"box","text":"Taxability Risk.","page_number":119,"box":{"x":103,"y":98,"width":109,"height":11}},{"id":"d14323ee-82f2-44c5-b66e-6a985d1eac54","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":119,"box":{"x":218,"y":98,"width":644,"height":11}},{"id":"1f1bc898-7c05-4ba6-afd6-cf6210c87d61","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":119,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"3a4f1f7d-9e5d-43d6-847d-47954d173e69","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":119,"box":{"x":68,"y":128,"width":827,"height":11}},{"id":"f7f2739d-b40e-431b-b78a-2dfde972d16b","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":119,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"1402e1a1-a0f8-4653-a6dd-1b890578c2b4","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":119,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"2f3cfb78-5d83-488a-88f6-9d88985cf60d","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":119,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"cedb4e1d-e8be-428a-9151-7f4fee290fdd","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":119,"box":{"x":69,"y":188,"width":816,"height":11}},{"id":"7bfea0fd-e895-40df-a107-bc4c931be814","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":119,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"b4526567-1a4b-4c21-bb50-dcbfb77b08f3","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":119,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"25a1b069-8553-432b-97dd-11486ac9c005","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":119,"box":{"x":70,"y":234,"width":771,"height":11}},{"id":"4602af83-0fc5-4bef-8194-d3ee1ab258f9","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":119,"box":{"x":70,"y":249,"width":765,"height":11}},{"id":"1eeaa026-c285-4bf4-82d7-a69e256ab5ef","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":119,"box":{"x":69,"y":264,"width":834,"height":11}},{"id":"fa995097-7203-4939-9ed1-6afdda77a5f8","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":119,"box":{"x":68,"y":279,"width":807,"height":11}},{"id":"5371027e-c7a8-4d4a-9840-0f329b39db31","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":119,"box":{"x":70,"y":294,"width":830,"height":11}},{"id":"7e6792e2-7d47-4798-a635-b7c3dae6aeca","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":119,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"0df061be-19a4-4d7c-9f9e-f5044cb0c708","block_type":"box","text":"the value of an investment in the Fund.","page_number":119,"box":{"x":68,"y":324,"width":278,"height":9}},{"id":"2619b9b7-494c-45e4-8cab-10fe67b6f4e2","block_type":"box","text":"Temporary Defensive Measures.","page_number":119,"box":{"x":103,"y":347,"width":230,"height":11}},{"id":"e4738652-87be-4319-878a-4a3bf38f988d","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":119,"box":{"x":339,"y":347,"width":542,"height":11}},{"id":"9a09e34e-13f8-4478-a291-03fd21c92012","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":119,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"e3d41080-c039-4280-8a2f-4d3e4b1e9b1e","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":119,"box":{"x":68,"y":377,"width":813,"height":12}},{"id":"d7dd23e1-d49c-49ac-b97b-63119a157f8a","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":119,"box":{"x":69,"y":393,"width":833,"height":11}},{"id":"06e2ea8e-6cd2-4b03-bac2-a79697a054a3","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":119,"box":{"x":70,"y":408,"width":813,"height":11}},{"id":"3f9b2cbd-bcbc-41e5-bc32-e1ffd458826d","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":119,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"20aba970-9c25-4c87-a38f-b762745a4ef2","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":119,"box":{"x":68,"y":438,"width":806,"height":11}},{"id":"c891b8fc-7e89-4ff1-a945-d19c9aef54a4","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":119,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"6658dadf-3317-4914-bec9-7403835844e4","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":119,"box":{"x":68,"y":468,"width":820,"height":11}},{"id":"0ce054dc-80cc-4293-8f73-9589febef881","block_type":"box","text":"its investment objective.","page_number":119,"box":{"x":70,"y":483,"width":171,"height":11}},{"id":"8d3be82a-49c7-438a-9daa-9276721a0f60","block_type":"box","text":"U.S. Government Obligations.","page_number":119,"box":{"x":102,"y":506,"width":213,"height":11}},{"id":"e7fb575b-af92-49d6-b71d-cd17da5f867e","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":119,"box":{"x":321,"y":506,"width":566,"height":11}},{"id":"8868bfcc-6a88-456c-9f0c-0911370f94c4","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":119,"box":{"x":69,"y":521,"width":810,"height":11}},{"id":"a0a57ffe-2b76-4607-98d6-d473c29e499c","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":119,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"b5fb7f5d-94a0-4329-9562-ce076402e5a6","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":119,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"da0d0bd7-28ae-48e0-8730-a9f4fb3f56c7","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":119,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"08076052-2e43-42af-a8c8-df28f01e5b2f","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":119,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"ebf332f9-d8e3-4258-b7a6-6885a52e67e2","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":119,"box":{"x":69,"y":596,"width":809,"height":12}},{"id":"c3068f26-f1e5-41f9-8d67-9a77af54a6c0","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":119,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"911fdf5c-81ed-4ad9-97bc-a5664f796724","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":119,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"58d40704-45b3-420c-9743-e6fab9ad90f3","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":119,"box":{"x":70,"y":642,"width":832,"height":11}},{"id":"3d4b72bb-616a-4b2c-b48e-7acc864eeede","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":119,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"6114a0ed-940a-41ad-8320-6035376d3861","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":119,"box":{"x":69,"y":672,"width":716,"height":11}},{"id":"b6a07f54-c988-492b-966a-d768c09d4173","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":119,"box":{"x":102,"y":695,"width":800,"height":11}},{"id":"15568cc3-69af-4501-b12d-d0f888098e64","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":119,"box":{"x":68,"y":710,"width":785,"height":11}},{"id":"bc3b45ef-66d2-44f6-8042-90c91588cff9","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":119,"box":{"x":68,"y":725,"width":813,"height":11}},{"id":"6a43b43e-4e1f-48ee-b02b-b7e2dd625be9","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":119,"box":{"x":70,"y":740,"width":794,"height":11}},{"id":"f236f507-d811-423f-94a3-7b0f641cda5d","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":119,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"dbd502bd-bb49-420e-90ce-3fb73e7ed05f","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":119,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"1f9dee5b-7e3a-496b-b2ed-c3ff54257dcb","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":119,"box":{"x":70,"y":786,"width":777,"height":11}},{"id":"1350ec3c-b851-4015-957b-f42b9f744913","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":119,"box":{"x":70,"y":801,"width":749,"height":11}},{"id":"d0ea204a-f51b-4518-8604-dcf3681bc014","block_type":"box","text":"U.S. Treasury Obligations.","page_number":119,"box":{"x":103,"y":823,"width":183,"height":12}},{"id":"dbca916f-4fff-4283-90e1-180ab289d9a8","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":119,"box":{"x":292,"y":823,"width":593,"height":12}},{"id":"f329a2cc-6024-4d9d-9ed8-615602b7fab0","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":119,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"4309fca2-1585-4d73-b25b-3f79b2618ba5","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":119,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"5806abdb-dd7e-480f-9cfc-8f8b623028db","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":119,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"3c88732c-a028-4a42-9170-3b59a529f8ce","block_type":"box","text":"do so.","page_number":119,"box":{"x":69,"y":884,"width":42,"height":9}},{"id":"71013bbb-1861-4e1d-89f2-f478fcbc2a33","block_type":"box","text":"II-76","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3ca604ba-be10-45a6-9621-287085939486","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"463ab7fe-9f25-4eee-8d4b-4c0260fd5b8f","block_type":"box","text":"U.S. Treasury Rolls","page_number":120,"box":{"x":102,"y":45,"width":139,"height":11}},{"id":"ce3eeb1e-3cb3-4b48-adbc-495ca37ee817","block_type":"box","text":".","page_number":120,"box":{"x":241,"y":52,"width":3,"height":2}},{"id":"7badedf1-cf46-4a2b-969c-fc22da4f6df8","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":120,"box":{"x":250,"y":45,"width":656,"height":11}},{"id":"67b375dc-1e30-4c99-8914-455e16e3ae7c","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":120,"box":{"x":69,"y":60,"width":804,"height":11}},{"id":"16f78a90-5545-4ecf-aeda-9467d93f76b9","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":120,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"1123d391-6416-4e29-ae1d-846a06befe2a","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":120,"box":{"x":69,"y":90,"width":840,"height":11}},{"id":"d44a0272-7025-4820-8dd9-099ac68ebed1","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":120,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"d1f82e8c-a743-4048-a960-0d52fc53d4db","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":120,"box":{"x":69,"y":120,"width":775,"height":12}},{"id":"515f6eb3-a783-476b-85cf-ebd4f17b2a1f","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":120,"box":{"x":69,"y":135,"width":829,"height":12}},{"id":"868a16f9-bedf-4151-a5d5-e29e9f461cbd","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":120,"box":{"x":68,"y":150,"width":657,"height":12}},{"id":"d50b6f09-97a9-4042-afb0-9e4e63444293","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":120,"box":{"x":101,"y":173,"width":756,"height":11}},{"id":"3569e2e5-3e62-4557-b7cc-cc739a7b596f","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":120,"box":{"x":70,"y":188,"width":800,"height":11}},{"id":"43c44759-047e-4a3f-9a74-979e7b4d7348","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":120,"box":{"x":70,"y":203,"width":617,"height":12}},{"id":"cf6311a0-fcd3-489e-a82f-049637dcb152","block_type":"box","text":"Utility Industries.","page_number":120,"box":{"x":102,"y":226,"width":124,"height":11}},{"id":"bf098cfb-0fc8-40e3-bff2-b8befa4a7bfe","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":120,"box":{"x":233,"y":226,"width":674,"height":11}},{"id":"25a7e41e-eaf3-490e-8fec-0c99dcac9d01","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":120,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"8eb24c2c-b550-4a2f-8d07-61a5a7c23937","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":120,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"6501d2c8-45cc-4c65-a099-78fdd7869e37","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":120,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"1454eacf-ecf6-41f5-a394-da74f502b8f3","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":120,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"0bd0512d-c11c-4d22-9516-3332733d93b3","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":120,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"7a11b6ae-e71b-4ff2-8b07-dd672a0f20d0","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":120,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"d2271847-1fdd-4f0a-ae09-b9f0501ed4eb","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":120,"box":{"x":69,"y":332,"width":774,"height":11}},{"id":"d252cc5c-98aa-4ecd-bf64-73ed55453c48","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":120,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"6524f570-d361-4450-8f42-ad0076719efc","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":120,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"1d11330c-2db9-4328-a451-49dadefd945a","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":120,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"2a227180-f5a5-4d27-b531-4ea7e0ca99b4","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":120,"box":{"x":69,"y":392,"width":761,"height":12}},{"id":"11857983-e639-4bd9-b80f-b145c3ba4831","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":120,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"f8b8b7dc-17f0-4762-b15f-2212cd9773f3","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":120,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"da2b92b0-c91a-45a9-aa0e-730edd734812","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":120,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"bd300ed6-de8b-420b-a489-1ed78bb27370","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":120,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"7ed6b94d-cb0f-405e-91a4-d387cd9663a3","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":120,"box":{"x":68,"y":468,"width":778,"height":11}},{"id":"fc6ebf94-0444-4d19-ad1e-eeb211afd99b","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":120,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"e77f2678-7384-46c3-b3c8-71baaafad08f","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":120,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"0e2cb1f8-4ec5-4625-a39e-9452cdd56acd","block_type":"box","text":"utility.","page_number":120,"box":{"x":69,"y":514,"width":39,"height":10}},{"id":"6e44a155-42e5-4981-8d64-36968efe65b9","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":120,"box":{"x":102,"y":536,"width":744,"height":11}},{"id":"d95eca0a-8949-4fd9-a741-bb8b826d0425","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":120,"box":{"x":70,"y":551,"width":828,"height":11}},{"id":"9c93bd46-6874-4224-ad28-3ae0883405e4","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":120,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"6aa0b62a-e1b4-4a4c-af6f-e11e8523fd7f","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":120,"box":{"x":70,"y":581,"width":464,"height":11}},{"id":"bf7a807e-441c-40b0-9ce7-6a41c6dbb7b7","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":120,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"d00e0d51-c7f8-4756-95d4-da24ea2cf1e2","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":120,"box":{"x":69,"y":619,"width":790,"height":11}},{"id":"e11b095b-33d5-4487-af73-e959cce48541","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":120,"box":{"x":69,"y":634,"width":811,"height":11}},{"id":"cb2bae35-1082-42f9-8bf6-f3c746a16e75","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":120,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"556d9691-67e2-451c-9d12-f6691db5dd00","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":120,"box":{"x":68,"y":664,"width":781,"height":12}},{"id":"600dcb54-d291-4ed9-abc8-f7b5a95be2b6","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":120,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"1b2ef622-99fb-40d1-ab58-d0a9b12e4284","block_type":"box","text":"continue in the future.","page_number":120,"box":{"x":69,"y":695,"width":156,"height":9}},{"id":"ddd92935-30ca-4d5d-8833-b44411a17ab9","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":120,"box":{"x":101,"y":717,"width":763,"height":12}},{"id":"20064850-2efb-45c0-8ad5-e75ad4b4e3db","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":120,"box":{"x":69,"y":733,"width":820,"height":11}},{"id":"e9c5a34e-1766-4ba4-af4b-871f53428b3f","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":120,"box":{"x":70,"y":748,"width":834,"height":11}},{"id":"cd46c9d1-f0be-4420-adf1-900027879ccd","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":120,"box":{"x":69,"y":763,"width":784,"height":11}},{"id":"9ac59a89-2aaa-4117-bf3a-93a8df890374","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":120,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"ad79b2d5-5120-44d4-b623-a08fb6817aa1","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":120,"box":{"x":68,"y":793,"width":809,"height":11}},{"id":"5f96472b-c8bf-453c-b568-8ffcc2429df2","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":120,"box":{"x":69,"y":808,"width":834,"height":11}},{"id":"e0506e93-c70b-4916-b980-0900f19ef027","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":120,"box":{"x":69,"y":823,"width":825,"height":12}},{"id":"dc9dc0ae-ef26-4655-9555-1566fd4add91","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":120,"box":{"x":68,"y":838,"width":840,"height":11}},{"id":"ff1e6d65-aa9e-49fe-956f-6069a838a1bb","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":120,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"b1cfea62-ebaf-461f-9a35-66a7e9ad29da","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":120,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"08ddf30e-a2e0-4af2-9dd9-47bb678b53ef","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":120,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"99e499ba-7978-41d7-a1fe-a411894fe798","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":120,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"31ca0bef-5c62-44d9-984c-268622067869","block_type":"box","text":"II-77","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4e9ade0a-1f49-4dd6-ad6e-426ab2129758","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99e47cd3-4b33-4ec4-8f00-aebf0aefc8cd","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":121,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"9ba17e26-eeb9-4b4b-9c8d-8ff967e032b6","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":121,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"82aece5e-24de-4c8b-aa47-f2f28627850a","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":121,"box":{"x":102,"y":83,"width":720,"height":11}},{"id":"ffe7061d-f4e3-4163-9734-459f813d572b","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":121,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"ae228fda-029a-4661-aa40-dc10e42658d5","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":121,"box":{"x":68,"y":113,"width":762,"height":11}},{"id":"4a2e3208-1772-4647-8768-7dd841680d48","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":121,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"79ca9348-9a12-4c18-b86e-eb838ea728ab","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":121,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"f25b169b-a3a0-4079-9893-a1488730c64d","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":121,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"0497b1e7-c551-4ede-b369-d848fa8b62b1","block_type":"box","text":"ways different from regulation in the United States.","page_number":121,"box":{"x":68,"y":173,"width":365,"height":11}},{"id":"3c6f9127-c5f4-44ae-a808-bbf5a0127cda","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":121,"box":{"x":101,"y":196,"width":745,"height":11}},{"id":"efe17046-384f-41ce-8c92-a7c6846b40f4","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":121,"box":{"x":68,"y":211,"width":790,"height":11}},{"id":"0dc977ad-c90c-4bbe-8fd1-32e9ac1d5741","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":121,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"f71b54aa-cc5d-4ce9-9a38-847db55c3820","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":121,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"bd086c64-2134-4704-8d61-d06277bed719","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":121,"box":{"x":69,"y":256,"width":831,"height":12}},{"id":"ed46866d-1499-4f0f-8abe-ea02c527886b","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":121,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"e8ab31e8-dd3c-41b9-9d0f-e8f2d6f08f80","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":121,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"c2e55d3b-d2c4-4c7c-b498-646e21f8382d","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":121,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"014f3a44-020c-45a0-a180-77790de06a4c","block_type":"box","text":"increase.","page_number":121,"box":{"x":70,"y":317,"width":63,"height":9}},{"id":"fc2c9433-9d1f-4ad2-a0ae-4b94c498a028","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":121,"box":{"x":101,"y":339,"width":793,"height":12}},{"id":"3f2dec16-a1e8-41af-a08a-415b7dc02180","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":121,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"f5a912cf-7df4-4442-927f-e0bb2090467b","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":121,"box":{"x":69,"y":370,"width":619,"height":11}},{"id":"494e9be9-e7f4-46e5-b77a-1024d008fc25","block_type":"box","text":"Electric.","page_number":121,"box":{"x":102,"y":393,"width":54,"height":8}},{"id":"c9b4e7ff-870e-4929-93e3-fee2c1701186","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":121,"box":{"x":163,"y":392,"width":684,"height":12}},{"id":"0ab585f0-d4af-4f7a-bd15-cfd82d0a9abb","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":121,"box":{"x":68,"y":407,"width":793,"height":12}},{"id":"ccd0f87a-ea5d-43e3-ba63-9f70e218e90b","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":121,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"2813898c-1227-4446-a4fa-dcc40b38a5c2","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":121,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"46ef9c57-72b3-451e-9b58-0c5626235149","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":121,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"b13bf042-9ac4-4534-9aeb-fcf7826df0fc","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":121,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"fa8a6f3d-3fae-42c4-a9c5-052e2a8f4664","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":121,"box":{"x":68,"y":483,"width":803,"height":11}},{"id":"9f7b38dc-f5f7-458d-8127-48bea7202498","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":121,"box":{"x":70,"y":498,"width":778,"height":11}},{"id":"4cd81c67-324a-416c-8a8f-9558c22b3b0f","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":121,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"6e8e08f4-278f-4b25-8f45-b9bebdd8d8ab","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":121,"box":{"x":69,"y":528,"width":793,"height":12}},{"id":"b869dfb1-8762-44b9-a0a9-793ead7ebae2","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":121,"box":{"x":69,"y":543,"width":786,"height":12}},{"id":"767386a4-2aa2-40b2-8e68-93b0424a093a","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":121,"box":{"x":69,"y":559,"width":819,"height":11}},{"id":"da3606fa-69ee-47dc-b682-a83f9290999f","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":121,"box":{"x":69,"y":574,"width":775,"height":11}},{"id":"72cc0816-153c-445c-92cf-e620f50512ee","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":121,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"7c90aff1-d363-4422-a96b-508c02b73b61","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":121,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"d417fff3-f1ec-41af-8a1a-f94d3a49e17c","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":121,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"3154b412-2f98-4628-a700-9897653528de","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":121,"box":{"x":69,"y":634,"width":836,"height":11}},{"id":"7b59021e-fb92-427d-8846-0d185dd3ccd1","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":121,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"306ad1bb-1fd0-4b1a-9752-540f1da9b006","block_type":"box","text":"and for decommissioning such plants.","page_number":121,"box":{"x":69,"y":664,"width":270,"height":12}},{"id":"8b1ccc68-7c93-4b0b-a8a7-f9afa2021c51","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":121,"box":{"x":101,"y":687,"width":776,"height":11}},{"id":"07afe857-5904-4713-be0e-23f3ac8579a2","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":121,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"b48da304-da1f-4082-90bf-58124158c449","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":121,"box":{"x":69,"y":717,"width":791,"height":12}},{"id":"13ef5e6a-b0ba-4a76-a004-b9c34dadea83","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":121,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"5d7f5a2c-4acf-4fb1-a2bb-476b7215b6ef","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":121,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"d8654032-c97d-484c-9029-d235d0109c55","block_type":"box","text":"greater predictability of cash flow.","page_number":121,"box":{"x":68,"y":763,"width":239,"height":11}},{"id":"70ebdb25-7033-46fe-ac2c-a40d682c2473","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":121,"box":{"x":101,"y":785,"width":801,"height":12}},{"id":"09dbb38b-81a9-4ba2-bc1b-226a7e4743ec","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":121,"box":{"x":68,"y":801,"width":821,"height":11}},{"id":"bb298e0c-01d6-44bb-a41e-c3a7d5f732c3","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":121,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"edd8e897-79c2-4672-8c5a-acccb49aea5e","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":121,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"77bae856-fb60-469f-bacd-6fa42eac3b3b","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":121,"box":{"x":68,"y":846,"width":803,"height":11}},{"id":"30bb27cd-0a0c-4018-bb5a-2547ea737334","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":121,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"905f6225-7845-4233-8655-3494655f238d","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":121,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"6881dca7-a2e6-41ed-8e6f-d4c957220b55","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":121,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"f960e36d-bff8-472f-b7d9-27ffb7d24f6a","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":121,"box":{"x":69,"y":906,"width":700,"height":12}},{"id":"7a38404f-300d-4b2d-8e9b-5fd109f5a0ce","block_type":"box","text":"II-78","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d342457-41f1-4628-9f5d-78b1a93e3911","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac2825cd-2068-41a6-a1ef-97e4269f35bf","block_type":"box","text":"Telecommunications.","page_number":122,"box":{"x":103,"y":45,"width":147,"height":9}},{"id":"59d4742e-1287-4db2-88d8-93f264b8e7db","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":122,"box":{"x":256,"y":45,"width":652,"height":11}},{"id":"11c43245-619b-4c34-8685-f917d1c8626e","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":122,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"07a5b720-992c-440f-9b3e-bf48b71bb9fa","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":122,"box":{"x":70,"y":75,"width":782,"height":11}},{"id":"bb15ba97-c308-4d82-87db-531d97e947d1","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":122,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"c8c3bd35-3b2b-4f7a-b568-a17b2b8e4159","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":122,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"7ca0c736-9404-4932-be88-20f8601cb064","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":122,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"9851244c-cc12-4daf-9981-a15d14eeecac","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":122,"box":{"x":69,"y":135,"width":790,"height":12}},{"id":"5def655e-ade5-410f-a680-29930478887c","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":122,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"bf6718d1-ccc8-4b29-a3aa-6e156b0fa0d0","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":122,"box":{"x":68,"y":166,"width":825,"height":11}},{"id":"2e6e87bc-9571-41c6-9b33-787c0f79f49d","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":122,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"a10b38e7-f3a8-4035-bf6b-69cafdb0ccd5","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":122,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"0ff85a94-1fd0-4671-9629-4ce1fcaa32b1","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":122,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"f62019a3-994f-4746-80e1-711fc31bae3a","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":122,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"6ad9e23f-7355-4c46-a842-c66efec82f8b","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":122,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"e2ec801a-8eb2-4621-b9e8-1bf29fcb96dc","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":122,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"0a183ed0-cd10-4f62-b177-5197e62ad8fe","block_type":"box","text":"residential, corporate and governmental customers.","page_number":122,"box":{"x":69,"y":272,"width":367,"height":11}},{"id":"87aabfc8-959f-4d43-810c-9502820b81ce","block_type":"box","text":"Gas.","page_number":122,"box":{"x":102,"y":294,"width":31,"height":9}},{"id":"c3680479-ac01-427e-a1a1-5083162d0da2","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":122,"box":{"x":139,"y":294,"width":740,"height":11}},{"id":"10483159-d273-457b-802f-342e17a19cab","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":122,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"43b8ad8d-044b-4f80-8435-096890640dd7","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":122,"box":{"x":70,"y":324,"width":756,"height":12}},{"id":"d13b4a7e-6414-47b3-9ede-1c8da45a9056","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":122,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"aaf7d3bf-b309-4087-833f-cd57480c943f","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":122,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"91a1507c-5d72-4f62-aad6-b5f072fd2fd5","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":122,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"49ac527d-41b6-40b9-9936-71df6acdc252","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":122,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"719ddd47-2376-4ac5-94f7-e8f89defacf2","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":122,"box":{"x":70,"y":400,"width":829,"height":11}},{"id":"147bc134-e565-4a5a-88ed-1567713623e1","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":122,"box":{"x":70,"y":415,"width":691,"height":11}},{"id":"70693253-6af8-4ab7-b2cb-89c5933b9b85","block_type":"box","text":"Water.","page_number":122,"box":{"x":103,"y":438,"width":42,"height":9}},{"id":"f71cd602-2d08-4ce6-a794-119743b80684","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":122,"box":{"x":151,"y":438,"width":754,"height":11}},{"id":"a6f0b1ea-45ae-46a5-86a7-3428272f55b3","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":122,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"a5e9eee5-2139-4e91-a22e-8303d57bf14e","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":122,"box":{"x":69,"y":468,"width":806,"height":11}},{"id":"d24984c7-61b9-4c99-a4a5-0561daaaafad","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":122,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"6072733b-b48e-4ca3-831b-90dd54451b68","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":122,"box":{"x":69,"y":498,"width":808,"height":11}},{"id":"05e345f0-9db5-4b24-8b3a-be827ab77be0","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":122,"box":{"x":69,"y":513,"width":832,"height":12}},{"id":"2c89657e-6543-47a7-8d50-11305a6292af","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":122,"box":{"x":69,"y":528,"width":662,"height":12}},{"id":"696ae1b1-3231-4cca-bf41-836abb1da0d0","block_type":"box","text":"Utility Industries Generally.","page_number":122,"box":{"x":103,"y":551,"width":186,"height":11}},{"id":"c76779ad-c8d7-4b58-b42f-773f955dc1dc","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":122,"box":{"x":296,"y":551,"width":584,"height":11}},{"id":"5af24db5-c316-4583-b066-99e5225bf2f2","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":122,"box":{"x":68,"y":566,"width":837,"height":11}},{"id":"83142632-605e-4d73-8aa6-c33d8fa93520","block_type":"box","text":"not develop in the future.","page_number":122,"box":{"x":69,"y":581,"width":178,"height":11}},{"id":"c3260938-29a4-40e9-95a5-304ac5d44acf","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":122,"box":{"x":103,"y":604,"width":585,"height":11}},{"id":"7814bd95-fdd1-4f1e-a088-37b7f14d21ca","block_type":"box","text":"A Fund may purchase or sell","page_number":122,"box":{"x":694,"y":604,"width":200,"height":11}},{"id":"ddb09eb6-b6be-46a3-b13c-8d879fadcbe6","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":122,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"494ee5c9-6bb4-4f65-8da9-08c8598a28db","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":122,"box":{"x":69,"y":634,"width":777,"height":12}},{"id":"779198c9-d44b-49ca-95af-f61072c0aab5","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":122,"box":{"x":68,"y":649,"width":820,"height":12}},{"id":"a17e1ae4-99d7-408c-ada9-5d75ee27742d","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":122,"box":{"x":68,"y":664,"width":807,"height":12}},{"id":"d1f626c8-9565-4db3-8b43-b62d67c8680c","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":122,"box":{"x":70,"y":680,"width":430,"height":11}},{"id":"0df3cc59-e460-416b-9a97-b23f8ecd7c2f","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":122,"box":{"x":102,"y":702,"width":750,"height":11}},{"id":"d8c65776-6df4-48fe-bb72-e2ca56847fc2","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":122,"box":{"x":70,"y":717,"width":823,"height":12}},{"id":"5a741adf-c928-4e23-92d8-9542d18ea485","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":122,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"dfa38b09-ae03-41d8-bf04-26b4dfdbe8bb","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":122,"box":{"x":70,"y":748,"width":755,"height":11}},{"id":"00d95f05-9037-4dfa-adcb-61cc2e54d5f5","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":122,"box":{"x":69,"y":763,"width":799,"height":11}},{"id":"4a5dffb3-60ff-4ce0-aa34-bedf7558676d","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":122,"box":{"x":69,"y":778,"width":614,"height":11}},{"id":"2b3b1d0c-e68f-4cdd-9edf-e89c93ff59f4","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":122,"box":{"x":101,"y":801,"width":780,"height":11}},{"id":"ad2ae495-d017-4eb3-9ce2-e0726a21f394","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":122,"box":{"x":70,"y":816,"width":823,"height":11}},{"id":"eaa1b233-1fb9-43f1-9f78-9fa875252b25","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":122,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"8c460c82-acf8-41b3-8a6c-5efbfc7d56e6","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":122,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"a5f6db6c-270f-4763-9492-60b7c29b345f","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":122,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"4f28c82d-92ba-49ad-9de3-757f862485c2","block_type":"box","text":"II-79","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1fb20e4-52e4-44d2-a61b-f89d363a4d14","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"24962fcd-fb82-4efa-b3d9-7b91d36f69f5","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":123,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"f54764ae-fb09-4ccf-9002-73cc948e3b00","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":123,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"4d940b0e-dc7a-441c-bfa4-b5576b4f121c","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":123,"box":{"x":69,"y":75,"width":799,"height":11}},{"id":"ec4e3889-9173-4ee7-a2f9-a1056bc19e44","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":123,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"36f61830-f256-448d-816e-91d2e07e7156","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":123,"box":{"x":69,"y":113,"width":772,"height":11}},{"id":"05aa3c49-b9f9-403d-b3dc-80bf42f959f0","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":123,"box":{"x":69,"y":128,"width":434,"height":11}},{"id":"0073ca74-f254-4e7f-ad53-d15bb360f521","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":123,"box":{"x":101,"y":150,"width":745,"height":12}},{"id":"196d4ece-e574-437a-a153-2bb96995db3d","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":123,"box":{"x":68,"y":166,"width":831,"height":11}},{"id":"75d6b80c-931e-4f15-95e2-bf324a10eb43","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":123,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"5b05be1e-b620-4d9e-998e-6071736a8404","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":123,"box":{"x":68,"y":196,"width":514,"height":11}},{"id":"6e255b2e-18ef-49f9-8e66-3e497de187ed","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":123,"box":{"x":102,"y":218,"width":759,"height":12}},{"id":"5467400d-702b-42ee-a3c3-9f5083e9cc46","block_type":"box","text":"securities (","page_number":123,"box":{"x":69,"y":234,"width":78,"height":11}},{"id":"168341dd-c548-4d54-ad8d-2ce6140143d3","block_type":"box","text":"e.g.","page_number":123,"box":{"x":148,"y":235,"width":25,"height":10}},{"id":"c4941c23-1f79-4f32-baa6-a3ff6b623920","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":123,"box":{"x":176,"y":234,"width":686,"height":11}},{"id":"6209276a-e17f-4961-8569-44e9a7240020","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":123,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"ead2abc3-e81d-48f6-95ed-cfafc936f7c7","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":123,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"250cbecd-9871-4d29-80ce-cf5f7f808718","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":123,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"8eaadef3-f2e8-4c24-9773-ab7f184a9691","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":123,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"c693de8a-9e32-4c40-b140-2fd496d4b574","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":123,"box":{"x":70,"y":309,"width":816,"height":11}},{"id":"83001c43-640e-4061-9e6c-ced10ae6c624","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":123,"box":{"x":70,"y":324,"width":349,"height":11}},{"id":"a54f0692-6b79-4d39-82bb-3a0de16eedcb","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":123,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"b65813ab-41d6-47ad-ba75-d22b717681a1","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":123,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"887383ce-9731-404a-8813-f271f6e5acc7","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":123,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"cb0ad876-3d52-4d70-8de3-7323d8da4b23","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":123,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"36a473ca-5c97-4ac2-b764-d0cc5df98f3d","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":123,"box":{"x":69,"y":407,"width":836,"height":12}},{"id":"5c9ce466-2126-494f-be8d-bc3c1bdab2f2","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":123,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"f06d1d38-c06d-4ceb-aa47-c887bd07c0bd","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":123,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"2eed2b23-f4fa-4645-b83e-42119b184e86","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":123,"box":{"x":68,"y":453,"width":573,"height":11}},{"id":"751bd96d-f494-40a3-bcba-0370a1c17639","block_type":"box","text":"Yields and Ratings.","page_number":123,"box":{"x":103,"y":476,"width":139,"height":11}},{"id":"e4a51386-8d3f-4c9d-81a6-6835ba9b7c0d","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":123,"box":{"x":247,"y":475,"width":628,"height":12}},{"id":"4034dcfc-5795-4603-b5d9-d1d9e4d023ae","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":123,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"04c22c7f-0d40-4eca-b0fd-16fa5418ccc9","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":123,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"253ef542-e201-4bb4-8396-3c143068c78a","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":123,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"fb1be172-945e-41f2-8152-6d37836619a4","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":123,"box":{"x":68,"y":536,"width":792,"height":11}},{"id":"063520b9-7cc6-4880-933e-b3b0121df90a","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":123,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"b5475236-631e-48e6-9f6e-6058cb59d930","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":123,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"cd8dc58d-10a5-4a45-af8f-ae99b166a333","block_type":"box","text":"continue to hold the security.","page_number":123,"box":{"x":69,"y":582,"width":204,"height":10}},{"id":"b62d3740-7bcd-4fa8-8ed6-9dcabfbfd8fe","block_type":"box","text":"Zero Coupon Securities.","page_number":123,"box":{"x":102,"y":604,"width":175,"height":11}},{"id":"0ccac2ca-490e-423d-a7c7-7b464ba817d0","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":123,"box":{"x":283,"y":604,"width":601,"height":11}},{"id":"4a75fd05-df53-4868-b2c0-9028e54a698c","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":123,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"c8acd5f8-10d5-4d27-ac3b-56d53be6a6b8","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":123,"box":{"x":69,"y":634,"width":822,"height":12}},{"id":"3bf07b91-eda9-4c47-8e6f-cfea8e8fc316","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":123,"box":{"x":68,"y":649,"width":814,"height":12}},{"id":"1296106a-26cd-4dbf-b3a9-2f0c49ea15a0","block_type":"box","text":"security.","page_number":123,"box":{"x":69,"y":665,"width":57,"height":11}},{"id":"5f655cbf-b49b-4ab8-8a6b-c4f3be22fba6","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":123,"box":{"x":101,"y":687,"width":749,"height":11}},{"id":"c80e76e4-190a-4455-9e5d-f3d4935f3ba3","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":123,"box":{"x":69,"y":702,"width":835,"height":12}},{"id":"5cc48939-8f06-40e5-8ed7-589f722f2c60","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":123,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"5aa827dc-74b9-4919-a842-0d28c6740a3c","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":123,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"fc6f92c9-49b2-4c26-8344-3b537f4d00b0","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":123,"box":{"x":69,"y":748,"width":804,"height":11}},{"id":"bf1123ce-15b1-4801-8da7-9b98e9579032","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":123,"box":{"x":68,"y":763,"width":824,"height":11}},{"id":"2a9f5b43-f1f0-4d42-9e36-4bc5da90b0f5","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":123,"box":{"x":68,"y":778,"width":805,"height":11}},{"id":"01ef1d10-aeae-40a1-97f0-9ad3f7238820","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":123,"box":{"x":70,"y":793,"width":837,"height":11}},{"id":"d3b806ad-4a7c-4cbf-bcdc-61c498a6d4ea","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":123,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"12a48ca7-e2ee-4434-91ed-aa095a34abb2","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":123,"box":{"x":69,"y":823,"width":800,"height":12}},{"id":"c2aa423d-8269-40a5-84da-a6ef82214718","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":123,"box":{"x":69,"y":838,"width":400,"height":12}},{"id":"d60d6f8e-7531-4db3-b5c1-b139c1973555","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":123,"box":{"x":101,"y":861,"width":775,"height":11}},{"id":"6ba47cf0-23a8-4292-aa10-3b374b808188","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":123,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"abb97ad1-32be-442a-9dbc-3f215fb03e64","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":123,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"bbc123ef-bcb2-42c9-b505-51748a1e6ea5","block_type":"box","text":"intervals.","page_number":123,"box":{"x":70,"y":907,"width":64,"height":8}},{"id":"aaf75674-a384-4858-a303-42f74dc2e02d","block_type":"box","text":"II-80","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8355ad20-b889-4eb4-8ffe-581cc86ee1ac","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e69c63c-0906-4098-9251-468035fd7863","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":124,"box":{"x":102,"y":45,"width":749,"height":11}},{"id":"042f3f70-8880-41bf-898a-2737c2fecb8a","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":124,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"ed6c0b74-f0d9-4d29-bd94-9ed2bafc5b99","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":124,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"b11f02c8-5b14-470a-94f4-4ca524c23a03","block_type":"box","text":"generate the cash to satisfy these distributions. The required distributions may result in an increase in a Fund’s","page_number":124,"box":{"x":68,"y":90,"width":799,"height":11}},{"id":"351985d9-7b64-4a4d-8a10-368757b9b6e6","block_type":"box","text":"exposure to zero coupon securities.","page_number":124,"box":{"x":69,"y":105,"width":253,"height":11}},{"id":"f12c0567-65c6-4e04-b343-4124a97f67eb","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":124,"box":{"x":102,"y":128,"width":740,"height":11}},{"id":"bfb53553-c5a3-42fd-afab-08aada8ab424","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":124,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"54b19291-6244-41de-9c60-f85fa7df24f7","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":124,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"d8560330-7c84-4021-8adc-c2159ee07050","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":124,"box":{"x":69,"y":173,"width":741,"height":11}},{"id":"dd1dccd3-1a66-4c51-adc9-d9064efaa2e7","block_type":"box","text":"Suitability. (All Funds)","page_number":124,"box":{"x":101,"y":196,"width":161,"height":11}},{"id":"68649d1f-9fad-4963-a4ae-5fd1c93864f4","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":124,"box":{"x":101,"y":218,"width":793,"height":12}},{"id":"2e993b05-929e-4ed2-9ab0-c71e670ab729","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":124,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"914a5ab9-674d-484a-bf4b-e3464132a4df","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":124,"box":{"x":70,"y":249,"width":810,"height":11}},{"id":"d0240803-fd49-4b5f-ba9a-fb5e2587f0e7","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":124,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"0b833633-e6ba-4bfa-bc77-0cacf18f20a3","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":124,"box":{"x":68,"y":279,"width":460,"height":11}},{"id":"86593a78-af8d-4ee5-8f59-6fd610324092","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":124,"box":{"x":102,"y":302,"width":264,"height":11}},{"id":"687b6a34-2ee5-43b4-9f65-0677229ef07e","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":124,"box":{"x":102,"y":324,"width":745,"height":11}},{"id":"7fac4915-8a99-413d-b287-137be93967ab","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":124,"box":{"x":68,"y":339,"width":807,"height":12}},{"id":"026905db-70a8-455d-be68-6e3e0c43bc1f","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":124,"box":{"x":69,"y":355,"width":528,"height":11}},{"id":"a0e09edd-0342-47f6-9dfb-dfb0f22b5bf4","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":124,"box":{"x":102,"y":377,"width":735,"height":12}},{"id":"61de0fa7-d21e-4c15-b688-8a59c953a517","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":124,"box":{"x":69,"y":392,"width":775,"height":12}},{"id":"375ae2a8-fe74-4295-acc2-aaecaf653ff8","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":124,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"ae315ea7-8adf-445d-bbd7-bbc17d4522ff","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":124,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"cf861327-2a77-4564-8d18-e9645b3d1fca","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":124,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"110e56d7-4230-4173-a809-e3a5ec5ec9a0","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":124,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"10f4c58c-577a-481a-b1d1-b23de47a6a6a","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":124,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"4ef5c8e9-ba11-42fd-90cf-b1816b3d728f","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":124,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"cc031479-274d-4903-af9d-7a24606b1e55","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":124,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"0c33be64-3ba3-487e-8854-c0e1a9135a9d","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":124,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"1493c69b-c0f0-40aa-aedb-b29213c0e72a","block_type":"box","text":"(","page_number":124,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"93427fe4-2331-4017-9e46-1db0dfb1c977","block_type":"box","text":"i.e.","page_number":124,"box":{"x":74,"y":529,"width":21,"height":8}},{"id":"d9dfbc6a-1410-4591-87a7-1e3f8db3d05a","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":124,"box":{"x":97,"y":529,"width":806,"height":11}},{"id":"4689c55e-f7c3-4430-ad60-9ee4417f6c18","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":124,"box":{"x":70,"y":543,"width":824,"height":12}},{"id":"14dcda92-c06e-49f6-aa2b-e087ffd10bc8","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":124,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"50fc9e56-180b-45c9-9954-aec5c82209dc","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":124,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"ceee2ca4-77a7-4cf2-9995-ddbc350d4192","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":124,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"61a25fc3-1d8d-4953-9a06-a0565946b6b7","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":124,"box":{"x":69,"y":604,"width":781,"height":11}},{"id":"162c80c5-e530-4119-a01c-b848b4a6d274","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":124,"box":{"x":68,"y":619,"width":810,"height":11}},{"id":"7f16b6ec-eecc-41aa-aac3-444401ca431e","block_type":"box","text":"regarded as the sole issuer.","page_number":124,"box":{"x":69,"y":634,"width":198,"height":12}},{"id":"89f0d4e2-ae98-404c-b36c-c6c9c84b281f","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":124,"box":{"x":102,"y":657,"width":784,"height":11}},{"id":"ac32ebb4-ee5a-4f99-aa08-2a5ba3849fee","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":124,"box":{"x":69,"y":672,"width":819,"height":11}},{"id":"522650e5-5e14-41fb-ab01-59d846265ac6","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":124,"box":{"x":69,"y":687,"width":811,"height":11}},{"id":"34c78386-6dcf-419f-8b9b-dd35dc0b606e","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":124,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"64e24f88-a673-4708-916d-69d81357b560","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":124,"box":{"x":70,"y":717,"width":834,"height":12}},{"id":"58f1e06f-08c1-437d-9525-59ec30a48880","block_type":"box","text":"75% of its total assets.","page_number":124,"box":{"x":69,"y":732,"width":165,"height":10}},{"id":"669c4d8f-7074-489b-9351-7afdf312cbdb","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":124,"box":{"x":268,"y":762,"width":442,"height":10}},{"id":"a4d5af35-ddd8-4e06-b0c8-bf51f444ff76","block_type":"box","text":"Directors and Officers","page_number":124,"box":{"x":69,"y":792,"width":159,"height":9}},{"id":"14100215-ad87-4dc0-9df9-7f2e68ce6f40","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":124,"box":{"x":102,"y":815,"width":733,"height":11}},{"id":"57c879bf-9762-40f7-aae8-62714921c25d","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":124,"box":{"x":69,"y":830,"width":783,"height":11}},{"id":"e954cb59-98e6-46c6-a302-c17c3543a152","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":124,"box":{"x":69,"y":845,"width":795,"height":12}},{"id":"98cdbf16-6b15-44c9-9b65-6e0f1413f018","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":124,"box":{"x":69,"y":860,"width":789,"height":12}},{"id":"4b844f85-7b31-47d3-8847-bd13d13de0d2","block_type":"box","text":"II-81","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"699bad5d-d4a9-4e1b-b035-6dddad8c898a","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56dead01-860f-4691-9228-e1a31f8c2fcc","block_type":"box","text":"Management Arrangements","page_number":125,"box":{"x":69,"y":45,"width":202,"height":11}},{"id":"e771d2d3-fafe-4a78-8857-48914a2a9247","block_type":"box","text":"Management Services.","page_number":125,"box":{"x":102,"y":67,"width":162,"height":12}},{"id":"b18a4867-3f06-4979-89a0-d06f3af48519","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":125,"box":{"x":270,"y":68,"width":615,"height":11}},{"id":"2e8ca269-a96f-456d-abd8-ba31a533b243","block_type":"box","text":"Subject to the oversight of the Board of Directors, the Manager is responsible for the actual management of a Fund’s","page_number":125,"box":{"x":69,"y":82,"width":836,"height":12}},{"id":"379ef843-aa0a-4672-9e04-ee0bb397919a","block_type":"box","text":"por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":125,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"d8ba19bd-0e04-423c-9978-7c617a8233d7","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The Manager","page_number":125,"box":{"x":68,"y":113,"width":832,"height":11}},{"id":"85e396c7-94bb-4ec3-948c-81c9f42057b4","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":125,"box":{"x":70,"y":128,"width":801,"height":11}},{"id":"ec92fdd6-078a-4f01-a63a-623401de27ec","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":125,"box":{"x":69,"y":143,"width":370,"height":11}},{"id":"32fe7c53-7b63-4cfd-b9b0-41d6f5c7c3f6","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. To the extent a Feeder","page_number":125,"box":{"x":102,"y":166,"width":778,"height":11}},{"id":"d6423d1a-461e-4ca6-8325-78d95c896099","block_type":"box","text":"Fund invests all of its assets in a Master Por tfolio, it does not invest directly in por tfolio securities and does not","page_number":125,"box":{"x":70,"y":181,"width":800,"height":11}},{"id":"8915e0bf-1fc6-49ba-89a9-936905449628","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":125,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"09af4170-02f1-4938-90f5-32a936c24d0d","block_type":"box","text":"Management Fee.","page_number":125,"box":{"x":102,"y":219,"width":126,"height":11}},{"id":"64ae847d-3a0e-4ed9-9a04-241a7aeef3e2","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":125,"box":{"x":235,"y":219,"width":646,"height":11}},{"id":"19577fe8-a8e4-46d4-8b47-8c138f7329cf","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":125,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"d062a6ad-04cf-4671-a63b-d563bfc825b8","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":125,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"870b2502-5715-4649-a62a-d28ae88e761f","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":125,"box":{"x":68,"y":264,"width":746,"height":11}},{"id":"96ff0e48-e1cf-4063-b70a-07698fac0f4c","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":125,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"b73a5bff-b5ce-49d0-a675-d7c58a7170c8","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":125,"box":{"x":102,"y":302,"width":774,"height":11}},{"id":"83976eb7-a0dc-4898-a229-4eab6454d2ea","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":125,"box":{"x":69,"y":317,"width":826,"height":11}},{"id":"fc7d24ac-35eb-4594-8b0f-2770b0ec1159","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":125,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"9a4ec2d2-7bb5-4b09-8929-29bd3b5602ea","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":125,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"77796c7d-1a28-4618-a68f-a2b9dcf7ac4a","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":125,"box":{"x":70,"y":362,"width":830,"height":11}},{"id":"fe4c7877-dc38-40c9-8802-1c979dc5eea2","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":125,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"71c80cf9-9c8c-40c6-b541-e4db6d0a06af","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":125,"box":{"x":70,"y":392,"width":809,"height":12}},{"id":"d248df19-5c01-4bcb-8009-42b0a2ced572","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":125,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"2ddb9f33-2b2d-4daa-9cf9-f2a30506662d","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":125,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"08899a0c-13c9-4e8e-99e9-8878d0cd288c","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":125,"box":{"x":70,"y":438,"width":784,"height":11}},{"id":"5054da40-5207-4695-889e-2dddd8f5b4cd","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":125,"box":{"x":69,"y":453,"width":767,"height":11}},{"id":"f563c901-830a-4266-9659-eca94dd0c761","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":125,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"cc43d690-55b3-44e5-ac81-dd1824132416","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":125,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"a5f8df78-6a8f-45fa-af42-cfe178eaff64","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":125,"box":{"x":69,"y":498,"width":794,"height":11}},{"id":"f9662156-fad2-411a-a1b6-c82e1c8fa1ed","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides cer tain","page_number":125,"box":{"x":69,"y":513,"width":786,"height":12}},{"id":"0379652c-913b-445a-b4d7-108d8a4f5532","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":125,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"16cf702e-f121-4735-9517-39ae0414591c","block_type":"box","text":"cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain","page_number":125,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"fdf0098e-7034-40bc-b070-8adbd9a6eca1","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":125,"box":{"x":69,"y":559,"width":767,"height":11}},{"id":"7e703b1a-9ec8-4835-8944-2e7dfffd3b9a","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":125,"box":{"x":70,"y":574,"width":743,"height":11}},{"id":"304717f8-2bda-4460-8c2c-c67cc3df11e6","block_type":"box","text":"Sub-Advisory Fee.","page_number":125,"box":{"x":102,"y":597,"width":124,"height":11}},{"id":"7b308666-87f6-4aca-a729-819ce1a8a77f","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":125,"box":{"x":232,"y":596,"width":643,"height":12}},{"id":"aa15eb18-5819-444a-a302-e16646d87764","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":125,"box":{"x":70,"y":612,"width":839,"height":11}},{"id":"3035ce5b-d9fa-4945-af44-ff52b9adcb3b","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":125,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"55e6f9ee-9ab7-4017-a523-9c93509c36a2","block_type":"box","text":"Organization of the Manager.","page_number":125,"box":{"x":102,"y":649,"width":204,"height":12}},{"id":"73a5d40e-2078-4580-b124-e620efe6d921","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":125,"box":{"x":313,"y":649,"width":560,"height":12}},{"id":"80df42f0-631d-45ea-a874-c6a657447488","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":125,"box":{"x":70,"y":664,"width":819,"height":12}},{"id":"9c9b936d-ccbc-4524-808f-96acb7d0c469","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":125,"box":{"x":70,"y":680,"width":817,"height":11}},{"id":"afea17bc-4620-42f8-a106-231782f65195","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":125,"box":{"x":69,"y":695,"width":768,"height":11}},{"id":"c3886e93-206a-42d4-b0ab-13aca626f8d2","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":125,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"5cabccac-9223-4431-84c2-44bf1a1ae2b8","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":125,"box":{"x":69,"y":725,"width":517,"height":11}},{"id":"e05e606b-bca7-4e66-9855-c450cd9d8ad4","block_type":"box","text":"Duration and Termination.","page_number":125,"box":{"x":102,"y":748,"width":182,"height":9}},{"id":"3934746e-5c1d-4cea-989a-5e91f848e27b","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":125,"box":{"x":292,"y":748,"width":613,"height":11}},{"id":"b8394a7b-c1c3-438b-993c-0d0d90b5956d","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":125,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"06662480-e749-4069-a3e1-cc65a0c0e5e5","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":125,"box":{"x":69,"y":778,"width":803,"height":11}},{"id":"75d0c35f-f06d-4009-8072-bf5839fe26eb","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":125,"box":{"x":69,"y":793,"width":839,"height":11}},{"id":"24af180c-3144-42b0-9ab5-0ba3f5fbb6b5","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":125,"box":{"x":70,"y":808,"width":778,"height":11}},{"id":"5b0918ad-9438-4ab3-9aaf-13698e2852b6","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":125,"box":{"x":69,"y":823,"width":832,"height":12}},{"id":"6ba8d314-253a-4fac-aa72-964cd339c308","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":125,"box":{"x":69,"y":838,"width":388,"height":11}},{"id":"d89a5e31-c8da-4d7d-9459-49212abddc77","block_type":"box","text":"II-82","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"474f795c-4d32-4aba-801f-85cae1ed324b","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e721cd9-c038-4c3f-bea6-512264593a9d","block_type":"box","text":"Other Service Arrangements","page_number":126,"box":{"x":69,"y":45,"width":205,"height":11}},{"id":"5d3e6005-d0e5-4729-a232-474bb7f4016c","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":126,"box":{"x":101,"y":67,"width":338,"height":9}},{"id":"64d8d82a-6334-47b9-a76c-c04c0db9189b","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":126,"box":{"x":446,"y":67,"width":439,"height":12}},{"id":"3e10021b-4d25-4892-b40f-8f2eada5b34c","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":126,"box":{"x":69,"y":82,"width":818,"height":12}},{"id":"5469dc61-bb39-4637-a0ba-14393fdebb12","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":126,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"16a8405d-cd46-44bf-a5be-1e570da10a7a","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":126,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"9a2c9202-3251-402b-89ce-3d899a5486a0","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":126,"box":{"x":68,"y":128,"width":738,"height":11}},{"id":"3545180f-7fa2-4811-969c-b026d87320f2","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":126,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"f852f895-41f9-48a8-b2de-958af5b381d7","block_type":"box","text":"that Fund’s SAI.","page_number":126,"box":{"x":68,"y":158,"width":113,"height":9}},{"id":"a3a251bd-cb9b-4501-a8e0-ff07c9d3cd89","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":126,"box":{"x":102,"y":181,"width":755,"height":11}},{"id":"661939d9-2cd4-4a46-a697-cbb6e0c86c52","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":126,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"7757da7c-bec2-4571-bbb5-f1ebcf231922","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":126,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"aaf1d991-c7e0-4855-a965-abe3c7cf9576","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":126,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"c97f6f28-e29a-433e-9e62-882e38245f64","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":126,"box":{"x":70,"y":241,"width":362,"height":11}},{"id":"a21abc80-3101-45c9-b853-3005674f133b","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":126,"box":{"x":102,"y":264,"width":390,"height":11}},{"id":"a089f3f4-88a0-4a78-9e42-88f3b2eed58a","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":126,"box":{"x":499,"y":264,"width":364,"height":10}},{"id":"16beb8e5-a62f-4aca-83c6-2ce4e6142396","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":126,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"007c5a6b-346c-49a9-a135-86042e8d00a3","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":126,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"7b6e4ad7-7634-4559-a771-eded988bb080","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not par ties to such contract or","page_number":126,"box":{"x":69,"y":309,"width":800,"height":11}},{"id":"ae1ba699-0d49-4646-9688-35a7b6c0747b","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. Such contract is not assignable","page_number":126,"box":{"x":70,"y":324,"width":810,"height":12}},{"id":"9a3248fe-c098-4f60-9d8a-9d49e210ebaa","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":126,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"361c7553-3e04-452f-8451-59a8df974a88","block_type":"box","text":"shareholders of the Fund.","page_number":126,"box":{"x":69,"y":355,"width":181,"height":9}},{"id":"a5fca8da-877c-49f3-a0e7-1459f6dbc016","block_type":"box","text":"Transfer Agency Services.","page_number":126,"box":{"x":103,"y":377,"width":180,"height":12}},{"id":"c8ae4df3-7b65-4b76-bbca-7a56710e0bda","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":126,"box":{"x":291,"y":377,"width":595,"height":12}},{"id":"89a924ef-9a3c-4d38-87c1-3b0a4f3a1ccb","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":126,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"77ed0580-6c7f-48ba-839b-d77277f39b3e","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":126,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"a0fa23d4-379d-4bec-bc62-cbc2a4c0510d","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":126,"box":{"x":68,"y":423,"width":792,"height":11}},{"id":"6489269f-4a74-4c5c-a778-f7bc0bf46edc","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":126,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"9ef9a292-da64-4407-be1b-b7cf5285a146","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":126,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"827f9339-ae63-4d71-8907-1b2cd924bee5","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":126,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"1adcfd4a-cb2a-4b27-a756-1f304ce0f6eb","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":126,"box":{"x":68,"y":483,"width":813,"height":11}},{"id":"4f15706c-5add-48fc-b5b0-f600fb83deca","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":126,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"fa048dba-be15-442e-a3f4-ba8e7ce34adc","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":126,"box":{"x":69,"y":513,"width":806,"height":12}},{"id":"3a8da511-2848-430b-9ae3-4ee0ba1c4c53","block_type":"box","text":"class on a recordkeeping system.","page_number":126,"box":{"x":69,"y":529,"width":238,"height":11}},{"id":"110b53a0-bdde-45a4-bd22-aba9f12c1a0f","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":126,"box":{"x":102,"y":551,"width":338,"height":11}},{"id":"5022aaa6-2e17-40e6-a7ca-d275895b5e46","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":126,"box":{"x":446,"y":551,"width":441,"height":11}},{"id":"6f45cbab-06a8-430a-918d-335000397abf","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":126,"box":{"x":69,"y":566,"width":840,"height":11}},{"id":"e94b17a6-1ce3-47ae-85bf-b2d303adfa66","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":126,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"ba46f1b0-5d70-45b9-97dd-539fcf60ae7b","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":126,"box":{"x":69,"y":596,"width":627,"height":12}},{"id":"ca1ca476-e315-4c16-8a0d-b03267999c22","block_type":"box","text":"Custodian Services.","page_number":126,"box":{"x":102,"y":619,"width":141,"height":9}},{"id":"78618398-9a6c-4662-b155-bcd6bc207447","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":126,"box":{"x":249,"y":619,"width":654,"height":11}},{"id":"cc5a6406-05ac-4286-87e8-307d59b9df0b","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":126,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"28878b75-c14e-49db-8985-967aeaf11fbe","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":126,"box":{"x":70,"y":649,"width":814,"height":12}},{"id":"3850dd6a-515a-439b-b51f-fb0d18be4cda","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":126,"box":{"x":68,"y":664,"width":802,"height":12}},{"id":"babca4ed-bfb1-4656-af94-c35867a1c39e","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":126,"box":{"x":69,"y":680,"width":839,"height":11}},{"id":"9625ddf4-8d02-4b8f-9bcf-2416a960cf85","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":126,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"93e9b9f4-b7a9-4969-b44b-0c48f2db851e","block_type":"box","text":"cer tain assets.","page_number":126,"box":{"x":69,"y":710,"width":106,"height":9}},{"id":"f55b6725-4b38-4c88-89a0-ac969cb97e99","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":126,"box":{"x":102,"y":732,"width":716,"height":11}},{"id":"a569895f-d5e0-4d8c-b614-7a8b8efb0a0c","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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These are considerations of which investors in a Fund","page_number":132,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"efeb5f88-17a1-4c88-aa8e-6bb1f3231523","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":132,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"569bcda3-6fe5-4f79-864e-875d006ca80b","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":132,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"be6c31f9-1dd0-4bc2-a466-4658efa53d7e","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":132,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"88cb9142-1dbb-44fa-afa4-7b297982fa82","block_type":"box","text":"or sold by a Fund.","page_number":132,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"70c24048-1c4c-4219-a46d-d68a04d5fdf2","block_type":"box","text":"II-89","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1a137238-9624-4a72-b3d6-1abed35f1b19","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1a943dd0-acff-40f7-8052-e1b0b4e16b9a","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":133,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"41d51b27-f4b8-4f87-806b-ec6c79e76dd7","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":133,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"b932c80c-9581-4b07-896c-3b93ee126374","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":133,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"7c585ad6-95c1-49b8-ab1b-d3d1f579f951","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":133,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"2699a191-7527-4a4c-bac3-b2d7729986ea","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":133,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"add3a109-2520-4ea1-bf68-1923f4fed48a","block_type":"box","text":"services provided by BlackRock","page_number":133,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"8f0da953-ca1c-42df-99a4-84b86f8bfda2","block_type":"box","text":".","page_number":133,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"b9952a06-da2a-4353-88ab-4a92ce3030f4","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":133,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"7486be40-50d6-4acf-ad86-980f97cd9a83","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":133,"box":{"x":70,"y":135,"width":791,"height":11}},{"id":"c3e99b01-08e4-46f2-b424-37571911b7bc","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":133,"box":{"x":70,"y":151,"width":835,"height":11}},{"id":"0c8d8ccf-9e0b-4e0e-8b20-2dd89256f597","block_type":"box","text":"a Fund invests.","page_number":133,"box":{"x":69,"y":166,"width":106,"height":9}},{"id":"10b7fa4d-bfef-4e03-8320-772aff50aff6","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":133,"box":{"x":102,"y":188,"width":785,"height":11}},{"id":"66482697-e34a-40d4-8208-fdc15f6400de","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s per formance. Such transactions, par ticularly in","page_number":133,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"ecd5aeb4-abeb-47a2-a2b9-550def90a7d7","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":133,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"87b972a5-529c-49f5-bdb1-d120687bc302","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":133,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"6de35be5-52f0-46dc-b626-26ec87c98e9c","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":133,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"ca6dc7f3-5b4b-4cad-8731-ebd15bb3bf08","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":133,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"80104037-bd53-4e1d-a92f-2c9df8941cd1","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":133,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"9ffd0400-07f9-4e11-b1ca-b873df18a2c4","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":133,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"dfbdc4e2-e345-4e08-93a6-9f93ec159da6","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":133,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"55937015-5694-4347-bf73-e5da1beac8cb","block_type":"box","text":"based on the information received.","page_number":133,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"5c5582c0-6a1a-4736-8966-597a3f39f138","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":133,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"69199798-9257-40fa-8e60-0523434f4634","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":133,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"7bf8cb6d-34ab-424d-95c5-9ec47276b7c0","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":133,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"724df56a-0e2b-4347-95f5-bb26ba885815","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":133,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"e21f902c-0b51-44b0-85ad-20b0de51bbe2","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":133,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"42038463-7708-47fe-926a-e7bbfd525118","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":133,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"f9bb00c9-3a1f-4438-83d5-6314d8edbade","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":133,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"3095a98e-94f5-4eac-bfde-c2a6b0c57534","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":133,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"ecb48f20-9344-4afa-a6c5-96ff73b52657","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":133,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"cc43610c-e3dc-4928-851c-e48685c6469e","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":133,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"1cfd7127-deaa-4ece-8fc7-0a26659d6ef0","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":133,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"755a4e76-90ed-45ab-bbf0-ce38a9368ff6","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":133,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"8d4496d6-7511-40c1-a9b5-20713d2ab710","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":133,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"f2f5d4c6-09e3-44b4-b1b4-2e53f1b2bce0","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":133,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"28c18b20-1104-4098-9141-d3c80d781a3e","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":133,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"4866f9fa-9324-47c5-8126-b09487f786ae","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":133,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"7b76ffb4-6099-4530-8afd-a342eb10bcbf","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":133,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"f192fad8-1faa-4570-9324-184f12b309a1","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":133,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"a13fdf4b-45d4-4351-92dc-58a49bae7a4b","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":133,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"8840ce13-1011-4355-929b-daedd179a90c","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":133,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"4672f28d-ce34-420e-975e-c2ab98093bc5","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":133,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"b2983c0e-792c-4c82-8012-10f1fa4fb0d2","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":133,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"4267b6a8-1295-4d63-b7aa-8373bd122213","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":133,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"c87cbe6c-a5df-4ffe-92e3-8bdad858f466","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":133,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"406aa9d7-4478-49d2-8a56-a81e6a0ef7fd","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":133,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"447cdda2-7e32-46f7-955b-604bc1d88b0c","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":133,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"0330b3c9-a9ca-4f6d-8591-9e43d47009a3","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":133,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"53aeadca-d2fb-4085-aec8-0bb9144a7762","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":133,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"f038d1b5-3b90-4592-b450-0916df67d2e0","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":133,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"5d9ca024-64c2-41ce-bfa9-6658d028ac7a","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":133,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"364c4ba5-d4bb-4f18-a37a-7f9c58840a55","block_type":"box","text":"Funds.","page_number":133,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"abf6a37c-97f3-4110-a0cb-f0532225e5b2","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":133,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"ce99efd8-0e7d-4eea-8a38-e5a876c33033","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":133,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"090130dd-7176-4625-9163-e5d613182b09","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":133,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"d0332a75-c078-422d-b9cf-5c88578ea98d","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":133,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"2a77d91c-53c4-41c8-b8a7-6e5d4aa792e6","block_type":"box","text":"II-90","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"35a24f84-4c2a-4f09-aa26-e43d9714a0bb","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f6d2868f-fd15-463c-9bf5-1d256e30f76e","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":134,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"8189a199-3564-4761-bf57-7ac2103345c2","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":134,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"b5ad04ff-81ca-428e-afee-14b3c30527b6","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":134,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"5bcfac16-422a-42d9-b762-5f3b4a5a613c","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":134,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"915fef6d-9897-41b0-b467-766ad188c767","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":134,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"5383dc09-397b-4766-b274-9cb32c03c585","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":134,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"ec699c8e-d19b-4a40-aa70-d34e2f35e46d","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":134,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"3483a3ac-779b-4d31-898d-4889fa1ae4cc","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":134,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"f56c9936-caa6-4dd5-bc04-4b164dcc22c4","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":134,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"0595f911-7d43-4f48-8c0b-3c28cce1ce8d","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":134,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"69cca13e-55e7-4138-b49d-3359fd67b0df","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":134,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"243f3eb6-4c25-4028-8e1b-8358ed3c4127","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":134,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"b9b61e66-7ddc-4d5d-ba19-acacd44ece43","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":134,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"4a974b98-e2d2-4f63-816c-5410901f46ec","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":134,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"bc4e9191-644e-470b-a341-d30cb6aaca5e","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":134,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"47a70dfb-3aa4-4b77-82f9-6f03f88819c4","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":134,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"a0810476-6b63-4d9f-8071-f68f2bc61fe9","block_type":"box","text":"case.","page_number":134,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"329cd088-dfc4-4a8d-a231-19fc060d3e1d","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":134,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"0ffcbb77-5831-4e78-a2d6-ce6067a10420","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":134,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"c40eba52-957d-4bee-825f-8756171b9ae2","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":134,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"25b3c3a6-1968-4e6b-b064-840bdb332c86","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":134,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"f0308d10-90e6-4add-b920-c002f52261ff","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":134,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"22452bc5-be7a-4216-89a6-1f31f09863a3","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":134,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"f7ace710-2835-445b-8c9a-7bd5e1cd5028","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":134,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"9396233e-0b8a-4c4d-9dca-6b9672bf2592","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":134,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"7a97eee2-8f88-45e7-ac2a-725e5dead75c","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":134,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"5381de36-ce08-4744-acb2-d4719ec2b8b0","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":134,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"5ba0c797-cf17-4451-8ac2-997c37ae8396","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":134,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"022542aa-813b-452f-853b-216f15e4904e","block_type":"box","text":"when position limits have been reached. 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BlackRock will not be under any obligation, however, to effect","page_number":134,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"1554429b-01f4-4907-87d0-8a907446c08d","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":134,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"222f7555-dee8-41c4-930e-65fdaebde632","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":134,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"17caaa17-7615-4bf9-afa0-8f63d1270ae0","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":134,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"12275640-742f-4df7-965c-99e28db5f65e","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":134,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"32fa1332-e514-4229-b24b-dcae6608be87","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":134,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"73cf30e8-efcd-42f1-86c8-9820ced7629a","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":134,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"7a1069fa-6d4a-494b-9b34-2508dd575a23","block_type":"box","text":"managing a Fund.","page_number":134,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"a91ceb46-fc0b-4380-8590-3cb36d55ecbf","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":134,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"fa39cfad-90d1-4c83-830e-4248149fbe70","block_type":"box","text":"advisors. 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The net asset","page_number":134,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"7171b8fd-7372-4a51-a2dd-97a0f9e4af62","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":134,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"e709c4c7-df54-4f56-880a-f3467d4adb1f","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":134,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"a9cd53d8-eede-4899-a82f-dbe4b933ed28","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":134,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"b9b6c469-9788-43df-bc36-d9384b5ac139","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":134,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"d099b7c3-a6c0-44a7-ab1a-5f2708951e11","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":134,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"87b79bec-b9dc-4d61-8065-d837ae8463d0","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":134,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"cbcec23d-b6bd-4765-8825-e4032a0063bc","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":134,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"dbf2996a-bf68-4fb1-a646-ec40ffd9d51b","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":134,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"707968ac-cfde-40e8-8738-03d0d81cdb3b","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":134,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"8d07beb2-0ade-4839-81f8-609803a87c09","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":134,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"9306f9c5-07a3-4217-9028-adb0dc191a04","block_type":"box","text":"II-91","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5306cff9-956b-41d7-9297-64d28c470c40","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd9b16d5-429a-48b4-8d6a-24068a3918f2","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":135,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"c1068d7b-6273-4ea5-a1f6-3cc67bcdce57","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":135,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"5194d4d1-5744-4305-8274-4207ea97626b","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":135,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"170662fd-8db5-4b08-af98-752790a5665a","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":135,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"dbb0578b-1c31-4f7b-915a-fc3b0a932f36","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":135,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"6b19d5d6-c530-466b-9a74-9e145907896b","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":135,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"d177901c-d4a6-4699-a26b-198414998f17","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":135,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"f9556c82-a34b-4265-9b36-7152e20b39dd","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":135,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"c8e189f2-2400-47e9-8eb0-0818fc1198bd","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":135,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"229135f2-41b9-4318-ab6f-f1a442626c1a","block_type":"box","text":"under management for BlackRock.","page_number":135,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"dc052bf5-cdae-44d4-a3a0-7d752dd82085","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":135,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"9c1aa6d8-6bc3-4e82-960f-7619448bc9b4","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":135,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"99477ccb-18e8-4f5d-ad93-028903ee8346","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":135,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"3be61a2a-0b56-4fb8-ae19-304145a0e18e","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":135,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"7b650482-d76d-4215-b075-4ee8dcba1ec9","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":135,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"b3f87e64-4039-4068-a4cd-40ca460227af","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":135,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"faf3a5b3-c247-4cfe-99e3-b0d9eaa01aa6","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":135,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"28a0531b-2461-4fc8-b3ac-d38e960b537f","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":135,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"f3055a0e-e153-467a-b401-295419a5f440","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":135,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"a6a4a2d2-7dcc-449c-8fec-98b35ceb1802","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":135,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"130028d2-43c0-4c67-a28a-314bd4d3b105","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":135,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"c4c8ff3c-b721-4581-a95d-6abce925f031","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":135,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"9285ef73-bdeb-4ae5-8e20-f374dd53b198","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":135,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"ff9bb57f-febe-400b-ba34-f8776991277a","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":135,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"6132e598-5acc-478f-aab9-bb752ffeab2e","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":135,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"9af5ea4e-562e-48bc-9472-a907c979b48a","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":135,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"1b042a21-bc51-42f8-aa87-9d786ed835dc","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":135,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"629481fe-97bb-48bf-bdff-313c2f20c918","block_type":"box","text":"any such fees or other amounts.","page_number":135,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"57f27350-6f26-47bb-a0c6-541feb601f2c","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":135,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"ec122c75-67b4-40c5-abe5-410097b74eda","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":135,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"c31e640d-e98c-47b2-972f-c2d1ad05f7ce","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":135,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"69e19c05-8040-4936-9b04-7820a85b9228","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":135,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"2bb7cc49-2d50-4aa6-a723-f15ab97296b8","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":135,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"a774e1bb-7dfb-4193-a24d-2df32d742792","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":135,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"4509c8cf-28e7-447b-a3d0-b7ce21c4c644","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. 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As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":135,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"75d575c6-d5ea-424d-bcef-9173bbc33531","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":135,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"321a7557-1356-4b3f-8908-1d8030fff9a2","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":135,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"94f22557-075e-4b37-844f-0f2d5407184e","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":135,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"d1db6bbe-8dde-44c2-bb1b-ab08995e81e1","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":135,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"7e7a034c-cac0-4b58-a915-a43f4f17d130","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":135,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"9c192e77-0132-4f95-b618-8ee0a265e352","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":135,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"45247cac-4d4b-4563-a170-c22dc10adf13","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":135,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"2df21a01-1be9-44ba-b44d-740332b277fe","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":135,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"a7780729-2999-48aa-a66a-72ff967e2dee","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":135,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"54dc0e73-f190-4bed-bf27-e961782d3af1","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":135,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"8ffe35a6-3c8e-472d-bd63-177178fcbb3a","block_type":"box","text":"II-92","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"882e11bc-e51e-4d6e-87e7-9e2c7f6258d7","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8c44b28-8645-4bbb-af1b-a60fceffc8a2","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":136,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"b66edcc3-8f2a-40e0-aa7f-c970fe903883","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":136,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"dbc40a77-ac8f-47d4-a203-1c549e42879f","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":136,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"21155a00-00c7-4054-9438-62d69c7595be","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":136,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"5244567a-7356-4f3a-9f57-904e65a4d967","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":136,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"9eecdee0-52b1-48a0-8e7c-904e355c9b54","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":136,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"4f5ad66c-3030-4219-b9d4-d45bd669f0b5","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":136,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"a42a22ef-9fa6-4804-aad7-28d8e0ca43a5","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":136,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"27f1a920-41ec-4b6e-a4aa-e995ca74d7cd","block_type":"box","text":"regulation.","page_number":136,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"7d685fc6-c267-4122-a67d-b6aeba1667f9","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":136,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"5f8c8cbe-a74a-4f42-beb8-b4d6c1634e11","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":136,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"12d164a2-4268-4566-b92f-20d693f7b72c","block_type":"box","text":"various program limits (","page_number":136,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"892ee213-cf79-46e0-9c95-4f3230e102bb","block_type":"box","text":"i.e.","page_number":136,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"eac83b5d-1649-4cc7-a5b7-c969b2a0e03d","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":136,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"b8fd650b-ca9f-4514-bff5-a5817f7a7c85","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":136,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"c469a792-2d28-4b2d-a896-d89371d8beb2","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":136,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"056d303a-aa1d-4e39-adbb-36d0f9709fe1","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":136,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"440853c3-d3b4-4197-8d38-28738832529f","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":136,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"c4f93c9e-5271-4323-b65e-b5e1729d1786","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":136,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"bdc339cf-75d4-4fd3-b6f4-60cfb047ff36","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":136,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"6f641a31-fdd2-4715-aa8b-9559d0bdb094","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":136,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"05da11ea-311e-438e-8fdd-e2ebc1a25a96","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":136,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"03e627f2-3ed6-4e8f-a176-93d59f24d1e9","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":136,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"3cba5527-9ffd-4673-ad89-02586349f144","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":136,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"12bf4c54-ed1b-4da6-bfd9-62b2269cc5f1","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":136,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"5f0928f8-5f8b-43cf-bfe8-1b103700d83d","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":136,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"ebc9dbb6-7736-4eb9-b086-2ca8853ea70f","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":136,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"ba0e78fa-ef3b-4737-a0ab-73065e502d07","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":136,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"e2885a1c-6fa2-494d-827f-3c3e05abf3a2","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":136,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"06224d0d-08ad-4ca0-8341-e9cab2d44bc4","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":136,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"3d7e5cb6-d05c-45e9-9242-a027fcb942c5","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":136,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"c4ebce16-164d-4736-bc62-5358db267cce","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":136,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"63edb7e7-3b52-420b-a49c-bd7e51be6b8f","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":136,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"e326a459-ca23-4a36-a7fe-8106f9205edb","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":136,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"f87091e3-2f47-4e37-8a3c-d3791345c3f7","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":136,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"08235b63-6bf4-4f2a-8008-068530ee97d5","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":136,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"271f6a6e-921c-4ee5-9077-24562b157734","block_type":"box","text":"than through client commissions.","page_number":136,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"1b02fd50-f6e4-4c3b-92b8-e2665c898008","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":136,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"95840018-f5b6-49b4-9e07-a06801bcbdf2","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":136,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"da20fdba-644d-439b-a22d-2e58805bb2fa","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":136,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"ba86a493-08e9-4165-8cb1-053c734cc560","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":136,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"04a5af71-d4d3-4970-acd7-626aab5aa70d","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":136,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"f8b341f6-32ed-4080-9315-0d840bfb9c7f","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":136,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"ad9ebad4-67df-4559-9b67-3ff7d7f123af","block_type":"box","text":"research-oriented software and other services and products.","page_number":136,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"e136f5d2-85db-4ed3-bfe9-fb2aa23357da","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":136,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"563c3f5a-5044-4fa0-91ad-6b89f774239b","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":136,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"b1590c4b-f1bc-4a63-98b2-6920dd0f1b46","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":136,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"aae8c442-10f7-4752-b7ae-3aa2ffd78378","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":136,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"7bbdc0ba-b76f-46fc-a335-f3ac4baadbe7","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":136,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"acb85241-b6aa-4da7-9811-06f3d001ff4a","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":136,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"880f672c-606a-412e-9dee-c282a0680932","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":136,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"1c63da0a-86ec-48e6-9bb5-cdde0427436c","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":136,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"d54cb1dd-30b7-434c-aeee-25fddb1eb984","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":136,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"26b75793-d958-4e51-bc31-8af049be795a","block_type":"box","text":"and services itself.","page_number":136,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"c86a7ee0-b124-4262-b27a-41006cc90b95","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":136,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"5cfbda40-80be-4ea8-819d-f759b26ebc8e","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":136,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"b3971d7f-f1e5-4288-bf54-2a27018154e5","block_type":"box","text":"II-93","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"31867bef-d196-4a5d-b2aa-16bfe2b6e8f6","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd00e8dd-af6c-40de-b066-c58ba4d60f31","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":137,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"e97b488f-956b-449a-a6bd-9e8831d3bfaa","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":137,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"09d3bcfa-f033-439b-a895-a9527fd51e67","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":137,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"179e5f34-3388-43e1-84ba-61e9022242a5","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":137,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"817cedf0-395e-427f-8265-789c1d1db64b","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":137,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"b9f2f468-f41e-4a81-9ee6-84bb7c2db771","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":137,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"ea5c97f8-7684-4a55-bade-bd39ed05e433","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":137,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"d774c703-a74a-45d5-8e33-2e7b026f14a4","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":137,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"6f356dec-a1e0-40f7-bc4f-94d7481d8762","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":137,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"86041f6b-e5d3-4900-822c-5408aec07420","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":137,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"cafaa70c-3926-4820-88e1-08bddf774b93","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":137,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"86058ac5-2da5-4e99-af48-9663372aa9b9","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":137,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"a3064a3a-9a67-4156-ae01-32b918e94462","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":137,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"55277005-dfb8-4d60-be9d-6c3a93eaaab2","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":137,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"58fd4093-493f-4b24-818c-80ca13be44d7","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":137,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"dd132a5f-56f0-4aea-af98-596ef0102f3c","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":137,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"93ec7d15-3d01-4fc6-8bbf-51dbcc51e144","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":137,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"0877a3ee-9ef1-4c9c-a8be-670f5c3bfb93","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":137,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"dc40f0bc-e7bd-4170-baeb-d9b556abf3f6","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":137,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"dc9ebeb0-9099-4115-a4e3-1cd562374be4","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":137,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"e1375389-bf55-4050-ad71-3229d3bd6262","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":137,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"022cb46a-b24b-4571-89a6-9f668b65bbe9","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":137,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"28a96d58-b77b-4337-900b-95ace9eb09c1","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":137,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"c891b12f-815b-4759-800c-4fb0a13ab239","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":137,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"c212b84e-0b0a-4d70-aa32-dec148166da7","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":137,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"a70e1cfd-0a8d-4828-91a1-d33b8ace31b5","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":137,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"f2d4e380-6aa0-4ae6-9462-35a1993f2893","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":137,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"fcb233db-e67f-4a15-a0c3-679a9bc93e22","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":137,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"a11f364e-fe53-4bd7-b6db-ba13e0364ef4","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":137,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"3c663ec9-6b79-46cc-84a5-9d73eb3fd8fc","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":137,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"99b44bff-5593-4622-b3c3-47714ab3796d","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":137,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"4c9647e6-21c9-471e-ad13-dad4c5dd626c","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":137,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"c6ec9b8f-23cb-4c75-b409-7d6075abf33a","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":137,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"7b8854a2-92db-4580-aa69-1d8ea39a0b1f","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":137,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"9bd158a1-c1e3-46d5-be4b-24d231863de5","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":137,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"6a74bb47-2d26-44ce-9f73-16885a0b8075","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":137,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"5429d8b0-3e39-472d-81da-e71b42062c63","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":137,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"7778b089-6c3e-4057-8e9f-47ccdecf5589","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":137,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"fcba3782-2456-4161-9784-2aab5a1ca989","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":137,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"2ec823c6-d2ab-404f-935a-e6fe12c11155","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":137,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"ea402121-c26f-45da-a090-813a85808649","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":137,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"3ca46845-9f92-45a6-85f5-80ffd32dcb1b","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":137,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"a3d87a19-66f4-415e-ac4a-5a128fbd8547","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":137,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"a8ad5f08-ea52-414a-a8f6-ba417affb4dd","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":137,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"5c6c0735-b951-4ae5-b6ca-cd68f8a0b379","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":137,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"e2a9e686-4926-4af8-9587-4ad4fa6eb814","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":137,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"c709527c-1d37-4865-9f54-3dbe5bed2743","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":137,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"308b7d43-d531-43b8-933f-09ae55367ebb","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":137,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"ffd5f532-eb47-4551-ba93-2ef7253e3a3e","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":137,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"f7e899fd-59c2-4d7e-b505-3fe6b74790b4","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":137,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"8632c8c2-2b14-48a3-8f1d-d413161280a4","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":137,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"393e6ac8-0e05-4d2c-8759-31b3fbee4aaf","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":137,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"1bf5b1af-10f7-4396-85ac-354dc4bbb047","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":137,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"931c2260-2a78-4ebb-9f0a-901ef118ef8b","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":137,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"e3620ac7-c0c7-4ae3-b4e7-3c0d2a4b5a4f","block_type":"box","text":"II-94","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f273d4f-f283-4bcb-a037-fb9ff377aedf","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8fd0c52-b9d8-4fe5-8335-8df810754366","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":138,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"a44808e5-e124-4b7c-b81e-e1aff1749bb7","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":138,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"92b1bef9-9473-4379-85c0-0d32875a3cc3","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":138,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"2ad3c0a8-5bd6-4ed5-9160-91453e6fdabc","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":138,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"4451c75f-59ec-441e-8ca0-5128156e6907","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":138,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"2a293808-12dd-40b0-b728-051a0a460685","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":138,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"f2696aed-a4f4-47de-a6bb-221a4ac558a4","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":138,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"1a7f0e2b-4644-40d8-ae36-88a69b189867","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":138,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"69c2f4a5-0609-4e32-af2a-35d40841e011","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":138,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"00ddc187-7b35-4ee5-b5f2-96f2c9fcef4c","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":138,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"ffd8b79e-a011-4b67-a1e8-d49c36ea3a9e","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":138,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"eb4019b3-6b8b-452f-a39a-da534292fc72","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":138,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"dc60ad73-e782-4447-96d0-1d43e5ca8c7d","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":138,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"ccb2ce98-d46a-49d3-8efa-298f44e27331","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":138,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"a94e1964-cd80-41b8-89d3-b200e090e42b","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":138,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"f6ec388e-1716-4be8-899f-35c490673ee5","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":138,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"a9a8ee23-d476-46bb-96e5-922519b3ce5b","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":138,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"77523d51-21fd-476a-af5c-2ab4362db811","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":138,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"575587e6-60bf-4a85-b0f1-6e7a14a70b6b","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":138,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"82243b9c-2977-4292-9490-ee00d6ffb73d","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":138,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"67fe4b24-686e-444e-9e09-4a60ea70b687","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":138,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"523ccef1-2709-45ba-ac0c-4523c232df58","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":138,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"1053dc3b-0c8f-4f5a-acbc-57afcda78dbd","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":138,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"e59643ee-f0f1-41af-b6c1-5e394f7d3c51","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":138,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"29077177-0017-449b-9b8c-bd4da81823f1","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":138,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"e3a6e57e-7889-495a-a551-0ffcd8da1061","block_type":"box","text":"some additional expenses.","page_number":138,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"339db17a-a516-4daf-a60e-e753caee5941","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":138,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"9704e8e4-df67-4241-b779-31baab7fc327","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":138,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"665555cd-e0f7-4f75-9ef3-a4549d0ecc73","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":138,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"0495708f-5d32-4555-9e4e-6acfbc4c686b","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":138,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"9b3485e8-4a47-4e28-9468-721c5bf92deb","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":138,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"d1782a8f-e78e-4e22-a7e7-f5eadf8d48ce","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":138,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"bfa15e6c-0bf4-4304-852d-3853ffa1b0e5","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":138,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"27964239-9224-42a2-89c4-2de5e89a5989","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":138,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"d72c1157-88cf-4cb3-8ef8-454b9e36061b","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":138,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"3ffe8a06-1d4f-4ec7-9705-8595edb93bf5","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":138,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"66f9a20b-a489-457d-94c2-f2dbe43baaf1","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":138,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"070f4baf-b19e-47c0-8438-8ae3b563fb3f","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":138,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"96acac11-c433-4e6d-9bbc-659ea157bbc5","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":138,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"28d001a8-e52d-4755-a336-9c5427d91a11","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":138,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"7203513c-a05b-4657-ae57-773813f307f0","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":138,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"1af64ebd-9f4f-47dc-9d45-5d543dc246fb","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":138,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"3c8c3332-b235-4998-a263-802a6142639a","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":138,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"478bbc7c-adf0-4f5f-9288-8fdb83413d2d","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":138,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"d1100ed1-2917-4b04-b576-d20ab6d32436","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":138,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"9737f141-1e3b-4007-83a1-bd169ae96c06","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":138,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"dcef4ab9-b443-4cce-b0fe-e5c1d27a7628","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":138,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"01a80e8f-dd91-4786-8d20-43a42779d7ac","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":138,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"e30267cd-6de5-4127-a19f-d4f7177f7491","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":138,"box":{"x":69,"y":801,"width":755,"height":11}},{"id":"47d9b450-2301-449b-adb6-3a3e1e22e7ca","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":138,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"2499b1ce-fd1d-4202-b1be-53248be8d35e","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":138,"box":{"x":69,"y":831,"width":806,"height":11}},{"id":"9e42283a-b17a-4318-a306-21290d0fe7bb","block_type":"box","text":"public information about the company (","page_number":138,"box":{"x":70,"y":846,"width":276,"height":11}},{"id":"360dd5db-bf50-4ac7-a475-3f99381c9893","block_type":"box","text":"e.g.","page_number":138,"box":{"x":348,"y":847,"width":25,"height":10}},{"id":"fce25003-421d-41e6-bcb4-a2495bb24943","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":138,"box":{"x":376,"y":846,"width":499,"height":11}},{"id":"96428f5c-c741-43d3-981a-f8546916a037","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":138,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"b09b2c27-2b42-4150-9702-b96abe1e5af2","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":138,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"625356e9-c290-46c7-bc48-273ea4346c90","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":138,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"982f0a6e-edfd-46d0-9154-82b26acc8ac9","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":138,"box":{"x":68,"y":906,"width":773,"height":11}},{"id":"ac19671f-112d-4f68-9643-5abcd52f7224","block_type":"box","text":"II-95","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"45cc883a-177c-433d-b077-4e5c1adcf3f6","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e8f64e6-4571-49bd-9b6c-adb4cc6ea23e","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":139,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"b370ec3e-79dc-4db6-a844-b7d8ce64be60","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":139,"box":{"x":68,"y":60,"width":781,"height":11}},{"id":"b8371dfc-67c7-4db7-955b-4fbb80dad9a5","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":139,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"38d306b5-5b36-4cf7-8f0b-804b772245b0","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":139,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"5aecdc34-4a9b-4cda-9e02-87832021b272","block_type":"box","text":"of the issuer.","page_number":139,"box":{"x":69,"y":105,"width":92,"height":9}},{"id":"d272ae7c-74ce-4f9b-9b30-3cd9a03d96a8","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":139,"box":{"x":102,"y":128,"width":748,"height":11}},{"id":"2652bfc0-4973-4509-8c7a-34136cddbc1b","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":139,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"975e12fe-b31b-4945-8144-cd4957c83132","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":139,"box":{"x":70,"y":158,"width":817,"height":11}},{"id":"efd1e76c-64b5-4355-bc25-1406d5e0033d","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":139,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"568aa31b-2e6a-4d9f-86a7-ef5d16589983","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":139,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"ff188490-1ab8-422b-8774-4d9e8d5d071f","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":139,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"857ac1c1-87cd-4fa5-9823-2892e86a1cfc","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":139,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"45ef7dd2-be9a-45cd-8d60-b776d9eec021","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":139,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"8f971843-1a8e-4d81-9a8b-87a5ce3a1028","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":139,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"945695c9-d02a-4188-8787-dec0255051af","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":139,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"057b0473-fd2c-4f96-a039-0211c8331c22","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":139,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"dd1c6e57-d604-457a-a459-ac571e9c96e7","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":139,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"d937ab54-b937-4cb0-999e-7137c9b3af73","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":139,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"a20aaed1-8743-4035-a81c-7cdbfd94e192","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":139,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"7512d03f-7319-449c-b7ec-0db8679bf91b","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":139,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"e2123ec2-a94a-4317-8c99-5c44779800cc","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":139,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"bf4ecd66-8f98-4b01-9161-99f608b61213","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":139,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"bfb24db9-b1ed-4f29-b0df-6f6e704e5a7e","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":139,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"65bb948a-5940-422f-9d17-27e42cec006d","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":139,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"b6ce0fcf-1bc7-40da-961d-66a7e0bb0994","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":139,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"6d41967d-fb03-440f-895c-a64c6967d6df","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":139,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"b6dccc26-0af5-4316-81e5-dba2c8715519","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":139,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"b4a9d061-31c9-469e-82d2-3f11f6d5c96e","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":139,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"f322aa92-6052-4a19-9ccd-193deea031c8","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":139,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"6dc601ad-3819-4fb2-92ee-65e15a45a94c","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":139,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"505dd065-9d12-4bfe-944b-10425adc5c33","block_type":"box","text":"a barrier.","page_number":139,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"594ba11d-c856-4d86-ad3c-6f52e7ae92a1","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":139,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"64188a8b-49a9-4e6f-87fd-10eff8518524","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":139,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"8ba28c88-ec44-4f31-b45c-df68cf227558","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":139,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"4118a49f-ff64-49ed-b21a-c92cd88e8c37","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":139,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"f2782161-524e-4649-86fc-332eaad3c253","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":139,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"eb5a295e-45ba-40bb-8f83-ed283b0775d4","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":139,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"2f5f8106-be78-44d0-b181-2dba33a32d76","block_type":"box","text":"that operate in cer tain industries (","page_number":139,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"a977e07e-5ac8-46b0-ad69-33f0f38262d5","block_type":"box","text":"e.g.","page_number":139,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"c248b892-c7dd-4b19-9221-02aab0d32a08","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":139,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"3ad12292-049d-430c-9dd5-23e3fce0ff58","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":139,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"fc34a0a6-160a-49eb-b600-f64b1b819089","block_type":"box","text":"e.g.","page_number":139,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"6a5f0dab-4542-4864-8a3c-e48303315a17","block_type":"box","text":", with mechanisms such as poison pills","page_number":139,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"7277aab9-2aad-4fa3-aff9-40d4f565344d","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":139,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"14c0198b-8246-4099-81a1-6330e60e684d","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":139,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"5adf389b-ba4c-464f-966a-1f5045385a49","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":139,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"e06b2fe5-3135-4bec-88c6-416ec7facad4","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":139,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"a79d2505-4e7a-4db3-8a65-a458d7509642","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":139,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"9e0d80a0-dc05-4299-887b-ea774659fef0","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":139,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"4e7a76f8-6721-4400-a845-34a1ed6951e7","block_type":"box","text":"seek to make indirect investments (","page_number":139,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"c3e1f47e-a8c2-406c-859d-865750124ca4","block_type":"box","text":"e.g.","page_number":139,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"6922a74c-1fdd-4df9-907a-3f8c62b8e665","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":139,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"22936ac0-bd63-4c14-9e56-21d29224d04c","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":139,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"0fe7a1ce-a5e3-4941-bfec-d143510c6f57","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":139,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"1b8370ff-ce5e-4f0d-afd8-522cbe19c687","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":139,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"9ae832bf-d2df-431c-8b1c-c6862c51f664","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":139,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"f78282dd-ffbd-4372-b151-cb1266d0641d","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":139,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"6c881a4b-6e85-4d4a-bb4a-e847adab1805","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":139,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"88dbf1d1-d53d-45b8-811d-db38de5cd464","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":139,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"b37330e0-73c7-40d3-a31b-7fbf5b053252","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":139,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"ad262fd6-923a-4d6a-91bc-8e98943a3301","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":139,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"9b82cf49-b706-46e2-94b8-c6b780af2aea","block_type":"box","text":"II-96","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"10e4c770-3888-456e-90a8-6d237565d1d7","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8720f9f-27eb-4bec-84c3-1efc35f8e1bd","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":140,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"47d5edbd-4d3d-4890-b659-783b54fc23ec","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":140,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"2c0e8414-6eeb-44cb-b1f7-9421cae5ce5e","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":140,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"930d42a0-1561-4f87-b699-84520674a2ca","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":140,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"fe04157c-90c2-4dc8-af73-5e7c45ef38cf","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":140,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"eb9f368e-22b7-444f-8120-5bb82a28bb28","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":140,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"b333d079-fe02-4583-bac4-522f0cd5cef0","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":140,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"5b3de2c1-cde0-4302-8b87-e3df2ab6cd4c","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":140,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"7d99e104-495c-408c-a9b9-0c2abdd5fef2","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":140,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"57a6dabc-7add-4121-97ec-c4a417fc5f15","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":140,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"c82aabf3-6ec9-441d-af5e-2cc75a94d17e","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":140,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"fa633b16-02be-4b8f-ac5a-9c95b718ed15","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":140,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"96763b0c-1109-4847-ad08-aecd90568088","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":140,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"e3ecf2a1-1e1c-4059-ad4f-43445c207213","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":140,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"22a65df1-a013-4f21-8593-87d9ae53cbc1","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":140,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"337199d6-c4d9-473f-998a-00b12f3460c1","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":140,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"77611e9e-9e7b-4be9-8d09-2bc624ddebf1","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":140,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"bebeda2b-8f77-461f-8c59-e27b56fcd565","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":140,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"d9a59b9d-5015-4eff-ad08-4d9822b0134b","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":140,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"66afc115-ae08-41ba-a240-9df9be258bac","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":140,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"116fb19d-ff9c-4dbe-afc3-f5f6ee522493","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":140,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"e85aa90e-7b9e-423a-9a1b-4a5dcb51b9fe","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":140,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"75e26d8e-0d18-4fd8-8ad9-8c97810c34b9","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":140,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"4ccd44b4-6bf2-4398-b620-340f698d215d","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":140,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"54b0a327-1b6e-4967-8d9e-6ef8c8efcc3b","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":140,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"0e134b08-3f76-4150-bd3c-0d1d99f75f98","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":140,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"29443e90-32a4-481e-b6c7-9d1ce6a2bf3d","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":140,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"c129d288-3a5d-468a-bce1-83877853d61b","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":140,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"35ccd8ba-7db1-4613-94f8-f9f7b56fa4bf","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":140,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"b883c95f-e532-4342-99d3-1e3d2fdb8e6b","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":140,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"e8caeb44-d498-46ec-9f90-24fdc39fa4d0","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":140,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"36d8db86-7784-464b-980f-8d369920dc20","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":140,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"5a07abc2-d170-4792-a728-a321e2410f75","block_type":"box","text":"strategy with respect to such security or asset.","page_number":140,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"1a1cebca-d596-453d-8da6-fd9bce67a3a0","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":140,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"3515959c-8f8b-40d6-a2fe-4ae645263755","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":140,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"4b0b67e6-5935-4fc2-a7f2-68759b32a88a","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":140,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"0fc06a95-aceb-4eb9-8e51-fe7e93cc4b8c","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":140,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"9149354b-0c9e-4fa0-b088-7c64e279848c","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":140,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"c7000d5a-3bd5-433d-81ab-533931e6aadc","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":140,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"605831fa-a59f-46ce-b623-b7da006f8a01","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":140,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"778e10e5-fcc6-4444-adf6-2b080eb7a437","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":140,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"7685ad90-21db-4d63-86c6-de4dfa1a5ad3","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":140,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"2ba3c246-b320-4025-a5d8-6de297f4f615","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":140,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"a2c141b6-fa07-4b4b-8898-bd435ccf26e7","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":140,"box":{"x":102,"y":733,"width":686,"height":11}},{"id":"5d7a4425-ae31-4101-9346-470ffd4e8b2f","block_type":"box","text":"e.g.","page_number":140,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"34962c0e-d8af-4b2f-9e47-f4bc3cb03770","block_type":"box","text":", custodians,","page_number":140,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"2eaecd33-1e10-4eff-a4c1-a28f8b115911","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":140,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"d43de1f3-0396-4c13-82f1-cbac47094bc6","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":140,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"03492710-46e1-494a-acc5-12bbb644ffd4","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":140,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"29f0babf-508f-4b5a-8fb5-d90e71a633ea","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":140,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"997c829b-4947-4340-9660-a5e3f142dc5e","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":140,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"a4a3d441-6a45-425f-9329-803f13c0f60a","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":140,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"de5c4455-e362-41bf-9e36-7f3013b58d0f","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":140,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"917e1cb0-59e8-4c40-b42c-786d03a34ee8","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":140,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"eef37e48-095f-44d6-a890-f558388f2b9f","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":140,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"2981fdd1-cde4-4fee-8683-47d04169c31a","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":140,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"3357eaa0-f845-48b2-ba55-712cea3a2ddb","block_type":"box","text":"II-97","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a3d7f7e5-4498-47f2-a655-712980836c04","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8770c578-a4c1-4b87-9f8e-72db20652214","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":141,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"a554cf9f-e2ea-4f6c-ad09-5e92b8024bba","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":141,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"c73e5a12-e2a8-48a7-a1cb-22124f4f7c97","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":141,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"4b44c06b-1deb-46ae-9aac-0c7318c13ba8","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":141,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"81d7375a-04ae-49e4-af2f-4b6604436463","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":141,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"7b8be7b8-d0d9-4f95-bba7-155508bfb081","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":141,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"0043ceeb-f797-40a4-ad61-8a504a271ae6","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":141,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"3573c1e0-7a34-4cbf-993e-c02f5106eab3","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":141,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"07054801-6615-4274-a711-de038e71ba9a","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":141,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"9518a31d-dd94-4832-8ca8-d87008a28133","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":141,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"d9f091ca-a18d-4917-8501-599d86ef1723","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":141,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"0724e447-f060-4454-aa05-3ee502724885","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":141,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"01c60c96-9250-42cd-86aa-3b1b1cc4b404","block_type":"box","text":"provider.","page_number":141,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"c12a94e4-5cf4-4b02-805a-526e7edcd6e5","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":141,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"365c227d-1d9e-48a8-8a90-402afb471605","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":141,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"600d3520-bf16-49e0-a72d-24bf7ab7c38a","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":141,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"3dcc8e9f-67a1-43db-8638-7364227b8605","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":141,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"525fb22d-4aee-42dd-887d-ddb8ca010a2d","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":141,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"c6085735-d487-48ed-b31a-a2a6574eeedd","block_type":"box","text":"PURCHASE OF SHARES","page_number":141,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"c3df4e0c-9c3c-4c41-9eb4-c7de46c6e5ea","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":141,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"be038ac1-40b0-4822-9b35-c8dcb8aa1f21","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":141,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"6ba98fbe-1159-4272-a789-2aedba825433","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":141,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"ba868131-2a7e-442a-b9d0-b51e4497f14c","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":141,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"5595a176-0171-48f9-9c13-297a43d76f7a","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":141,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"245393df-e7ba-4e86-84fc-a0cee5a32bb2","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":141,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"576f0931-9424-4058-9a2a-e79aa96e1532","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":141,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"40a6f03c-74af-4476-a037-5b27dadbec53","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":141,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"75e0daa0-a6cc-4228-b0f1-4907eab604f8","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":141,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"ed2126bc-3d52-4cc7-9cd0-545db095dbb7","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":141,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"06151a71-d4a6-4fe8-a929-a5b6a8ec8f0c","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":141,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"1a960b0f-4bd9-4a95-be64-b82163a9f0ec","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":141,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"3615725c-3b86-4d2e-ab30-2c343e5aa1e3","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":141,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"14ccdd73-6c50-46c7-acfb-66096eb45379","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":141,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"c287a1d0-d6a8-4e65-8ede-63ebde1c6d5c","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":141,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"e603e871-de30-456e-9137-fd4875c92983","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":141,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"31891be4-96c1-4e34-a713-1d9c0289f62e","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":141,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"26c30a72-25b2-43a5-bedc-5f4d82f4a7bd","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":141,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"81022734-0260-400a-97e9-6b3d7848a8fb","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":141,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"ce528140-cc62-471f-85c4-9b0c385220c9","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":141,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"818dd881-0f41-4612-a3e2-62af85202915","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":141,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"0b42aa29-0751-4e77-a9c2-2af62014aac7","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":141,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"9e9061de-26d7-4064-bd05-9d1c59762b07","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":141,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"b35bda2c-e254-4fe2-8181-cddbb996b7dc","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":141,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"801240db-4511-4116-8ecf-43206370b1e2","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":141,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"74cece6c-3653-4921-8ee5-57503dc50112","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":141,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"f5cd825e-7ba2-422f-b70b-4f88cb62aace","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":141,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"50b6997f-5996-49de-8747-2b1bdadf85cc","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":141,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"4ecd8e39-e8a6-4e3e-a0e4-0f6629ea22d0","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":141,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"0517e3eb-b850-4881-89e8-9978faf1616d","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":141,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"62ca781f-bcfc-4ee4-93e2-a83f2c250eed","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":141,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"b220be9b-5a3b-44f1-ac4a-f168134463f6","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":141,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"c4626aa6-87b9-4120-ac72-f9bcc012c696","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":141,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"29d148c0-7852-4c5c-a9d2-947b70856641","block_type":"box","text":"investment is $25.","page_number":141,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"262aed50-6b3d-4c03-8f1a-ad7a60cf8ff3","block_type":"box","text":"II-98","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"265b2c0d-b307-4822-9551-78d577389ca5","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e68b62a5-e2c4-40e1-bdce-44c59af9c43a","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":142,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"13e97b89-055b-403a-97c9-be1d20b31579","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":142,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"174df509-ada9-4e68-94c2-2d0ec6fa5793","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":142,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"a1745dfe-ddd8-494f-b7b5-6a1cf41961ce","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":142,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"68fd1549-e8c8-46e6-a91a-50fa9b89ddc6","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":142,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"d1cfd706-1408-4e2e-8383-6a0741f21427","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":142,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"f289b92d-9869-474b-bc5e-f4ac1e312d96","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":142,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"60a5ad32-386a-4bdc-aafd-36d676c36b4d","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":142,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"58113168-ec12-44da-a691-2b11005fda1a","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":142,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"00797a80-9ed9-4936-ba43-63c8e4440c4d","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":142,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"d8500db1-dc06-4dfb-aef9-168c340521b8","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":142,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"a521722f-394f-4b3c-9fcc-b93fce4cd6cf","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":142,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"2b9686ab-9fd4-4932-82af-d739b5a48496","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":142,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"1319ae3e-4d05-4eb0-9672-46fb58c907cf","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":142,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"ceae8c23-f568-4908-a173-1df153be49f3","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":142,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"7b52cfd0-28a6-4a96-bcea-8157a5b40082","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":142,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"a50c5f9c-54a3-4e82-acb9-633a20ab9042","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":142,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"66730192-1f44-4a64-ab2d-260773da69ad","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":142,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"6aa94e62-a07a-4874-9b77-d3132c7d7c85","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":142,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"e42b3005-2204-46cf-8191-3e4d413c2e3a","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":142,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"70cbd87e-f4d7-4ba1-805c-3eac52a447ba","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":142,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"4618eb89-7d28-432c-b4f1-219abdf00b0f","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":142,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"10c62656-a110-4250-9e48-d5256398fdee","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":142,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"70f2c4d3-a11a-45c6-a157-1657d6ed2719","block_type":"box","text":"adviser.","page_number":142,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"4a225888-c13a-4573-bf50-1ced0756269a","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":142,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"5891a425-bfc0-4aa8-b8b2-a7818d5d80c1","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":142,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"0765804a-9272-419c-af21-12daa83f8905","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":142,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"1dc16761-2bb0-4da3-a01c-47e73654c4d8","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":142,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"08551e10-813e-4d6f-8607-61d38791dddf","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":142,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"3ec7d31b-400c-41d1-9cf0-82d6ffb9df3c","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":142,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"1d74c17f-f3e0-48fe-bc4c-6b199a73a8a6","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":142,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"d2afb12c-29f5-4902-806b-8f76ed98461b","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":142,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"5c334f8c-9c20-488c-92ea-6c59205a0a98","block_type":"box","text":"also be restricted from making additional investments.","page_number":142,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"5cd8adc5-c232-411a-b9b2-289403a2c0c0","block_type":"box","text":"In-Kind Purchases","page_number":142,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"eeb9c687-b495-4c11-aa17-0fd23c7c0c5a","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":142,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"af30a2a7-68a3-4bb7-88ee-7870862432d5","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":142,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"ba06c73d-a8b5-42c7-a456-dd829d12572b","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":142,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"0d3d8029-a53d-47bd-b2c2-d52c6ca457da","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":142,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"8d82a6fc-55b2-4174-acaa-812b45ea0952","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":142,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"13af1178-fdb6-4d6b-993d-ff74b756162b","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":142,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"45d3c4d5-f32b-426f-b204-68418319b671","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":142,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"9a16445e-beda-48c7-bf2b-bcc1bc7b870c","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":142,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"819f9397-682c-4864-9c35-eff8d3c0fa50","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":142,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"4eac56f1-7a97-4c69-8aeb-a01ae4ccfc40","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":142,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"e0ba6a96-0ad1-44c8-9780-b9ee2718e0fa","block_type":"box","text":"has settled.","page_number":142,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"247dfa2f-795a-4cf6-b3cc-df47966c1968","block_type":"box","text":"Institutional Shares","page_number":142,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"6e049677-e670-4166-9832-487dcee3bf3f","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":142,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"220394c7-c434-4194-9f07-a261babe87e6","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":142,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"bce74266-c661-477e-ba88-0bdbedf53ff3","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":142,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"e9a9165f-2baf-45f7-a55b-ec1bb09369b1","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":142,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"3a4ced16-4fc4-4a80-be62-d491fdc8b572","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":142,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"b08c6591-9fbe-49a1-a6bf-449712fc6f86","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":142,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"3f516fa7-d6fe-4f4f-ba0f-a002f21c0725","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":142,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"324f3b6d-99c0-49ca-aa4e-89d55ae1f1fd","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":142,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"f2085b70-5a85-4a7d-87cb-adb90d0cbff8","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":142,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"3487da07-b440-4ac4-9162-b13bc25358f5","block_type":"box","text":"II-99","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ee5ba068-cdcc-4579-b9af-60e10fe04fa2","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d0d2897-8a69-447a-9baa-4961d38fec0c","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":143,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"9f116d07-b460-4c4e-87a0-4b031a245a04","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":143,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"102b13c4-f99c-4929-abc9-34881f516657","block_type":"box","text":"redemption of Fund shares. Each broker-dealer or agent is responsible for transmitting to its customers a schedule of","page_number":143,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"d6dfa876-587d-48ce-9273-96f938a2cf1f","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":143,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"c0812901-546b-487e-89aa-711a35243ded","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":143,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"dc303f4d-498a-4952-a84c-8b14fbbc4d70","block_type":"box","text":"these fees and conditions.","page_number":143,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"57d947bd-232b-4ad8-85d1-560b3ca5262b","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":143,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"5a7ccbd4-0551-42ba-b126-f58d625d7a1e","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":143,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"f213d572-92ef-460c-bef5-06b6e1e2957f","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":143,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"fca5877a-99a8-4397-9870-48eb1aff1e91","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":143,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"7e1e9cfc-5391-46fa-b16f-4f04e646ec9b","block_type":"box","text":"incurred by the Fund.","page_number":143,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"e3fe3240-b3f0-40b7-8d93-be6e4d931f13","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":143,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"b45ab84d-b193-4ccc-989b-d0e735e76047","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":143,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"0ee03a0a-3b57-4649-9844-0c9458c4d092","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":143,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"b7e4cec1-00d5-43bd-a046-0aa152f682d2","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":143,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"9ae2e874-3160-4f85-840e-2fe42e620929","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":143,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"2a228ec8-b500-495c-9a36-0bc951a3ebba","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":143,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"64b488ad-5d37-4098-a2b2-477ad942b4c3","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":143,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"4196ae4f-06b9-46c4-ab91-35ea584c3ff1","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":143,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"0b15ac97-c967-408b-919f-0bc01a5c0a39","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":143,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"27abd351-5cf7-490a-b665-0b6709768ba0","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":143,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"faa621ad-52fb-4117-924e-252311d4e7a3","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":143,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"d7a651ac-097f-47a0-8caa-efbc1860e91c","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":143,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"6849df4e-8554-4792-8dee-802ae7d95603","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":143,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"7416f701-c094-4931-b65f-2873c3b10ee0","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":143,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"68284b0a-d443-4dd0-abf7-dadd01495ec2","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":143,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"15855e82-364e-4be5-98cb-b089e0d5a20a","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":143,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"c4703d0d-0909-4614-b45d-7d458f7b3fe7","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":143,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"bddf0fc5-96d3-4b70-b5d0-9cd23707edec","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":143,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"07b18069-8eab-4451-a73e-00607046c1d1","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":143,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"17808128-4859-4b5c-8eec-3aa476b83d28","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":143,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"f8c8369f-ac7f-431a-9a0e-48c1da26b6d8","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":143,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"d63f6bf7-d17f-414b-a182-7a9dcebd98c3","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":143,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"4b931d5c-b270-4ed4-a859-768f6f905a4a","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":143,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"ffb535e9-e35e-419f-a907-fb656c8ab391","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":143,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"4b426447-1167-4b8e-b320-f0823382f180","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":143,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"a2eb90a2-1ef6-403b-a88f-b5409f29b251","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":143,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"1c242b5a-0efb-4dad-b6e3-7cfc55026f23","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":143,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"8f795f30-c031-40ab-9b33-ffef94dae0c3","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":143,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"0c2aee0e-584a-4805-87b8-ba441c8d1fc9","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":143,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"2b652bc0-a4d9-4b9e-8bd4-043beaa94fa2","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":143,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"2235d52a-cdfb-4a2d-8df3-75f2bf075b97","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":143,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"1ba61bf8-80ad-4fad-a61d-a842388cab9a","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":143,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"c5780c55-d37b-4fbc-8faa-4665793f1869","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":143,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"4d7af514-b5a6-45ab-aa1e-ad32b6ea8121","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":143,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"4e507e9a-d5aa-4f01-93e3-3d192fb824b8","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":143,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"472506fb-245a-43e3-b19d-25ab11388339","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":143,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"5fdd99a8-2fb5-4d32-868a-88e6f90a005f","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":143,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"ab8c8f83-f0b0-413c-8b4a-d44ae0ef4fa7","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":143,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"d410ef8d-b5a0-487c-a8d2-8a49b61b1e64","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":143,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"c77fcac2-9266-4e3f-a243-80ec4f48f47a","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":143,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"3d69fa83-7692-44b8-8121-6100b460a3e7","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":143,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"f2f6ab92-57f1-43ed-9591-90aaa0b1bdb5","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":143,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"b90099d0-5e73-46e6-9d81-21650a73c255","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":143,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"4b231478-d5f7-4c34-b63d-e96267977f92","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":143,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"09714cd2-fc90-4e3d-a231-9ea76efbb7a0","block_type":"box","text":"II-100","page_number":143,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1302b2a7-bac8-482f-b99b-6b5e8dccdfed","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2802127-1cc0-4371-887a-2ec49c87dd42","block_type":"box","text":"for an extended period of time also may elect to purchase Investor A Shares, because over time the accumulated","page_number":144,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"2cfaaa71-d51d-4c4c-b51e-a1c69b100fbe","block_type":"box","text":"ongoing service and distribution fees on CDSC shares may exceed the front-end load shares’ initial sales charge and","page_number":144,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"2f0e528e-701a-42eb-9761-79d334083f81","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":144,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"48eb7b26-26d7-4485-9b7a-d6ab3113808c","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":144,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"1ba61a2f-2713-40b1-b095-35af3988a9d5","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":144,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"92e76bb1-22fc-4806-a944-ef6c496610d9","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":144,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"5bff03a1-3c26-4970-bcb2-93239ddc541c","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":144,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"e3bc29bc-a4ce-481b-b916-8fac9cbb5643","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":144,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"17ecb2f7-253e-42ba-a4bf-9f052e516ffc","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":144,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"4787ea69-0cb3-4b23-b4c2-988904d895d4","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":144,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"0c6e2a16-82ca-4700-a06b-f0b3f0cbf178","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":144,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"50bb6a01-1fdd-4fae-9a58-53c6820b9801","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":144,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"22574e59-b91f-49e5-8c31-a43320c631de","block_type":"box","text":"periods indicated.","page_number":144,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"92ec3fd7-43af-45d6-8240-a5f9174b499f","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":144,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"ae718c80-9ec4-48ea-9f8e-97c6dbb17715","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":144,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"db80e834-d5f0-4383-bd47-99019b8e3e85","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":144,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"ca12abaa-72d4-4bae-984c-04ed6ab3a3ef","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":144,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"acc82704-2c48-4f5d-b54b-bc868b1f01e6","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":144,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"bf3f724b-a748-4db3-9f6b-57dc2f16f2c6","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":144,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"5bb2cab1-26b1-4f21-af9a-ce0ea66f21d1","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":144,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"7b18269f-fade-48f9-8bc7-e885c59c4cf7","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":144,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"1e82c08d-1bd6-44e5-96db-20689fe497e4","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":144,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"1defc9ba-15d2-4792-ab57-b493a511b591","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":144,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"c7b428d0-f3f0-4cd8-8f59-503ca0952547","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":144,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"6636ab29-c949-4224-a697-e81b967d9b1b","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":144,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"2a0c7fea-c13c-4f2d-ac3b-3f4b0c8a8a18","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":144,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"04ac67c6-cb7d-4ba4-8647-127f9458d646","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":144,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"61d8a9bb-566b-4407-ab0b-5cdecff6fbc1","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":144,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"0a39b645-69bb-4285-abdb-ed0f90396b2a","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":144,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"d6234cb8-c186-496b-b08f-25c0f35f1be5","block_type":"box","text":"Reduced Initial Sales Charges","page_number":144,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"3231c51c-26cb-4166-b977-178915967c1c","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":144,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"8000defb-7947-4695-b7a0-2c394470073c","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":144,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"9cf40d46-4f8a-47e8-a79e-ecd1f89296e7","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":144,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"ffacf150-cf9e-4b9a-bbb1-153bd5c3d426","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":144,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"740a390a-725c-4351-a8cb-1485649efcbe","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":144,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"9c1e1d7d-72d4-4a1c-8cd1-b9e5ee553eee","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":144,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"d70bb71c-f439-4ab3-9c5d-b0207af35366","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":144,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"c4ae19b6-b86c-4324-97b9-133d11d1554f","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":144,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"cdae0334-6824-4727-9937-36c8a84e3513","block_type":"box","text":"Reinvested Dividends.","page_number":144,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"1f751c97-a5e4-47af-8a0c-6e58f7ce70ad","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":144,"box":{"x":265,"y":702,"width":566,"height":12}},{"id":"6e540e5d-2335-48e6-8f32-b15298331601","block_type":"box","text":"reinvestment of dividends.","page_number":144,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"dd47aa9e-5423-4f50-ac52-965ea96c68ca","block_type":"box","text":"Right of Accumulation.","page_number":144,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"edb9553d-b583-416c-9bfe-33034e4f6e87","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":144,"box":{"x":267,"y":740,"width":574,"height":11}},{"id":"2de0e0af-5fcd-421f-8c13-107e25e2b80c","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":144,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"6dcf9bc1-f1d9-44cb-bf56-ff86bcf15b59","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":144,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"f8bf164e-b561-4a66-b66c-1fe04ff3608d","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":144,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"dfef9e13-492c-475d-bdc9-985f4c5ecee7","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":144,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"0f6a94ce-6c88-4f3a-bcde-320e5e4c9a9e","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":144,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"f12ddb6d-b5bc-4414-a901-b335db94c563","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":144,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"0ba08ad2-125d-49c4-bb69-7e0742d0e1a4","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":144,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"9ce90a0c-f2f1-459b-a882-4029df12cb83","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":144,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"d2e8bdf9-1dc1-4887-b844-7aabddc27376","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":144,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"a3ebe1f4-b2b8-4f4b-b826-62715662d06d","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":144,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"1fae23ad-c8de-48f6-a874-ce0904d976a3","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":144,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"7a9e3a71-e56b-4542-86a5-9ec0cd2546a4","block_type":"box","text":"II-101","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c67364dc-8500-4aae-840f-95b2169c4f91","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5475f032-cfd3-4c97-a7be-e17cc844636e","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":145,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"a7768034-e6d8-4ab2-86d6-405d146cf959","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares","page_number":145,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"2cc4337d-e5cd-4481-ba81-db1d22ce6c2a","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":145,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"b35ac0a2-f3e9-4d56-b27d-5aeb86b3fb66","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":145,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"904508fc-50cd-4a61-b04d-973c5af32f11","block_type":"box","text":"Letter of Intent.","page_number":145,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"bee53d90-9e7a-4d31-9242-57303ef418f5","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":145,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"dfb363d3-d87b-4838-8487-43408d3e8c7a","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":145,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"c1f1547d-d9fc-4fbb-94af-303c5e5612c2","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":145,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"7c22f429-e118-4139-a265-fb7dcb8c2270","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":145,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"3961d61c-1939-4f46-b46d-d69eb874d5e5","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":145,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"6fc0eb7d-0381-495d-a632-378b96f395e5","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":145,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"df88efe3-b9eb-4a72-804c-26ad7857da14","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":145,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"64ac26eb-c08a-4570-a55d-af953e03370f","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":145,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"f912924c-26f5-434d-9449-ae15928dd3f5","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":145,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"37f1955c-2a3f-4f50-b1c8-6417d5e35fd7","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":145,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"68510928-1155-4c6a-a745-fac9a070a500","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":145,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"290cfce4-18c6-4cd0-ba58-6de0069aac79","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":145,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"9718bc32-fea9-4674-9b24-a4189c651a79","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":145,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"33aa9e36-27c7-40cc-b99b-139760b10f49","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":145,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"b11c7671-af2c-40c1-95b2-9f4659643987","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":145,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"4639a3e2-1c05-4823-bc35-93d099980bce","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":145,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"65cef62d-e152-43f9-b7e2-35cc74278f77","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":145,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"35215faa-06f7-4da8-8761-82dd679598c0","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":145,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"3c68c83d-f07f-4bbf-914f-5b66c5d14567","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":145,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"da5681b0-ab28-460b-8f5a-43803f4e9654","block_type":"box","text":"Placement Fees.","page_number":145,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"38655b33-5981-44fd-89f1-eac670d3c3f7","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":145,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"2400a329-f59a-4b51-893b-8b924d9a41c5","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":145,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"e9796670-dcfd-4792-93e3-98db8e490963","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":145,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"32febb0f-b2c7-4193-8d24-e4dba7e83e0a","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"433eb72a-87bc-408e-9ae9-155f24184c24","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"1522b4eb-69dd-46d4-a49d-0f09f307c96d","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"01285e6d-ab01-4a62-bc4c-a5d203742bb3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"7e6555ee-8a17-4f53-8368-36650dc12196","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"917ab154-c9e9-4f31-8497-398703983ca1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"5e39d65b-45d9-4fdc-958c-7ba95b41e975","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":145,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"08485e6d-1c2c-45e0-9d93-dd60c3bbb656","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":145,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"4b588d7b-6952-48f2-86b6-2a7ab758aded","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":145,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"9960e136-307a-447d-97b0-41fe550a6815","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":145,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"a2b9077e-2f2e-4b1c-8cc4-ac9b423549b8","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"88221899-21c6-4e29-aca6-f3813dabf67b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"2e57e333-d4b0-4fe9-8371-0d5598bd46c1","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"f90a123e-4f47-45a5-8980-a1c10229c8bd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"21d4c7e3-1a8c-41dc-8b70-456c78c483c4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"a33156f3-4033-4f8d-a550-37fb2df92c07","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"166b0b5f-984b-4390-b8c0-96986245dc8f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":145,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"f2d9b66f-b21f-473c-ab93-1cc56d7f06a4","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":145,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"aee9d086-40bc-40f0-b080-6984ed731aa6","block_type":"box","text":"SM","page_number":145,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"f7dae680-7716-4ad2-adf3-1685a2fed4bb","block_type":"box","text":",","page_number":145,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"a1a28f92-0044-43a4-afb4-9b23985a348c","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":145,"box":{"x":70,"y":707,"width":816,"height":12}},{"id":"3cddd70c-984b-429f-8ff1-844c4ee83269","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":145,"box":{"x":70,"y":722,"width":835,"height":12}},{"id":"5a742296-9ffc-4144-8625-d1fa56a3a966","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"cc8ba714-f124-4f22-981a-6c63f07e62cc","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"8d8b48c0-7e5a-4f16-8574-b07f3a592934","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"5e215efa-6980-4deb-bfa5-d53449155552","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"14115805-8cf5-4816-abf8-23991a8e6294","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"af13df12-e31f-428a-9433-2cbf363daec6","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"68ee07ff-89b3-44b0-91b4-98065ff0a23e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"8bfcdb27-d57e-4159-820b-7d49d6c18239","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":145,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"341a199c-d64c-4545-902f-90475a5ae26d","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"8a6e82f5-de94-4a69-91d7-53ccc7a17e1b","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"141fe242-d1f0-43af-a3b2-24b5992b04ea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"812c1c6b-f2d6-4e85-9ec9-cdc84caad1b3","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"ed277cb3-9948-4e69-9aaf-34dbc89a6ee2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"897411f9-edcf-4bc1-a4df-60c549de394a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"fb73044a-a250-4e65-a085-50b73c5831df","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"174769ab-dd5b-418f-81e4-9c00c2318d40","block_type":"box","text":"II-102","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"983c3f70-fac4-4f2c-a1d3-c6adf133290e","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e055d03-a544-4193-8786-d379230d76ae","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":146,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"d8a5e22f-c3e5-436d-90e8-9424b48984ad","block_type":"box","text":"may be up to the following amounts:","page_number":146,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"e81a9050-358e-44d2-b8d3-4b3e6f8600a8","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"078ce1a8-fd3c-40cc-8a56-8170710550b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"7fc0a124-5cb7-4c24-92f4-bf671fa2ce41","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"43570a28-eafc-4cd2-a0f4-e0894e4bc2fb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"a7fb636e-7209-4918-bde3-78addf3beb01","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"eb837cd1-7373-42b9-9534-1d995552ebb4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"0df837d0-98ff-4846-8801-aa975d82adc8","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":146,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"c2db41f8-0b16-43db-8649-d79bbe57809b","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"e48b1754-bdec-40b2-8087-f10ad6df851b","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"584f6f3b-78f0-4fe9-bae4-6712b4223fb6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"9b926baf-7404-4395-b25c-c008179a03e1","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"b5d9cd45-21b1-433f-bd9d-dcef3140316a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":146,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"62d1f1aa-a109-42fb-b32e-49244253be01","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"b9b05d62-6640-4508-960f-2505e296fb0e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":146,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"45a9fc57-5e77-4386-9178-96089d603565","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":146,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"8cb0b664-b99b-425b-82df-23f7a417c57d","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":146,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"546e866f-95d6-4749-81de-0605d995674a","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"ad8d749f-4a1e-4f48-b566-cb851504b50a","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"a13f1b0c-6de2-447a-9409-b1acba72cbba","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"3189bcb1-6e6f-4c9c-92c5-5d333aed6728","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"b68c0068-1904-4200-a8d3-a11f599a2622","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"593a5d1f-0876-497b-804e-481d1e9aadb7","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"3461c738-9eaa-4a5f-a088-55ee40bb5488","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"507c8e52-d998-4722-ba62-839495814e6b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"33cc2b4f-f4d7-40cb-9cae-c0e951231905","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"a71f6aa2-5a67-41b8-bea7-0f81b4733cdc","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"bc5594a5-eca4-4b9a-83b5-a8a7e01d059f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"189fc538-06e0-4f28-980f-9b21863ec1f4","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"90d10e30-138c-47b8-90d3-b6200fa8517d","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":146,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"b20d3033-93e2-4618-b726-1a8b25fc3ce6","block_type":"box","text":"the following amounts:","page_number":146,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"bb206cd0-0eb0-4779-af3c-8f0650244c9c","block_type":"box","text":"$100,000 and above . . . .","page_number":146,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"9c545d17-0511-438f-9956-64549a1cbfa5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"bf07884c-77a4-45a2-a8d5-ea84f34a380a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":146,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"13dd2847-ec5a-4c70-a8cd-42aaa320f7fe","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"045d1841-3ad8-4ecc-8cbb-3167092e13f2","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"e78e6439-c6a6-4ef6-a70b-a119d17cf6c6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"cc6e8b7e-35bb-429a-a111-9d2939b686be","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":146,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"95c6ff94-9e2d-4fd4-a136-11563a93f39f","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":146,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"d6e27bf2-fdc7-42b7-8fe1-0f3774020101","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":146,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"d42dd43c-e45d-4b12-925c-79fca5a618c7","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":146,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"90eb19fb-71a5-41fa-95fd-85358d1b3133","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"69b53496-d9a0-4c41-9bf2-df782412cde9","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"dcf7ea00-57ec-4ace-903f-bff84f99e09f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"caf6a604-1a8f-47f4-9000-5c711511cbaf","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"d7e96f4d-7a3c-425b-ad8c-24402f72c74b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"345e4245-eab2-4ee0-8dee-8acc14893b3b","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"b096c13c-4dac-48fc-a575-ae8943412a1b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"826c4398-f68a-4966-8686-798d7bad1f4b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":146,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"cd993193-0419-4079-88a9-4f6116213ceb","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":146,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"1d43f3fe-6f2b-43b5-b8d3-0ba53800195a","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":146,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"27c79f18-a708-41ed-9def-011ed341cd02","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":146,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"e1bad391-0da6-4df2-a1de-90501199d83b","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"1fe183f6-fa39-41af-8815-9439da627d43","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"64f126a6-b085-4705-8ac8-e32d4e98eb1c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"97d76326-2766-49cd-82fb-b10834f9d842","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"151282ea-cd7d-44f1-b369-f6ca4c698e89","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"5552f4c1-8ef3-4e7c-9394-1af3fb95366d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"5370c771-e3e2-4922-b253-0f34403eaaf3","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":146,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"43f1975d-3336-4516-be67-f8e5127c8ce2","block_type":"box","text":"®","page_number":146,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"d4756a14-6671-4fd7-97ad-11f85f705515","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":146,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"b0be8011-36df-4b0a-97f1-2c807d28264e","block_type":"box","text":"®","page_number":146,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"46400051-6043-4c87-bea0-ba83abb97b42","block_type":"box","text":"Index 2035","page_number":146,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"37615dd5-822d-4489-b19b-a11bc4fd8b8c","block_type":"box","text":"Fund, BlackRock LifePath","page_number":146,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"64bdab65-3bcf-4185-8272-efdc6e8d5270","block_type":"box","text":"®","page_number":146,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"23f11068-4d51-4842-b5d6-5ae1765bdfac","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":146,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"418686dc-a4ed-4cf5-8cfa-f89d89f2c94b","block_type":"box","text":"®","page_number":146,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"dcd873c8-e4d0-4fb3-a48b-2ef14ce9263d","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":146,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"e6d0a6ad-201c-4b0b-80ef-f56460282b8d","block_type":"box","text":"®","page_number":146,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"880c024e-5e91-4bfd-8d72-2a1be48c3d62","block_type":"box","text":"Index 2050","page_number":146,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"c68e67d4-c727-4a6f-88c0-09ebd1a2c66e","block_type":"box","text":"Fund, BlackRock LifePath","page_number":146,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"18693281-dfe5-44e3-96cb-d88d26729c7a","block_type":"box","text":"®","page_number":146,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"ff56bd70-aa7b-46ae-bf2d-3d301961e7e4","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":146,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"bcf92c9a-5b68-4a23-b1ae-694e92041b7b","block_type":"box","text":"®","page_number":146,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"d149b353-8d56-4d8f-9698-fc7d18b448f5","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":146,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"02e164d9-c11e-40b1-b1dc-e39fc6909567","block_type":"box","text":"®","page_number":146,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"9d8f348f-9446-403c-b82e-3f83d0cd337d","block_type":"box","text":"Index 2065","page_number":146,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"ac0d7ded-a621-487a-be0e-825edaa8ce72","block_type":"box","text":"II-103","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2a8ec376-6a41-4371-b4be-86fc3138f541","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4508b3e8-719e-4f0c-8f40-e5f500d0baf8","block_type":"box","text":"Fund, BlackRock LifePath","page_number":147,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"c6cb8f2f-8c92-438b-ab5c-78c638f45ae6","block_type":"box","text":"®","page_number":147,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"66bebbd6-7eee-4e38-8c22-c11acc5342d7","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":147,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"7b42d647-7fe9-4dc1-a030-3b2e7ad553fb","block_type":"box","text":"®","page_number":147,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"15957f23-372f-4074-9455-1177ef9bdcb7","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":147,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"b2c52a8c-f760-4ce9-980f-3dcf239aec41","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"5f09e3e7-793d-42b6-9bd5-9b997e855b82","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":147,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"c87af22c-4a4f-4511-bf84-50d4f7e40c9c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":147,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"cbca5f69-d7a8-4a3e-ac0c-372f5f36d0f0","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":147,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"e45e1c9c-2de2-47af-b5ca-d976bfd48929","block_type":"box","text":"SM","page_number":147,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"9e5518f7-e17e-4c08-8be2-e80dc3126cb1","block_type":"box","text":", the placement","page_number":147,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"f5349d93-a72e-4c94-bafd-bda943e58640","block_type":"box","text":"fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"64a0800e-ce5a-4897-b392-f18ecc7f1488","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":147,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"3cd3645d-ecae-478c-bd31-519a92d04597","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":147,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"f31e6df9-c6ee-4366-8fc9-79d0131ba173","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":147,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"19742c22-4be0-4824-bb94-e778ce3cdad9","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":147,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"6358af6b-0f0f-4fa1-8264-b94ea17cd893","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":147,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"ece7cf3f-b69e-4fce-9e89-f271a8922b4d","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":147,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"c1be2270-0d74-4239-afaa-f04132fb0e3c","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":147,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"e5e4308d-0ee7-409c-a874-b7ba3de51c27","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":147,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"f9812627-35bd-4c8d-a5a6-b46a0644b527","block_type":"box","text":"$1 million).","page_number":147,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"fc0fbe54-7b35-4759-b021-72f4f206172a","block_type":"box","text":"Other.","page_number":147,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"88b6ef28-637c-4342-a833-144f5105877a","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":147,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"73dccbd9-977d-4c20-9426-c011cb3473df","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":147,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"d401b463-d778-4cdb-98d8-87c1fa19a305","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":147,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"be7448ef-3fd0-44c9-85c5-db0d7139086c","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":147,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"97524f6d-4ad8-42e1-95b1-27680a3b840c","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":147,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"006f71c0-46f8-4d1f-a5b4-e96e500efe13","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":147,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"75c16de1-2cf7-4352-877b-7cf8ca2a4680","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":147,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"b74cf701-f9d9-4a4a-ac88-00614b9a227a","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":147,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"df26cd13-0605-47d5-8265-466fe8e02fdd","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":147,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"e8c96b83-96cd-4047-a1f9-07780f3a75dc","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":147,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"2d78dd9a-6aee-4079-befc-375fe91bb63f","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":147,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"bdd0cc8a-31f2-4139-adfe-32943d7b0e99","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":147,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"df5aa28a-ec31-41fe-90c7-16a14d2aa699","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":147,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"23c636b0-16e9-41df-ad18-b576e608da29","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":147,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"f85ced4f-26f9-4451-9c4e-7f41805eb8c2","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":147,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"7490dba0-ea72-422f-9320-4fb772419fa1","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":147,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"df1a8592-dc2c-41e8-8ba8-6e4d8c455861","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":147,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"437a9148-aae1-4993-9327-7d63201ac8db","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":147,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"72602226-6dd8-49ed-bfc5-3ff281820807","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":147,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"e11bceb8-ea7e-49d3-b62c-b784c4d79c44","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":147,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"dad0210f-85e6-4c12-a1e2-1021dcdc3c95","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":147,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"73027c1f-b4f1-441c-834d-2f64c144d3a4","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":147,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"29e691b6-804f-418c-9e43-79ab730e1282","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":147,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"4bbe1e94-8343-4bc1-afa5-06d97bc261fc","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":147,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"ce24bbae-9c65-485a-b616-cfed7e75f059","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":147,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"fc731882-72ba-454b-8eea-a9a8b61fc19a","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":147,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"355001db-50e9-48b5-8992-4f913c85cc64","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":147,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"afe5c54b-c525-4161-b2db-73d3e1fcaab1","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":147,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"1590d03b-ab93-4389-a8f2-9870c0f44c37","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":147,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"6b8d6778-1592-4d11-8760-bdc2b3eee646","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":147,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"fba616e9-0eb8-4451-bd36-7049534eb320","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":147,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"b0243952-4d1d-48e5-9a2a-40c87d02de3e","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":147,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"6228aae2-81ee-4ff3-a186-162311245135","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":147,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"6c6b5611-6824-4d65-83ba-66eccb25f711","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":147,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"ce5829e3-39ce-4466-8c67-c8ead7da8721","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":147,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"49fd1e5e-ba0b-40b9-b3ee-b6380e0efb0b","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":147,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"4b5ce7b9-b96e-457f-a1dc-7cdc9cd724e8","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":147,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"26ea6288-272e-4aee-b6f0-80ee00f47bb0","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":147,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"e9d6a70e-e3b9-4872-b62a-effee5509cdf","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":147,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"163dafd4-17d9-4fe8-ac2a-e4956ca2887f","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":147,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"db4482ea-7125-45fe-a656-63e658cd1f36","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":147,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"90a9aff6-5c90-45d6-a073-33aee7dcd2b1","block_type":"box","text":"II-104","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b16f75e2-956e-4044-8c56-2b0754650ecc","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"496353da-145f-47f3-91bc-88519735d198","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":148,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"71c8d89e-b16b-4293-ace2-9b1e6eb1a4f5","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":148,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"0f172768-5f44-4c19-a3e8-56ffb099d461","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":148,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"1f478111-a905-476a-8645-0ae8c3f292bf","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":148,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"5ec2548e-76e2-4e44-a7fc-45f8825a455e","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":148,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"5fee1f76-b9f3-41db-a827-ef64227061ec","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":148,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"fecfd4f0-850b-4aec-9f85-2b3e15cccc98","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":148,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"0d30a37e-7533-4135-bf17-c5e277aa66c1","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":148,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"132ace8e-dc90-495d-8a04-869c173be141","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":148,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"6cddecdb-3813-43d4-8c06-5ec0a8728f80","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":148,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"de65fad3-4808-44a7-87ef-caef2a832662","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":148,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"fc258fcb-836c-482d-bcc6-f8511a6d9a28","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":148,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"5a9d452d-d1e1-4f16-aece-cc6db5404533","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":148,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"5300ce2e-e87d-4028-a4b6-89c0932a29a1","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":148,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"39af715c-067a-4cde-91f2-8ae7a3ea9fe3","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":148,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"92c85000-5d7b-414f-8c00-5db338b91db0","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":148,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"31ba84ae-c800-49aa-8331-f7128df48a99","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":148,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"0c9328c9-832f-4ade-b049-0b4d795f1afb","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":148,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"30fcfe90-54b6-425d-9155-17532c9ecfdd","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":148,"box":{"x":68,"y":332,"width":812,"height":11}},{"id":"1d103660-1e29-4b1e-baa3-2b88a2e1792a","block_type":"box","text":"cer tain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":148,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"59d8fca4-5375-4c89-9c52-648752e9d4f7","block_type":"box","text":"shareholder’s death or, if later, the receipt of a cer tified probate settlement (including in connection with the","page_number":148,"box":{"x":69,"y":362,"width":772,"height":11}},{"id":"90360dca-335a-4af0-96bf-3dcca6f0fdf0","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":148,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"6a527062-e61b-40ad-9ed1-27a0a3b9c440","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":148,"box":{"x":69,"y":392,"width":814,"height":12}},{"id":"777c6a77-5ffc-489e-a453-ef0ba507e2cd","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) cer tain redemptions made pursuant to the","page_number":148,"box":{"x":70,"y":408,"width":772,"height":11}},{"id":"b731fee1-a809-4083-a69f-9527e18f2f28","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":148,"box":{"x":69,"y":423,"width":805,"height":11}},{"id":"30292036-d243-41cc-a622-98d3b9e1875a","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":148,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"a0402d23-9a7a-49b4-b254-503fc7c96beb","block_type":"box","text":"the absolute discretion of a Fund.","page_number":148,"box":{"x":68,"y":453,"width":239,"height":9}},{"id":"7a17a48b-e2cf-4b83-8425-f91c510d2435","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":148,"box":{"x":101,"y":475,"width":794,"height":12}},{"id":"95cb2928-3c74-4544-8038-cccf082b7dd3","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":148,"box":{"x":68,"y":490,"width":776,"height":12}},{"id":"696bde0c-ac22-4cac-a087-2191beabc1e5","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":148,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"36e04c7a-03c6-4ffc-a78a-40ff674684da","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":148,"box":{"x":70,"y":521,"width":800,"height":10}},{"id":"b722d94c-b097-449e-953b-24da3f2d0679","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":148,"box":{"x":70,"y":536,"width":806,"height":11}},{"id":"6deb89e2-f87a-476b-bafc-98fd38f8d2e3","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":148,"box":{"x":70,"y":551,"width":823,"height":11}},{"id":"8a0b3caf-21c0-41e0-ba0c-d7b54f7796d0","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":148,"box":{"x":70,"y":566,"width":770,"height":11}},{"id":"c35ab6ef-cb37-4418-9a6a-442c8d8887da","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":148,"box":{"x":70,"y":581,"width":766,"height":11}},{"id":"c61df5a2-4c78-4571-889b-8a79e15b7222","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":148,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"8cbee1df-d459-4fac-96a3-310fc45619bd","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":148,"box":{"x":70,"y":612,"width":805,"height":11}},{"id":"6c507c07-4a16-4779-aaf5-858efb85ff7b","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":148,"box":{"x":70,"y":626,"width":832,"height":12}},{"id":"af08bba5-e696-43bf-b67d-ac198e40a425","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":148,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"3b03ab81-a5c4-4572-923d-99bdd72cc2dc","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":148,"box":{"x":70,"y":657,"width":746,"height":11}},{"id":"848438e6-2697-42a5-970d-8252c1691012","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":148,"box":{"x":70,"y":672,"width":307,"height":11}},{"id":"8023fa17-18bb-43a0-9bf9-7918bc9a39d1","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":148,"box":{"x":102,"y":695,"width":799,"height":11}},{"id":"d8bb93bc-c935-4e1c-b3f4-adff3c4e0627","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":148,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"fb223131-6915-4dd7-9049-9c25f54c729c","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":148,"box":{"x":68,"y":725,"width":317,"height":11}},{"id":"51dc5e58-a072-4624-be46-11cf8f62fef3","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":148,"box":{"x":101,"y":748,"width":326,"height":11}},{"id":"b380951c-e237-4432-ba81-e73b5ccf16ce","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":148,"box":{"x":434,"y":748,"width":413,"height":11}},{"id":"8512e4b0-410f-4b65-a284-28b4c805ed8c","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":148,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"6e3730b6-2de0-41ab-9c5a-193f80b98e23","block_type":"box","text":"public or private investment company.","page_number":148,"box":{"x":70,"y":778,"width":266,"height":11}},{"id":"11ada1fb-3b83-44d5-826d-bf596f5cd6f5","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":148,"box":{"x":102,"y":801,"width":372,"height":11}},{"id":"a517e39d-b882-47d3-ad61-2bb88eea329d","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":148,"box":{"x":481,"y":801,"width":421,"height":11}},{"id":"22c934ac-0c3a-4fda-b210-b78e7f9b1108","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":148,"box":{"x":70,"y":816,"width":825,"height":11}},{"id":"6a69f787-20db-4ecb-9243-bad935d5a299","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":148,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"b2e91b25-a53e-40e0-952e-6df57a2077cf","block_type":"box","text":"II-105","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"09797fdf-9f44-4e0d-9cd4-d89216479aed","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3701f1a9-bd89-4c6a-ab30-4deca334d4d3","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":149,"box":{"x":69,"y":45,"width":405,"height":11}},{"id":"5e535d7e-0eb3-499e-9784-b13c504d1b49","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":149,"box":{"x":102,"y":67,"width":799,"height":12}},{"id":"9e2ab0a3-f17b-45ce-a106-ed99c39ff9b0","block_type":"box","text":"as to the length of time they intend to hold their assets in a Fund. If you select Investor C Shares, you do not pay an","page_number":149,"box":{"x":69,"y":82,"width":828,"height":12}},{"id":"54d933c1-a7b8-458d-975b-a9c9080b4b67","block_type":"box","text":"initial sales charge at the time of purchase. A Fund will not accept a purchase order of $500,000 or more for","page_number":149,"box":{"x":70,"y":97,"width":778,"height":12}},{"id":"1cb843cb-c6cb-4d00-9e27-c61a1a153a47","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":149,"box":{"x":70,"y":113,"width":826,"height":11}},{"id":"ef934d88-e115-43ee-be80-7953f29adb58","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":149,"box":{"x":69,"y":128,"width":311,"height":9}},{"id":"13c344df-5f84-4d67-bca7-359f774abe13","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":149,"box":{"x":102,"y":150,"width":789,"height":12}},{"id":"f5bb1104-f404-41fe-b70d-7bb07cf51644","block_type":"box","text":"intermediary associated with the account.","page_number":149,"box":{"x":70,"y":166,"width":297,"height":11}},{"id":"f6ea2b01-db77-49da-93bc-f42676a192c0","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase.","page_number":149,"box":{"x":102,"y":188,"width":669,"height":12}},{"id":"7d3fe2c1-beb2-4834-8c7a-f09d7b9dd02c","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":149,"box":{"x":101,"y":211,"width":763,"height":11}},{"id":"89689afe-5afb-4f73-894f-659c2020cc0c","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":149,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"21d8ec74-559c-49ae-82f8-4f67ec4be267","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":149,"box":{"x":68,"y":241,"width":813,"height":11}},{"id":"a24e8800-fdb6-43fd-9870-81a0abf793a1","block_type":"box","text":"CDSC shares.","page_number":149,"box":{"x":69,"y":256,"width":97,"height":9}},{"id":"3ec986ff-323f-4b74-9c7d-350ea4b57268","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":149,"box":{"x":102,"y":279,"width":804,"height":11}},{"id":"df5466cb-442b-403c-9bcd-c23d01ae49ba","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":149,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"34c447f1-ddd9-4404-bbdb-2e5b2c331003","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":149,"box":{"x":69,"y":309,"width":786,"height":11}},{"id":"f95d86d5-bcab-4b11-95fa-bfbeb74e50fe","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":149,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"c5c52eaa-484c-4e56-9328-6e4c24408fd5","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":149,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"675923da-d1a6-45c0-8403-6d4ceb01aeff","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":149,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"e0123444-8071-4095-87b2-8783224d0a39","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":149,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"f33115ab-e86d-4a5b-8e7b-ac82a524654c","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":149,"box":{"x":69,"y":385,"width":618,"height":11}},{"id":"1ca43088-d275-4f0e-a0a0-23825c4019f6","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":149,"box":{"x":102,"y":407,"width":782,"height":12}},{"id":"1f6454d6-814a-4136-88b2-d75264b4a475","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":149,"box":{"x":70,"y":423,"width":764,"height":11}},{"id":"1d606935-6c20-4269-885e-41ff9e50c82c","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":149,"box":{"x":69,"y":438,"width":820,"height":11}},{"id":"4839fcdb-f76f-4a5e-82bb-00bc89376920","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":149,"box":{"x":70,"y":453,"width":806,"height":11}},{"id":"e193a6c0-813d-412b-a101-db994cedc559","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":149,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"3624cb93-2b18-4fb5-b34e-b0cfdf054791","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":149,"box":{"x":68,"y":483,"width":811,"height":11}},{"id":"25ae3d87-6128-408e-b1bf-58c2b04f54a0","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":149,"box":{"x":68,"y":498,"width":554,"height":11}},{"id":"35d61d95-d655-47db-a0a9-65c82ff2df3e","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":149,"box":{"x":102,"y":521,"width":783,"height":11}},{"id":"c3cef50c-9a38-4a22-a452-b30a19056073","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":149,"box":{"x":70,"y":536,"width":808,"height":11}},{"id":"37bdfb6f-8ac0-4589-97df-b0f39fe45448","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":149,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"1fc0a30d-19d3-4c92-a606-fe79a4b6c483","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":149,"box":{"x":69,"y":566,"width":837,"height":11}},{"id":"50318272-c0dc-4faf-8ec1-625bada2043a","block_type":"box","text":"Investor A Shares.","page_number":149,"box":{"x":70,"y":581,"width":128,"height":9}},{"id":"5ae0ad38-45ee-4938-a8e7-292fa58d91ef","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":149,"box":{"x":102,"y":604,"width":378,"height":9}},{"id":"ebc06019-437a-40d0-b17b-b6179625a0a2","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":149,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"e6b57b70-4dba-41f2-80b9-a106a10d62ed","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":149,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"68c8bd7a-3b5e-40a9-9132-0a1d9230fa7b","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":149,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"dbe005d0-cbb7-4885-acf6-f4d987ebc22f","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":149,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"db4364bf-ee44-49ee-9d4e-feef662d8140","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":149,"box":{"x":70,"y":687,"width":793,"height":11}},{"id":"a4dd665a-d20b-4595-a112-8b6021e1978b","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":149,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"c2fe69d3-0c69-4289-af24-22515b6930da","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":149,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"5941134a-d039-4362-94c5-832fd3aa1f84","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":149,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"f608f1fc-57e6-459d-bd8f-e424cedbda03","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":149,"box":{"x":69,"y":748,"width":817,"height":11}},{"id":"470d9944-d6d3-4d4b-83ac-d4d2abe7ec88","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":149,"box":{"x":68,"y":763,"width":814,"height":11}},{"id":"ff156f11-67a6-4471-929d-3e4a03ef1863","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":149,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"8dc5a46f-ef94-40d8-a2b4-6e79a671156f","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":149,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"65d3ee15-d6bb-460a-83df-562633c68f0a","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":149,"box":{"x":69,"y":808,"width":718,"height":11}},{"id":"e689e9ae-9464-4991-aa25-6c09faf2ef69","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":149,"box":{"x":102,"y":831,"width":764,"height":11}},{"id":"b864f96f-d508-47cf-b78e-891527e84631","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":149,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"f1e7128b-6246-42e0-baf0-15dfe89ac4f1","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":149,"box":{"x":69,"y":861,"width":772,"height":11}},{"id":"07f1e34e-c865-491e-a771-039fda52d2b5","block_type":"box","text":"“Investor C Conversions”).","page_number":149,"box":{"x":70,"y":876,"width":186,"height":11}},{"id":"7078b4a4-db37-4908-94fd-7dc1a9b23837","block_type":"box","text":"II-106","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"13124484-a53a-4bea-8555-5c083e10cda8","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6dd4fc5-ea92-4dd6-9f21-8e478f27c235","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":150,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"8cbe4ee7-32b6-485f-ad0b-c575c44190c0","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":150,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"e5539e13-34c3-4236-9231-1adba9a0d9e2","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":150,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"f511bf88-9162-4cb1-ba96-9fc061baf4f7","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":150,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"4c262a36-ae43-4be9-9be1-f3919477c2fd","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":150,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"080bb4a6-735f-414d-8d99-27fabf1f12cc","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":150,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"fdf34d5c-14da-400e-aff7-247a07a18cfa","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":150,"box":{"x":69,"y":136,"width":445,"height":11}},{"id":"627f6199-54a2-4c90-9d60-4f3bd9388d85","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":150,"box":{"x":102,"y":158,"width":396,"height":11}},{"id":"274f60d8-87ec-437d-b521-754b9c132e5d","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":150,"box":{"x":102,"y":181,"width":804,"height":11}},{"id":"849f4787-8e36-4825-b2c4-f900cc6a4ee1","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":150,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"a7f18fe1-3636-44ae-990f-e2f447e9c804","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":150,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"bed1efc7-7db5-4dfe-9957-ef4771fe2e8c","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":150,"box":{"x":68,"y":226,"width":795,"height":11}},{"id":"b39e30c3-d6a6-49cb-8cbb-0d1776a2cefd","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":150,"box":{"x":69,"y":241,"width":840,"height":11}},{"id":"d1d3c363-ee52-4abb-b050-8026fe930bc0","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":150,"box":{"x":70,"y":256,"width":804,"height":12}},{"id":"d05166bb-d598-443b-a21d-006e8c05972d","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":150,"box":{"x":69,"y":271,"width":772,"height":12}},{"id":"338bf795-6fea-45c5-adda-b17d5eb347df","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":150,"box":{"x":70,"y":286,"width":790,"height":12}},{"id":"c614042a-ba53-4a49-bc73-8380d9692478","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":150,"box":{"x":69,"y":302,"width":776,"height":9}},{"id":"4ee94061-b186-4a6c-a2c6-c8931d0ec398","block_type":"box","text":"redemption.","page_number":150,"box":{"x":69,"y":317,"width":83,"height":11}},{"id":"5544bc97-7fc1-420c-879a-9bf29954a61b","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":150,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"089c162c-2280-4a25-b077-c80f46e4a4b5","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":150,"box":{"x":70,"y":355,"width":769,"height":11}},{"id":"d66e76c9-c0b0-46f0-86f9-7f23365c6c50","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":150,"box":{"x":102,"y":377,"width":572,"height":12}},{"id":"ffda9ce4-3bab-4c90-9b54-25614ec03897","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":150,"box":{"x":101,"y":400,"width":740,"height":11}},{"id":"20d59f88-c4bf-4bed-b0c8-b06f9d6eb11b","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":150,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"136cb6a5-5b31-4ff0-98a6-bf596d25bec2","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":150,"box":{"x":69,"y":430,"width":786,"height":11}},{"id":"5b6362c9-0a79-477b-8d7c-bb5fc54a80d7","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":150,"box":{"x":70,"y":445,"width":797,"height":12}},{"id":"edf22020-d9b1-4a51-9cd3-a3ee2cbbfb08","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":150,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"7f2b82ed-21a1-4771-9338-fe490129792e","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":150,"box":{"x":69,"y":475,"width":747,"height":12}},{"id":"d4a064a7-7ee5-4f9e-84c9-6927c9764d1d","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":150,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"289e104c-10a5-4ba1-a2e9-6d5f284ce77a","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":150,"box":{"x":68,"y":506,"width":836,"height":11}},{"id":"c2c7ee00-db5f-41fe-a96f-02480576285b","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":150,"box":{"x":69,"y":521,"width":806,"height":11}},{"id":"70ee4e68-d701-45f9-8bdb-4f98bdc04fcd","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":150,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"7652f568-fc8e-4b3c-b707-edfc99553b5d","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":150,"box":{"x":70,"y":551,"width":834,"height":11}},{"id":"41d2e61b-90c4-4f5a-8386-0084e538653a","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":150,"box":{"x":70,"y":566,"width":809,"height":11}},{"id":"359a7604-e14e-4be0-a8aa-e532a5905ffd","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":150,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"f4147d22-d91b-4eb0-96df-ecc4ca1c3cf9","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":150,"box":{"x":70,"y":596,"width":784,"height":12}},{"id":"77eddbdb-7921-413a-98cc-81fa25f97687","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":150,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"371c11ab-bd70-4001-9e10-78bded6dae87","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":150,"box":{"x":69,"y":627,"width":451,"height":11}},{"id":"bab3f350-800f-4ada-b928-01771b22c980","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":150,"box":{"x":102,"y":649,"width":781,"height":12}},{"id":"14dd904a-8fde-40ea-9818-f9bca27f6cfd","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":150,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"568f679a-d08a-4127-8d33-f031480e3088","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":150,"box":{"x":69,"y":680,"width":462,"height":11}},{"id":"ea200987-13dd-4a19-8b47-d83d2c5ab40e","block_type":"box","text":"Class R Shares","page_number":150,"box":{"x":69,"y":710,"width":110,"height":9}},{"id":"4793d3a3-cd06-4160-b66d-1267771863ef","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":150,"box":{"x":102,"y":732,"width":775,"height":11}},{"id":"f6a8ba50-9f86-4c3b-9cd9-1231b476dfaf","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":150,"box":{"x":69,"y":748,"width":799,"height":11}},{"id":"9de800f0-aee4-44c3-816c-26a933b42893","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":150,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"1ab5ac30-6696-4476-aaa8-a128d7413cb0","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":150,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"2c7fd839-1bb0-44e7-b4f5-ad4f29291f04","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":150,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"d9803c9a-2fd0-497e-91d9-716a1f0cb11e","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":150,"box":{"x":68,"y":808,"width":636,"height":11}},{"id":"d2f04a0a-a8d2-4520-b47f-f66ced4b0b3e","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":150,"box":{"x":102,"y":831,"width":791,"height":11}},{"id":"4e408bb1-f809-4fb5-961d-aaebb88cf892","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":150,"box":{"x":69,"y":846,"width":440,"height":11}},{"id":"96b902ad-475e-46ff-9263-f376b7f1d410","block_type":"box","text":"II-107","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8072ea9a-87b1-40ad-9a87-d47b8ed0a1bb","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca2a265f-c1a6-44a3-9dd7-ac86e0f334f4","block_type":"box","text":"Class K Shares","page_number":151,"box":{"x":69,"y":45,"width":109,"height":9}},{"id":"d7c61330-6379-41cc-ae9b-b9b159f1ab3a","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":151,"box":{"x":102,"y":67,"width":797,"height":11}},{"id":"add0395d-0b69-4ccd-99e4-1b0d5d89c455","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":151,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"31fa2346-c6f3-4b6f-bda9-5ee902ca6bea","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":151,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"25396282-7233-4e7f-8861-2dbea9c9a6b0","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":151,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"37ab1705-778b-441e-a283-0fb9c48c858d","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":151,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"2277182b-afff-447a-af78-b91f22a6e117","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":151,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"bf2bcaa3-ec8d-44ce-bcba-8fb7b942c13a","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":151,"box":{"x":68,"y":158,"width":828,"height":11}},{"id":"1c19d690-3be8-4f8b-aa95-5b47babaf2a5","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":151,"box":{"x":70,"y":173,"width":760,"height":11}},{"id":"656c22ff-880f-491e-9b58-7a15d45bc16d","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":151,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"a841bee8-cea0-4d50-849c-b1e26b7d00de","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":151,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"7e03f062-527a-49dd-bf7b-6f885e3f6ae4","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":151,"box":{"x":70,"y":218,"width":814,"height":12}},{"id":"ae4eda7e-9e5d-44d3-aa9a-7d7c1cd2222d","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":151,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"cdc7b04e-c6de-42ad-b4db-e34124a2d9f2","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":151,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"c7eba950-e598-45b7-aa2b-7a412b96b397","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":151,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"43b19834-ded2-403e-b105-c5c9034b803f","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":151,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"b38a2a8d-eed3-4549-916c-4b5a2343665f","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":151,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"34a51e3a-b5e9-4b55-bb3d-bbdc400aa31c","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":151,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"9d34f25b-471d-4422-ade3-9f991dbfe6c9","block_type":"box","text":"distribution and marketing agreement.","page_number":151,"box":{"x":69,"y":325,"width":270,"height":11}},{"id":"508e8b97-8fd3-4199-9c14-6508719a5a4d","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":151,"box":{"x":102,"y":347,"width":734,"height":11}},{"id":"59d69496-f01b-47dc-8844-089083d290b0","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":151,"box":{"x":70,"y":362,"width":817,"height":11}},{"id":"a159abe5-813c-4f65-8027-6779682a9249","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":151,"box":{"x":70,"y":377,"width":753,"height":12}},{"id":"6034b3a6-655c-4427-9f86-b1db0328030b","block_type":"box","text":"Class G Shares","page_number":151,"box":{"x":69,"y":408,"width":110,"height":8}},{"id":"1619ae3d-b02d-49d5-9fdb-bdf2ded2bfe2","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":151,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"de519385-d4b8-4647-ab59-6958549c019c","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":151,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"9a4370e0-95ff-4e98-b47f-61374d3ce1fd","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":151,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"cd20ecbd-d822-414a-bce9-0c73b1d536c4","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":151,"box":{"x":69,"y":476,"width":803,"height":11}},{"id":"7ba3f82c-2357-4b83-ae2c-acaeadd931d5","block_type":"box","text":"eligibility requirements.","page_number":151,"box":{"x":69,"y":491,"width":164,"height":11}},{"id":"9bcb2911-8f19-4a94-89b6-4255576dec7f","block_type":"box","text":"Service Shares","page_number":151,"box":{"x":68,"y":521,"width":109,"height":9}},{"id":"b0992e96-ebe8-4fcf-86da-5c519e2a4381","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":151,"box":{"x":102,"y":543,"width":788,"height":12}},{"id":"3152de16-3cb1-48dd-b575-75d38315f1a5","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":151,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"b464f822-e985-44b5-b1ca-ea2f99a38cb3","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":151,"box":{"x":69,"y":574,"width":693,"height":11}},{"id":"3cc3d11f-e379-4dd3-90d7-c8093379005e","block_type":"box","text":"®","page_number":151,"box":{"x":763,"y":574,"width":6,"height":5}},{"id":"a6cfae1d-2bee-48ea-a44c-5cce40695945","block_type":"box","text":"Fund in 1996; and","page_number":151,"box":{"x":775,"y":574,"width":130,"height":10}},{"id":"ad8ace75-948f-44ad-bfc6-e95a695c8443","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":151,"box":{"x":69,"y":589,"width":287,"height":11}},{"id":"a0f88031-7cb0-48eb-b0ca-d51f657e62c8","block_type":"box","text":"SM","page_number":151,"box":{"x":357,"y":589,"width":11,"height":5}},{"id":"e9de442f-3f0f-4a4a-b4b4-15d352da28dd","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":151,"box":{"x":374,"y":589,"width":534,"height":11}},{"id":"9cb23c2c-a52e-4bf2-b1ef-811f705e9004","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":151,"box":{"x":69,"y":604,"width":776,"height":11}},{"id":"d78ec83d-c4f4-46e7-88af-a97d1a1d9b48","block_type":"box","text":"BlackRock Shares","page_number":151,"box":{"x":69,"y":634,"width":133,"height":9}},{"id":"e98dc0df-cc68-4d13-896b-bb4edc41ca1f","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":151,"box":{"x":102,"y":657,"width":760,"height":11}},{"id":"236da23b-047f-4b1c-9c89-a13c4a5b4195","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":151,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"0b591bec-a409-4594-bd1f-2d0faf81c20a","block_type":"box","text":"fee-based programs.","page_number":151,"box":{"x":68,"y":687,"width":145,"height":11}},{"id":"66da506f-5cd4-4884-b3be-2a9675b80db6","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":151,"box":{"x":69,"y":718,"width":348,"height":11}},{"id":"38b27d81-ee63-4715-8518-601cda9690af","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":151,"box":{"x":102,"y":740,"width":790,"height":11}},{"id":"db961285-eb0c-45fd-9ea2-72489efff15d","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":151,"box":{"x":69,"y":755,"width":761,"height":11}},{"id":"9bb4379c-70bc-4dd6-95bc-1aa26a6d7546","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":151,"box":{"x":69,"y":770,"width":541,"height":12}},{"id":"b5e191f1-5e4f-4c11-bc1c-13a8095867e5","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":151,"box":{"x":102,"y":793,"width":803,"height":11}},{"id":"27f59a34-c0e5-4f22-8c1b-d568cee752cb","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":151,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"de0d2a2d-5428-42bc-a138-1fb912f4e27f","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":151,"box":{"x":70,"y":823,"width":809,"height":11}},{"id":"3cb06aae-5be1-43b1-91bc-4a555edc5ede","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":151,"box":{"x":69,"y":838,"width":360,"height":11}},{"id":"78534f20-bcd7-49d0-91b0-038252e794b5","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":151,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"c09b792c-0b46-42f7-8943-8d6fdff241e5","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":151,"box":{"x":69,"y":876,"width":824,"height":11}},{"id":"c9c81967-3059-46ea-ab9c-1dc4f65168ea","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":151,"box":{"x":69,"y":891,"width":812,"height":12}},{"id":"b341063c-622a-43e1-9c67-e0ef57b89fbb","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":151,"box":{"x":68,"y":906,"width":355,"height":11}},{"id":"c105d8f9-c187-4340-8f02-31165185ce44","block_type":"box","text":"II-108","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c508b74c-6e39-433d-8e83-cf0572568e7f","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2556cc02-27cf-417c-98f4-5ed254679b98","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":152,"box":{"x":102,"y":45,"width":727,"height":11}},{"id":"5e16d2b9-6031-4f5d-8854-f02c32aae1ab","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":152,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"822a410f-d40b-445c-bc9e-0bd10c292ae7","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":152,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"17fc0084-6143-405d-b1c6-8de79660d1ec","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":152,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"4b5c980f-e07a-4f69-be8e-16ef2de75ef8","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":152,"box":{"x":68,"y":105,"width":786,"height":11}},{"id":"e3be9ee6-6fcf-49a9-80f0-531d02bc803c","block_type":"box","text":"Service and Class R Shares of a Fund. Such services are intended to supplement the services provided by the","page_number":152,"box":{"x":69,"y":120,"width":789,"height":11}},{"id":"828e79df-a297-4fdc-840d-5f72a9fac82d","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":152,"box":{"x":70,"y":135,"width":562,"height":12}},{"id":"37d7cca0-ec4b-42e6-99b4-df7d79f49cd3","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":152,"box":{"x":101,"y":158,"width":798,"height":11}},{"id":"4b65d1e8-bb67-40d1-b968-e88344719bee","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":152,"box":{"x":69,"y":173,"width":808,"height":11}},{"id":"07f81b9c-39fd-41e9-8e1e-5e9bc114373f","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":152,"box":{"x":70,"y":188,"width":776,"height":12}},{"id":"6969288b-99e1-4116-aaa8-a7f8aa70022a","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":152,"box":{"x":70,"y":203,"width":835,"height":12}},{"id":"ce73e0f9-893a-4cc2-a1fe-3b330acdc5c1","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":152,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"479750c2-fa61-4cad-9868-46a2f56756bd","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":152,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"d2e65adf-9f57-4d70-a8ef-862bcc3a8dcf","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":152,"box":{"x":68,"y":249,"width":501,"height":11}},{"id":"8d490fb2-ffe6-4d1c-a1a0-b3357a3cc706","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":152,"box":{"x":102,"y":271,"width":783,"height":12}},{"id":"87c2b977-d460-4869-97aa-3f723e3ff1f6","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":152,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"e763f6a4-34d6-4e6b-8c34-a8813cec643f","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":152,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"bb6bb736-44ba-4fe0-b123-123e8ed07a7c","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":152,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"124d39e6-926c-4ed0-93be-408d0da289e1","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":152,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"4eb24045-95a2-4a43-bce7-ace2de766b31","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":152,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"9dfb4284-c022-4b80-8f92-329d4fe8fdf7","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":152,"box":{"x":68,"y":362,"width":803,"height":11}},{"id":"583a3eb5-6738-4f3a-b779-0c5abfa0a2d7","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":152,"box":{"x":68,"y":377,"width":788,"height":12}},{"id":"81a0f040-58cc-47ec-b020-79ee249fe9ef","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":152,"box":{"x":69,"y":393,"width":798,"height":11}},{"id":"27977c42-a9ba-4c14-a3a1-21931fc57315","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":152,"box":{"x":69,"y":407,"width":755,"height":12}},{"id":"111b2c26-edf7-4961-82ff-35078e14b5bd","block_type":"box","text":"compensation for selling different classes of shares.","page_number":152,"box":{"x":69,"y":423,"width":375,"height":11}},{"id":"1558d12b-ab5a-4912-afeb-2653ee45391e","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":152,"box":{"x":102,"y":445,"width":803,"height":11}},{"id":"a6da89bd-ef6a-4a46-8c0e-03f15b70840f","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":152,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"2af58a4b-5997-459b-9fef-e0903ddd04cc","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":152,"box":{"x":68,"y":475,"width":788,"height":12}},{"id":"1e7bdf5a-a4e0-4b77-9982-5e56d04d27f4","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":152,"box":{"x":70,"y":491,"width":818,"height":9}},{"id":"b8201853-44a7-4826-9949-735c336c5dc4","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":152,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"0ff3412a-f4fa-4e4a-8acf-1e85679d0ec7","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":152,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"6f2a7bec-84a8-41a9-8930-a209a4cacce3","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":152,"box":{"x":69,"y":536,"width":778,"height":11}},{"id":"758ff331-1033-40b9-a148-2d70fd3d776c","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":152,"box":{"x":70,"y":551,"width":773,"height":11}},{"id":"84fe70e3-9e82-4cb3-b1f2-6a1530337056","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":152,"box":{"x":69,"y":566,"width":796,"height":11}},{"id":"f0bdfd36-3e8c-4211-ae0b-d7440b6836ca","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":152,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"7b4056f3-b9c0-4cc3-9239-5c5a2b768fde","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":152,"box":{"x":70,"y":597,"width":801,"height":11}},{"id":"e7b55667-4eff-4c40-b5be-89bd3d4daed6","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":152,"box":{"x":69,"y":612,"width":787,"height":11}},{"id":"71775424-2c7c-4ac3-9cf8-bdd1df1cf91f","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":152,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"ea3f3b69-cf2d-4a8c-9650-6dc73d3b8cdd","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":152,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"1569cb3d-4a28-4f67-9e85-e8400ec17087","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":152,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"1fcceedc-03b6-4308-aea8-fa18b77a1c71","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":152,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"8b70e664-8369-49f3-be6d-106f62c2fffa","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":152,"box":{"x":68,"y":687,"width":792,"height":11}},{"id":"f2683c6b-4300-46e0-be64-0e72979493ea","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":152,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"15188f6b-4b7c-4a02-b914-1ad2a8d4a091","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":152,"box":{"x":69,"y":717,"width":807,"height":12}},{"id":"24afde00-b2fc-4518-bc8a-27c1e794e84b","block_type":"box","text":"easily accessible place.","page_number":152,"box":{"x":69,"y":733,"width":167,"height":11}},{"id":"a2013177-a435-40b4-a98e-0c33de16cdd3","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":152,"box":{"x":102,"y":755,"width":804,"height":11}},{"id":"3dc72351-4b86-4c99-85ec-2b9b95be8eea","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":152,"box":{"x":70,"y":770,"width":542,"height":11}},{"id":"0eaa7fee-976e-4c8e-a65e-f1680b84fa56","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":152,"box":{"x":102,"y":793,"width":734,"height":11}},{"id":"b34ccd93-9540-4919-bfb8-4a69ae2b5b22","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":152,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"7fd4f92b-cbeb-40b8-848e-c091d3a575ee","block_type":"box","text":"fiscal year.","page_number":152,"box":{"x":68,"y":823,"width":75,"height":11}},{"id":"a9648d2f-f46d-49be-a096-2f1507cea931","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":152,"box":{"x":69,"y":854,"width":396,"height":11}},{"id":"94838037-0664-44b9-b410-efd6bf070c6a","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":152,"box":{"x":101,"y":876,"width":777,"height":11}},{"id":"908df323-89c0-4cd3-b622-b05ce1f57b11","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":152,"box":{"x":70,"y":891,"width":835,"height":12}},{"id":"1fa7ffa4-b57e-46df-8feb-7da1f99983d6","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":152,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"a0c81ce9-f9a3-4a71-aaf5-5b1a7f815103","block_type":"box","text":"II-109","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3bd93fab-b442-45eb-93dc-0ab2b3a32156","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc114084-daa2-41d1-9f13-3a819687c26a","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":153,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"53df8f36-3494-4114-b01d-0681274fe3b8","block_type":"box","text":"distribution fee payments and CDSCs payable by a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R","page_number":153,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"dfb8fe97-2f7b-484f-af2d-dedaa3dceec3","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":153,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"c072f1fe-ec2e-41f2-88ec-1446333f7c38","block_type":"box","text":"(2) interest on the unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the","page_number":153,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"a09d7d4d-b5ab-4eda-ba3d-52e9d6e5bc8a","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":153,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"fd94a8f8-e611-4163-8529-3bd29b901274","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":153,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"e889571d-98e8-4aab-9a4d-d6bfb15c6239","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":153,"box":{"x":68,"y":135,"width":839,"height":11}},{"id":"7b1f6bbc-f6bf-4caa-a0de-7b45dd17a5cf","block_type":"box","text":"and Class R Shares of your Fund.","page_number":153,"box":{"x":69,"y":150,"width":236,"height":12}},{"id":"aa1cb0bd-8b76-464e-955a-32f2a02b52d3","block_type":"box","text":"Other Payments by the Fund","page_number":153,"box":{"x":69,"y":181,"width":206,"height":11}},{"id":"df71d76e-b6ec-4809-958f-3100bd1c3da4","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":153,"box":{"x":102,"y":203,"width":800,"height":12}},{"id":"95883f8a-533c-4641-9db7-4091313134ac","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":153,"box":{"x":68,"y":218,"width":816,"height":12}},{"id":"dc0ea1b5-c3b0-44eb-94dc-1e74e1e3b4bb","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":153,"box":{"x":69,"y":234,"width":794,"height":11}},{"id":"2477ae70-2fae-460c-a81a-b902583a9885","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":153,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"e3cb0abb-3b44-431c-b00a-757f631310f6","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":153,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"b91c833c-9be1-4e1c-a44d-70ac3416d5ff","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":153,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"2c46d321-af95-4805-b865-fb265ee5c291","block_type":"box","text":"of these payments may be substantial.","page_number":153,"box":{"x":69,"y":294,"width":276,"height":11}},{"id":"e5b459bb-f749-4daa-a50a-9c2517bcc5f8","block_type":"box","text":"Additional Payments by BlackRock","page_number":153,"box":{"x":68,"y":324,"width":256,"height":11}},{"id":"4edb267c-bfe1-4ffb-ad44-7b049497e58f","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":153,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"88a9686e-7ebd-4a9a-8ecd-30df2101a5d9","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":153,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"91c35f3a-233d-4f40-96ff-37ffe9355576","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":153,"box":{"x":70,"y":377,"width":768,"height":12}},{"id":"d2705f90-6ac8-4d9b-984b-7da031a15d9a","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":153,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"524bdbb5-c0a0-4423-a6b2-3b6e0b1ab149","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":153,"box":{"x":69,"y":407,"width":599,"height":12}},{"id":"e3b69ea4-8c58-4c85-8534-d634983b210d","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":153,"box":{"x":101,"y":430,"width":776,"height":11}},{"id":"de06cad0-633b-4420-9329-2b6ea1fc1d43","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":153,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"6f004f80-0831-4b41-bf4d-d0d138f30be6","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":153,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"1c6cff70-903e-449c-98eb-fd4ecc3ea95c","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":153,"box":{"x":69,"y":475,"width":802,"height":12}},{"id":"2007b9b7-ef0e-4d13-bbb4-1d54fd0b9001","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":153,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"943e6df0-5d67-4502-be5d-800d86b39425","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":153,"box":{"x":70,"y":506,"width":796,"height":11}},{"id":"3ac540b0-badb-4fb7-b2bd-01427be56fca","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":153,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"cff04a6d-b06e-404b-adc2-30f15558535e","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":153,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"bc103c3f-6444-43f2-8a4d-80990394e853","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":153,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"b6af647d-7322-4a55-a63a-c4ea610fe6bc","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":153,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"62d2705a-531e-43bf-93b7-5596af1169b6","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":153,"box":{"x":70,"y":581,"width":294,"height":11}},{"id":"eac9535c-4cd1-4a04-adb3-36001c9b2dac","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":153,"box":{"x":101,"y":604,"width":803,"height":11}},{"id":"53d623a7-683d-4ff8-a975-fa4587761f1c","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":153,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"50eb6151-7ca4-407c-8e58-2ee88afb2cb8","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":153,"box":{"x":69,"y":634,"width":623,"height":12}},{"id":"78fa3489-4c62-4940-859e-fd67dd7c8cdd","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":153,"box":{"x":102,"y":657,"width":765,"height":11}},{"id":"3f3a20f8-bed0-4a73-b7ea-604bd5760a11","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":153,"box":{"x":69,"y":672,"width":841,"height":11}},{"id":"4933fce1-749f-4da5-b4ed-b8b63513a4a3","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":153,"box":{"x":68,"y":687,"width":806,"height":11}},{"id":"32c5a0bb-4193-47f5-8e58-f9f4bc19ec99","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":153,"box":{"x":69,"y":702,"width":776,"height":11}},{"id":"8c396412-2617-4a3f-8b32-9537a7d46e0a","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":153,"box":{"x":70,"y":717,"width":802,"height":12}},{"id":"d99b5e58-5cc2-4683-9374-6b304416c8fc","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":153,"box":{"x":68,"y":732,"width":811,"height":12}},{"id":"5790ca80-8fbb-4016-b802-8c432ddd5f98","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":153,"box":{"x":69,"y":748,"width":538,"height":11}},{"id":"b82d5f45-96c3-495e-842e-cf8b42a93f92","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":153,"box":{"x":101,"y":770,"width":795,"height":12}},{"id":"176d41e5-81d3-44b0-9041-ebb66f035d23","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":153,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"0e6e9156-3a5e-44ac-8d23-d01c9a4a97be","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":153,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"11797b35-e860-41f6-aa5c-20eab60fcdd2","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":153,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"c4b09086-3db1-4ec9-b499-b9faa63a805e","block_type":"box","text":"Funds.","page_number":153,"box":{"x":70,"y":831,"width":44,"height":9}},{"id":"60f5256b-647d-4537-a297-f5d64219db6e","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":153,"box":{"x":101,"y":854,"width":270,"height":11}},{"id":"655da1f0-1c0c-4b64-9b96-46b3a7d29433","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":153,"box":{"x":101,"y":876,"width":740,"height":11}},{"id":"01f133cd-f21a-4827-a429-967b086e475e","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":153,"box":{"x":70,"y":891,"width":764,"height":12}},{"id":"844cdf34-b624-4951-b40d-f69fc5884db0","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":153,"box":{"x":69,"y":906,"width":811,"height":12}},{"id":"ab25ca1d-fd04-4070-a34c-0a0eb98a69e4","block_type":"box","text":"II-110","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c05aca64-0d72-404f-a8bf-46e0d6578f5b","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d90c569-1d4a-4f50-ab47-af8c65b3cc8e","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":154,"box":{"x":69,"y":45,"width":742,"height":11}},{"id":"da02e826-81c4-4d6a-aaf1-d559e385e7e2","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":154,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"43918c1f-4c4b-4cff-b22c-f684a474c1ea","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":154,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"13caa945-dfc6-47b1-b505-327e2a0ed41f","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in cer tain sales","page_number":154,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"284b5f81-33af-4481-83b0-4f2a155bda06","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":154,"box":{"x":70,"y":105,"width":803,"height":11}},{"id":"350d7ad6-8e33-4105-bca5-7a9e7de20317","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":154,"box":{"x":70,"y":120,"width":783,"height":12}},{"id":"c2ee76b0-794c-4ced-a3fd-7fab3c916d95","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":154,"box":{"x":69,"y":135,"width":823,"height":11}},{"id":"a6d07756-f780-4445-b75b-8d840edd816b","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. 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Conflicts","page_number":157,"box":{"x":102,"y":872,"width":78,"height":9}},{"id":"df0af694-53fd-4a67-87d4-261b4bb6bce7","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":157,"box":{"x":101,"y":895,"width":710,"height":11}},{"id":"ddf6007a-3b8d-41b2-bc7a-1f60fcb2d3e8","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":157,"box":{"x":69,"y":910,"width":803,"height":11}},{"id":"5bb553c6-3f2d-4d85-acc5-9b8cafec6ed0","block_type":"box","text":"II-114","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"96dccb45-4892-4125-8475-0b255a2d7ff5","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b105195-2bfc-44c2-84de-40f04d5ef5f0","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":158,"box":{"x":69,"y":45,"width":788,"height":11}},{"id":"9881c33a-7a8e-4331-89db-c3bbc390ac7e","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":158,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"4536cb84-2420-4328-80e2-7101d4191077","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":158,"box":{"x":68,"y":75,"width":473,"height":11}},{"id":"6e43f88d-edae-404d-9232-3ed46068f010","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":158,"box":{"x":102,"y":98,"width":793,"height":11}},{"id":"97d3a3c0-3870-43fc-abc9-2bb82246e06f","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":158,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"6a9a8493-ed24-4a3a-b409-2c21ef705e74","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":158,"box":{"x":68,"y":128,"width":833,"height":11}},{"id":"7248200e-690b-4614-876b-7b91d8fd4837","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":158,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"15e7ee13-2c68-4ebf-9897-fa7f54f20055","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":158,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"affdcd80-cd6b-48f1-ab5f-a277e1173475","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":158,"box":{"x":69,"y":181,"width":794,"height":11}},{"id":"4de9050b-71df-4a74-a3ec-19dd717f36b6","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":158,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"f7fbc8a8-0297-4d8a-9455-81025cea3505","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":158,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"cdf53f36-51ac-4dbb-b598-e7fcb86974e4","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":158,"box":{"x":69,"y":226,"width":723,"height":11}},{"id":"d34fee63-ee0f-4cb3-916b-ff2795f3483b","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":158,"box":{"x":102,"y":249,"width":759,"height":11}},{"id":"9a983939-e488-4caf-8b7a-722145075de0","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":158,"box":{"x":69,"y":264,"width":760,"height":11}},{"id":"d9fdc930-b89c-4d14-9deb-8b52d4ab84a2","block_type":"box","text":"appropriate.","page_number":158,"box":{"x":69,"y":279,"width":84,"height":11}},{"id":"abdbaa8c-ce8b-4297-a10b-0a957fd14b40","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":158,"box":{"x":160,"y":279,"width":738,"height":11}},{"id":"5720ea46-9f5d-4ce9-be63-2bdc2a34f807","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":158,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"81e2e276-9c06-4bf2-9c64-367e6e9a790f","block_type":"box","text":"described above.","page_number":158,"box":{"x":69,"y":309,"width":122,"height":9}},{"id":"e2beffbb-59a1-4ca4-a642-193360410e9d","block_type":"box","text":"REDEMPTION OF SHARES","page_number":158,"box":{"x":385,"y":339,"width":208,"height":9}},{"id":"9efdba28-05d8-470f-a6d3-01aab3649372","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":158,"box":{"x":102,"y":361,"width":798,"height":12}},{"id":"764fab18-4534-4c55-a837-b8c890541434","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances (valued in the same way as they","page_number":158,"box":{"x":68,"y":377,"width":817,"height":11}},{"id":"d829ba22-bbe0-452a-9f5b-2ab938fa3f87","block_type":"box","text":"would be valued for purposes of computing a Fund’s NAV), in order to protect the interests of remaining shareholders,","page_number":158,"box":{"x":68,"y":392,"width":840,"height":11}},{"id":"f6fcfbba-ed16-43de-a3f0-20f0be54e75d","block_type":"box","text":"or to accommodate a request by a par ticular shareholder that does not adversely affect the interest of the remaining","page_number":158,"box":{"x":69,"y":407,"width":834,"height":11}},{"id":"75fc177b-20ba-46a9-b304-08ffee0a5e87","block_type":"box","text":"shareholders, by delivery of securities and other assets selected from the Fund’s por tfolio holdings at its discretion.","page_number":158,"box":{"x":69,"y":422,"width":829,"height":11}},{"id":"29414cf9-166d-421e-9fea-58e609916dc4","block_type":"box","text":"In-kind payment means payment will be made in por tfolio securities and other assets rather than cash. If this occurs,","page_number":158,"box":{"x":70,"y":437,"width":834,"height":11}},{"id":"640676cd-17fc-4ca6-bfb2-bffc970c6997","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to conver t the securities and other","page_number":158,"box":{"x":68,"y":452,"width":793,"height":11}},{"id":"0281bfbd-9e9f-4d93-bbc5-ad3a309dad0a","block_type":"box","text":"assets to cash. In an in-kind redemption, a pro rata por tion of a Fund’s por tfolio holdings will generally be distributed","page_number":158,"box":{"x":69,"y":467,"width":834,"height":12}},{"id":"4c4578c3-569e-4b2a-94ea-5d7dc2cdbcc6","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under cer tain circumstances, deviate from pro rata redemption","page_number":158,"box":{"x":68,"y":482,"width":838,"height":12}},{"id":"cc5d92c3-b95c-4efe-b85c-07beeaaf632f","block_type":"box","text":"if the securities and other assets to be distributed are deemed to be a fair representation of por tfolio holdings and","page_number":158,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"a334cb6a-99cf-4d87-82b8-85efcb120896","block_type":"box","text":"the interests of the remaining shareholders in the Index Fund are not diluted. Each Fund has elected, however, to be","page_number":158,"box":{"x":68,"y":513,"width":831,"height":11}},{"id":"a383a482-ad45-4d16-9979-11a0008f61a7","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":158,"box":{"x":68,"y":528,"width":828,"height":11}},{"id":"fbca3b49-9fed-4388-9e49-0e093acc1ed0","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":158,"box":{"x":70,"y":542,"width":826,"height":12}},{"id":"e40873df-3956-47d5-b768-bb71cce04900","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":158,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"2668d573-1282-4f87-9fe8-8ec3502739a2","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":158,"box":{"x":68,"y":573,"width":827,"height":11}},{"id":"6d0e5b46-ccb0-4df7-88ac-33b5f9f89b4e","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":158,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"cadf5f81-20a5-40eb-b03e-5be6d208b1c3","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":158,"box":{"x":69,"y":603,"width":828,"height":12}},{"id":"5dc6b21f-3a0f-45e2-a717-1582889b44be","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":158,"box":{"x":68,"y":618,"width":746,"height":12}},{"id":"5be62fa2-9a6f-46d4-b90d-5a28e4b7ce74","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":158,"box":{"x":101,"y":641,"width":807,"height":11}},{"id":"23da1d5f-f596-4c7c-85ce-c9b2e7b93f16","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":158,"box":{"x":69,"y":656,"width":835,"height":12}},{"id":"96490d7b-56ca-460c-9231-fe81788bf099","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":158,"box":{"x":68,"y":671,"width":811,"height":12}},{"id":"2d35c909-2eb9-4213-aa6d-9df1671d09a6","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":158,"box":{"x":69,"y":686,"width":741,"height":12}},{"id":"fdac4ebb-c48d-44ba-9183-95a539069522","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":158,"box":{"x":69,"y":702,"width":813,"height":11}},{"id":"8b4014cc-371f-4047-a7b7-e861e2268fba","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":158,"box":{"x":69,"y":717,"width":787,"height":11}},{"id":"cb4db8a7-df3a-4fb4-9bf7-2c5a91d76567","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":158,"box":{"x":69,"y":732,"width":685,"height":11}},{"id":"87031eb2-30c4-4518-be88-22f18b4e2640","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":158,"box":{"x":102,"y":755,"width":798,"height":11}},{"id":"35c00d30-0443-4246-a12f-52b15b0f54bb","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":158,"box":{"x":69,"y":770,"width":820,"height":11}},{"id":"78ff8694-5676-48fc-ad11-a932cbcc55a7","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":158,"box":{"x":69,"y":785,"width":653,"height":11}},{"id":"5581fb08-0d5c-4c16-8793-041ad867b5cf","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":158,"box":{"x":102,"y":807,"width":803,"height":12}},{"id":"5917b378-fb65-41e6-80d2-7e3672b01b5d","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":158,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"ca875cbe-bed3-47c8-b742-dae04d9f6918","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":158,"box":{"x":68,"y":838,"width":824,"height":11}},{"id":"7b5e1245-0273-4d55-9ac8-885029334d3e","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":158,"box":{"x":70,"y":853,"width":825,"height":11}},{"id":"53e5b41c-7f66-4690-af47-0cc82741b7af","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":158,"box":{"x":69,"y":868,"width":825,"height":11}},{"id":"fdbbf59b-95b9-4af7-955e-c41f732a96e5","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":158,"box":{"x":69,"y":883,"width":823,"height":11}},{"id":"0a12c7a8-3485-4a57-89e9-1fac48be413f","block_type":"box","text":"II-115","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5adc27d9-ad30-441a-b8fc-1efd88f744da","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db7b7c16-b138-4a78-8c21-8500208af09b","block_type":"box","text":"Redemption","page_number":159,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"aa6f39ca-4754-42a1-9466-d9a330b5e759","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":159,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"68cd607d-ff9f-4400-bc7c-907873dedd30","block_type":"box","text":"Redeem by Telephone:","page_number":159,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"d612ba6c-237c-4b9a-87a2-741e17192562","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":159,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"2d1d2fb6-371e-4982-8f36-cd0cf9ff953c","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":159,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"e2d5bb7e-1a2f-43b4-80b7-af968045bfa7","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":159,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"fb2570f8-9d2c-48a0-9b70-b9ae74be7201","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":159,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"0fa8c774-f795-4444-a110-2d903eb33b25","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":159,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"8585f42a-c364-4fe5-8f3c-67cb64a0ae40","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":159,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"b3c02dc2-90b8-4856-845c-dc64669d7261","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":159,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"42c6bd2f-68a9-4baa-9d68-785d0df86dfc","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":159,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"ed56a1cb-ac9f-419d-bd88-ee2dd849a269","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":159,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"d03fead5-4467-405a-9604-3d107d21b114","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":159,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"8f5c27c7-08e5-448a-941a-a6b98578e1a3","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":159,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"34c82458-7094-4df9-a3c3-56c2800ef976","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":159,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"f9d65335-e3cd-4ec2-a783-f47891e130ea","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":159,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"31950e24-5132-46fb-9882-b8790bac65c2","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":159,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"ecfe4570-35d1-49f9-8c22-289b1906a239","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":159,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"b7dc8324-5f5f-43a3-bd69-9a69b04c5016","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":159,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"48af5dc4-a54b-4320-bab1-e185599a9c6f","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":159,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"eee932c0-3a8e-4085-83a2-c3a23bdcbb6b","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":159,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"ce907047-a70d-4dcf-accc-fb5fc65217b3","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":159,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"8086577e-2ff2-4c72-8306-a9ae53eefc96","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":159,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"9195e6e4-72e4-47b3-839c-5de1da6294b2","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":159,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"acfc3d4d-c6cd-4d00-93fc-7ac9bc71e385","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":159,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"db68b873-2754-4d44-b251-4df25418f752","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":159,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"2d18a9ed-f2a3-4bef-baf8-e02dbd75d5dc","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":159,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"25b35264-e6de-4767-9975-a5dfcde41392","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":159,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"d66dc350-a25b-4b45-9abc-60e6ef31c0fc","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":159,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"a00fdad6-b977-4caf-b0da-77f98ea93fb9","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":159,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"c390a88a-1aae-4454-ae6f-0b5c0077ebc8","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":159,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"c792cdca-af62-4d11-a8f0-751b7c175f53","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":159,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"7fbf622a-0603-4e04-8929-3aedff99eaa9","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":159,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"f775fa24-69b9-415c-a799-59d630fd043c","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":159,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"cbd7dca8-8d9c-4e9e-ba1c-7badebe36a0d","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":159,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"d2ea3d06-ee7f-48bb-9767-aac187dfffcf","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":159,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"7f2ed709-795b-4916-a4d0-228d92bc61af","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":159,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"fd10e35e-f381-4e28-ad94-200442f8e7dc","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":159,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"6af98988-eef5-44de-bde4-c495135f7493","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":159,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"f16b8f57-a038-4f9b-bdbd-f2f8bba9c3c2","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":159,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"4f527934-cdfe-4a36-987a-932eef1d42ce","block_type":"box","text":"Redeem by VRU:","page_number":159,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"36fac084-a42d-464c-be05-28ee73ccd4cf","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":159,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"3549d681-f306-464a-801a-e6dbec405026","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":159,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"19440d5c-5de5-4d26-a2f6-021a21555760","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":159,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"6258ece6-b1b3-40d8-862a-c86ea0799dc5","block_type":"box","text":"Redeem by Internet:","page_number":159,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"180a293e-b3d2-4e08-a0ec-71bd263f5e9b","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":159,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"61a5ee24-2794-4ae6-bbe7-09efa484aecb","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":159,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"ff38e3f2-6279-4ede-8c8d-0160292078a5","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":159,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"1925abf1-1656-45df-bd84-15d1a37867ff","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":159,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"dbaf7b3e-cd22-4cf6-8da4-870f65804937","block_type":"box","text":"institutional investors.","page_number":159,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"48d0358f-d0e2-437b-b82b-6b36aa94d06b","block_type":"box","text":"Redeem in Writing:","page_number":159,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"a7bf71dc-a06f-41d0-b384-1f646d6f7f3e","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":159,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"8f902862-f14b-4a5f-9691-6ce2fb425270","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":159,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"49da6055-eaa9-4bd4-9489-eeef867b0542","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":159,"box":{"x":68,"y":838,"width":745,"height":12}},{"id":"696d03fe-fc54-4ead-87dc-405329bc0cb1","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":159,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"535f27ca-080c-48e1-8601-9d1f88c3dd68","block_type":"box","text":"cer tificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":159,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"98b56c36-418b-44fb-8d85-29ce11a9651b","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":159,"box":{"x":68,"y":884,"width":794,"height":11}},{"id":"333b8b50-698c-466d-9747-71327217cbd1","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":159,"box":{"x":68,"y":899,"width":782,"height":11}},{"id":"a725eb2b-77ce-4699-ba75-689d19553198","block_type":"box","text":"II-116","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5be14935-d3b4-4707-81d9-78f5f033a713","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ebf55677-e421-461b-ba19-bb77088b4ca6","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":160,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"3188fe3c-8855-47d8-b748-e43dc0e96c00","block_type":"box","text":"hold stock cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":160,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"6af9a2bd-309f-4d4c-a0b5-8dc9c44fb295","block_type":"box","text":"or wire to the bank account of record.","page_number":160,"box":{"x":69,"y":75,"width":266,"height":9}},{"id":"91455dce-52fe-4d27-bfd1-f06a366be346","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":160,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"eaa11888-36e9-47de-9933-6ac786d169d6","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":160,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"3c0a5ff9-e310-45c9-82fe-31226203a5aa","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":160,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"85ffed59-e733-4e0f-8bf7-8e776be7e885","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":160,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"49195930-3912-4800-96c6-e5e3276456ec","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":160,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"d07d4ae0-da58-443b-8d46-a7ac6170a59f","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":160,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"a60006be-5176-46fa-bf84-880098c74c5f","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":160,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"7c68695e-bd3e-47ba-99ea-fc09822ae17b","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":160,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"bc2fc2ae-e64e-4c58-b060-14188afdf699","block_type":"box","text":"redeemed by the Fund.","page_number":160,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"990793f4-6046-4738-b746-dc57116760ce","block_type":"box","text":"Note on Low Balance Accounts.","page_number":160,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"842614e1-c747-4582-b856-757fb9ba20d8","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":160,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"2d7fd07c-1a7b-42c7-bf5a-d6eb06ab2948","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":160,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"b6ffddbc-b635-4d22-9394-4597dabf1be7","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":160,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"6ed35fcf-4eb8-4acd-b94b-2fd96e3ccb92","block_type":"box","text":"for any reason, including market fluctuation.","page_number":160,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"540c696a-e89d-4e11-957c-811aed4d4fca","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":160,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"4ae3d80b-7f90-471d-946c-8fe50d6866d1","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":160,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"a9bc0f48-8f7f-492f-a988-2aa185f46afb","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":160,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"463e9d86-a555-4e73-9408-fc68a1c31511","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":160,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"c42c1fe0-958b-461d-bf08-b9ecdbd78c85","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":160,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"0b767a4e-9f92-439e-aa3b-122bf566f647","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":160,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"842d33fe-f0f3-467d-ab61-d07b3f5d556d","block_type":"box","text":"Repurchase","page_number":160,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"3de661f9-dda6-4b55-8104-7e0d9846607b","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":160,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"44885dd0-1b3e-4369-926c-198523675710","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":160,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"28778569-edd2-4eff-b9db-8e6c2d279998","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":160,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"5dacb5fe-9273-4313-a72f-c77b3857e968","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":160,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"17e2ebc1-4e60-4df0-b6d3-3d9f772a98ec","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":160,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"8c8e2c77-e15c-43ce-814b-2898be7135b8","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":160,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"1dbfdef2-9cc9-4e52-8421-e96ab6d015ae","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":160,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"3056f32a-2252-4f9e-b2a2-1d578ce33658","block_type":"box","text":"next business day.","page_number":160,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"68674ae4-e0b4-4999-af9d-8f4262e52a3e","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":160,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"88e868f6-2a12-410f-8ae9-7fce81db4458","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":160,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"c04c7aa7-ca20-4704-b71d-51a6608d1b87","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":160,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"61cfa86f-0e19-47ea-acfc-3f8814956207","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":160,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"a80b8e82-cd5a-48d3-9965-b79969d98b1a","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":160,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"0ab66c14-db6f-4e5e-934e-059d16033585","block_type":"box","text":"redeem shares as set out above.","page_number":160,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"cd031a1d-e0bc-44d1-8938-ebd042e32225","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":160,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"d4d0a889-bdf3-483b-b226-b074e89ef843","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":160,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"33c88ded-b4a2-4acd-8cdf-bafa68106cc8","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":160,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"acd9e869-dfef-4427-a49b-e95aba10e328","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":160,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"305dcccd-964e-45eb-b9f6-a1fffd7e5b06","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":160,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"dcc90848-758e-4b6f-8ca2-977c669347a2","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":160,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"32435d8f-2c48-4f22-b302-a3f333e50624","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":160,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"f10ddb87-2325-4f54-beee-684b75e3d645","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":160,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"14d8ec09-1f3b-4623-8866-5143def223c1","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":160,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"5f913919-54c2-42a8-b13f-cca6ff92d0fb","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":160,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"d044a58d-fbd0-4e55-a548-ba72bd64291f","block_type":"box","text":"II-117","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c0331edc-3ffb-43fb-a4fd-045e14ddf07b","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90621c5c-7765-4ae9-8489-8c19a375081f","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":161,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"e142656d-ac63-4ba2-bc7f-d76a12dff97d","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":161,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"af8d4c5b-808c-4617-9d75-ef590bdfc97d","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":161,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"211eab1a-2108-4894-868a-f6cd03e695e8","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":161,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"38f23b20-cd9e-4e71-adc9-75edf8bab0d1","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":161,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"42bd3b5b-427d-4b6e-9c5c-afabfe3622b8","block_type":"box","text":"Investment Account","page_number":161,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"9abd9690-094a-41ee-ab1d-854976e0a7ad","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":161,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"f7f24ed4-edaf-4173-ae03-e30c877c12a1","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":161,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"8b4b5c27-7103-4cc1-a08f-bea1a4e248df","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":161,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"24496ae3-4caf-4925-844a-e5178e8436ee","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":161,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"7b509d66-68e9-4cf2-9f2b-2c70bd398a44","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":161,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"a3fa6ed6-59f2-40a3-9379-5db451b68833","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":161,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"4705f0aa-e7c8-4af3-987f-f702000f922e","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":161,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"a0d527d4-c11d-4812-aae1-e2cde94b3aaf","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":161,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"b5955389-fe21-4f15-9c16-d5df7e80db06","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":161,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"ec7793b6-6c67-4b6a-a8a9-1f23aa17a914","block_type":"box","text":"automatically at the Transfer Agent.","page_number":161,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"5675ace8-531d-4317-aabf-8858151af335","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":161,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"78e606e8-4f89-4ca9-9a58-7961860a03d4","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":161,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"dbba3b14-7736-4639-adcc-1e1a3900ad95","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":161,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"c619bfd7-cf86-4b6d-8d74-bb1ecf394864","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":161,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"3c995e87-63a5-4599-9995-237e664fe30f","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":161,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"3bb0749d-e536-41b7-ae3c-d03e32a678d2","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":161,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"e410cf7a-5bc6-4de5-922c-c9b3613ed7df","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":161,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"6b00f3ba-8a88-4c43-980e-34b2fb50668f","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":161,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"576eff5e-aad4-4e3e-a712-092f5ee15491","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":161,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"4bc0fbc0-ee76-4107-87cf-6839283f1369","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":161,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"d16ec453-6d8a-4039-8c6a-b481ce1f5ce0","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":161,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"5b9d095b-69b0-43f9-bf79-2aa86ea2a683","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":161,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"cd78ee5d-2bb3-4805-8a49-d0a673088830","block_type":"box","text":"issued.","page_number":161,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"cabf31e7-1486-42b2-aa19-3c12b5ec9676","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":161,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"8dd0cd40-3929-4c76-9d0b-19e4e8a72a73","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":161,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"a4d743b6-5e74-4b28-8ec9-573f3446c668","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":161,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"f598b802-412d-4f82-bea6-4038bf920867","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":161,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"b0319081-c768-491a-8799-d5c3f48d33de","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":161,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"e1b50ff7-cb68-4912-a64b-1db1e1242698","block_type":"box","text":"Exchange Privilege","page_number":161,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"d7c3f6d9-cfa7-490d-af23-016d311c9e2c","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":161,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"7bf7bd73-74da-4e9b-89d6-8a00fca44ed2","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":161,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"25c0499c-082c-4204-b6c3-ac8f8dd07188","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":161,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"2f9ec808-f799-4acd-af34-80510265314a","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":161,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"926403a2-fa90-4c5d-a72f-2be9438cd57b","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":161,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"aea6763e-9c79-491c-b9c3-232a5b45a52f","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":161,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"8c67f243-e664-4f6c-8201-575cc092522b","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":161,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"744b0ab1-bb0e-4927-bd66-7df57b2b2cf2","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":161,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"f698573f-d16c-4709-9a15-81e861d6986a","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":161,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"0c5f5b04-4fe2-41f6-81d3-961bf4c69023","block_type":"box","text":"Institutional Shares","page_number":161,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"280f62f4-25fb-4135-b75e-66a4bbb53850","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":161,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"e8869514-828b-47f2-83a3-d2a60f6de5f9","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":161,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"eea97196-3007-41ad-b5d2-b66ce379891e","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":161,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"78507880-96e5-41d8-b310-663f10f9dff4","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":161,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"b57bb074-d351-4159-8337-40d35b8478b2","block_type":"box","text":"for Class G Shares of other Funds.","page_number":161,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"1e0eb3ff-04b3-4db8-9792-6a4e80906176","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":161,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"cfe87255-8453-4c3b-865a-3201c941caba","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":161,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"b12701c3-5e69-429b-b8c6-fffaaf4ed811","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":161,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"e4dd9567-ab43-4720-8fb0-92f44344b6b0","block_type":"box","text":"II-118","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b945d341-0275-45ac-a6b4-05c5612f994b","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc906886-92b7-4653-a8e1-d0dc725a08fb","block_type":"box","text":"money market fund (“new Investor A Shares”) are effected on the basis of relative NAV per share. Exchanges of","page_number":162,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"c1ff50ef-1f89-4f3b-9baa-544a2f23c124","block_type":"box","text":"Investor P Shares outstanding for Investor P Shares of a second fund are effected on the basis of relative NAV per","page_number":162,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"86afeb9a-feb2-4024-a9f9-f0ebdd6121ef","block_type":"box","text":"share. Exchanges of Class K Shares outstanding for Class K Shares of a second fund, or for shares of a money","page_number":162,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"84bfc05c-4e2a-4292-9e91-de455bca07d8","block_type":"box","text":"market fund are effected on the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class","page_number":162,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"822dc9f5-cea6-491e-90c7-46e39386c1a2","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":162,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"e8f6f475-c417-4f83-83c1-a60c4e4b6187","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":162,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"88439454-d8ea-41c5-935e-7e8d65847270","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":162,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"0a59b3f9-b747-4f02-a4c6-461ef3932578","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":162,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"3accf332-cc29-4efd-a282-553e099833bb","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":162,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"19210dd0-8569-45cf-9dff-742f6f94e2c9","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":162,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"9254de67-8ae6-42b0-b002-ee6969f72004","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":162,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"320b2804-5971-4df8-9060-285995d0d6ba","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":162,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"025cee8a-51cf-45d0-9829-b8a8ab4124b5","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":162,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"d1c150ce-c191-44e6-8b32-2302cf27c0fc","block_type":"box","text":"Exchanges of Service Shares.","page_number":162,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"d35d2a41-0bd6-424a-9159-76003fe7cfa6","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":162,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"57d7753b-7c61-479a-b6f8-1e6d40e76861","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":162,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"2f0a3e36-4f2d-4bed-8edc-baf0a110f0b1","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":162,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"54970b3b-fef5-48f6-9237-4d2feed67885","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":162,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"00df59c8-a8c4-4f49-9d6c-0f07b16fd998","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":162,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"a347e7e9-573f-489e-993d-daa810bb87aa","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":162,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"eefcd75c-5d2f-416f-966a-2c32ef2f28f2","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":162,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"81a92fd9-fa59-41a0-99d0-8c1b4e25c6fe","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":162,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"cee1ea4d-3100-4e94-928a-e4d87fc86661","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":162,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"907758d1-3cb5-4d69-8a07-59e9e66165d6","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":162,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"28e30fb0-8def-42a3-a4f5-c868632fdafb","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":162,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"c20a90f6-0dce-469b-be79-b97262883cf9","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":162,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"5442054b-bcb0-45d1-b196-1fe7bea19ad6","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":162,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"5254f811-ac9b-4065-884b-71e21e69ffe8","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":162,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"d260b90c-a10e-49e0-90c9-e927c28fd13b","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":162,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"af547642-60fd-4a2c-a480-bb732f5e03c8","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":162,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"edfae8af-5932-4b43-97e0-caf6459a6958","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":162,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"0fc7fdb5-ba4e-4a7a-82c3-9c5bc2d7172f","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":162,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"326403b4-227f-49b7-912d-a66bebe5a794","block_type":"box","text":"exchange.","page_number":162,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"df3a9afa-4229-4d0b-8ad9-b904520bbddf","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":162,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"c53f1a50-7cfa-46ad-b1bf-cfa1cc839571","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":162,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"63b1dfa5-842e-426f-a5e6-6f7b6fb3b593","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":162,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"e45caf99-3ff1-4eeb-8222-7c1088af87cb","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":162,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"f8f3cd84-7d02-407d-a5ee-5e86e272dedc","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":162,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"9c9b17a5-64e6-4bbf-a239-a32a1cfc32bc","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":162,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"179c7c08-1683-46a0-9a4a-5088265c59c7","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":162,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"9c20829d-f6e2-48eb-b5d9-b726e11d0c3a","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":162,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"5e8ba7b7-9724-4316-902d-9515ec96a7b2","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":162,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"ff0bbd15-7b91-404a-8710-85d6291c2365","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":162,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"d673bdc0-5371-47b2-ab0c-7f33d55714b3","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":162,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"eeda9ede-97fa-4aaf-8f29-86a855b9854f","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":162,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"49e56b9a-4f7c-4f1f-9473-971fbbaa76b4","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":162,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"6b4a66fe-f7d7-44eb-93b4-fc95ce84642d","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":162,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"5668e953-a875-499d-bb35-4cb563211e76","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":162,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"0e123fd2-b6bc-4515-b4a5-75c3d4c9d0b6","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":162,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"c034dc23-d0f9-4635-a098-7dd5dd1fd156","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":162,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"b702c9f3-da3b-49fb-a83e-08131308c944","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":162,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"d109f47e-9108-4130-a2b2-e4a07227dfbb","block_type":"box","text":"Transfer Agent in writing.","page_number":162,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"87147835-f06e-4665-abbd-6d9e4e81b5ec","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":162,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"9903c491-04e8-4b9b-92d4-c019a398d73f","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":162,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"533d94af-e97d-44da-8108-8c4c6745afc0","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":162,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"130758a0-d823-4ec4-aa09-897bf4785a6f","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":162,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"76573f9f-03af-411b-b3ab-941adc6ad6fe","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":162,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"59cb357f-4c94-4d82-b90a-f4955585864f","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":162,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"e652503c-3711-497e-9725-a762916b27af","block_type":"box","text":"II-119","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7a43c9ea-4065-4236-8623-6017acbb5930","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b50b32c8-a42c-40ce-8385-07dd9e1f62b2","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":163,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"4d30fcac-26da-4fe1-bf38-0dbc7494002b","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For U.S. federal income tax purposes, a","page_number":163,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"48fe5132-0185-492f-9d17-f8d201db8eba","block_type":"box","text":"share exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an","page_number":163,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"9328e431-bf5e-405a-887b-64edfff4d245","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":163,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"56014dbb-8786-471c-9a0f-485fb21cff75","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":163,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"8714139b-0eff-4363-9af3-449065240e14","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":163,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"751c523b-f361-4c8f-a1d7-8a5f83250e39","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":163,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"339447ef-b158-4de3-8039-6a80e65ce7f5","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":163,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"abdc7ec4-1964-4e3b-85ed-64b93f511506","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":163,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"5b10ca49-d4dd-402d-8e83-3f58a007eff2","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":163,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"31096821-8f76-4c09-97e4-7a9df77e3ee7","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":163,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"2ddc93f0-c0e1-4d3b-ad0f-401a2c2d9928","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":163,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"aac234ae-4575-415f-81e7-9cc9ec5aa08b","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":163,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"6941d5b5-8b82-48b3-9f49-467f53f20644","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":163,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"862c9ab5-5006-4475-832d-2782d20356a6","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":163,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"392ce332-2dac-4705-8f9d-0e45a80b7720","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":163,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"d5d695e9-5206-4451-8371-ef038228d297","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":163,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"8bb9fcfa-239f-4672-95e5-b5b397c3e9d2","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":163,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"dfcff25a-f036-4592-ac05-79fdb2f235bf","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":163,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"db892edc-33ce-4211-bfb9-6bf79778cb63","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":163,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"ef65b9a5-66f7-48f1-a4f7-c8a42ba03c27","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":163,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"48305482-8acb-49e4-9461-6d0f4eaf3c85","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":163,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"7b584b49-2f82-417b-8275-f2184f13a454","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":163,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"9eef93b9-aa36-4d61-be6e-ea9f5fcde802","block_type":"box","text":"may be distributed by the Distributor.","page_number":163,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"5af4a131-e947-4aa9-8a8b-3cd5e6e9d3d3","block_type":"box","text":"Participation in Fee-Based Programs","page_number":163,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"9b84a351-724c-4d04-9b39-6a43aba30607","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":163,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"dd460073-0840-4859-8ec1-775ca636459e","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":163,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"5ed3a160-d3a5-4103-bd28-1492aa535dda","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":163,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"cea7ba70-026f-4d50-8f25-10337ce29f99","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":163,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"327a9ef6-3535-4f81-a94f-af4e60dd7a26","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":163,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"7fb90838-0b2f-4516-9b5f-a45db859624d","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":163,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"f2ae02bf-2c1f-4113-bae7-fb862c1f0e27","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":163,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"f6379490-603f-4575-9c3c-3d3c4609b5ab","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":163,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"01b0df01-884b-4246-9370-a494644186c0","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":163,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"16877537-cfef-4005-b51c-45c5663e66c2","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":163,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"dbaff297-1701-4bb2-a57d-9da3a1f8d09f","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":163,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"b0d3f2e6-52fa-4722-8e1c-a346f6b19605","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":163,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"bb155550-39d3-4df0-9a5c-b0c4f2bed7c7","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":163,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"0d700434-f971-4f39-bf2e-7d390aaed76b","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":163,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"4f497420-2130-4c49-b8a8-c47be1134754","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":163,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"8b9d1480-bbf5-4715-8620-e685299949f6","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":163,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"2d738bc4-37e4-4648-b57c-9c08844eec01","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":163,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"b04c7972-b7fb-4110-91be-86bbd406ce8f","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":163,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"87cfe674-9df4-4f52-8b58-693b2a85cc73","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":163,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"6c165e7f-fc36-46e5-b9e8-20828e2c6ea2","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":163,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"1d81402d-fc88-4b1a-85c9-ec00ea314d9b","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":163,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"5d4b2073-fc95-4cab-9b35-5d9672da8bd7","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":163,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"ccdc207a-e397-4790-9e46-02122d0084fd","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":163,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"6c5f4a5d-dc62-4f96-8839-7f5318541bf1","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":163,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"22f195bf-ff49-4dac-9e73-77f85fefa13b","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":163,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"2fdad20d-25f4-4861-a73e-f2eb8ea54d87","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":163,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"7fdbe1ce-43ef-4b17-9dc3-cb1644e7965f","block_type":"box","text":"information.","page_number":163,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"80c44af2-8963-44e6-8fd6-6c8f50e072c3","block_type":"box","text":"II-120","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5e3711d5-6fa0-4afc-8f04-d330c947f7ed","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce505fc8-6819-4685-91d4-3b86c9af624a","block_type":"box","text":"Retirement and Education Savings Plans","page_number":164,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"0dafb833-900a-4b33-81d7-c98beabc84b4","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":164,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"8096f7a5-49c0-4a27-bed4-5ea12f939ed9","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":164,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"0c0ffa3a-5514-4f8f-b758-be2983b3286c","block_type":"box","text":"the other mutual funds sponsored by the Manager or its affiliates as well as in other securities. There may be fees","page_number":164,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"1d61c358-3acf-493e-a1e7-cdaf0fce1061","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":164,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"bff0961f-087a-4757-b7ae-562b2daa77af","block_type":"box","text":"your financial intermediary.","page_number":164,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"189bb0ee-88f7-43bf-b647-b73db352572d","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":164,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"355b4ed1-385b-4677-b70c-0a40ff9dac7b","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":164,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"757e4a1f-67b1-472c-9e29-2bf098d21d09","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":164,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"ca9c4e3b-686a-46d5-87a4-8f48d64a8e18","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":164,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"9bff51a8-1605-4e94-b4df-23ae74a2b049","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":164,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"ebd4e83a-144a-4400-a6d5-0d98a044db26","block_type":"box","text":"Automatic Investment Plans","page_number":164,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"6757d442-f3c4-4dda-b873-df10102f699b","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":164,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"332c9826-eb44-4f10-9c90-eb34fe342941","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":164,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"700e5461-f7c5-4eaf-a69e-427ef0e7beb8","block_type":"box","text":"®","page_number":164,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"f9360a48-f12c-47d7-95e5-125b09ec867f","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":164,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"ab09a873-a389-4c3f-b259-6421af9435c8","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":164,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"7c6e02ae-776a-4672-81db-279b8a24645f","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":164,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"bab22f18-45d7-4029-8e1f-03168c8f758d","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":164,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"56a39b5d-54bd-4009-b4b9-ba5fdd8aa8b0","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":164,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"7810b34f-04c8-4b9a-a82b-781c6c7fd71d","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":164,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"2d756028-c667-4ea2-a276-ed18d1994b6a","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":164,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"2c55cdf5-0dd3-433d-91af-8ead7f47876b","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":164,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"ed9e12d2-d1a5-495f-aaf4-7bce924baf26","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":164,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"fe4c3120-79ad-4f97-958e-e4f06b715516","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":164,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"b7d25165-4e82-4bc7-bb36-50f1af5be720","block_type":"box","text":"Systematic Withdrawal Plans","page_number":164,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"3d74f589-2cd1-439f-976b-51e206dca115","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":164,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"8b306c27-f07e-4dc9-8ad3-45142982bf74","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":164,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"29323d56-9dc6-4540-bfd1-b7657660781d","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":164,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"45b1c3ee-aacc-48b7-a80b-0399638b1823","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":164,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"7ee0df98-2215-4020-8d64-72dd3eae9d39","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":164,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"fd515164-aaef-483e-98d1-4c57aab495db","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":164,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"cb32825f-844a-45c2-a0a2-b85911ec0c7c","block_type":"box","text":"www.blackrock.com.","page_number":164,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"25f77d11-eba5-42d7-96aa-044505670de2","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":164,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"ed337582-264f-4b59-88f8-32854c4ead1d","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":164,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"da00c699-76e6-45d0-a644-2e764666bf17","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":164,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"6eb04606-03c1-45b3-86b0-206e9973695d","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":164,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"2325a1b3-c617-4b7e-be02-fd3688443f38","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":164,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"11f68452-e942-408f-9f69-f455c025e6ce","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":164,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"4183ffbf-51a2-44b4-b10f-c3e8f2b86372","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":164,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"9efc3890-4f94-4703-88b1-9c629cea31ac","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":164,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"b2799fd5-737c-4ae9-8c31-f844a27011a7","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":164,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"7de38821-5c2b-4991-b59a-4c549a640c03","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":164,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"bf819ab0-686a-46f4-bc9f-1d7f162f53c1","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":164,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"faee2cc0-ef06-4d0f-8e2b-e32942a4b540","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":164,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"674bb75e-3692-445e-b664-8a68a6d89879","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":164,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"2207e414-6823-4bd1-b3fc-4e1344aa66be","block_type":"box","text":"Dividend Allocation Plan","page_number":164,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"434f9972-ca75-4f97-82a2-40403e954f15","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":164,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"4bb22500-f684-44d7-9594-2a0b0dcbdff5","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":164,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"169ac2a4-5745-4340-ad73-eaeb8e966976","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":164,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"b8acc68b-56d9-4e61-9262-79223b394523","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":164,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"349d301a-d24a-4dd9-a913-785c320eef55","block_type":"box","text":"II-121","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"db00987e-d8d5-4fe1-9f32-12703ae1ca01","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e85b235-6c80-4a9a-8230-9a26629fd605","block_type":"box","text":"PRICING OF SHARES","page_number":165,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"232ace63-0c8e-489c-b5dc-453059b2f3d5","block_type":"box","text":"Determination of Net Asset Value","page_number":165,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"e9b133f1-f40f-4c9f-a5bd-a040414affc8","block_type":"box","text":"Valuation of Shares.","page_number":165,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"72964a92-dbb9-4880-9765-9d126dee33e8","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":165,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"20c2a1ed-e5ac-4979-bcbc-4cd0386e31f9","block_type":"box","text":"regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day the NYSE is open.","page_number":165,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"b6b0617c-ee1b-403e-adde-90b9bf567987","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":165,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"53cb0c02-1548-46ad-93f4-7a4b2af4dc8c","block_type":"box","text":"Equity Investments.","page_number":165,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"66e88b03-5d43-4efb-895b-9c2d10705ca3","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":165,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"add08f7c-491f-4637-baf3-69970599eb9a","block_type":"box","text":"e.g.","page_number":165,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"c5cda5a0-8017-44d4-b634-d305d5f4459e","block_type":"box","text":", NYSE), on separate","page_number":165,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"c0e31ce8-9651-4b84-be11-bc8a95258974","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":165,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"01fce8fa-a119-49a2-bada-3030af0493ba","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":165,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"2a1aef3d-5a13-4655-8d58-ebc33f9f308e","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":165,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"78bb8824-21af-421f-9bcf-98b9db174106","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":165,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"14ac5da2-e810-42e9-b00a-77cd6fc74615","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":165,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"80208226-60e9-4974-84b5-e7934de507b4","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":165,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"338ea2ca-e6e3-4270-95e7-f7fc492f603f","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":165,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"644da4ef-709e-4255-9420-f1b9cc0bb059","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":165,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"3ed45f93-cc55-405e-91b2-bfb909d68f9c","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":165,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"a4497c66-c23b-4308-afdf-6ad6c4e6c099","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":165,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"54b80879-2307-42fb-b298-625009cb9ff0","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":165,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"79aee13a-f805-42b2-8c62-58a878364a0f","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":165,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"5822714c-a92d-49ff-9e3c-9b0f69c6aa4e","block_type":"box","text":"defined below).","page_number":165,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"b88086c8-6ea4-47de-8a3f-ed8a70f1ad7e","block_type":"box","text":"Fixed-Income Investments.","page_number":165,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"94df1437-7149-4a46-83f5-f7eb6ba0f6c1","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":165,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"fd8aa73e-bb77-4541-a2a2-932477b11315","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":165,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"97850886-7f8e-4a99-ba18-30067bf36f12","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":165,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"ac0d81f0-9052-49cf-a861-99dfe557f165","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":165,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"ee30b734-5993-40ed-b308-cfddb8e969b0","block_type":"box","text":"e.g.","page_number":165,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"8e6925cb-5f1c-4030-822d-1ee4b124dd75","block_type":"box","text":", recent representative bids and offers), credit","page_number":165,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"0e5a4aaa-ecba-429f-b958-3cb8349ec047","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":165,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"f43f8943-9b76-4f92-b310-fea8b85e725e","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":165,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"0e99b99d-6c22-40bf-beb6-946d043f8150","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":165,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"bc623280-95bd-40a3-963f-c076588f8167","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":165,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"49a8d09d-7719-4da6-9dfc-5d40935c29a8","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":165,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"76720081-c359-4e46-843b-123da682992e","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":165,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"16fb858c-b0d5-43f9-9b74-ce331f8497ab","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":165,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"ed123509-6367-4e59-bf86-218cecbe9ffe","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":165,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"b48e7364-c043-4c6a-b8a6-f4c8adcf3a85","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":165,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"a0c559ac-c5f9-4375-abc7-dfd4e83406ae","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":165,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"3078925c-3d6d-4dc0-b2c0-8384e88af400","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":165,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"cbc55506-dd9c-40e5-a345-63034df160e3","block_type":"box","text":"attributes of the tranche.","page_number":165,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"7136e005-ea7b-4fba-824b-b4b14119cb38","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":165,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"c9157998-ec42-4921-9199-1f0fb2944a26","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":165,"box":{"x":453,"y":620,"width":416,"height":11}},{"id":"557a75f5-de89-400d-9903-5bb75f3cbdab","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":165,"box":{"x":70,"y":635,"width":829,"height":11}},{"id":"de7e6988-c56f-4a05-ad65-8a48b52a6851","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":165,"box":{"x":69,"y":650,"width":824,"height":11}},{"id":"e128ac2c-0fc2-4220-b9b7-29a60aecd048","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":165,"box":{"x":68,"y":665,"width":838,"height":11}},{"id":"bc4ea8d0-c860-47a2-9034-3e9d8f14210f","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":165,"box":{"x":68,"y":680,"width":820,"height":12}},{"id":"8d2cb523-ab7c-4f6c-ab33-fefcf56ce64f","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":165,"box":{"x":68,"y":695,"width":808,"height":11}},{"id":"1d0df129-fe5d-4604-908a-f617fdfe6970","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":165,"box":{"x":69,"y":710,"width":824,"height":12}},{"id":"93302caf-928f-47de-93ee-225c1699d9a7","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":165,"box":{"x":68,"y":726,"width":789,"height":11}},{"id":"8b21b980-34c1-429b-9612-87763a494d8c","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":165,"box":{"x":69,"y":741,"width":807,"height":11}},{"id":"ffec4c2b-4d97-4943-b5ca-cb0800d2d671","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":165,"box":{"x":69,"y":756,"width":824,"height":11}},{"id":"9fce9ade-d2bc-46da-8f01-90d3d5b817ef","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":165,"box":{"x":69,"y":771,"width":833,"height":11}},{"id":"c2c2c47b-9695-4b17-810b-dece78b0412a","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":165,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"b51d547e-48a7-4bb3-893c-f3bda3ad1938","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":165,"box":{"x":69,"y":801,"width":301,"height":9}},{"id":"548d2718-2645-4cfe-8cd3-f6a410f09931","block_type":"box","text":"Underlying Funds.","page_number":165,"box":{"x":102,"y":824,"width":128,"height":11}},{"id":"86a1cf98-dd8c-4b79-a1f0-295f655b9b95","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":165,"box":{"x":237,"y":824,"width":621,"height":11}},{"id":"29d0f684-70ec-43f9-a367-39560e396a6c","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":165,"box":{"x":69,"y":839,"width":837,"height":11}},{"id":"56698ff3-e1f1-4b72-bfdc-bb1fd64d3e74","block_type":"box","text":"General Valuation Information.","page_number":165,"box":{"x":101,"y":862,"width":220,"height":9}},{"id":"4b3a1c84-cacb-4538-beba-dcf561401dde","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":165,"box":{"x":328,"y":862,"width":564,"height":11}},{"id":"96fdc351-b31f-4dd2-9977-9dcc1e0b25ce","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":165,"box":{"x":69,"y":877,"width":831,"height":9}},{"id":"623c2f0f-ee9f-4fce-a9ed-06ebed0de2e5","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":165,"box":{"x":68,"y":892,"width":828,"height":11}},{"id":"af785baa-1cf7-4453-916d-8cb49036f2b1","block_type":"box","text":"II-122","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"aaa4d181-3638-4ec0-a6d4-caccb739a948","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07fc9e83-cfd3-4bcf-b9f0-dd127f322423","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":166,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"a3133e1a-3b6a-4fe2-abfc-4b47dcffb270","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":166,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"cbe43684-7748-456d-8ba4-b513640e28a8","block_type":"box","text":"the revision.","page_number":166,"box":{"x":68,"y":75,"width":87,"height":9}},{"id":"8f6c0085-c6d9-4960-944d-d2fcd17f4f45","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":166,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"fb990049-b9cb-4359-919c-2690c127a73c","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":166,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"24143bab-c99b-46d2-85c7-f7ae19c2b3c0","block_type":"box","text":"matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a","page_number":166,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"633d93d5-f2dc-4549-9c45-00d59d8a1b86","block_type":"box","text":"price different from the price that would have been determined had the evaluated pricing method not been used. The","page_number":166,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"8963360b-bcad-4426-8927-06b55f923aee","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":166,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"9f6ace60-f0ab-4be2-bb27-25c0174b6b83","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":166,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"ec60ef78-51a0-4658-99eb-2cccf13b8aac","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":166,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"d855b0ab-6f7c-494c-80a3-c35fe7d76bb2","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":166,"box":{"x":70,"y":204,"width":833,"height":11}},{"id":"d8a5c7f3-2954-47b9-8fd1-36e2bada1a89","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":166,"box":{"x":69,"y":218,"width":827,"height":12}},{"id":"d75a6c37-3a45-4b3e-ad44-f1000b46b0cc","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":166,"box":{"x":70,"y":234,"width":741,"height":11}},{"id":"12868111-14d3-4104-9950-d5b8b718efec","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":166,"box":{"x":102,"y":256,"width":800,"height":11}},{"id":"91c5ce88-9398-429b-928e-00a91126aab8","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":166,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"1a6646ac-a464-49bb-9690-35f911926fce","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":166,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"7c38dfa7-cea0-475c-851c-dbf4aa4a7918","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":166,"box":{"x":68,"y":302,"width":824,"height":11}},{"id":"071f5c30-dadc-4a87-b2eb-b2507b58e53f","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":166,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"ad556a80-4536-4f29-a437-454c7c5c9c7b","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":166,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"8b8a19e6-00d8-4e07-a68b-03c0413048b1","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":166,"box":{"x":69,"y":347,"width":685,"height":11}},{"id":"a39c48f4-ac08-45ec-8c2c-500f06d1ed9d","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":166,"box":{"x":102,"y":370,"width":795,"height":11}},{"id":"c7775b62-0ec8-4930-a2c3-f23ae2849564","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":166,"box":{"x":68,"y":385,"width":805,"height":11}},{"id":"66529249-8bff-4e5c-9e57-f9e3a3454f65","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":166,"box":{"x":69,"y":400,"width":529,"height":11}},{"id":"b22d245c-bca9-498b-9254-c1f736e7395b","block_type":"box","text":"Fair Value.","page_number":166,"box":{"x":102,"y":423,"width":74,"height":9}},{"id":"23b47ce9-c61a-42a0-9fe7-b61f2e6090a6","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":166,"box":{"x":183,"y":423,"width":693,"height":11}},{"id":"4910b674-5174-4ebc-b932-7f93d87a6b14","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":166,"box":{"x":70,"y":438,"width":785,"height":11}},{"id":"bb3a9d8d-b5ee-49f3-abaf-b2f7f7459644","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":166,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"75b2286c-d141-4dd4-808b-cd153c988700","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":166,"box":{"x":70,"y":468,"width":779,"height":11}},{"id":"d43b596d-196e-458d-8acd-a883035c5c9f","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":166,"box":{"x":70,"y":483,"width":773,"height":11}},{"id":"8c8a2775-d150-4aba-a599-4ed5ca9bb25f","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":166,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"b2b236a6-373b-4f8c-9deb-eafab3d64061","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":166,"box":{"x":69,"y":513,"width":826,"height":12}},{"id":"e867cd29-dd52-4cbf-bcc5-108bd35e1a3d","block_type":"box","text":"(","page_number":166,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"87aba383-5c23-4d9b-9093-084d3bcf6f9e","block_type":"box","text":"e.g.","page_number":166,"box":{"x":74,"y":530,"width":25,"height":10}},{"id":"0b86504e-edad-46ee-be09-b016572813c1","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":166,"box":{"x":101,"y":528,"width":806,"height":12}},{"id":"d3bc64f8-a4a1-4a43-b4c8-b78d87267d3e","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":166,"box":{"x":69,"y":544,"width":813,"height":11}},{"id":"3469816e-51c2-4859-afec-ec035798e446","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":166,"box":{"x":68,"y":559,"width":837,"height":11}},{"id":"1fd3d863-d880-46b5-be84-44936c269d29","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":166,"box":{"x":70,"y":574,"width":838,"height":11}},{"id":"858d8ce9-d6a1-449f-8003-8040652acaaa","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":166,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"75dc3d3e-df02-489a-93a2-f70538d32118","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":166,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"19b96fc4-4f0f-4a35-96a3-c88e57739ba1","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":166,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"a755d8dc-9dd9-4ddb-abd3-c2164d4736f7","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":166,"box":{"x":70,"y":634,"width":819,"height":12}},{"id":"97718ec8-4ef8-4434-80fc-cc056ed73e6a","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":166,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"642b566b-2536-4c96-b632-f2af79bd58f6","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":166,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"286005f2-4182-45d3-9989-f6c79a673777","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":166,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"799600a7-87bc-47a1-a6d6-82ff11f98116","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":166,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"4fef22c3-5b01-43e5-8439-5b953c1dede8","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":166,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"255d601f-802c-46f2-8ff2-812c0578d026","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":166,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"e10a82d7-894a-4dc6-9839-a2bef64011db","block_type":"box","text":"pricing time.","page_number":166,"box":{"x":70,"y":740,"width":85,"height":11}},{"id":"79889976-f476-4cb2-ac68-77568b6c4915","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":166,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"0ddb8f4b-7674-40f7-bda0-6433a29913f6","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":166,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"941d5c5b-b1b8-45a6-a297-d28fcef3ba20","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":166,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"567a5c4e-c700-40e1-ab35-948bffe360d3","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":166,"box":{"x":70,"y":808,"width":808,"height":11}},{"id":"d4903d91-3b1f-486b-a636-4dc7b3d85779","block_type":"box","text":"assets and liabilities of the Funds.","page_number":166,"box":{"x":69,"y":823,"width":245,"height":9}},{"id":"2936477f-392c-4af1-b552-e9ad60eca72e","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":166,"box":{"x":101,"y":846,"width":795,"height":11}},{"id":"1beba0d3-5175-4163-8752-e3a1af93d23d","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":166,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"d93cdb18-38a2-48e9-91db-3cbd81ebe030","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":166,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"26db669d-759c-4405-b709-308733c7b450","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":166,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"8ec233b1-d885-479f-b248-823e900e2e56","block_type":"box","text":"II-123","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4febaaec-ed08-4b1e-9087-2d18c39c4c99","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8734753-0015-42c1-9f45-98ebe5b6b525","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":167,"box":{"x":69,"y":45,"width":744,"height":11}},{"id":"933e2efd-4566-4350-9e09-48ba8f1b43d6","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":167,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"e0395575-314b-4b0d-a71f-efc62f48ce50","block_type":"box","text":"valuation models.","page_number":167,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"96e55e7d-64b1-4d07-a0d8-eafb40b289ac","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair","page_number":167,"box":{"x":102,"y":98,"width":785,"height":11}},{"id":"f341ac8d-d16f-4511-abce-ca9906a5266e","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":167,"box":{"x":68,"y":113,"width":822,"height":11}},{"id":"c7a4e40d-7bd3-452c-afa4-666b36d6d8f2","block_type":"box","text":"the asset type). For example, the investment may be initially priced based on the original cost of the investment or,","page_number":167,"box":{"x":68,"y":128,"width":820,"height":11}},{"id":"d09da94a-eea5-422e-ac06-98d419ad144e","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":167,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"b307ed29-3e54-46d0-a1c0-9aaa956f5499","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":167,"box":{"x":69,"y":158,"width":766,"height":11}},{"id":"d7e2ea02-6d63-4127-952e-bc2f2f88e189","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":167,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"6b23c97f-ef2d-4996-b70f-0ec9a624752d","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":167,"box":{"x":69,"y":188,"width":378,"height":12}},{"id":"908ae930-77c4-4829-86ed-ca8bcbe1eab4","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":167,"box":{"x":101,"y":211,"width":784,"height":11}},{"id":"40a81f9c-a0e4-4b90-92dd-9ac15a01c300","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":167,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"ac31c961-f6fa-48ff-a598-1ccd1744d79c","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":167,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"1aca468a-9802-41ca-9490-a7e12dc3603b","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":167,"box":{"x":68,"y":256,"width":728,"height":12}},{"id":"ddacb57e-1a85-413c-8059-ac4531a4a7c5","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":167,"box":{"x":102,"y":279,"width":786,"height":11}},{"id":"015b1112-8801-4f98-a1e2-b228df1f92a5","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":167,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"7c225a28-9ad2-4514-b0c3-7a1cb482495e","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":167,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"fad300c7-e572-4580-8e0c-9465b1c8a811","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":167,"box":{"x":70,"y":324,"width":818,"height":12}},{"id":"5d80e65a-636c-44cd-beb6-65af6db069c0","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":167,"box":{"x":69,"y":339,"width":641,"height":12}},{"id":"59dfd0e9-f84e-4d07-8b74-8277e8b0497e","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":167,"box":{"x":102,"y":362,"width":786,"height":11}},{"id":"be499696-cdcc-48c0-9015-75d267a69a88","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":167,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"643da3dc-358e-4d0a-b2b0-777891000261","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":167,"box":{"x":69,"y":392,"width":780,"height":12}},{"id":"d2662af5-87ca-4ae8-b24e-ddce381965f4","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":167,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"73a408e4-2f9a-4791-83aa-8a6365fca21d","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":167,"box":{"x":70,"y":423,"width":810,"height":11}},{"id":"804c44cf-e1cf-4c07-9999-96ddae86645b","block_type":"box","text":"par ty determination of fair market value.","page_number":167,"box":{"x":70,"y":438,"width":285,"height":11}},{"id":"152c8683-3c63-4d7a-812f-1e515f465200","block_type":"box","text":"Computation of Offering Price Per Share","page_number":167,"box":{"x":69,"y":468,"width":292,"height":11}},{"id":"ad5cf88e-948a-411b-a061-5705aaa1f5ee","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":167,"box":{"x":102,"y":491,"width":791,"height":11}},{"id":"b472482e-e70a-4976-be14-a7bd65f92eb0","block_type":"box","text":"the offering price for shares of your Fund.","page_number":167,"box":{"x":68,"y":506,"width":295,"height":11}},{"id":"00033c2c-6cc8-4ffe-94ee-8b0113d2d3ad","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":167,"box":{"x":303,"y":535,"width":373,"height":10}},{"id":"e5799187-46c2-43c7-9c97-b45520104b55","block_type":"box","text":"Transactions in Portfolio Securities","page_number":167,"box":{"x":68,"y":566,"width":257,"height":9}},{"id":"8a2cd590-cd5b-467b-bcb4-4569e6574100","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":167,"box":{"x":102,"y":588,"width":798,"height":11}},{"id":"89a48e2c-a34f-4515-8a6e-65b46fc7e582","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":167,"box":{"x":69,"y":603,"width":839,"height":12}},{"id":"56737af5-c5d5-48bc-9613-03ba346d1c51","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":167,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"5d7f9dd0-c10b-4504-83e2-cdca547cbe66","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":167,"box":{"x":69,"y":634,"width":820,"height":11}},{"id":"2b347568-2692-44aa-bad6-e9be507094f7","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":167,"box":{"x":68,"y":649,"width":798,"height":11}},{"id":"217d1a59-b9eb-40c1-893b-0beaf9122f9a","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":167,"box":{"x":69,"y":664,"width":765,"height":11}},{"id":"6c1fc671-2cc8-4553-aaa3-ab3fc36bc3d2","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":167,"box":{"x":69,"y":679,"width":768,"height":11}},{"id":"d6ef5c77-df30-4735-b6f0-842ce66ce36d","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":167,"box":{"x":70,"y":694,"width":830,"height":11}},{"id":"1bb43b77-b131-44d9-a57b-5de19bdf526a","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":167,"box":{"x":69,"y":709,"width":760,"height":11}},{"id":"70f8bb24-7049-4f73-9257-0e428ca7e4cb","block_type":"box","text":"reasonable in relation to the services provided.","page_number":167,"box":{"x":69,"y":725,"width":336,"height":10}},{"id":"38e5e831-aadb-4c8c-8cc6-674ca610b911","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":167,"box":{"x":102,"y":747,"width":794,"height":11}},{"id":"37b2adbf-682c-49cc-8a22-5c0b3507cbf4","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":167,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"e4844eca-c715-4dfd-a0d9-5a005b06a185","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":167,"box":{"x":102,"y":785,"width":784,"height":11}},{"id":"fd293cf3-c78d-48fb-a9fc-80ef7c85db80","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":167,"box":{"x":68,"y":800,"width":829,"height":11}},{"id":"3b397406-2419-4a92-a8bb-c1549539cab8","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":167,"box":{"x":69,"y":815,"width":802,"height":11}},{"id":"e785b49e-0b9a-434e-b51a-afe3c3937a0e","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":167,"box":{"x":69,"y":830,"width":826,"height":11}},{"id":"c6d74a30-c567-4464-a7a7-a82618f56179","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":167,"box":{"x":69,"y":845,"width":789,"height":12}},{"id":"77af9679-ad7f-4636-a537-3a1e259d145f","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":167,"box":{"x":70,"y":860,"width":818,"height":12}},{"id":"9c7f1d1b-b838-4c03-8883-b01542cb4b97","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":167,"box":{"x":69,"y":875,"width":769,"height":12}},{"id":"4292951f-7458-4e0f-8640-5cb22671576e","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":167,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"6ac99db8-e8ae-40cd-844d-226b2a9ed1fb","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":167,"box":{"x":69,"y":906,"width":391,"height":11}},{"id":"3516c102-a7ba-40d8-91e4-f9e553675a44","block_type":"box","text":"II-124","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2a51a51a-4888-473a-ab01-0ff8b861fa19","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d5f41af-82b9-4310-9435-3b1f0af0c593","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":168,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"1337d978-f9b1-4b53-9a84-1c39001902a6","block_type":"box","text":"to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount","page_number":168,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"cad941a8-f865-450c-b57d-073e6d6217aa","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":168,"box":{"x":69,"y":75,"width":775,"height":11}},{"id":"d9f5746e-6bf1-4a01-bfa6-8e20f862f700","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":168,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"ca640231-274c-4b9d-b682-0b8926d8dfa8","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":168,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"20defbc5-b2f6-4369-8a26-494739544fee","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":168,"box":{"x":68,"y":120,"width":753,"height":12}},{"id":"1d4cf41d-c3a1-401d-be5b-62a68abe49b3","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":168,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"53599722-fccf-457d-8135-956c18dacd14","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":168,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"e3ea21a5-cc1a-4343-93f0-58a3fe85b9a7","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":168,"box":{"x":70,"y":166,"width":775,"height":11}},{"id":"d696818d-5f6e-4ef9-a105-ac23095cbd39","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":168,"box":{"x":69,"y":181,"width":764,"height":11}},{"id":"a7815f46-4ed6-42c4-9bc4-b2a4f14fdc07","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":168,"box":{"x":69,"y":196,"width":770,"height":11}},{"id":"7cf4f985-5ef6-4dad-820b-3496203c7c65","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":168,"box":{"x":69,"y":211,"width":599,"height":11}},{"id":"c8215aaa-521b-4a35-a171-e5f550b1994b","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":168,"box":{"x":102,"y":234,"width":796,"height":11}},{"id":"966f076c-3098-4a06-b439-1a41a3c27bd9","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":168,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"22aa9c49-d39e-4b5a-9381-b0ba0802bd78","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":168,"box":{"x":68,"y":264,"width":839,"height":11}},{"id":"5dbe7338-07d2-48cd-af8b-8a917e2be068","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":168,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"3c6ff408-2039-4874-a7cf-c6db6c21a438","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":168,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"851f57fd-69fc-4448-a308-d981b18bf7f6","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":168,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"d8903f14-7f1e-4875-8ba9-46833aa573eb","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":168,"box":{"x":69,"y":325,"width":818,"height":11}},{"id":"0e3d83c1-cfe1-4141-8feb-ae3c757c2030","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":168,"box":{"x":70,"y":339,"width":813,"height":12}},{"id":"4d29eb0c-354d-4e32-9267-89ad3c795a1d","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":168,"box":{"x":70,"y":355,"width":801,"height":11}},{"id":"68d0041e-6d8a-4f95-bec9-bb3eb6658f77","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":168,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"560131c7-8a9f-49ec-aef6-4b724536d3fe","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":168,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"60f00f68-be8b-41f3-b7a7-6b5229cd76a7","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":168,"box":{"x":70,"y":400,"width":361,"height":11}},{"id":"7ba22e0a-dd5f-4634-a7d7-1072264273b4","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":168,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"9ee6634c-3039-4cdc-8912-45be83c27ba5","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":168,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"8cc00576-2dbd-4bf3-91f2-42f905ebd228","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":168,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"a774551c-6cee-47cf-a106-3ac2a293c882","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":168,"box":{"x":70,"y":468,"width":785,"height":11}},{"id":"f2c9ade2-1c2e-4dd9-9a43-3c10cee3ec23","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":168,"box":{"x":70,"y":483,"width":806,"height":11}},{"id":"e5454fbd-778d-43a1-96e6-7ead650973ed","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":168,"box":{"x":68,"y":498,"width":772,"height":11}},{"id":"3176a950-6d0e-443e-92f2-335bf23b9541","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":168,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"193da254-0707-4e9e-8dc4-e85ae8fab65e","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":168,"box":{"x":68,"y":528,"width":769,"height":12}},{"id":"4acd1968-39b2-4f5f-b9b6-b8653279d950","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":168,"box":{"x":69,"y":543,"width":801,"height":12}},{"id":"0d0f7603-eefb-49c4-b0ab-891b2c3677f5","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":168,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"3e400305-3ae8-49d8-a551-97ccbc35f59e","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":168,"box":{"x":69,"y":574,"width":363,"height":11}},{"id":"b026f5a2-f99e-41aa-8010-8b41930c4a2d","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":168,"box":{"x":102,"y":596,"width":749,"height":12}},{"id":"9a9c573b-1d56-4546-97d6-8ff8dac844fc","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":168,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"7bdad6c9-871a-49ef-8c42-7cca0f130bca","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":168,"box":{"x":70,"y":627,"width":752,"height":11}},{"id":"5539db86-b74d-4ca1-9815-a217b3b2b666","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":168,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"ccd17407-f9f2-4ea6-927f-777a23452204","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":168,"box":{"x":70,"y":657,"width":822,"height":11}},{"id":"de154d2f-340f-413e-9f58-9c15aea7f6b2","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":168,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"69df2954-bd0e-4d09-9190-b6a0a3037e18","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":168,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"a30d896d-8339-4882-9eaf-b5295bd7d09a","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":168,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"6effe0df-b771-4f4c-a80c-44a57248379b","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":168,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"40c4f771-d8dd-4a10-a8e1-9793a5e06b89","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":168,"box":{"x":70,"y":732,"width":832,"height":12}},{"id":"2942f3a8-f5cf-46d6-91ac-799822b5ce7a","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":168,"box":{"x":70,"y":748,"width":798,"height":11}},{"id":"63ca3b45-725d-49f2-a6b0-3b4dd4fbc3ce","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":168,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"809fdca1-90d6-496a-830d-856e41098b11","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":168,"box":{"x":69,"y":778,"width":827,"height":11}},{"id":"935abdf2-b3df-4063-85cf-daf928c4ed74","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":168,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"7b20623b-9ea7-4fdf-a095-8a2250f78783","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":168,"box":{"x":69,"y":808,"width":797,"height":11}},{"id":"24eda496-cb0c-4a83-950f-f69e201fe6af","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":168,"box":{"x":70,"y":823,"width":815,"height":12}},{"id":"d907230b-450d-4d97-9c80-0246f582d86c","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":168,"box":{"x":68,"y":838,"width":555,"height":11}},{"id":"dabb7974-7d7c-4f44-a24f-8133c8d8e4e6","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":168,"box":{"x":102,"y":861,"width":802,"height":11}},{"id":"9904e5b0-538c-43d1-ae7f-8c4661caeaf5","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":168,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"7441bcbf-2b56-4a8d-a01e-17267b3bcd8e","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":168,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"87c4a8d8-8526-4f3a-8933-e093c435ec1e","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":168,"box":{"x":68,"y":906,"width":824,"height":12}},{"id":"6db9b6d4-e8ca-42a7-a3c9-a59c5ad0b474","block_type":"box","text":"II-125","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2b203dd7-f55e-482c-a3ec-2634ca5babf3","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"460c78df-7890-45e3-ab4d-fe7d8513e0d6","block_type":"box","text":"payments for research are unbundled from the payments for execution. BIL will pay for any research out of its own","page_number":169,"box":{"x":70,"y":45,"width":812,"height":11}},{"id":"d6406694-d9ed-40ef-bd9f-19e6315648b0","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":169,"box":{"x":69,"y":60,"width":547,"height":11}},{"id":"f2f65e83-f830-428b-a036-7a1a231f3822","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":169,"box":{"x":102,"y":82,"width":804,"height":12}},{"id":"8a98ca96-37d9-4caa-869b-b616c20d981a","block_type":"box","text":"to the Feeder Fund (or affiliated persons of such persons), will be made in accordance with Rule 17e-1 under the","page_number":169,"box":{"x":68,"y":98,"width":806,"height":11}},{"id":"1f7b0f33-1274-40b3-aa6b-89a4f0823921","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":169,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"e96c595e-e3bb-4807-9ae5-00afb80eb507","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":169,"box":{"x":70,"y":128,"width":777,"height":11}},{"id":"fea80a19-5ca9-4dfa-8b8e-6034e03b14de","block_type":"box","text":"brokerage.","page_number":169,"box":{"x":69,"y":143,"width":74,"height":11}},{"id":"0a72d78e-6bb8-43f9-a346-9d993b40c39d","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":169,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"d1463196-5e1e-4eb5-9c6a-44ce777258b6","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":169,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"5f63ad78-0a17-4ef8-bf96-213aa179dbf7","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":169,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"1f4aa27d-8b5d-4285-a133-17f7b577647e","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":169,"box":{"x":69,"y":211,"width":818,"height":11}},{"id":"16274fc3-ba30-47d4-9739-6a380b670bf5","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":169,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"99f4a3c9-6df2-4ceb-92ef-c5bca4b13b90","block_type":"box","text":"Section 28(e).","page_number":169,"box":{"x":69,"y":241,"width":99,"height":11}},{"id":"113b6ea9-6761-4860-84a4-a4e8ab5c5843","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":169,"box":{"x":102,"y":264,"width":755,"height":9}},{"id":"87edb5e3-e059-40d7-8195-abbe6522626e","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":169,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"c59b20d8-8b64-4ef8-8eda-73ac2454016d","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":169,"box":{"x":69,"y":294,"width":799,"height":11}},{"id":"b5385b54-c6d0-42fb-ae1b-ae4b5dd4eae1","block_type":"box","text":"execute transactions for those mutual funds.","page_number":169,"box":{"x":69,"y":309,"width":319,"height":9}},{"id":"13bb34d2-495c-4499-852e-ba2ae476742e","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":169,"box":{"x":102,"y":332,"width":770,"height":11}},{"id":"00258c59-bb41-4c6c-beb2-b2637141e82f","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":169,"box":{"x":70,"y":347,"width":825,"height":11}},{"id":"f4165780-22e2-44ab-8ec3-0418b872643d","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":169,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"faf81d49-3861-4582-83ac-15568671c841","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":169,"box":{"x":69,"y":377,"width":805,"height":12}},{"id":"c9aaacf5-beca-4821-b688-7944ad4d8421","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":169,"box":{"x":68,"y":392,"width":773,"height":12}},{"id":"02324673-759c-491c-959e-8c68d1e9c608","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":169,"box":{"x":69,"y":407,"width":798,"height":12}},{"id":"3793d500-6270-4eb0-bb16-e786658f88ab","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":169,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"c4d81e8e-5f94-41cf-b0c9-f6d4fe91b6f1","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":169,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"d082e0af-6e7c-4ca2-a34c-032424b5991e","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":169,"box":{"x":69,"y":453,"width":540,"height":11}},{"id":"57188322-7824-4676-a9f0-2dcb087b24cb","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":169,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"a7ce3d03-5751-42de-926f-5c66162fd14b","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":169,"box":{"x":68,"y":491,"width":597,"height":11}},{"id":"4b6cc35e-00bf-48f5-b724-c616e4dde123","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":169,"box":{"x":102,"y":513,"width":802,"height":11}},{"id":"772fae82-3396-41d9-9c60-1166a33d572c","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":169,"box":{"x":68,"y":529,"width":822,"height":10}},{"id":"dfb1184b-d7ab-4f47-8c42-a9e9b636b00d","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":169,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"31cee85b-fd00-4ccc-9d73-012ab828174e","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":169,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"2fd77f5c-59f0-443a-9134-49b8e83d2608","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":169,"box":{"x":69,"y":574,"width":762,"height":11}},{"id":"b97fa7df-692a-427c-abb9-0eacf4cd6fc0","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":169,"box":{"x":68,"y":589,"width":770,"height":11}},{"id":"20d10b63-856b-467b-b66c-10d02aa79eb4","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":169,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"3076206b-a80a-4b07-ae3a-5343d696fdab","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":169,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"da2c3d5d-a32a-49f7-8537-a5d18018bc26","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":169,"box":{"x":69,"y":634,"width":825,"height":12}},{"id":"61acdb7c-6fe0-411c-adb1-40325eae0105","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":169,"box":{"x":69,"y":649,"width":645,"height":12}},{"id":"8ada024b-bdd1-47c6-b0bd-87dd5f32fd97","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":169,"box":{"x":102,"y":672,"width":797,"height":11}},{"id":"56937d10-7288-46fb-bc49-c0e3eb13eeea","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":169,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"e3e2b7e2-83ab-4eb5-b7f4-deec197bd70a","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":169,"box":{"x":69,"y":703,"width":839,"height":11}},{"id":"b2ce2446-beb1-41d0-a07a-aac55c6eeb98","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":169,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"2e4db7c5-184d-4afa-b6b8-8676f5b95093","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":169,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"c397429d-cd39-45b5-a6ca-a6607a272977","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":169,"box":{"x":70,"y":748,"width":730,"height":11}},{"id":"a251d441-fc39-4eab-b491-a062eb58706d","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":169,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"4d284131-b2fd-4b16-bb8b-4095163220b4","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":169,"box":{"x":69,"y":786,"width":807,"height":11}},{"id":"b905dd4c-8caf-4617-ae47-c6a46c324e22","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":169,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"36da69ce-92c5-4f26-819d-27f88b05bdfc","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":169,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"6878b514-bd78-4667-ba85-ed1e9d91493c","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":169,"box":{"x":68,"y":831,"width":827,"height":11}},{"id":"4110c93f-fa81-472d-8755-c47b72b5e752","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":169,"box":{"x":68,"y":846,"width":817,"height":11}},{"id":"309bc305-bd1f-4e3e-8c99-027d3418a157","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":169,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"2a981857-5a22-45bc-96fb-ea89a50ad397","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":169,"box":{"x":69,"y":876,"width":700,"height":11}},{"id":"b1e4acfa-e5bd-4564-8055-d91d96847230","block_type":"box","text":"II-126","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"61cf4df3-e697-473c-9462-f2cfc99ba800","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0fd1914a-0ab9-4fc3-ad69-7b336176783f","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":170,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"f03f4bf4-0641-4423-96a8-f7ab2a23180b","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":170,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"28bdeda5-e0d3-4836-87bb-c608c9fc8d43","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":170,"box":{"x":69,"y":75,"width":766,"height":11}},{"id":"64c9d9dc-2f57-43b6-a147-a40b74814d58","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":170,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"869f7c54-5689-44e8-a5aa-fa10370e4425","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":170,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"6e738acc-6b4d-4398-9232-e550cbbbcf4f","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":170,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"b239f821-e4b8-43d8-929b-88541c87daec","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":170,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"8de29b37-419a-443d-926b-739da28e6632","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":170,"box":{"x":70,"y":158,"width":800,"height":11}},{"id":"2ab938fd-bc42-4f49-a1d5-34024535b906","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":170,"box":{"x":69,"y":173,"width":352,"height":11}},{"id":"0e04609e-9aeb-4761-9eeb-366166e05122","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":170,"box":{"x":102,"y":196,"width":800,"height":11}},{"id":"080d1dfb-7054-469c-b46f-0cb6cc95e32e","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":170,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"d080dbee-d768-4847-a9da-479f69d258be","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":170,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"075b5fac-2526-4c3c-a4c8-88068f8e8408","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":170,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"c90cdf1c-4332-4062-999b-2e5c03d9c61e","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":170,"box":{"x":69,"y":256,"width":759,"height":12}},{"id":"d26655fd-5ea3-48e6-aa17-17698555b427","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":170,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"9e63e4b5-0d06-4307-a876-781d8cc1d37b","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":170,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"71113a7b-761f-4501-a02d-0f091489d0de","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":170,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"d0460dfc-3ba1-4271-b306-93029c91ae36","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":170,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"eaa42099-e460-4b9e-a726-e1403b650773","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":170,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"56444fe5-b8e7-4843-8f4a-1d2615c7ccda","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":170,"box":{"x":68,"y":347,"width":808,"height":11}},{"id":"5cf4cd3c-6f09-49cc-b4bf-d3ba9b7eba0b","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":170,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"9e198119-6468-4b2b-bf1c-e652fa17ce51","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":170,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"8a08ac6e-dd48-445c-8eba-11f9b983e00c","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":170,"box":{"x":69,"y":392,"width":613,"height":12}},{"id":"a8b199b3-3408-4f86-bb1e-552b83f552d9","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":170,"box":{"x":102,"y":415,"width":802,"height":11}},{"id":"e22cae4a-9b2a-4aa8-9cc8-28922132a9c6","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":170,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"b5306d35-4ca8-40d6-a4bf-b46855815649","block_type":"box","text":"accounts and compliance constraints.","page_number":170,"box":{"x":69,"y":446,"width":269,"height":10}},{"id":"a8ff8401-c0e5-4ce9-aea3-4d6b0a6621d5","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":170,"box":{"x":102,"y":468,"width":736,"height":11}},{"id":"7dd92bdf-4844-4a4e-9288-f39cab9a8c73","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":170,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"b775a8db-6fc4-43cd-81fa-70d90f5b31b6","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":170,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"ddcb2a4a-0f51-45c5-82fb-80e61c159baf","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":170,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"fb8a0b60-4a3c-4625-a18b-0e1c97a8ec82","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":170,"box":{"x":70,"y":528,"width":783,"height":12}},{"id":"be9a6b72-0bb5-44d0-96e0-8217bcf79f8c","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":170,"box":{"x":69,"y":543,"width":793,"height":12}},{"id":"4b7535f7-8637-4f55-8ed6-e6fa41b4a135","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":170,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"60c89543-5820-4999-a282-bbfad4599e00","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":170,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"672649a9-ccc4-4f48-8ca3-057bbc6c37bc","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":170,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"3b52d7ca-daec-49f1-bcbf-e2da86091527","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":170,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"6ea002e3-c39d-4531-ac52-2c8d33f30e92","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":170,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"7bdc57d9-4505-4005-b755-be24cd8e0b78","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":170,"box":{"x":69,"y":634,"width":808,"height":12}},{"id":"3507ef19-947c-49d4-b5b1-2de0f8de676e","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":170,"box":{"x":69,"y":649,"width":791,"height":12}},{"id":"246244ba-6e43-48a0-b766-1071cb245b6f","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":170,"box":{"x":69,"y":664,"width":799,"height":12}},{"id":"93f099a6-01cb-4cca-9fd7-5d136b8f25a8","block_type":"box","text":"clients may be used as well.","page_number":170,"box":{"x":69,"y":680,"width":200,"height":11}},{"id":"876768dd-426d-44ce-b501-d516dae39360","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":170,"box":{"x":102,"y":702,"width":789,"height":12}},{"id":"474bb007-36c9-4a32-a0d5-91ace531cd8e","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":170,"box":{"x":68,"y":717,"width":815,"height":12}},{"id":"241b7dd3-c09f-4a82-8fc4-2c4731edaf76","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":170,"box":{"x":69,"y":732,"width":835,"height":12}},{"id":"d27a6da2-9c97-4b06-9d1e-4dca87fdceff","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":170,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"cb83dc77-e6d4-40ff-abb8-45b8f3f3b9e6","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":170,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"8ef0b39e-85d9-408b-bd63-9425e1149e3a","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":170,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"b2128b7d-82d3-47f0-a165-75760e835c67","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":170,"box":{"x":69,"y":793,"width":806,"height":11}},{"id":"13341801-0d6a-4eca-8a55-42b0ba59627f","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":170,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"15dc66ad-8824-4245-931f-d91bb6380445","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":170,"box":{"x":69,"y":823,"width":836,"height":9}},{"id":"bc458f7a-a7a2-4dbf-a654-b7133dd0ae46","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":170,"box":{"x":69,"y":838,"width":773,"height":12}},{"id":"b50f4d19-6196-4fe1-92c9-ca348159a2d0","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":170,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"25259305-29df-44f8-8cb5-742a4c1de7d2","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":170,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"5951c737-ea18-43e0-8b64-74f33d74dc85","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":170,"box":{"x":69,"y":891,"width":721,"height":12}},{"id":"95719675-5056-4295-9c09-d45cf852227f","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":170,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"18a6fae7-7bc5-4dd4-ba18-56d6de751c7c","block_type":"box","text":"II-127","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"50f066c4-a2b3-4253-921f-33dc494c9221","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"28130d1b-8207-44c7-843a-d290e7eb37d5","block_type":"box","text":"will be aggregated in a single order if the trader believes the aggregated trade would provide each client with an","page_number":171,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"f106bc33-8fc1-4331-ba02-68af2a730c08","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":171,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"32aab3a1-3008-480f-8391-6fedc351191b","block_type":"box","text":"aggregated order will be shared pro rata among the clients in the aggregated order. Generally, if an order for a","page_number":171,"box":{"x":69,"y":75,"width":783,"height":11}},{"id":"e9698bcc-faae-4207-8e8e-41c754fb7543","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":171,"box":{"x":70,"y":90,"width":796,"height":11}},{"id":"16d671b0-9921-4bbe-82fe-17b11dd16367","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":171,"box":{"x":69,"y":105,"width":821,"height":11}},{"id":"ad4a8113-bad7-4a1f-9f19-87e4f1a842f4","block_type":"box","text":"where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the","page_number":171,"box":{"x":68,"y":120,"width":819,"height":12}},{"id":"a6b2f4b5-3fdb-4d9d-b833-22cfd0fc378e","block_type":"box","text":"price or value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":171,"box":{"x":70,"y":135,"width":771,"height":11}},{"id":"e8deda79-906c-40dc-a5ec-d78b68c2e018","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period may increase","page_number":171,"box":{"x":68,"y":150,"width":815,"height":12}},{"id":"57d4b2c1-a4ed-4625-9d91-6aa82d4401eb","block_type":"box","text":"the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price.","page_number":171,"box":{"x":68,"y":166,"width":835,"height":11}},{"id":"3c609161-942b-41ab-af7b-11caa7a792d2","block_type":"box","text":"The trader will give the aggregated order to the broker-dealer that the trader has identified as being able to provide","page_number":171,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"d398e6d4-1b52-4261-92af-af90cb75e33c","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":171,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"001adbfc-9dec-4800-a36b-1080b31b8d6a","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":171,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"ce07d95f-b9bd-4ec2-a2eb-a9c1f5477944","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":171,"box":{"x":101,"y":234,"width":767,"height":11}},{"id":"f59fd4dd-749f-4afb-a1da-70253caf2d9a","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":171,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"ce2710e3-2917-4364-baf0-3aabc63d8fa3","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":171,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"11034b2f-46fb-4e46-9b9f-3bde707913e1","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":171,"box":{"x":70,"y":279,"width":833,"height":11}},{"id":"c1d0d0ea-26e1-4616-809d-fb4325220a4e","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":171,"box":{"x":69,"y":294,"width":818,"height":11}},{"id":"7db96824-158a-4ab4-b48e-a551d351eb57","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":171,"box":{"x":101,"y":317,"width":786,"height":11}},{"id":"245a9459-c858-4a41-929b-a0017f8e7b7a","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":171,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"f9bb4346-3b0d-43ab-bc49-b4be2bca3b2c","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":171,"box":{"x":69,"y":347,"width":751,"height":11}},{"id":"781b212a-20ad-4cc5-a3d4-2205561acb5e","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":171,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"aac54591-f715-43d2-8f65-2287d8818301","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":171,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"34b0a702-6ff3-4bb9-a131-df3c3cfa9d58","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":171,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"02ad323e-2f05-4013-9adb-706b92b66273","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":171,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"8f43a6a3-1f20-44dc-8abf-aa76ad13879b","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":171,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"2780d2ff-397d-42f4-b2d5-9b1ed0efb7c4","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":171,"box":{"x":69,"y":438,"width":781,"height":10}},{"id":"09e95dcf-da6e-413d-b0b1-c3b261c97ba7","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":171,"box":{"x":69,"y":453,"width":805,"height":11}},{"id":"95979e18-f7bb-434b-99ea-72311838539d","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":171,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"64dea550-0d4c-4a01-82f2-b58f79738a62","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":171,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"660735a6-e794-49da-a0d1-a20555a016e7","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":171,"box":{"x":69,"y":498,"width":713,"height":11}},{"id":"d9547e26-f859-4354-a8a4-f381afe71a35","block_type":"box","text":"Portfolio Turnover","page_number":171,"box":{"x":69,"y":528,"width":129,"height":9}},{"id":"fe9a8bfa-496b-459f-812d-3e541561c3db","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":171,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"0190811d-0287-40a6-b406-e29a1efaa755","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":171,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"4de70e32-97fe-41ab-b99b-71774b5b1489","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":171,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"3b60c0bb-ba79-48d0-b485-3a2dfba953a3","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":171,"box":{"x":68,"y":596,"width":777,"height":12}},{"id":"e3c24772-4b77-4cd7-ac36-a4d531fad1ad","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":171,"box":{"x":69,"y":612,"width":818,"height":11}},{"id":"ebac837f-a34b-442b-bcc5-25c7ecc45ee6","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":171,"box":{"x":69,"y":627,"width":519,"height":11}},{"id":"b7990a11-0fc4-4fdd-8d89-7336cd62a006","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":171,"box":{"x":396,"y":656,"width":186,"height":10}},{"id":"f42383e7-d699-4ffd-bcd7-419fa0d2e5fa","block_type":"box","text":"Dividends","page_number":171,"box":{"x":69,"y":687,"width":69,"height":9}},{"id":"50da4c60-d6d4-4907-ad21-3f192e41dd3e","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":171,"box":{"x":102,"y":709,"width":776,"height":11}},{"id":"52c18d98-bb4b-4580-87e9-8be979259bee","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":171,"box":{"x":70,"y":724,"width":795,"height":11}},{"id":"c0adb266-572b-4672-a268-186ff115c89c","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":171,"box":{"x":69,"y":739,"width":837,"height":12}},{"id":"d8f4eee0-72b7-476f-8197-545a8b2ca430","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":171,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"c6762168-4992-46ba-9a64-6ba265dd2636","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":171,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"113a7504-cde1-4891-b79e-d63be53741d3","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":171,"box":{"x":69,"y":785,"width":739,"height":11}},{"id":"108404f2-db79-450e-829d-a8535ec3b432","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":171,"box":{"x":102,"y":807,"width":773,"height":12}},{"id":"5b8c3db0-656a-45da-89eb-5ce4d75e5d42","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":171,"box":{"x":70,"y":823,"width":819,"height":11}},{"id":"a2b4145a-308d-4b99-ba75-c247cb8a83a9","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":171,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"3a5c5114-98ba-4905-9d27-ba43a4d40a92","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":171,"box":{"x":68,"y":853,"width":800,"height":11}},{"id":"a1ffcb1a-0622-49af-adb0-b5aa58eb89df","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":171,"box":{"x":69,"y":868,"width":801,"height":11}},{"id":"60e66635-7783-4f13-9064-6c11d37878d7","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":171,"box":{"x":69,"y":883,"width":783,"height":11}},{"id":"2c32bda0-5838-4b36-b38c-6febae45b5f6","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":171,"box":{"x":69,"y":898,"width":820,"height":11}},{"id":"2997dbed-c7b9-4425-b91f-8bafeaeb6e52","block_type":"box","text":"II-128","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cba17d1e-2e58-4279-9ffe-a365cbcf39d0","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d822b837-1c9d-4052-b228-58fe46ca0055","block_type":"box","text":"Shares. Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per share","page_number":172,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"447055c0-b100-488c-a292-aabc1f4aa9ac","block_type":"box","text":"dividends on front-end load shares and Service Shares as a result of the distribution fees and higher transfer agency","page_number":172,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"c7a36b48-e759-4719-866b-23bee96fd3ae","block_type":"box","text":"fees applicable to CDSC shares and the distribution fees applicable to Class R Shares, and the per share dividends","page_number":172,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"7f879958-01dd-4dbe-812d-2ce60d3e0cee","block_type":"box","text":"on CDSC shares will be lower than the per share dividends on Class R Shares as a result of the higher distribution","page_number":172,"box":{"x":69,"y":90,"width":816,"height":11}},{"id":"b527a112-99d0-47ff-94d1-89e4a1622bb4","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":172,"box":{"x":68,"y":105,"width":461,"height":11}},{"id":"ae249f95-ade2-47de-b04c-c00e9ca57ec7","block_type":"box","text":"Taxes","page_number":172,"box":{"x":68,"y":136,"width":42,"height":8}},{"id":"e19524b5-b117-4c56-a1c9-26a53c84325a","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":172,"box":{"x":102,"y":158,"width":732,"height":11}},{"id":"4163ecc5-0059-4e6a-be09-ac8def9d4801","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not be subject to","page_number":172,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"ea7affd1-c6b3-4730-8618-35a559ca88a0","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":172,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"9df9190c-6e67-4664-9906-aef26bf51814","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":172,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"61a24223-bef2-4dad-9b5f-4819dc5422f3","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":172,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"e4dde3dd-e55d-4d8d-9fd9-8737103ff546","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":172,"box":{"x":69,"y":234,"width":786,"height":11}},{"id":"29a68994-dff6-4f76-a73e-3d7369ac13d3","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":172,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"501d2786-13c3-4f3b-a33d-9ffa3849675c","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":172,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"7ff8399f-435f-41ef-bf47-4921d482ad63","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":172,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"6b6c99bd-ceda-487d-9d2a-dff9bba0025d","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":172,"box":{"x":69,"y":294,"width":739,"height":11}},{"id":"43fc5a56-f624-4908-a405-a91beb88baaa","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":172,"box":{"x":101,"y":317,"width":792,"height":11}},{"id":"8c1ed570-3cec-4268-840e-31d3852c510d","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":172,"box":{"x":68,"y":332,"width":819,"height":11}},{"id":"12f994ca-212d-4b0c-a550-4ecf21c189cf","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":172,"box":{"x":70,"y":347,"width":830,"height":11}},{"id":"01f6bb91-d04c-49ad-97e5-d608cc6b4770","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":172,"box":{"x":68,"y":362,"width":744,"height":11}},{"id":"338adfe8-e09b-4f45-9c3e-14f9238bdffa","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":172,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"6a1fbc9f-32e2-46b8-bb0e-09445d0c3442","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":172,"box":{"x":69,"y":392,"width":808,"height":12}},{"id":"0774cefa-3189-4872-ae63-fcf4e39728e0","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":172,"box":{"x":69,"y":407,"width":767,"height":12}},{"id":"76796968-024b-437f-bb78-8e91f7eb9f70","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":172,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"01c8b336-b3d8-47af-a464-fa072525d7fe","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":172,"box":{"x":68,"y":438,"width":521,"height":11}},{"id":"72d1422e-4f0e-40c3-b1f2-4b04d99aef86","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":172,"box":{"x":102,"y":460,"width":798,"height":12}},{"id":"59ef0d9b-0c6c-4f35-8d50-4ee25238997e","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":172,"box":{"x":69,"y":475,"width":762,"height":12}},{"id":"0e7f84b1-0f16-4bee-bb6e-bb17b8a6df07","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":172,"box":{"x":70,"y":491,"width":789,"height":11}},{"id":"f2056a42-79c7-41c8-abf6-1fffcf9ebe84","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":172,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"f10e5810-95d9-4944-abff-0d9b0d68aeef","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":172,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"254bbc37-d0fa-4009-8ac3-90ba3a4fffd0","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":172,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"39d29e93-1f0b-45f0-8f31-0d43ea283e75","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":172,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"15e4bed2-181c-4acb-8f52-7e46469cb3b0","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":172,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"6eb3cf9f-bd8c-4f76-bc0e-d20d12b74d1d","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":172,"box":{"x":70,"y":581,"width":813,"height":12}},{"id":"37963fe2-5640-4503-9004-e6369346f620","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":172,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"848e2222-d10f-4716-bff9-f0e817bae3c0","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":172,"box":{"x":69,"y":612,"width":790,"height":11}},{"id":"23203eff-a237-4755-9c08-8acafa554a2f","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":172,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"bacdd7c0-9278-425a-a2b5-db5198c1c5f5","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":172,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"86a28873-879c-4605-9d9f-3da7cfad82c4","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":172,"box":{"x":101,"y":665,"width":759,"height":11}},{"id":"f2450ae0-2b33-4cf1-a9ea-29de61b04f83","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":172,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"d407a0d2-8118-4b18-8764-66bb080b0730","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":172,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"e242e7be-49a1-4147-b3c5-104141f1e17d","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":172,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"c94defa2-2ed1-4b00-a19f-43927f8d0a72","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":172,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"33c62b74-786c-4755-9722-6f7da390ca92","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":172,"box":{"x":70,"y":740,"width":810,"height":11}},{"id":"4d971e93-3e5f-48c1-8051-9ced8632cbbe","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":172,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"3ca83c23-79f1-4870-975b-5d0ae5ab04fe","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":172,"box":{"x":68,"y":770,"width":666,"height":12}},{"id":"bd87f014-6b62-4b8e-8d1e-1bbeebd44a7c","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":172,"box":{"x":102,"y":793,"width":790,"height":11}},{"id":"5f5f435b-8278-451a-a343-88425a9b4ec2","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":172,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"98649c40-c2f2-487b-8300-5ef4ec431316","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":172,"box":{"x":69,"y":823,"width":770,"height":11}},{"id":"69eb79f0-8929-422f-953f-79c446e3a041","block_type":"box","text":"limitation.","page_number":172,"box":{"x":70,"y":839,"width":68,"height":8}},{"id":"40f8e371-b84f-4b04-8440-f9d3ceec7f93","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":172,"box":{"x":102,"y":861,"width":803,"height":11}},{"id":"c0381243-ecef-44fe-a388-893eda4e5a0e","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":172,"box":{"x":68,"y":876,"width":790,"height":11}},{"id":"0d791d03-7be0-44d7-ad78-ecaa2ff418f4","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":172,"box":{"x":70,"y":891,"width":815,"height":12}},{"id":"050ae425-afc4-4693-9fec-d42bf7b64b76","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":172,"box":{"x":68,"y":906,"width":748,"height":12}},{"id":"e5c56c33-765f-42fb-b95a-35d5921f1aac","block_type":"box","text":"II-129","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0f0a07ab-3641-47ac-a11a-80b93a3b3057","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5c4efa1b-110a-4922-b9df-86a40d7fd758","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":173,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"30d8070f-a761-4784-b6eb-8cabe06c7ca2","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":173,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"3c2b6e84-2a88-45ee-8198-c108782edf3a","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":173,"box":{"x":70,"y":75,"width":785,"height":11}},{"id":"124685fc-047f-41ca-9d78-4d4c61a4cf34","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":173,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"463e071d-9828-4fdb-a33f-456d2e8eb90f","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":173,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"6797805d-4438-4499-8f00-85b611cb5e0b","block_type":"box","text":"taxable to such shareholder at long-term capital gain rates provided the shareholder has held the shares on which","page_number":173,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"ffd7c2dc-03a4-4b10-87d7-95b50311d29b","block_type":"box","text":"the dividend was paid for at least 61 days during the 121-day period that begins on the date that is 60 days before","page_number":173,"box":{"x":68,"y":135,"width":822,"height":12}},{"id":"692beb83-2b50-4c44-9142-bc59f9ec7a7e","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":173,"box":{"x":68,"y":150,"width":751,"height":11}},{"id":"7305b640-ee1c-4785-865f-dc171cb82888","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":173,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"52a0a576-a9d9-4886-a01c-8b9a65258e70","block_type":"box","text":"was paid for at least 91 days during the 181-day period that begins on the date that is 90 days before the date on","page_number":173,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"ccddf269-ebd5-42d2-be6d-96960acbc127","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":173,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"3590d91e-f38d-4829-9027-702f1548da3a","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":173,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"b24c69e1-1161-46e4-90cb-41b9c056a8c6","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":173,"box":{"x":68,"y":226,"width":789,"height":11}},{"id":"3e5e6b4b-8986-4df4-9c98-dae20bbab2e2","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":173,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"d38c0e44-3fb4-4d31-84ec-aa306cc1f66d","block_type":"box","text":"constitute “qualified dividend income.”","page_number":173,"box":{"x":69,"y":256,"width":275,"height":11}},{"id":"f5e0e60a-8e2b-4578-9d7d-5ad40a6b508c","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":173,"box":{"x":101,"y":279,"width":806,"height":11}},{"id":"5ed07e8b-7f8e-4431-9f97-67acd8e88d39","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":173,"box":{"x":70,"y":294,"width":368,"height":11}},{"id":"1a980401-688b-4d13-9cd8-a1390d2b3f88","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":173,"box":{"x":101,"y":317,"width":772,"height":11}},{"id":"9a8a062d-8296-4019-ad0c-eb448958fc18","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":173,"box":{"x":69,"y":332,"width":811,"height":11}},{"id":"47a3505f-d678-47d7-b386-793032da19b1","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":173,"box":{"x":70,"y":347,"width":745,"height":11}},{"id":"3eb77f02-7e21-4f42-ab35-18beb46e6c79","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":173,"box":{"x":69,"y":362,"width":795,"height":11}},{"id":"be568d5c-75d0-4036-b25a-378ac90f0f98","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":173,"box":{"x":70,"y":377,"width":838,"height":12}},{"id":"a8157a7d-1f39-4561-808d-4084a6d422e2","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":173,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"d1ca5537-634c-4227-9b48-91e82dc628ad","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":173,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"d5150033-0540-42ad-808f-33ca83da4a2a","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":173,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"92e6b443-d580-46f6-a8f3-943676274399","block_type":"box","text":"against their taxes.","page_number":173,"box":{"x":69,"y":438,"width":135,"height":11}},{"id":"96857074-f878-43cf-869c-f987ea5e9e19","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":173,"box":{"x":102,"y":460,"width":783,"height":12}},{"id":"e18205c2-a291-40ba-a776-147cf3df69e8","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":173,"box":{"x":68,"y":475,"width":812,"height":12}},{"id":"0588c1e1-5ac8-4e2c-90b1-8352024d472e","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":173,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"6f85a059-8cfa-418d-984f-cf06f6e95807","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":173,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"aaea662e-3c20-4031-bfdf-c4bfcb45f4e0","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":173,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"9b54fd74-e8cd-4fac-bbf6-cac5249f106e","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":173,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"86f0b301-92b4-4138-8024-ae14e5d8ee91","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":173,"box":{"x":68,"y":551,"width":817,"height":11}},{"id":"91ee154a-1a2c-4a18-b8d9-13044495beb1","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":173,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"6f55fbc8-d720-49bb-b7ad-525e6234ba7f","block_type":"box","text":"dividends received by the shareholder.","page_number":173,"box":{"x":69,"y":582,"width":272,"height":10}},{"id":"36feb30a-c7e8-44bf-90a2-9c4b5ca0cffb","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":173,"box":{"x":102,"y":604,"width":792,"height":11}},{"id":"c958a3ee-d4bf-42ac-a6f6-7da41796eb16","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":173,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"5cb396b8-fab3-45f0-a921-7da7cd578f6a","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":173,"box":{"x":68,"y":634,"width":809,"height":11}},{"id":"a4bfaea1-bb2b-4e50-bd8d-30f0950061e6","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":173,"box":{"x":68,"y":649,"width":819,"height":11}},{"id":"24fa98f7-00c2-4ed5-a70e-d04253453b79","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":173,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"83031305-c57f-42ef-9385-0b351a464c11","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":173,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"896ea883-b179-488c-bd67-10f1ce5d9898","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":173,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"fac484ec-29a3-4418-b803-6897096c7cbd","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":173,"box":{"x":70,"y":710,"width":797,"height":11}},{"id":"2a380c72-8720-4db5-8953-8647436beeeb","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":173,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"a4feb8f4-6319-4e5e-b094-1640c65e3284","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":173,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"5852ac3d-3def-4b80-a8fd-49caa1e6ccab","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":173,"box":{"x":70,"y":755,"width":772,"height":11}},{"id":"881b74d7-d4e2-4fa2-87d0-ee7cd70a5b0f","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":173,"box":{"x":70,"y":770,"width":795,"height":12}},{"id":"af10d8a4-6868-4d55-b828-85903e47f408","block_type":"box","text":"taxable year.","page_number":173,"box":{"x":68,"y":786,"width":89,"height":11}},{"id":"879e4152-a746-48ac-acaf-269ce40417e6","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":173,"box":{"x":102,"y":808,"width":733,"height":11}},{"id":"00f5158d-5eab-43d6-8297-24e11eb07a0c","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":173,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"3e9e2840-1a7d-4a25-a2d8-0a38f7276af0","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":173,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"8715f145-94c3-4fd5-9c03-af1a6d4e78aa","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":173,"box":{"x":69,"y":853,"width":362,"height":12}},{"id":"4dbf69e5-a67a-4b79-8acc-18574652d16a","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":173,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"ee41f97e-3b45-499a-af74-b2cdaaba9ba4","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":173,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"9304eb68-75b2-4587-ab13-1833bca89d55","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":173,"box":{"x":69,"y":907,"width":797,"height":11}},{"id":"59280f3e-6db8-47d0-9980-fd79c96a1bc6","block_type":"box","text":"II-130","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"90f6534a-44ca-45ca-bf1e-df0d614910ae","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0e69295-4273-488e-b673-e2195a8a75cc","block_type":"box","text":"charge the shareholder would have owed upon the purchase of the new shares in the absence of the exchange","page_number":174,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"6911f53d-d71f-4a2c-b5a5-87866c281703","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":174,"box":{"x":70,"y":60,"width":646,"height":11}},{"id":"31b60cf4-feef-4c87-8f9b-f4613f03db0d","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially identical shares","page_number":174,"box":{"x":101,"y":82,"width":807,"height":12}},{"id":"a2193877-6e4f-4b00-879d-461152e0d21b","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":174,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"2c801a8d-ba6b-4710-b58b-648b1e02a02e","block_type":"box","text":"30 days before and ending 30 days after the date on which the shares are sold or exchanged. In such case, the","page_number":174,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"cedcc339-d84c-4022-8ee7-b7dce50f680b","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":174,"box":{"x":69,"y":128,"width":534,"height":11}},{"id":"f50fb955-5a26-4e57-b1ec-e953740cb09c","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":174,"box":{"x":101,"y":150,"width":792,"height":12}},{"id":"24645584-bf90-420e-a3e4-3ac76460952d","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":174,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"74ac73a9-f07b-4326-a6d4-a54fc287c688","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":174,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"2956989e-1327-43ea-b7b9-91a43f5d5186","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":174,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"2d48213b-a723-49b8-aee0-6e19c81d9941","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":174,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"e28c7ed5-ddac-410c-ada8-c7a53aea1506","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":174,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"d2f69dd1-263b-499b-b437-949c1857f4e0","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":174,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"eeb73ed4-7e45-4620-aa55-17fe90c4ac35","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis repor ting","page_number":174,"box":{"x":69,"y":256,"width":788,"height":12}},{"id":"05686973-74d8-4627-9924-df56324d00f6","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":174,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"e6f9d351-36fd-4284-ac05-cb4ed7c126cf","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":174,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"4f00e92c-e407-4fda-96ed-7b9645d94fbb","block_type":"box","text":"redemption of such shares.","page_number":174,"box":{"x":69,"y":302,"width":195,"height":11}},{"id":"8948b3cb-79b4-408e-a690-5bc29d83f4f0","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":174,"box":{"x":102,"y":324,"width":799,"height":11}},{"id":"a721a1d4-bfc5-4e48-961d-eb9122441daf","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":174,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"3ff70637-4547-4073-be6f-ec5e313557a2","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":174,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"271b5ffa-e997-453b-ad3b-e627d66d4347","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":174,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"1b2625ad-12ac-4410-8ce2-955b916b4f25","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":174,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"dbaa0ab7-986d-4ed0-8ac1-2e24df99a48d","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":174,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"ad408388-e977-4ae7-80a0-7e074fcdcafd","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":174,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"859a4d8b-ec7b-4fa8-b172-2c728d08eef8","block_type":"box","text":"considered 60% long-term and 40% shor t-term capital gain or loss), which may increase the amount that must be","page_number":174,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"8399807a-4c4f-4e28-a6ae-12d7c654abb0","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":174,"box":{"x":69,"y":445,"width":787,"height":11}},{"id":"88b4b889-cead-4767-af10-5e02310df56d","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":174,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"045720c4-5285-49df-8a44-2c67754659d3","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":174,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"ef7355b3-ecc6-4c09-bc40-f230bb66eba6","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":174,"box":{"x":68,"y":491,"width":542,"height":11}},{"id":"9da5e484-b737-4b9a-8ba7-cf564d57c222","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":174,"box":{"x":102,"y":513,"width":744,"height":12}},{"id":"9abe4d68-17e5-450e-b7d0-3b3355627b43","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":174,"box":{"x":69,"y":528,"width":751,"height":12}},{"id":"d88b945a-c9bc-4996-ae61-f1b76e2fcc00","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":174,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"5f10bed0-7a79-4829-8618-913b81e391f1","block_type":"box","text":"on a section 1256 contract is treated as shor t-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":174,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"276d9615-6fdb-4815-b6b6-9b8ef9504b63","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":174,"box":{"x":68,"y":574,"width":823,"height":11}},{"id":"0d43f1e3-1cbd-4000-8232-acba22d13fa6","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":174,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"6fed8415-6a55-4942-9158-674968d1c541","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":174,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"d4235cb9-8a9e-46cc-9bb1-30ad9efbfd11","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":174,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"41540d28-b8f6-4cb3-b563-9688c8e9d14e","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":174,"box":{"x":69,"y":634,"width":695,"height":12}},{"id":"8667c096-7093-4792-b543-f9a44d26287e","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":174,"box":{"x":102,"y":657,"width":768,"height":11}},{"id":"8cfefb00-9ebd-456f-9b7f-26b539c6e759","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":174,"box":{"x":69,"y":672,"width":769,"height":11}},{"id":"323cb0ba-b1a5-4a4f-a67b-b7ce0bae22f3","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":174,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"3ab69a6e-ad87-44aa-b416-bf8ff9c32541","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":174,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"9200e729-c071-4cfb-b11f-ab26436e4439","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":174,"box":{"x":68,"y":718,"width":818,"height":11}},{"id":"c4c6f891-54a1-4943-9d7b-922e249a2041","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":174,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"be6e208b-e798-4b42-ab28-8288a62ae5f5","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":174,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"1efa1085-9c78-4291-86bc-136c51da602e","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":174,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"7ca66833-1a88-48ab-9b8b-5f2e67f1cb5c","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":174,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"2cd3fd32-2a0f-428d-9e30-401061ad53f2","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":174,"box":{"x":69,"y":793,"width":789,"height":11}},{"id":"c27952e7-612c-4fff-b73b-0a2c21055aa4","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":174,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"57c05b80-2868-4def-8e01-5a657c0a2029","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":174,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"e95c8c87-e2a0-42e4-9934-c3dbe3c0c7f0","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":174,"box":{"x":70,"y":838,"width":801,"height":12}},{"id":"ae741fb6-2469-438f-b38e-add42cf317f0","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":174,"box":{"x":69,"y":853,"width":762,"height":12}},{"id":"dfd8e2a2-d576-4631-9b79-25b462747b78","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":174,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"f2aa429e-0a3b-480d-b3e9-3f7bc3f2931d","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":174,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"7d1361f7-5fcb-4bee-a5f2-f1bcdb437472","block_type":"box","text":"II-131","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"85f9aa6f-bc08-49c0-a402-3abc676bbdf6","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eeaa0a32-18a7-4108-b332-84dd6c1c3806","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":175,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"44dd4505-ca8f-4cd9-a6ce-8fd17b05cacd","block_type":"box","text":"in subsequent taxable years.","page_number":175,"box":{"x":70,"y":60,"width":203,"height":11}},{"id":"a1ee99b3-452b-483b-9a8f-ab5d8bb97b10","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":175,"box":{"x":102,"y":82,"width":795,"height":12}},{"id":"c264454d-8183-4b5b-89df-5db4ac7740a3","block_type":"box","text":"through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S. withholding tax under","page_number":175,"box":{"x":68,"y":98,"width":816,"height":11}},{"id":"e02c6cc3-4f1c-4bf2-96ab-598dccb9c54a","block_type":"box","text":"existing provisions of the Code applicable to foreign individuals and entities unless a reduced rate of withholding or a","page_number":175,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"5ab77e75-b899-41fa-9401-6ee266590dee","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":175,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"f52bdbed-81c1-47ca-9107-a16818d75d79","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":175,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"b684fd48-f28a-4815-b005-5c0ae0e2ff2d","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":175,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"2b133fa8-1fd7-4c79-9a2f-5efaaadde3d0","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":175,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"27f8150a-b557-4712-a253-2337d25bdbb0","block_type":"box","text":"discount and market discount) and paid to shareholders who are nonresident aliens or foreign entities, if and to the","page_number":175,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"b99faa6d-f443-453d-8f67-8d3364f89b37","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":175,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"57e20d53-d952-48c9-bd74-13847a7eb1b8","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":175,"box":{"x":68,"y":219,"width":808,"height":11}},{"id":"9def0f22-70c8-4ce9-9c63-a88bf5cdd5a6","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":175,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"911f9923-59c4-4ff7-aac3-f567e6d878fe","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":175,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"2946542d-a69f-41c0-86e2-0a2ec98c2d99","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":175,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"40f151f9-f7d9-4124-986e-836f0b66bfc4","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":175,"box":{"x":68,"y":279,"width":784,"height":11}},{"id":"e3ee72d4-00ec-4b1f-808d-cbcfae6f7d90","block_type":"box","text":"relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute","page_number":175,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"ccc01401-8a13-4f46-9d05-78347bc55dda","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":175,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"7411f9f9-4397-4869-9883-c321b12a87ae","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":175,"box":{"x":70,"y":325,"width":772,"height":11}},{"id":"d8d95ecf-9ac2-4047-9e53-c380b7fbd628","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":175,"box":{"x":70,"y":339,"width":791,"height":11}},{"id":"fc31ec01-e999-4b7d-bdf4-db0c8e9587b9","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":175,"box":{"x":70,"y":355,"width":787,"height":11}},{"id":"e72d4eb4-229f-4f0b-963d-6bee6e3dd3eb","block_type":"box","text":"dividends under these rules.","page_number":175,"box":{"x":69,"y":370,"width":201,"height":9}},{"id":"2a7f883e-9eb8-4640-81e3-33f4c3d7dc86","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":175,"box":{"x":102,"y":392,"width":747,"height":12}},{"id":"426c27b4-f5bc-43e4-a2ac-00d668f758fa","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":175,"box":{"x":70,"y":407,"width":838,"height":12}},{"id":"3f91d1a6-b3c2-44b0-bbfb-1af7dbf57ac5","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":175,"box":{"x":68,"y":423,"width":829,"height":11}},{"id":"97857a5a-e679-44a4-bd87-033e74b80908","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":175,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"4e2b76a2-1bff-482f-9a76-dee539f3ffb5","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":175,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"da76bd34-7764-4586-ab5d-e4fe293e2471","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":175,"box":{"x":69,"y":468,"width":800,"height":11}},{"id":"e6084dec-caf0-4c33-a88a-c626bf2251dd","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":175,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"2df71e62-8e1a-4976-81d1-640f9d440c45","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":175,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"8aec6e4b-46b5-4cbb-9c6b-1c0eab4c064b","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":175,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"3ec0743e-126d-492e-ae09-b445a017b141","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":175,"box":{"x":68,"y":528,"width":820,"height":12}},{"id":"058da1c9-69ec-467f-bba9-ccb1d059319f","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":175,"box":{"x":69,"y":543,"width":833,"height":12}},{"id":"b8d599f2-ef86-4906-b5b4-23380bfc6dd0","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":175,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"6a70f06c-2484-498d-b702-cbe456fb3f36","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":175,"box":{"x":69,"y":574,"width":774,"height":11}},{"id":"f8f2c040-1d9a-485b-a657-7b7b00b642d3","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":175,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"d7986548-f813-4173-87e7-6ca68a5b2037","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":175,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"108db76e-a059-4a2e-b668-a44b99176c51","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":175,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"7b705a4a-7c14-4a54-8ae3-0b328595511e","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":175,"box":{"x":69,"y":634,"width":823,"height":12}},{"id":"9fcd2f2a-e63c-4247-8c3a-3fc405acb6ea","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":175,"box":{"x":68,"y":649,"width":827,"height":12}},{"id":"f7146ee1-f8b8-42d9-8460-77b564a64421","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":175,"box":{"x":69,"y":664,"width":596,"height":12}},{"id":"e6e3f63e-e233-4766-a411-5dbff3b91f3a","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":175,"box":{"x":102,"y":687,"width":802,"height":11}},{"id":"5ec42b4c-d4b6-4827-9671-4308611f91d2","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":175,"box":{"x":69,"y":702,"width":827,"height":12}},{"id":"fa7a2e89-8195-404a-a649-495a62a608f8","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":175,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"331b998d-107f-4ef9-a201-e2c678f11e7e","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":175,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"817fdd71-4ac3-4464-b4cd-aacd4a88b3b1","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":175,"box":{"x":68,"y":748,"width":801,"height":11}},{"id":"78684860-9bb1-4fe5-87b6-b8b4a78a024c","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":175,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"4bf1cd7f-301e-4401-a597-bd46102409ed","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":175,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"2669a1fd-301d-44b2-aafa-5a3cf4f9f95d","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":175,"box":{"x":69,"y":793,"width":676,"height":11}},{"id":"60a616f7-6ceb-4e21-8687-400f2ee295ea","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":175,"box":{"x":101,"y":816,"width":798,"height":11}},{"id":"5be0fa4b-5121-4652-9bed-3336da24267a","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":175,"box":{"x":69,"y":831,"width":651,"height":11}},{"id":"c4914da3-a0c7-4820-9a0f-4264b94b385c","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":175,"box":{"x":102,"y":853,"width":731,"height":12}},{"id":"6292be24-2c8c-4c54-8a3c-63f5456a550b","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":175,"box":{"x":69,"y":869,"width":570,"height":11}},{"id":"60378829-7304-4dd2-8c0b-4384f17407a9","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":175,"box":{"x":102,"y":891,"width":763,"height":12}},{"id":"a53ef338-0146-4dfd-8e9e-26266178e49b","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":175,"box":{"x":70,"y":906,"width":820,"height":12}},{"id":"284c0292-0455-4e4b-9a59-8b3df4a5c2c3","block_type":"box","text":"II-132","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"82400372-824a-46b7-adad-6f89ac329ada","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63bc7c50-7275-4b55-b8f6-babf317d9ec8","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":176,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"d92c22ca-6594-4f61-8abd-b143b75cb610","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":176,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"9be319fa-ad59-4b5f-8071-ca830b28801d","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":176,"box":{"x":69,"y":75,"width":791,"height":11}},{"id":"2224f3cd-d8d1-4c60-ada1-6ff47abc3fc9","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":176,"box":{"x":68,"y":90,"width":791,"height":11}},{"id":"2bf7d744-3e73-4415-a9b2-8626f3437086","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":176,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"2a23cdee-6319-4341-9326-62612b950a95","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":176,"box":{"x":70,"y":120,"width":739,"height":12}},{"id":"0d51290f-55ee-4d5f-a106-191c24247f09","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":176,"box":{"x":102,"y":143,"width":786,"height":11}},{"id":"3079a67e-eab6-4f8c-8e3b-5cbecb27c321","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":176,"box":{"x":70,"y":158,"width":820,"height":11}},{"id":"851eded3-111e-403e-b3e0-f14d4a0503d9","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":176,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"d74455c6-e5f9-4cc9-b92d-0ea10837e63d","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":176,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"dc1538bc-1760-494c-adb1-427e9322cc45","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":176,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"6e1729fd-d1f9-4914-aeff-31162524a253","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":176,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"b7c26f78-6aed-4909-9907-997aab85a25e","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":176,"box":{"x":69,"y":234,"width":802,"height":11}},{"id":"403c3d84-2827-4ee6-8085-ff3cc82557d4","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":176,"box":{"x":69,"y":249,"width":364,"height":11}},{"id":"962ae54c-0b29-41ec-aec0-917f413be88e","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":176,"box":{"x":102,"y":271,"width":774,"height":12}},{"id":"bf96c725-ef45-4367-877c-5dbe259a5bfc","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":176,"box":{"x":68,"y":286,"width":787,"height":12}},{"id":"d7f8f935-1223-4aeb-a224-02cf422e3843","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":176,"box":{"x":68,"y":301,"width":835,"height":12}},{"id":"1e3ba37d-5102-43a5-bf6d-e6cd11567500","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":176,"box":{"x":68,"y":317,"width":809,"height":11}},{"id":"99ad6ee0-b8b4-4a39-9818-4f3b26575078","block_type":"box","text":"securities are in many cases exempted. That a loss is repor table under these regulations does not affect the legal","page_number":176,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"c06c134d-686c-4475-b59a-9095a1cd022f","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":176,"box":{"x":69,"y":347,"width":783,"height":11}},{"id":"940bbe21-042a-4cbf-b87d-254d003aa675","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":176,"box":{"x":69,"y":362,"width":710,"height":11}},{"id":"5074b1a3-4303-46df-ae9d-36e11d2215cb","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":176,"box":{"x":102,"y":385,"width":758,"height":11}},{"id":"a0a114ce-f5e7-46e4-9626-1f0f58bb8084","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":176,"box":{"x":69,"y":400,"width":782,"height":11}},{"id":"2fc1540d-e2f1-4342-a591-d46342f594b0","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":176,"box":{"x":70,"y":415,"width":783,"height":11}},{"id":"adb3339b-f729-40cf-8bb5-c4c75d57ec12","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":176,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"637fe634-a1e6-4a30-855c-e1208cc23790","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":176,"box":{"x":70,"y":445,"width":822,"height":12}},{"id":"d68fae9b-c1d9-4fd1-898d-4818e9a529c7","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":176,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"a733a20f-097d-4ce1-be7e-29ef6ae0793c","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":176,"box":{"x":70,"y":475,"width":826,"height":12}},{"id":"e3169af9-8243-4b65-beaa-96cb130d307b","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":176,"box":{"x":69,"y":491,"width":808,"height":11}},{"id":"fae48af1-606d-4b2b-9b3e-9e4862b6addd","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":176,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"6cf94c2b-05d5-49de-9435-ab2022377b6a","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":176,"box":{"x":70,"y":521,"width":770,"height":11}},{"id":"f5ae81f1-0b84-474d-816c-4223362e07ab","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":176,"box":{"x":70,"y":536,"width":816,"height":11}},{"id":"64e0266f-0feb-4a9b-ad5d-468ff834c9d3","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":176,"box":{"x":70,"y":551,"width":796,"height":11}},{"id":"b611034c-ed17-454f-a2ea-faec600b75e7","block_type":"box","text":"investment oppor tunities.","page_number":176,"box":{"x":70,"y":566,"width":180,"height":11}},{"id":"7da720ff-d36c-45ce-a459-e8eec770320f","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":176,"box":{"x":102,"y":589,"width":801,"height":11}},{"id":"463b1fb0-e42c-4bcc-bae4-f79f55852dca","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":176,"box":{"x":70,"y":604,"width":839,"height":11}},{"id":"33aa1b9f-0933-4c75-a742-c0ca2ac71483","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":176,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"fda6482f-b339-44ab-943a-2c7b03c5ef23","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":176,"box":{"x":68,"y":634,"width":837,"height":12}},{"id":"2554481d-4d15-4e4b-96c5-9335db61432c","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":176,"box":{"x":70,"y":649,"width":774,"height":11}},{"id":"114fb19b-c2b5-40f3-a7f5-fa54cf8cb19a","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":176,"box":{"x":69,"y":664,"width":820,"height":12}},{"id":"ac4b7b8d-fc9e-4b07-ac1c-f1690349f24b","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":176,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"1e95c81a-e1a8-4b14-8fb9-531498f07e8f","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":176,"box":{"x":69,"y":695,"width":755,"height":11}},{"id":"c7012c50-d3b0-4d9f-8fdf-ac24977b349f","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":176,"box":{"x":69,"y":710,"width":811,"height":11}},{"id":"14ca9610-9308-401c-867f-1721fee0b364","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":176,"box":{"x":69,"y":725,"width":839,"height":11}},{"id":"fc0ec958-b8cd-4181-8bf6-b863f8b73447","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":176,"box":{"x":68,"y":740,"width":812,"height":11}},{"id":"50f67ca8-7dc2-4d30-9756-64cf96b1355b","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":176,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"555a185e-067e-4dda-9535-db5586aedef1","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":176,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"91a36564-a9a4-45e4-9009-1dcf48d65578","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":176,"box":{"x":70,"y":785,"width":829,"height":12}},{"id":"e9768b46-4456-4bc5-a8be-046862fb6fef","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":176,"box":{"x":68,"y":801,"width":825,"height":11}},{"id":"034599cd-6bb1-4152-b03a-655297868caa","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":176,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"aeb7bdf0-b310-4feb-bef9-14fc693996fd","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":176,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"1921d4f1-90e8-4940-b386-434181d6c163","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":176,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"2f256741-583d-4e1f-88ba-37bafd2953a3","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":176,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"2997ebf8-a666-452a-9d8e-53ca2bc9ef5e","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":176,"box":{"x":70,"y":876,"width":814,"height":11}},{"id":"ead1f134-e708-474b-a9e6-e5d223f4b04a","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":176,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"7d26e6cf-52c0-43b1-a396-5ec8d0917a77","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":176,"box":{"x":68,"y":906,"width":527,"height":12}},{"id":"c41dd85c-8048-46e9-b563-5c16dd0135a3","block_type":"box","text":"II-133","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6d1e3f61-cc56-488b-ac2f-919dd1e3d67c","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6243afa6-dc5a-49c9-8c85-28cd702aae8b","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":177,"box":{"x":102,"y":45,"width":768,"height":11}},{"id":"b3f8ba8f-6b40-4f7e-9fbd-ca66fcc99977","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":177,"box":{"x":69,"y":60,"width":780,"height":11}},{"id":"d8655b1a-e97f-42a3-b756-9b2dfa4ce449","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":177,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"f877a70e-69ca-4aa4-87ff-bc77985aff9d","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":177,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"e35cfe82-4cd5-4465-8b38-f941722023ce","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":177,"box":{"x":69,"y":105,"width":831,"height":11}},{"id":"4f712daf-7262-4c23-9d87-a249bd0c8dbd","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":177,"box":{"x":69,"y":120,"width":776,"height":11}},{"id":"17c8580e-6806-463e-b222-61ddce2932b7","block_type":"box","text":"positions in its por tfolio (","page_number":177,"box":{"x":70,"y":135,"width":177,"height":11}},{"id":"55bf73e5-a152-45bf-a3b2-6ad9a0a2140c","block_type":"box","text":"i.e.","page_number":177,"box":{"x":249,"y":136,"width":20,"height":8}},{"id":"c7d4dd70-2b0d-4510-8056-7f8ab87b2d51","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":177,"box":{"x":272,"y":135,"width":636,"height":12}},{"id":"8c4b6644-975a-4b35-9a75-48dc18f64568","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":177,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"7a396da4-3b3b-4fc1-8f42-cd4e84eed82f","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":177,"box":{"x":70,"y":166,"width":830,"height":11}},{"id":"d4fd6b4a-e3e5-4cc9-99b9-47439ea9f4ae","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":177,"box":{"x":69,"y":181,"width":804,"height":11}},{"id":"74b24d32-8c06-4c64-9be0-6f28e020bc19","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":177,"box":{"x":69,"y":196,"width":415,"height":11}},{"id":"5c0dbd17-d57f-4ae0-bfc7-f1a67625d422","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":177,"box":{"x":102,"y":218,"width":781,"height":12}},{"id":"fb31e85f-8a2d-4098-9b47-1a4db1a05664","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":177,"box":{"x":69,"y":234,"width":835,"height":11}},{"id":"8bf5e42e-bae8-4694-9010-70afea0a5b58","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":177,"box":{"x":70,"y":249,"width":811,"height":11}},{"id":"0dc1918c-4d11-4c76-ae0f-9745426a19e3","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":177,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"a1ac7e62-1b6d-473c-a820-e6786c5fc8df","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":177,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"e073a62c-d510-40b1-94b0-3a40eed25bcd","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":177,"box":{"x":69,"y":294,"width":834,"height":11}},{"id":"21e029c9-892f-4883-b88b-59509c830a45","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":177,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"8b41016e-1dd2-480f-b93e-c517afd08b4a","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":177,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"b915e806-e125-4fec-b19f-84dd3a20e219","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":177,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"828dcc68-0bff-49f7-aba0-ebeaeb627c42","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":177,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"844cdc58-33d1-4da0-ba98-cb03c384fca0","block_type":"box","text":"capital asset.","page_number":177,"box":{"x":69,"y":370,"width":95,"height":11}},{"id":"1fbfa0c5-81e9-419a-96eb-c4b1da51723a","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":177,"box":{"x":102,"y":392,"width":787,"height":12}},{"id":"62260717-6114-44cc-a8af-52b2aaf3bc14","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":177,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"3f76ade6-fc3e-4e7b-a4c1-89ef74150afb","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":177,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"ad34b09d-c061-4d20-9783-af87351eafc3","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":177,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"045eb09a-6849-490f-95f9-d02babf46c98","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":177,"box":{"x":68,"y":453,"width":829,"height":11}},{"id":"55697092-01ba-4e71-9aa0-da1e6fafb557","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":177,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"7b8cd7d5-6ff1-492f-a792-13ddef91469f","block_type":"box","text":"Fund were to invest otherwise.","page_number":177,"box":{"x":70,"y":483,"width":216,"height":9}},{"id":"d5072dd8-80a4-4a41-91e2-bf49429ab597","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":177,"box":{"x":101,"y":506,"width":721,"height":11}},{"id":"adf3f3bc-3d3c-4cd5-a5f1-c93065752d38","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":177,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"36b29ff7-3cb5-4b9f-b79d-289007e378f7","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":177,"box":{"x":70,"y":536,"width":831,"height":11}},{"id":"66c59c00-ae98-44fc-a138-612dc46a4f72","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":177,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"724c3bc5-61a5-4038-820a-883c2e807441","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":177,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"d015400c-052c-486f-9aab-eba7f477e50d","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":177,"box":{"x":68,"y":581,"width":838,"height":12}},{"id":"431d44cd-e0e7-43de-bf7b-4ed58f1385dc","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":177,"box":{"x":68,"y":596,"width":830,"height":12}},{"id":"2685b717-c240-442c-b962-371eb5fa2cbe","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":177,"box":{"x":69,"y":612,"width":515,"height":11}},{"id":"f4fdbc36-44cc-4390-9fde-d3e22ccfb2ba","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":177,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"63c9db15-0ec8-49db-bf87-3efc80d13af6","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":177,"box":{"x":68,"y":649,"width":835,"height":12}},{"id":"f7050f87-ebc1-4f81-bb30-bf4183cfff29","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":177,"box":{"x":70,"y":664,"width":827,"height":12}},{"id":"865536b2-17d3-452a-adb7-c719a4fc5d82","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":177,"box":{"x":68,"y":680,"width":830,"height":11}},{"id":"87668536-0df2-474f-a5c9-91341489e5ad","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":177,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"06ea050d-2d03-4779-b2ba-0b485007c52e","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":177,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"87e59d07-9680-4cba-bcb3-a04dae5e3dcc","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":177,"box":{"x":70,"y":725,"width":797,"height":11}},{"id":"b99b6d01-aab9-4dad-839c-00ec05cdc969","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":177,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"e5cf0080-d599-4f1b-9e25-f60664640d8b","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":177,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"0958eff8-5ea4-4857-a397-3817ebe304ae","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":177,"box":{"x":68,"y":770,"width":797,"height":11}},{"id":"7224c3fa-0cfc-4dcb-b61a-bc33927114c4","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":177,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"3f93c910-db8b-4a68-be1d-3530eb5045fe","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":177,"box":{"x":68,"y":801,"width":804,"height":11}},{"id":"f67385ca-b6ef-4600-8b09-f1c794ba1582","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":177,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"fadc4041-2f19-4bb1-8102-79fdb6bb82b6","block_type":"box","text":"PFICs.","page_number":177,"box":{"x":69,"y":831,"width":42,"height":9}},{"id":"6c0326ec-5007-49d0-8ea9-1424256d6cae","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":177,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"c53c5e72-8488-4b36-959b-a1cf8df95555","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":177,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"1edd37e5-ecdc-4449-8335-467a13bfd77b","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":177,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"b2c9847f-34fe-44b0-99cb-9de94019d884","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":177,"box":{"x":68,"y":899,"width":840,"height":11}},{"id":"d179f11c-2c53-4ac2-9b01-bf921014150d","block_type":"box","text":"II-134","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"983c10ee-be98-4966-91ab-e8d511bbdbe6","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b50d996d-f6d1-4f9d-8afb-f1b2a675e050","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":178,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"f8b2aa7e-acec-4207-beaf-ef3703894d27","block_type":"box","text":"difficult or impossible to obtain.","page_number":178,"box":{"x":69,"y":60,"width":225,"height":11}},{"id":"97ec1afd-a600-4007-9261-413705eadac8","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":178,"box":{"x":102,"y":82,"width":796,"height":12}},{"id":"ed11eac1-89eb-4d77-ac82-645cc24bf0d1","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":178,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"d6d90879-e8cf-4df1-ba59-c915917f5305","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":178,"box":{"x":69,"y":113,"width":778,"height":11}},{"id":"44a98873-8eee-4a92-a5df-08b0958cf808","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":178,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"63cc5733-c4b4-489e-91e1-a9b21ef95da4","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":178,"box":{"x":68,"y":143,"width":824,"height":11}},{"id":"e5b507d5-6537-4545-99da-e947625dc6f2","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":178,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"ce067d28-6a92-4566-987c-b9eec508e816","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":178,"box":{"x":69,"y":173,"width":511,"height":11}},{"id":"a042260a-4373-4c30-9b35-b50a4ab36490","block_type":"box","text":"Municipal Funds","page_number":178,"box":{"x":102,"y":196,"width":115,"height":11}},{"id":"09e78220-7e67-4395-8ddf-de0ac8974684","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":178,"box":{"x":102,"y":218,"width":798,"height":12}},{"id":"08e626e0-cca7-4434-8a8d-2257808a1d9a","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":178,"box":{"x":69,"y":234,"width":815,"height":11}},{"id":"34c3bcc2-34ba-49e2-8c0a-4ef2b863fce4","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":178,"box":{"x":70,"y":249,"width":803,"height":11}},{"id":"10e72785-ffb7-4075-90d1-7906399556b2","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":178,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"589a7b77-642f-4c05-89b5-151d91de9bfd","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":178,"box":{"x":69,"y":279,"width":752,"height":11}},{"id":"1e96637b-a3e6-4272-8135-47e7b05aa767","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":178,"box":{"x":70,"y":294,"width":817,"height":11}},{"id":"fca2b149-4096-4fd9-8264-f5996e992437","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":178,"box":{"x":70,"y":309,"width":780,"height":11}},{"id":"3ce72d7e-5a08-4145-a91a-25625ca53f0e","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":178,"box":{"x":70,"y":324,"width":815,"height":12}},{"id":"626b322c-e45d-4a82-aaf0-898ceba21fc1","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":178,"box":{"x":69,"y":340,"width":839,"height":11}},{"id":"93116968-29cc-428c-84f8-578c394925bc","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":178,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"f9d557bd-b240-4b49-8bba-302b53a5c6a9","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":178,"box":{"x":68,"y":370,"width":730,"height":11}},{"id":"e6a78efa-7c14-4ecf-b4e1-e024370ec300","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":178,"box":{"x":102,"y":392,"width":763,"height":12}},{"id":"e9184990-4c84-421b-af7c-fd6125dd2b74","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":178,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"4d75ddcd-145c-4669-8fe0-2fad00c87216","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":178,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"742051ab-e2b7-45cb-adf9-c0c804c44583","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":178,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"58314c86-3ed1-4a1c-8687-af326f26908e","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":178,"box":{"x":68,"y":453,"width":800,"height":11}},{"id":"98367a55-f7a6-477a-936a-1f29f3cbfbce","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":178,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"2fc102db-ab27-434e-919c-453ae82b5780","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":178,"box":{"x":70,"y":483,"width":836,"height":11}},{"id":"60d27595-1813-4322-9c6e-c5bfd971d5bb","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":178,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"6226c4cb-aae0-4df1-aa6e-1ff0ff783111","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":178,"box":{"x":69,"y":513,"width":217,"height":11}},{"id":"f5667daa-2cdd-410c-bec7-4fcc39810994","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":178,"box":{"x":102,"y":536,"width":788,"height":11}},{"id":"570c3c63-bfec-43a0-a1fb-0a22a53c2157","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":178,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"fd89dfdb-ba50-40ba-b58f-0b3e1e605dfc","block_type":"box","text":"constitute exempt-interest dividends.","page_number":178,"box":{"x":69,"y":566,"width":261,"height":11}},{"id":"72480551-b5c9-4b4d-b968-5fa91dd32c1f","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":178,"box":{"x":102,"y":589,"width":765,"height":11}},{"id":"b07466e3-20a3-4d22-a4ec-0df8194640b8","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":178,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"b2b27a78-60e3-4fe8-9a0a-c0675caa6833","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":178,"box":{"x":68,"y":619,"width":813,"height":11}},{"id":"4b984d60-331b-4756-9a94-fb137d7af157","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":178,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"7ed05f8a-d6a3-4843-af66-9ff91b623448","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":178,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"f3ccd23e-751c-487e-b897-e5eaf3f410d4","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":178,"box":{"x":69,"y":665,"width":388,"height":11}},{"id":"b58cecb3-f2de-413f-804d-1747262b9027","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":178,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"2dee9b74-2310-46ba-9abd-5d21ebc8e608","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":178,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"d20414f1-0d70-4d1c-bf99-03bc1b775f9e","block_type":"box","text":"income dividends received by shareholders.","page_number":178,"box":{"x":70,"y":718,"width":309,"height":11}},{"id":"f02faa7c-f3e8-4700-bb23-46ca56e9a8c0","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":178,"box":{"x":101,"y":740,"width":766,"height":11}},{"id":"9fa5a356-5ff1-4878-858b-9e95f4e489be","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":178,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"a117c58d-9cd6-4ec4-afd5-3c33bdfe77f6","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":178,"box":{"x":70,"y":771,"width":815,"height":11}},{"id":"700c5b16-bb6b-4e94-b15a-b8b9c8e8a884","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":178,"box":{"x":70,"y":785,"width":815,"height":12}},{"id":"5ad091a8-6a38-45ba-9faf-d0fdb96addec","block_type":"box","text":"the accrued market discount.","page_number":178,"box":{"x":68,"y":801,"width":208,"height":9}},{"id":"60331e0f-bb9f-4578-b4c7-96862362e8f3","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":178,"box":{"x":101,"y":823,"width":801,"height":11}},{"id":"b1cc2185-7fd9-46e2-bfed-ca6223d17014","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":178,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"0fcf81f1-8547-4af9-8ea3-d97e9a2eeda2","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":178,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"6201d311-137c-4cf4-b7a9-a2cba057ea4f","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":178,"box":{"x":69,"y":869,"width":351,"height":11}},{"id":"e3a82858-73b3-429d-9a33-9320ad50c2a3","block_type":"box","text":"e.g.","page_number":178,"box":{"x":422,"y":870,"width":24,"height":10}},{"id":"dc6a2712-627a-49a3-8f2c-5d98ef6f5d8e","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":178,"box":{"x":449,"y":869,"width":441,"height":11}},{"id":"8a2ad1e3-cf86-4ae2-ac5d-659f213e1351","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":178,"box":{"x":70,"y":884,"width":827,"height":11}},{"id":"7d6e36d4-0a1c-4c75-b877-50c477b74005","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":178,"box":{"x":69,"y":899,"width":786,"height":11}},{"id":"1e4af28f-6d37-4249-855a-5affd3fd4f80","block_type":"box","text":"II-135","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4302959b-1c35-4a87-b84d-67e7bf5f0020","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d2dd9f9-a1c5-4cb5-b6ac-8ae45366000d","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year the por tion of the Fund’s dividends","page_number":179,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"e3d43f9f-b63d-41a0-b2e8-260ff3ed8290","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":179,"box":{"x":69,"y":60,"width":740,"height":11}},{"id":"ed88a602-0cd8-489f-b339-d1eea91df693","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":179,"box":{"x":102,"y":82,"width":802,"height":12}},{"id":"de5e948c-4977-430a-bbe6-02631c32064b","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":179,"box":{"x":68,"y":98,"width":812,"height":11}},{"id":"ef15b2c6-4f0d-4b37-8381-b03fbbdd30bd","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":179,"box":{"x":69,"y":113,"width":794,"height":11}},{"id":"b66db1c2-57f2-42ad-87da-dc15563498ec","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":179,"box":{"x":70,"y":128,"width":776,"height":11}},{"id":"dfab257c-44c6-48ac-8414-a5d1919397a5","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income propor tionately, they","page_number":179,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"b7d47f5d-40d0-4933-ada6-15980ddc0620","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":179,"box":{"x":69,"y":158,"width":436,"height":11}},{"id":"7b422172-f433-4783-ac92-1b288cf7d90e","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":179,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"1ff6fc18-a139-42c0-91cd-9550774e5507","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":179,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"75948289-8b59-491e-bb37-ecb7d2f9d112","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":179,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"1752a6f0-ff49-4ead-aa4a-c00dd4e9c140","block_type":"box","text":"within each applicable state.","page_number":179,"box":{"x":68,"y":226,"width":203,"height":11}},{"id":"9f6a7443-a5b7-48d9-845a-b88450c169c4","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":179,"box":{"x":102,"y":249,"width":774,"height":11}},{"id":"e4391bee-1f2d-4c90-b4dd-a3eedaea7ea8","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":179,"box":{"x":68,"y":264,"width":837,"height":11}},{"id":"5c039a35-88b9-458b-81b7-74841bfe27e7","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":179,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"d9a87d14-7610-4e9a-81f4-c33e0dbe47d1","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":179,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"504378be-1001-4c4a-8e92-46953dc80e60","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":179,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"c1ac9ae7-a1b0-4d55-86ec-c7c00d671af0","block_type":"box","text":"its discretion, the appropriate course of action for the Feeder Fund. One possible course of action would be to","page_number":179,"box":{"x":70,"y":324,"width":783,"height":11}},{"id":"0acb2a97-a7bb-48a3-8fdc-7e22f4e82b15","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":179,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"0b539062-8138-44f7-93a5-76f579f24dd5","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":179,"box":{"x":68,"y":355,"width":710,"height":11}},{"id":"d366c3eb-68f1-4b82-abbf-47acd62a2472","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":179,"box":{"x":102,"y":377,"width":796,"height":12}},{"id":"04e25a56-10f5-432f-8fa9-80f625c336e4","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":179,"box":{"x":68,"y":392,"width":828,"height":12}},{"id":"e1395c41-23c6-4e60-919e-33db46bbc02e","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":179,"box":{"x":68,"y":408,"width":841,"height":11}},{"id":"248af02a-a310-4786-9da1-93207d6d48c9","block_type":"box","text":"exempt from state income tax.","page_number":179,"box":{"x":69,"y":423,"width":216,"height":11}},{"id":"8d9f8219-4d2f-4429-b04c-2beed0db0103","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":179,"box":{"x":102,"y":445,"width":771,"height":12}},{"id":"e7866ad5-c385-4e94-a51c-7664991a0868","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":179,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"f9888045-edb9-4a6a-86ef-00353b7ce11e","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":179,"box":{"x":68,"y":475,"width":309,"height":9}},{"id":"abc607a5-7b41-4db4-b1c6-ce43f02fb198","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":179,"box":{"x":101,"y":498,"width":749,"height":11}},{"id":"d7ccc655-060c-4f5e-9a6a-7df29350107b","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":179,"box":{"x":69,"y":513,"width":803,"height":12}},{"id":"0b134c76-d42f-4731-85e7-147e711f8fef","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":179,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"e026d533-4455-4f7e-ac6f-f118a0ad0998","block_type":"box","text":"decisions may have a retroactive effect.","page_number":179,"box":{"x":69,"y":543,"width":283,"height":12}},{"id":"c793a783-93b0-4c30-b47a-4cac4a2ad280","block_type":"box","text":"PERFORMANCE DATA","page_number":179,"box":{"x":403,"y":573,"width":173,"height":10}},{"id":"d6a26db6-8260-49c2-9768-ed2a5d6d315a","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":179,"box":{"x":102,"y":596,"width":738,"height":11}},{"id":"04351cdf-abbf-4492-861a-48c6e212281b","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":179,"box":{"x":69,"y":611,"width":779,"height":11}},{"id":"08985f4b-35c0-4a1b-a4f3-c0304be183d7","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":179,"box":{"x":69,"y":626,"width":833,"height":11}},{"id":"f14ad1a1-8a48-4eba-9c88-343f5b2e3966","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":179,"box":{"x":70,"y":641,"width":792,"height":11}},{"id":"724b8e84-7e08-4000-b1c3-312764c0516c","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":179,"box":{"x":69,"y":656,"width":473,"height":11}},{"id":"238dce50-1fe9-4efb-90fc-0bee1b8bb295","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":179,"box":{"x":102,"y":679,"width":761,"height":11}},{"id":"92f09388-4f1c-4535-80af-9774a4c48275","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":179,"box":{"x":69,"y":694,"width":836,"height":11}},{"id":"7888a72f-fb68-4bf0-925b-6d4615f3ed70","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":179,"box":{"x":68,"y":709,"width":798,"height":11}},{"id":"34021084-c43d-48c8-be43-5eb557db32b2","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":179,"box":{"x":69,"y":724,"width":765,"height":12}},{"id":"536bb4bd-8426-4541-9fe6-0e7103748f25","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":179,"box":{"x":69,"y":740,"width":808,"height":11}},{"id":"e0920274-c3a6-4f82-b79d-b81a4715e836","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":179,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"6094b9f4-a4f1-4c92-8fbb-6841d3e3a4ea","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":179,"box":{"x":69,"y":770,"width":839,"height":11}},{"id":"4b2dae3d-0aec-4ac1-9175-ee2a7b9d4b29","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":179,"box":{"x":69,"y":785,"width":546,"height":11}},{"id":"3251ca21-c511-4dbb-8140-70de7c50c13e","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":179,"box":{"x":102,"y":807,"width":781,"height":12}},{"id":"e0d6a01c-8dd9-490d-8abb-56c0c79d93e1","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":179,"box":{"x":68,"y":823,"width":819,"height":11}},{"id":"b897ef51-1bed-409c-bd51-aa77eaba290f","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":179,"box":{"x":68,"y":838,"width":810,"height":11}},{"id":"a6530040-9957-494f-ba3c-e52c177b25c2","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":179,"box":{"x":70,"y":853,"width":823,"height":11}},{"id":"941153ab-9eed-4759-ad0e-697b8e79df0f","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":179,"box":{"x":69,"y":868,"width":780,"height":11}},{"id":"686e0bbb-f4d4-4e97-8160-f32e41163207","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":179,"box":{"x":70,"y":883,"width":825,"height":11}},{"id":"a97ad24c-6155-4f0d-9804-6afc6f769992","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":179,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"06eb4ffe-8506-4928-8885-9857c00dd5fb","block_type":"box","text":"II-136","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"78f4838c-74c3-40f8-9559-97d1df71089b","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d00a836-261f-4654-8790-c021d1f13f7c","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":180,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"56e071e0-40e3-4371-93ed-567c56c3fda8","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":180,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"334c9e8f-2784-41e5-b013-debd37a9cfcd","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":180,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"8c45b929-9301-452e-9314-e2af0d5e07cb","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":180,"box":{"x":68,"y":90,"width":824,"height":11}},{"id":"c66626f4-a759-4d07-a99b-42b79552d790","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":180,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"1df397aa-ef46-4394-a53b-6e3618af0221","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":180,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"447e2057-395e-4e92-9f4e-fc48442659a4","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":180,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"0e0386eb-068b-4248-bf7b-77800058c825","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":180,"box":{"x":69,"y":150,"width":774,"height":11}},{"id":"661bb63c-3bb5-4824-9b27-af5c3e37f82a","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":180,"box":{"x":102,"y":173,"width":752,"height":11}},{"id":"50a59681-9b59-4ed0-87be-5fa0ba830e4c","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":180,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"61aa839c-037d-482f-998d-e1db36491a8b","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":180,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"d9cb23e8-2740-4aac-a485-c406a67a3d22","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":180,"box":{"x":69,"y":218,"width":756,"height":12}},{"id":"51387347-0dca-4fa1-868d-af1ce4169a6d","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":180,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"daf02141-8c5d-413e-bfc0-997d33a5c8a2","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":180,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"cb9156db-9cb6-4024-88b9-d95a6c97eb24","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":180,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"2b282fbe-aac3-4d1e-98d8-d5cfa05e0a07","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":180,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"2cb6f293-5080-42aa-9483-86f2f8535ef5","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":180,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"ed3eda98-5b99-46df-987d-4305256ac384","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":180,"box":{"x":69,"y":309,"width":768,"height":11}},{"id":"6f400338-518d-449c-8ee5-2a5c7e873135","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":180,"box":{"x":69,"y":324,"width":810,"height":12}},{"id":"2fddc40d-9ecb-4f88-a519-8dc6be187349","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":180,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"63e37762-b0ff-4996-9f78-518c108e0782","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":180,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"77d04d1b-e0f3-4542-899c-8a0dac9f0bde","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":180,"box":{"x":68,"y":370,"width":823,"height":11}},{"id":"83e01841-1667-44d9-a736-4593ab288b6a","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":180,"box":{"x":69,"y":385,"width":743,"height":11}},{"id":"adae42bb-0a76-455f-8c8f-114bca10d2fd","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":180,"box":{"x":69,"y":400,"width":814,"height":11}},{"id":"0bcafe88-a265-4d7f-a58e-da962d333d9c","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":180,"box":{"x":68,"y":415,"width":422,"height":11}},{"id":"05ac6293-8512-4b3e-9c31-a8c521dbb9d8","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":180,"box":{"x":101,"y":438,"width":720,"height":11}},{"id":"78cf5325-f1fd-4790-8766-8a61dbbeb344","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":180,"box":{"x":70,"y":452,"width":813,"height":12}},{"id":"29143f16-36fb-48a3-b7fc-77add05f61e2","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":180,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"49c67ab7-f8cb-4406-a208-c22eab02dcea","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":180,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"36a66000-d119-4735-b8d7-1779645f1292","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":180,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"11d0e1a3-34c1-4894-b4a3-ba92585b86d6","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":180,"box":{"x":68,"y":513,"width":815,"height":11}},{"id":"ac83a029-5fe7-4f9a-ba0c-b3d42ca0a728","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":180,"box":{"x":70,"y":528,"width":801,"height":12}},{"id":"ad58023f-bc34-4fff-a0e8-ba3f6c7db0ed","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":180,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"1d7e89bb-021d-484d-bab9-d126ac7e5121","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":180,"box":{"x":69,"y":559,"width":811,"height":11}},{"id":"18593af5-4c3d-4eb7-9441-e6f1a7e8e47d","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":180,"box":{"x":69,"y":574,"width":686,"height":11}},{"id":"7791e419-9bad-4b04-a033-7948662ff693","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":180,"box":{"x":101,"y":596,"width":796,"height":12}},{"id":"be7167fc-ca1d-41e2-aee6-9dfb356f9e82","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":180,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"b629c910-04b0-42f1-a749-1633e34171dd","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":180,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"21641b08-5dcd-46d5-9b32-f8380cb560fa","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":180,"box":{"x":68,"y":642,"width":837,"height":11}},{"id":"33d64b31-a83e-47f5-8de8-4c09296b329b","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":180,"box":{"x":69,"y":657,"width":759,"height":11}},{"id":"7d058c5f-387c-4143-95f1-b328106d077b","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":180,"box":{"x":101,"y":680,"width":779,"height":11}},{"id":"1a6a9814-d9ec-42ff-8f68-93037f257081","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":180,"box":{"x":70,"y":695,"width":819,"height":11}},{"id":"c123a329-02c3-49dc-85c4-303f216e918a","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":180,"box":{"x":68,"y":710,"width":830,"height":11}},{"id":"85cf50f4-6332-49f0-81dd-4d63e85b0f18","block_type":"box","text":"less than their original cost.","page_number":180,"box":{"x":70,"y":725,"width":196,"height":11}},{"id":"7705dbe9-cd86-4739-9950-17744db4e445","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":180,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"f30ef4ce-cc2e-41c3-b166-6be7e11b5165","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":180,"box":{"x":68,"y":763,"width":836,"height":11}},{"id":"f27c70f5-c3dc-4545-b84c-d44c24faf601","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":180,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"6121e2e9-e99a-420c-8b9f-01c48ace6735","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":180,"box":{"x":68,"y":793,"width":820,"height":11}},{"id":"04c0f7ee-cbe6-4b59-b3d8-650039e84f2e","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":180,"box":{"x":68,"y":808,"width":824,"height":11}},{"id":"0c0393c1-234c-4b34-af02-b1a78df55260","block_type":"box","text":"lower amount of expenses is deducted.","page_number":180,"box":{"x":70,"y":823,"width":278,"height":11}},{"id":"bba51524-0227-43d8-8743-ce47d19e3e75","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":180,"box":{"x":102,"y":846,"width":741,"height":11}},{"id":"e0512ea5-68b4-4633-8252-e6e2b23ae30d","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":180,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"b7ab2339-3c5a-4bab-b12b-d32556866288","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":180,"box":{"x":70,"y":876,"width":646,"height":11}},{"id":"b904f932-071f-468b-bd37-b96c31e0754f","block_type":"box","text":"Money Magazine, U.S.","page_number":180,"box":{"x":724,"y":876,"width":156,"height":11}},{"id":"04c814ec-b8ba-4c0b-9169-83635750f109","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":180,"box":{"x":70,"y":891,"width":533,"height":12}},{"id":"33766999-32e9-495f-b8b1-d1d431c0d752","block_type":"box","text":"or other industry publications. When","page_number":180,"box":{"x":608,"y":891,"width":257,"height":11}},{"id":"025a361c-18fc-47c0-96e3-a458668f6158","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":180,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"df4fb883-c82f-4990-86ab-05fac442ec8e","block_type":"box","text":"II-137","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ce04cffa-f997-48b3-94e9-243952062417","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec04cfd9-8ad7-41eb-ae1a-55657f19deb0","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":181,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"ceaf71ac-5f90-43f7-ba86-287b5c48b671","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":181,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"29149bc5-0afe-4ef2-9381-71d7eac152ff","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":181,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"870af8df-6f43-46d5-a935-b3f8d7fda557","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":181,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"f30cfc66-7fc9-4cac-8958-15f6412ac36b","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":181,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"34f6b1e8-8bb2-4058-bee5-9b85a912cad8","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":181,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"39a10474-898a-4dc4-bc70-358108f950d6","block_type":"box","text":"developed by Fund management.","page_number":181,"box":{"x":69,"y":136,"width":233,"height":11}},{"id":"65a3b44e-c568-4d74-bff4-a4447b5dc94a","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":181,"box":{"x":101,"y":158,"width":780,"height":11}},{"id":"7fdc4423-f1f4-47b9-83ee-342decb40ac6","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":181,"box":{"x":70,"y":173,"width":810,"height":11}},{"id":"1c94398d-2511-4694-8eb5-30f1b22cd4b8","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":181,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"a1a09b02-cef6-477a-9c1f-7120c0ea97bc","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":181,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"6f6e8651-9a7f-4a45-ae95-8324c3d7defa","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":181,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"75c9948a-a376-4616-ae54-b64a183bf3ee","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":181,"box":{"x":70,"y":234,"width":835,"height":11}},{"id":"50bc447b-1736-4340-be00-2780b29d19fb","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":181,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"7e968e4a-8ed6-48cc-a73c-d60217726494","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":181,"box":{"x":68,"y":264,"width":461,"height":11}},{"id":"f579d2e2-8472-4d78-ba3d-27d8408f557c","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":181,"box":{"x":308,"y":293,"width":362,"height":10}},{"id":"919981c1-9be1-4dcb-a08f-607c27da982b","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":181,"box":{"x":101,"y":316,"width":802,"height":11}},{"id":"fb14d925-7c9e-4b16-866f-dfb55083ddc0","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":181,"box":{"x":70,"y":331,"width":809,"height":12}},{"id":"e97c185d-7af1-4bbb-80da-6b3975b12a80","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":181,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"d87b69e5-799e-405b-8059-ecdf222d05bc","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":181,"box":{"x":70,"y":361,"width":755,"height":12}},{"id":"e983a3ce-008a-405a-b463-5c5fc6a22022","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":181,"box":{"x":101,"y":384,"width":785,"height":11}},{"id":"24339268-1c72-4cc6-a255-59d041687c40","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":181,"box":{"x":68,"y":399,"width":822,"height":12}},{"id":"1f3450be-89bb-4a40-9ef0-29ad22669b28","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":181,"box":{"x":70,"y":414,"width":824,"height":12}},{"id":"6b7d7481-4e33-4796-8fe9-a29cc56dde2a","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":181,"box":{"x":68,"y":430,"width":812,"height":11}},{"id":"46f2a4a4-025f-4fd2-98ff-0ae191cb7974","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":181,"box":{"x":69,"y":445,"width":392,"height":11}},{"id":"a5770c44-85ff-470f-b547-dde0279e611d","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":181,"box":{"x":101,"y":468,"width":749,"height":11}},{"id":"621f2b09-1b0f-45b0-bde3-078c02b26296","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":181,"box":{"x":70,"y":482,"width":759,"height":12}},{"id":"d2e6a727-272b-41cb-9e32-1713aafebab8","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":181,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"89d76653-9042-4068-a5ec-4fc5beb42fd9","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":181,"box":{"x":69,"y":513,"width":838,"height":11}},{"id":"7df4132c-c36c-4132-84ee-389e5acb7fab","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":181,"box":{"x":68,"y":528,"width":822,"height":11}},{"id":"082f4e8b-cc2c-4c3c-b606-a164d081f2f2","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":181,"box":{"x":69,"y":543,"width":392,"height":11}},{"id":"44951519-2dc5-43b3-944d-56fed6e924d9","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":181,"box":{"x":102,"y":566,"width":767,"height":11}},{"id":"baa4f577-9832-46c5-b739-403796d21cb7","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":181,"box":{"x":68,"y":581,"width":827,"height":11}},{"id":"37b15a92-c0e9-4258-b149-2eb51a0593dd","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":181,"box":{"x":69,"y":596,"width":819,"height":11}},{"id":"c13e79ab-a52f-466e-939b-4b26ee3bb078","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":181,"box":{"x":69,"y":611,"width":684,"height":11}},{"id":"2fce3602-c022-4067-8667-85bf491b352d","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":181,"box":{"x":102,"y":634,"width":766,"height":11}},{"id":"74750a59-3fb1-49f4-ad9d-20d1c17b10c9","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":181,"box":{"x":69,"y":649,"width":784,"height":11}},{"id":"8f186f92-19da-459a-b713-94263697f2b2","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":181,"box":{"x":69,"y":664,"width":805,"height":11}},{"id":"18fcac84-d34b-45f1-a381-9f7b21b49c6d","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":181,"box":{"x":68,"y":679,"width":790,"height":11}},{"id":"8aa96e2e-4bca-4b3c-9bd8-4a1fcf33be8d","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":181,"box":{"x":70,"y":694,"width":810,"height":11}},{"id":"1647035b-1bc9-4eba-b601-9d163e1d8c48","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":181,"box":{"x":69,"y":709,"width":788,"height":11}},{"id":"26034adb-9e22-4f52-8233-74a45bef8eb4","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":181,"box":{"x":69,"y":724,"width":327,"height":12}},{"id":"2e35c998-5fe1-4e54-9236-d7a86f5ae73f","block_type":"box","text":"GENERAL INFORMATION","page_number":181,"box":{"x":391,"y":754,"width":195,"height":10}},{"id":"d51a2731-c6a6-43a4-a49a-2f81cb260473","block_type":"box","text":"Description of Shares","page_number":181,"box":{"x":69,"y":784,"width":156,"height":11}},{"id":"c210d720-d649-432f-8324-b05bec29c24d","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":181,"box":{"x":102,"y":807,"width":800,"height":9}},{"id":"b7c58694-9cb6-471b-9017-9e34497e1052","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":181,"box":{"x":69,"y":822,"width":811,"height":11}},{"id":"66953f32-5756-413b-8d9e-1d23f34324d4","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":181,"box":{"x":69,"y":837,"width":825,"height":11}},{"id":"384431c6-d86e-4208-a5e1-e34841e7978c","block_type":"box","text":"matters relating to such distribution and service expenditures. 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However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":182,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"8eb6f7fd-b944-48a9-a132-ac374e5acefe","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":182,"box":{"x":68,"y":256,"width":729,"height":11}},{"id":"5761a58a-bf1b-4083-b56c-95d91d2c83d2","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":182,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"e68e7448-a632-4b71-a959-6181b4f8ea1d","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":182,"box":{"x":68,"y":286,"width":761,"height":12}},{"id":"064d9016-a47d-44be-af4e-72e17d278e69","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":182,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"68487a0c-0c6b-48c5-a7f4-597e4a5c0035","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":182,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"41347ddd-e381-42fe-9055-643eb9620970","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":182,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"c2843166-2143-45bc-822c-13cf7ae09f9f","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":182,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"c5152acd-6cdf-4dc5-ab1c-a9d45b11c2d1","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":182,"box":{"x":70,"y":362,"width":699,"height":11}},{"id":"cd0c2730-b44a-4402-8985-ae365060d84d","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":182,"box":{"x":102,"y":385,"width":413,"height":11}},{"id":"c86eb6c2-6b23-465f-a203-0a13d07a5a0c","block_type":"box","text":"Additional Information","page_number":182,"box":{"x":68,"y":415,"width":161,"height":9}},{"id":"6fb70119-b801-4b6e-b868-7a8b75738ab6","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":182,"box":{"x":102,"y":438,"width":789,"height":11}},{"id":"45058b51-987f-49ed-9785-8bdba8177701","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":182,"box":{"x":69,"y":453,"width":799,"height":11}},{"id":"90eeec3a-4a4e-48d0-9e46-1b356b300f00","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":182,"box":{"x":70,"y":468,"width":837,"height":11}},{"id":"2fab595e-6b1e-461b-ad2b-9dc2373696a5","block_type":"box","text":"such name to any other company.","page_number":182,"box":{"x":69,"y":483,"width":238,"height":11}},{"id":"9741ce1b-89bf-4911-982f-fa22c801ed97","block_type":"box","text":"II-139","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1e9688b0-62ca-41d9-8f62-a2898c1b0309","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d47d185e-eb19-4ca4-ab23-2398ec2fbc94","block_type":"box","text":"APPENDIX A","page_number":183,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"5a53a40a-f1aa-4fdf-9ba7-7c20e29e290f","block_type":"box","text":"Description of Bond Ratings","page_number":183,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"950c17b0-aa08-4a22-98d2-be985fcc5f8e","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":183,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"5e7190b5-00cf-4eec-895f-00dd08d1730c","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":183,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"22c1e822-ab76-4d6a-aa11-ab94ab558117","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":183,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"6b4505a2-73f8-407c-b00b-c584380e8f4f","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":183,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"b308eae2-4014-4635-bc38-d806e350b790","block_type":"box","text":"date.","page_number":183,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"8f67a817-5454-489e-8163-b70554eb522c","block_type":"box","text":"NRSROs may rate specific investments (","page_number":183,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"9d20c31a-1337-4dd2-bb61-dd7d1d364959","block_type":"box","text":"e.g.","page_number":183,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"09c78808-2186-4d8c-961c-c6a592f3ae10","block_type":"box","text":", bonds), issuers (","page_number":183,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"9e9e064c-798d-40bb-9672-b819c15445c0","block_type":"box","text":"e.g.","page_number":183,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"f55c530a-fd53-45f6-a39e-14123a9cc3cf","block_type":"box","text":", corporations, governments and financial","page_number":183,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"0d07d3d3-a775-486c-8540-f5794b848aea","block_type":"box","text":"institutions) and/or programs (","page_number":183,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"2dfedb89-e343-4662-89fa-09e6f0f8671b","block_type":"box","text":"e.g.","page_number":183,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"1d03027c-522b-4cc6-8128-502f532da68b","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":183,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"c54f3546-7fd1-4e8d-b7b6-bb5edf02bfa3","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":183,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"e423606c-c630-4ea5-b279-77715ada168c","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. 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Fur ther, the fund may","page_number":183,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"a5ecadfd-29f0-4b8e-b28d-e55962103f48","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":183,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"29c43b10-d826-4e41-b5e1-25cda2d6c679","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":183,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"dbf2ff0f-950a-48ed-a2c0-6b364c7e364e","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":183,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"28faab4d-deec-4e09-a247-eea8af6fb975","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":183,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"cbf27996-24da-4608-97d0-c7d6b082bb4e","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":183,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"b532f6c8-54de-4e92-a6af-ca246510f074","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. 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Moody’s defines credit risk as the risk that an","page_number":183,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"7bf59d65-07d0-4633-af54-07557d8219bc","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":183,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"01b0276c-024e-4b83-a014-f18cc92515a3","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":183,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"48043023-9124-4677-8bc7-fe4084fbe88e","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":183,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"0b74410b-28ce-402b-8251-02c00c14305e","block_type":"box","text":"sources of variation (","page_number":183,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"bc839812-9a45-4bfb-b254-91fa50f89d56","block_type":"box","text":"e.g.","page_number":183,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"0bd4cf1d-b0d9-4e7f-a225-f80ebe6bcd3d","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":183,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"4c208d0d-3823-40ba-9b7b-1b1befb04596","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":183,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"9399a520-c08a-40b1-ad97-e2c30f291b55","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":183,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"9f2f35f2-952d-4b3d-a4e7-4cd78a733d97","block_type":"box","text":"e.g.","page_number":183,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"fb2ea414-3d33-4eb6-88f9-6f77f428a53a","block_type":"box","text":", equity indexed), absent an express","page_number":183,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"8c741f3f-fd28-4953-a04b-809a5f0a7008","block_type":"box","text":"A-1","page_number":183,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"301f935f-8c13-4314-8aae-fe2227ea6e08","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd308370-5c8a-4b5b-b8d9-615c9ba3c0b0","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":184,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"99dcee52-554b-40a9-9b00-adae8e2da0b9","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":184,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"f233a9a1-2bf1-433d-a5bf-94a721cfbad3","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":184,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"bbecbc8c-ac7c-410a-be5b-be88fdb01fa2","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":184,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"27a90284-eec3-4d0d-b487-05f3012dec40","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":184,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"cf85062c-40eb-4566-b35e-467397bb4be5","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":184,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"37b37ee1-14fc-471e-a840-811a392c9e50","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":184,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"46d1c8b8-8af1-4777-a497-dea50e1a45c7","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":184,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"95741b2e-83ed-41f0-96f8-cc257c1984d5","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":184,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"afad9324-321f-43cb-854e-c83a1762bc48","block_type":"box","text":"i.e.","page_number":184,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"245275db-126c-446b-b14c-54a6bb25627b","block_type":"box","text":", ratings on nonfinancial","page_number":184,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"2bc2f788-9d65-4da8-8454-4b8d23ac7e5c","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":184,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"519a3165-d4bc-48ac-9d4b-6d6585c585a8","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":184,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"136993a9-7390-4781-acab-027846427b9d","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":184,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"63df78f8-28ac-42df-9633-646a87d65745","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":184,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"f5a736ff-c4a8-4be0-accd-c218ec555d26","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":184,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"bf9ba9de-f348-4939-b85f-540e6a4c7de2","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":184,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"86e63c74-b18b-45b4-8f81-d467d0b9e815","block_type":"box","text":"of time.","page_number":184,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"84c0eaee-1c70-47ed-ba77-ef79b47af6a3","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":184,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"51118e6c-b3f5-47c3-bf2c-73c3322de358","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":184,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"aadbeae9-d655-4478-b588-0bdced513949","block_type":"box","text":"risk.","page_number":184,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"b453111e-37c0-4e84-a880-8ebc016f0763","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":184,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"658f39ee-2c87-440d-9344-68fe78fc7914","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":184,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"649ea180-8ba0-4cf9-8e59-b8ced6abbeba","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":184,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"dc5e7876-27de-4a02-8fc1-8e9f5480b537","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":184,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"7c77477c-1db5-4310-b01f-8d698d669dfe","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":184,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"e20a729c-f92d-47d8-92d4-8c42e5cace64","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":184,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"84f0395e-23f0-45aa-9fb5-05ea2d23ddc0","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":184,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"a275efc0-694c-4007-a2ca-52c1c35f5eab","block_type":"box","text":"credit risk.","page_number":184,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"b4166e03-d4bf-4204-a05f-3cc6c7e5a9c5","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":184,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"6f641a09-6992-42f1-b736-09632b5ce2f9","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":184,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"681bff5a-5899-414b-af57-a31375cded9f","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":184,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"0dce3d2e-098b-4c7b-9f51-2f3a8d1d871c","block_type":"box","text":"of principal or interest.","page_number":184,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"3fb8f065-7116-48a2-8dc3-0fc96b636365","block_type":"box","text":"Note:","page_number":184,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"7f34abb2-84ad-453c-b6fa-d4bd6508b579","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":184,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"c4e58f2c-18a2-4cdf-88e7-1a6afcbdab26","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":184,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"54a221f2-79f2-46c2-bd60-34a9f9883964","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":184,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"91cd4fc9-2f4a-438a-845c-2a96071346bc","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":184,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"606c468b-9a6e-4e37-8be1-b17e2c2f1c8e","block_type":"box","text":"companies, and securities firms.","page_number":184,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"5c7228e4-8b53-4f22-930a-3010a1bd8203","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":184,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"337bac97-9694-41c9-88da-bc818df3c8b6","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":184,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"622bdd69-5038-4b33-b888-bf3590de0b27","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":184,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"ef73b566-25e5-4d68-a1a4-ec4d8faabad3","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":184,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"86f7a0b2-05b3-4eed-901e-16df8f72d0f6","block_type":"box","text":"that security.","page_number":184,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"6556589c-93d8-4ef6-8ee9-0e06b7b0a90f","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":184,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"2672f7da-7196-4e62-b955-27ce75839a61","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":184,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"23359ca9-1a28-46ee-b7c1-c588f8038ad8","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":184,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"1ac86e8b-d16c-4540-85a0-c3410c1fbc80","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":184,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"ff26e29d-0219-4a7b-be61-354733cbb4cd","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":184,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"4e98ea4c-50e5-4920-81c8-464b0c2f8775","block_type":"box","text":"categories.","page_number":184,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"da62cab8-418b-4770-9ee3-77288f27e4b7","block_type":"box","text":"A-2","page_number":184,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"d9ed59f0-ea6d-408c-96cc-d121209b019c","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2d8386f-049a-45db-90c1-f28dbb287eb5","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":185,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"e52b5524-31f1-44cd-aa91-95b5b8cd0eaa","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":185,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"3424821a-0d4f-4513-8057-5b80b771bd61","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":185,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"3b5bfd34-3ee5-47db-99c3-ed376e3bce8f","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":185,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"c6b1e28c-d175-49e5-89fd-aa7d23bdbdd5","block_type":"box","text":"an issuer’s self-liquidity.","page_number":185,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"eb550c47-c291-432c-8a87-d22c180584e5","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":185,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"3ee296e9-ef4c-4552-8077-19176174a22d","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":185,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"5c8b769f-8a57-432e-a38d-6338e41e4f98","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":185,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"dd901766-00f4-4d60-ad97-739a3402cbca","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":185,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"b83562ab-b674-44cc-96a3-f76392b2eb5a","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":185,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"3fd739b9-c8f5-4e05-b7b8-e1aafbaef941","block_type":"box","text":"MIG Scale","page_number":185,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"9f11b41c-ea91-40ad-a566-3b4292e00044","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":185,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"6df0d667-423e-47a9-8a9d-15f7f1bc5da7","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":185,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"11d9641d-ac3b-4e03-99a2-717ece185377","block_type":"box","text":"refinancing.","page_number":185,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"be036667-80d3-4693-91fd-7e465448b5fc","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":185,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"894c5e71-b05f-4672-96d7-f38033f0f445","block_type":"box","text":"large as in the preceding group.","page_number":185,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"68856747-ece3-42dd-9b58-4e5598cba541","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":185,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"a5e38592-d041-4d5a-8b85-c6168f26fdf2","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":185,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"ca2240f8-c4c0-4a8d-9351-117193a1ccf3","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":185,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"fff32e08-968a-4c68-b3e6-3cee99bd4bd2","block_type":"box","text":"lack sufficient margins of protection.","page_number":185,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"26db595f-ba43-4253-b353-dcf7e39893a2","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":185,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"8936c07a-f65b-4549-8566-1b35bade3765","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":185,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"80630e62-d1b2-4196-89c5-5c445b4f6567","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":185,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"5dd01985-48f9-4ece-b1c9-7165b8866290","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":185,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"e456b8bb-3b5c-4eb9-8f09-e967fe5a4c7e","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":185,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"0f4b24ed-87da-469a-bb0f-ff062c4a0fdb","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":185,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"bf2651c1-c7f5-482d-8c39-00f02365965b","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":185,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"7e1aca5e-ec6b-4785-be4f-944e751d58c8","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":185,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"511a9725-a974-4027-bbc1-5747c6e858da","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":185,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"57d266b9-8255-4267-9fa5-73d84a86d0cf","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":185,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"b97d4509-2658-4527-aed6-1c56493f48a6","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":185,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"6255f5c4-ff60-4caa-bb9e-4b64a0df7438","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":185,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"78548507-732f-49e4-aa70-5d79b1fbc27f","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":185,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"a945d204-d026-4435-93b9-9a7d0eb9c02a","block_type":"box","text":"VMIG Scale","page_number":185,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"f4533843-7dd6-4686-8f51-2afc8da7b9df","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":185,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"98b3aa49-03af-4760-a8fe-9e24a3659d4e","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":185,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"323a626d-9ea4-4dc0-9ead-0e3efec64b29","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":185,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"2a02e7c6-83e8-4359-bf81-3dd29b051e9d","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":185,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"cd7592a2-27b8-4264-a6cf-2dc1944df6bd","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":185,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"eb65e06d-a86b-4481-b60c-b9c036b79b60","block_type":"box","text":"payment of purchase price upon demand.","page_number":185,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"4c2ee114-62af-449d-8c82-32ba00e64566","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":185,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"62f9e201-683a-4de4-a74b-6a5015c8d146","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":185,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"192c9a55-0a3b-461f-a30f-d168cb7f4c92","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":185,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"884294cb-2301-4338-b68e-8aa8432c11c8","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":185,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"91b0795c-c57a-4ba6-a8e9-572c6ca1df51","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":185,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"5cd49052-4c45-4d90-9eec-5f138bf44129","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":185,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"de86baee-3373-4730-8469-995b6e25b9da","block_type":"box","text":"price upon demand.","page_number":185,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"1f87e93a-7f51-47da-85da-8e1c924d1d52","block_type":"box","text":"A-3","page_number":185,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"78bea717-4edd-4941-a824-9b9213b8b3e3","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d0e5ab3-9d69-4a8d-86b9-918e01a11cc9","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":186,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"1d727ae9-c708-44e8-b598-c9547962d8c5","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":186,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"fa67d825-9eb0-4e88-8ac2-5b49ebebaace","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":186,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"96278471-bcfc-4293-8570-cfcd49a146e7","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":186,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"4c8aff66-a6ef-4ffa-b4a3-48db1aa23e66","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":186,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"6781c7c6-ab0a-4d38-a236-b1890551032a","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":186,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"d1118f6e-2212-4583-a8c5-6af4df59e679","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":186,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"a50e68e7-9865-4731-849e-fcff14a1de78","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":186,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"afc21df4-f2c3-454f-a25f-6060b6905e6a","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":186,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"1b32b320-594f-4230-a303-65a77325f566","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":186,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"ae4ac7a8-b88c-453f-ab51-c17155cf181f","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":186,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"8ddd22e5-80aa-4359-932a-47e52326e4ca","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":186,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"1dcd6041-be68-4d01-9be6-94ab9593431b","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":186,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"18488eac-ab4a-4bba-b4be-1c54c244cfcd","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":186,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"b9278c1e-a07a-4d36-99d4-72c9d82b0250","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":186,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"280dae86-d2ce-44e7-bfb0-906640cd09c3","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"9ef66365-a704-4564-926e-b58999337bab","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":186,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"4e9217df-bd5a-4475-b7e7-af8367a5c0ea","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":186,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"22c7cca1-fe18-41be-bf2b-01d75e317f10","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"505656c2-d121-4adb-b9ce-796921b04b27","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":186,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"ab931246-8e5a-45cc-ba01-dd5e8ede0a08","block_type":"box","text":"•","page_number":186,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"163327a6-ec4b-42c6-ba59-f33beb7d0580","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":186,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"504a5ab7-98a3-4979-8b01-6207666a9681","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":186,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"1be23179-9a67-4171-abfd-ebaab42dbf7d","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":186,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"1940745f-687c-4ebd-968b-6f2844de8457","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":186,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"fc01a754-e93a-499c-87d2-f59d24a7ba0e","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":186,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"2b7d0bae-a674-4f4d-ab5f-89273c9d3221","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":186,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"9306655a-1987-4795-8458-94463a662a97","block_type":"box","text":"obligations.)","page_number":186,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"6a9092f6-4106-40c6-bd8b-d4fe922bd602","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":186,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"b1fcd4f4-2f35-46b3-86cf-98777e404c73","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":186,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"b0a13559-f56b-415d-9a22-8322ee733d5e","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":186,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"8940f5ad-6951-408b-9afd-36285f2a2e53","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":186,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"e0a72b75-00dc-49f0-a267-de70e7e82a50","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":186,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"b6a3f7c1-b099-4590-85d1-9c01d15db05e","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":186,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"b79377f7-93d5-4d69-8e67-18c0123ec71d","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":186,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"106b4dad-b7cb-4923-bc10-5f9ceeb7ff1e","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":186,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"5a4f5c26-0ad7-44fc-9d96-f2ff824a316c","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":186,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"5cce0738-2478-4c4f-a062-60668883843e","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":186,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"f791fe12-7331-4a7b-88dc-a6228b0c0694","block_type":"box","text":"financial commitments on the obligation.","page_number":186,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"eeb7ab57-1ade-4b88-ba8a-580c8e46e445","block_type":"box","text":"BB,","page_number":186,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"bad83d17-7151-48a3-972c-63e077ab9d5f","block_type":"box","text":"B,","page_number":186,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"bd6815d3-af4d-4dc8-a6be-e5678c8de7cd","block_type":"box","text":"CCC,","page_number":186,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"bdecd425-73b9-4085-9543-862323dbb38a","block_type":"box","text":"CC,","page_number":186,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"a6abf939-b652-4fda-a364-7b869b21cf89","block_type":"box","text":"and C","page_number":186,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"7635191f-c2c5-49be-a6b7-807bde45cddb","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":186,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"1e99700c-af07-424b-a9db-45139abfb86a","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":186,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"456001a3-012e-4691-824f-77539adb7649","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":186,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"be093679-072d-4a6d-bfa4-06208d8a2a1c","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":186,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"30a0e128-aba3-489a-879b-f4dcf2ce5e29","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":186,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"142c4a64-f350-4660-b7b4-e7c31c4697b2","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":186,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"621ef836-b582-4278-a3c3-80c614ba4041","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":186,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"4eea1ddd-9630-48c7-8122-692d6376ce31","block_type":"box","text":"on the obligation.","page_number":186,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"26a56d3a-958d-4701-abb4-c0ff0bcf0586","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":186,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"b30244cc-49c0-46c9-9206-4ee86cf0cf3b","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":186,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"a7c88a9f-574a-4a0c-afd0-fb3c1fcfe3b0","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":186,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"d7497227-19bc-41dd-afb2-168a6040f95e","block_type":"box","text":"financial commitments on the obligation.","page_number":186,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"f69d3307-8506-45db-ad8e-906ba82991e0","block_type":"box","text":"A-4","page_number":186,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"910fb5bb-8934-483d-9e13-b7fa3ce217e5","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce4e3e5e-2c4c-4a4e-b4d0-ae85d3f9f73c","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":187,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"05c4a091-7c8f-415a-b53c-b942c71a19e3","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":187,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"b29e3a92-ac6d-47db-ad4b-0456eb3297ef","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":187,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"88cf6762-7a20-4616-b381-c1816ae7d4c1","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":187,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"1d20397c-c154-43bf-b08e-05d6ba2d8ba0","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":187,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"7263bb59-c7aa-424c-8ac8-010d4f33b48e","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":187,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"1c1da7fb-5aff-4d72-b724-669e84d3fcac","block_type":"box","text":"anticipated time to default.","page_number":187,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"329af81a-a433-43dc-aded-a20667cf8f1d","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":187,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"9042c9ad-dbbf-4510-abb3-61414a3e2c34","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":187,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"17a9d9d0-ae3e-43fb-ac73-54c6c6dccc92","block_type":"box","text":"higher.","page_number":187,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"66cc8b6e-31c1-4f6e-bd3c-1a15f2d922f9","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":187,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"4ba93e4d-3ac1-4ba8-8d4f-dcc5b2e27671","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":187,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"a44be3c9-3970-4b7e-b379-03bb06a5383b","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":187,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"d219ad7f-b12b-4025-b4bb-f6ede0c0fd8f","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":187,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"eedea665-e369-42dc-b11e-51f5ac67a301","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":187,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"ca205ed4-ec02-4498-a3a6-42cdfb7d13cf","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":187,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"a0c11e82-a721-4930-85f4-2fba8c3b7da6","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":187,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"167a5e26-9a64-4b67-b2f0-fc3e200f4923","block_type":"box","text":"restructuring.","page_number":187,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"3caa0fe9-96ba-4a90-90d8-07a5dda0e0f8","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":187,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"cb099708-6c75-4f1c-8712-794e108d0b72","block_type":"box","text":"standing within the rating categories.","page_number":187,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"41aba30f-9d10-4578-8d20-a42410b1b69a","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":187,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"e68ce5e0-4de1-446c-a946-8bc814e5b63f","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":187,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"5eb42976-aecc-44a0-bac1-ec3a8f3df372","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":187,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"53a8c786-2b26-46c5-bfec-7c32a4be324a","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":187,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"5bae2dc8-ced5-4764-81e5-98b0cd408c72","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":187,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"bb9c6dc6-948e-4da8-b445-a1a8e5fe4b5c","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":187,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"d5cc67ea-755e-41c3-851b-527d7a7c2550","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":187,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"ce64b5b0-a8df-4558-9a7f-ba82c594a6c6","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":187,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"4ca28ca4-765d-4228-97ec-81c5b17981ce","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":187,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"d09a04fe-4aa2-4337-adda-e53e2d300f3f","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":187,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"0c9030a8-e060-4500-983e-c638be5fbf08","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":187,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"96cbad46-6407-41a4-a452-87db9e38ba3a","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":187,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"fb7b4781-e86f-48d0-b6f9-ae2f9e9d50e1","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":187,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"fdbdecf3-31c9-452b-8656-c873c7898a30","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":187,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"eabaccf2-cf08-4b2d-9d24-0eb8f9bfb558","block_type":"box","text":"financial commitments.","page_number":187,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"d8c9dc3a-9f29-4ae7-b328-66139f7a98d5","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":187,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"93ab9995-46c4-4cc2-8f33-f2d2943deaa2","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":187,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"0222d4cf-c1e8-46fd-98d7-16ac35ca254b","block_type":"box","text":"commitments on the obligation.","page_number":187,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"cd4f37f7-1a85-40d5-9553-69dbd198d4f5","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":187,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"21a5db82-35d6-4925-b7fd-3cdf8c102539","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":187,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"bb5a3c65-9983-4ada-96bb-81c78927f86a","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":187,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"f37b5429-76f1-4220-b7a0-19dbfa5a7574","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":187,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"c39616b3-fcdf-437b-b9a2-259f73abb1dc","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":187,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"9b27c770-1c8d-4f63-9c43-7cb8b87c5583","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":187,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"036ed305-32e4-4dd5-8baf-c51ec019df1a","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":187,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"da29263c-54c7-4a2c-8a0e-d921156f04a5","block_type":"box","text":"debt restructuring.","page_number":187,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"ad46f2b4-6574-4d04-a751-bb5d877cb705","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":187,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"4f94b298-0b9e-4224-8b92-e655b56d4534","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":187,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"11513fed-cede-4796-8f45-8101ab2ca1ed","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":187,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"5c57ca33-36d9-4d44-bf6b-774eb938afc3","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":187,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"e99a76e2-9470-45c2-8841-b65ddf4fe41f","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":187,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"65c93b93-484f-4ef8-a7dd-8eb1735727db","block_type":"box","text":"A-5","page_number":187,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"cec32f3f-ad8e-42d2-a1ec-d65becdc1ab0","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61e2b76a-63f5-4b72-838d-78905ef11c7f","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"13e9a3b9-5b31-47a6-b90b-eab81c8651cd","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":188,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"ae7c99f5-b403-4e98-9e60-af174dcac336","block_type":"box","text":"as a note; and","page_number":188,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"168b5007-ab04-4c0c-8005-53e5378eccf5","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"636ebcfc-ac0f-49b0-badc-c717257079e9","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":188,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"fbc69a30-3bbe-4caf-9555-65641db91143","block_type":"box","text":"treated as a note.","page_number":188,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"cc9e843c-8244-4176-a271-4fb8b4ddb642","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":188,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"575a2716-c43c-40f0-a754-ca26b31cbb95","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":188,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"c0892eda-3c85-4b64-bcc2-6778e3ced608","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":188,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"68fe68b8-5fef-4746-b031-06a521310475","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":188,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"7237cbdd-5f2b-46f6-9ea8-f23b1708b9a9","block_type":"box","text":"economic changes over the term of the notes.","page_number":188,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"712bb550-e458-463a-9a61-fa01fc57d772","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":188,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"4d090bb6-0f16-4eea-a8b7-2709c501b869","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":188,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"b3e52805-664a-41ca-a5cd-f56f3bd912da","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":188,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"2e53cc65-ef04-424a-b334-9634511dd52b","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":188,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"219e7c0f-5358-4151-9f09-c897612d55d7","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":188,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"fab866dd-a99f-4e72-8fbf-f74f9ea7c224","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":188,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"db355bb6-ede7-4900-a765-e126e53710fa","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":188,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"9fec538d-3f94-4ae3-9f08-f76e40839516","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":188,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"5ee6a3df-038c-4287-8b93-c61a7c42455e","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":188,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"864dfc40-774f-4b98-9af8-d009d29b36ce","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":188,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"fe8718f2-f441-4a17-a2e9-5a173a519000","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":188,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"9bcb4d54-e88c-407f-9cfb-2801558edf08","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":188,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"95339777-014e-46b5-beee-50dd2d2f0442","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":188,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"cc92ec8f-10a9-40fa-b6ef-6367b2aab94a","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":188,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"5202c040-ddb9-4c68-b05d-41db4855e68f","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":188,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"44596e69-23ce-4f43-b54b-804e33f685c0","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":188,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"7c0ebf21-93bb-47c0-9a2f-06c69c525004","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":188,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"0f306c62-96fe-46dd-8990-2e00d3fc6afd","block_type":"box","text":"receivables or other financial assets.","page_number":188,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"800880cb-514a-4886-960d-6f0102549bf7","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":188,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"9b338a1a-19b3-4646-9fa3-cdbd98966c45","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":188,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"694b86a9-1070-4f7d-a71d-e0da48cf2b07","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":188,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"5cd67665-e989-4b99-88a6-ec0a43b9d81f","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":188,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"6d04d2db-09d8-4c34-8e5c-aee2234cf3ba","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":188,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"f796cfa9-fae7-4599-9537-05a2e0ec82fe","block_type":"box","text":"occurred.","page_number":188,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"597ca59b-d975-42c8-b99b-4ddf30c9d838","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":188,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"8dd4e4a6-261e-45e6-9ad6-d059d8ffea01","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":188,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"25939567-6732-4c33-a6ce-eea2dd9c4b24","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":188,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"e172a8f6-9c7e-41e8-887c-7e65595b24fd","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":188,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"060bae41-68cc-43d0-b548-dc66e5a8bb98","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":188,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"89fff789-f284-4f24-a25f-0cf394f13238","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":188,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"635a671f-929d-4c47-b833-a17241ad413c","block_type":"box","text":"rates.","page_number":188,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"bd358fa5-6185-45a1-a6d7-ae5be007ac59","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":188,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"98597e3b-cbb4-4232-9cda-679e23692379","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":188,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"d35fefd9-8700-4e27-ae51-1d6c120735ad","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":188,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"60d3a728-4fbe-4e7a-becc-a3f5e5271119","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":188,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"9425f004-352d-46ab-9e4d-6abb02878a41","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":188,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"ad845543-9ff7-45fc-8bba-c624e0dc73a3","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":188,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"8952c4c7-e2c9-4d93-b77f-78aa4a7b5942","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":188,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"6d7fb2eb-6b39-46eb-bedc-4fdb531f5fa9","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":188,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"a990fe16-fd04-4e7c-8428-f0e6ea0e79cc","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":188,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"fbe44a89-9809-4570-8724-871ac4e51da5","block_type":"box","text":"i.e.","page_number":188,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"8811f68c-7938-402c-9ae4-6cae7a4db835","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":188,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"602b46a0-0403-4a76-955c-44814f8dabba","block_type":"box","text":"the obligation’s documentation).","page_number":188,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"883d8db5-3a74-43fb-85dd-6b8a0a4ea296","block_type":"box","text":"A-6","page_number":188,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"63ce898d-d09e-434e-a124-5fef9481d065","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dac40b33-50c3-44d7-887e-63e2bea6377e","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":189,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"d840bb21-2e1c-4a17-bfc5-56001aa7ffdf","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":189,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"7505a851-8d83-40f7-98e1-be15d7894fa7","block_type":"box","text":"agents in the form of a rating letter.","page_number":189,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"3cc1596f-4426-4c50-bfaa-eac63bc39c5f","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":189,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"899a75f4-705a-4fc9-85ba-7ac8e3344554","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":189,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"864d0d3e-a9ed-4e54-802e-54b49c595a5f","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":189,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"abf42c61-7ddb-4ca7-8f4d-4723da2edbce","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":189,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"69bac3d6-d2f1-4e54-9f44-30686d6c1bf5","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":189,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"25e99c3c-ca1c-4651-90ce-25cc899337aa","block_type":"box","text":"e.g.","page_number":189,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"4d02a495-14bd-47ed-9c71-b35de98bed2c","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":189,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"874e7e44-0831-4f80-a791-21de7a6a2b23","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":189,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"c8060c79-b760-4a29-9829-50aa19af68fa","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":189,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"1886d91a-2a23-48ab-b04e-c64a0dc73941","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":189,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"d138dfa4-aeeb-46e6-8738-f9e958fc0ea8","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":189,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"ed999ca3-8139-4ce0-a44f-3ed36c615fea","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":189,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"983afcf4-71a1-4eed-8dac-c4639b88ff5a","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":189,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"b45b9ffc-e108-4212-bf79-cf31b0e40718","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":189,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"ac847cb3-a032-4eec-a093-faf63503456f","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":189,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"f3fc6ac6-79ba-47f3-89fd-3f4194bd2843","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":189,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"43ce8122-e52c-402d-9efb-f0d799fef6ef","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":189,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"db4fa5a3-e0f9-4de6-8c84-e6febc551317","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":189,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"03b99c5c-f939-416c-aa5a-fc338221c518","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":189,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"5a093958-c8e0-4361-9ef9-c968cbc77f43","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":189,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"62ef129e-bc19-4395-8600-c228afad60a8","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":189,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"c9331631-ae70-40ee-bd01-6ff8911614eb","block_type":"box","text":"Ratings.","page_number":189,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"43f046a2-ef21-4a85-b3ff-7164217249c0","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":189,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"0c8cca84-4a63-409d-ae7a-b81a07c4ed8c","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":189,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"6c86c6f6-f800-4d25-95be-7d04a9bae843","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":189,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"f59cfd10-34ec-4fd2-a239-0e3bd858a54d","block_type":"box","text":"obligation ratings.","page_number":189,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"9e5ef7b2-7bd8-4cf1-9a0d-0b6e2bd48029","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":189,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"166e7bff-7fb9-42a6-b27a-768cc7b3afd8","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":189,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"707ff9fe-f06e-46ee-aa34-8c1d8599d39f","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":189,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"bb04cec8-f1fb-4713-956b-63deeeb890b7","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":189,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"7e189860-4076-4cd0-8ff3-1d1278d38eea","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":189,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"bb4f132e-267c-42f6-a940-e22574fc13cf","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":189,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"1bf90ac3-1f1b-4254-bbec-6c22c647259c","block_type":"box","text":"to foreseeable events.","page_number":189,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"667fd1f2-9e58-47a1-be99-0a913b387ae6","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":189,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"958e4c57-e782-48fd-b268-65e44f316d74","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":189,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"7223624f-cef5-444d-b6b2-26f3df600ce5","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":189,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"039b39bc-efd4-47a8-b5bb-32be39f03617","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":189,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"a3317573-3acf-4a16-80a5-63a5027fc707","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":189,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"8cb18e2b-53b4-48a8-a316-275910bcbd53","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":189,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"ba9c094e-57e8-4cfa-a057-d767297bf157","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":189,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"61f1975e-cb2a-45fe-99dc-47a692f6d4ab","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":189,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"da04dce4-4dac-4d79-8766-b14b9df62f06","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":189,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"25b61e19-9ebb-40d8-8e44-0b65d533939e","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":189,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"c9450256-95a4-488f-8b1b-599129212c13","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":189,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"692914b6-5a8f-4b92-ba50-5e430ce6fec5","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":189,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"61a448e6-9837-42e5-9704-52f0d7ae02a8","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":189,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"4213419a-33ca-4554-bbd4-0e510ed66795","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":189,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"4afc289c-bb54-48f7-bac5-33c92c69730e","block_type":"box","text":"relative status within major rating categories.","page_number":189,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"60a20196-8196-47dd-a2bb-9ab2931c5f02","block_type":"box","text":"A-7","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"4fed7cd7-a9a9-4113-9015-9010b90e009a","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2a53d8b-f515-4192-9a82-2b43abf12df8","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":190,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"c2c5281e-7cdc-4589-be61-b9ae98e67b05","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":190,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"bf9b0a5d-f66c-4bcd-9ec7-b31cfd78ffe9","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":190,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"c6809a98-e1f1-49a0-9b0a-bb8579ce3b0a","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":190,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"16cc4552-faf1-421a-8b68-4516500b8a06","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":190,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"273267c7-13c9-4743-977c-8071ba16ea93","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":190,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"b59a2015-d2a3-4433-a449-04e35da7b57a","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":190,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"001d9545-dac2-43c3-8649-11dbe3e8f7de","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":190,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"b5196d3b-55d6-4286-86d6-d3fdfbb4f495","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":190,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"80a11f14-7c2a-4dd1-b918-30216855333a","block_type":"box","text":"finance markets.","page_number":190,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"07f29f1d-21d6-4900-9fc7-a700b3614678","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":190,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"7d7e12b3-f945-4f67-aca0-a79e9cae9a01","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":190,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"2734c9e6-8a98-4c83-996a-b0660ba3189c","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":190,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"1710cbdd-da8b-49ac-8e62-153e4cacb930","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":190,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"7802e413-a344-4ccd-8108-181a02a0c73e","block_type":"box","text":"commitments.","page_number":190,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"349ca7a0-091b-43ff-83ae-f358776b764c","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":190,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"7730e36d-7aa5-42e9-ade5-95d3438609c4","block_type":"box","text":"adequate.","page_number":190,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"3386ccce-53b8-4ff1-92fa-12227af3c66c","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":190,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"814fe737-7772-41a4-a5db-51e3bb4da62f","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":190,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"d49c2454-9dc1-4d11-b0f5-b134c29b923a","block_type":"box","text":"economic conditions.","page_number":190,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"35d871b6-b06a-4984-9e88-5e8a4d639e7b","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":190,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"6a6a2da2-37f9-4bc9-ab6a-b9a7c29e2c4f","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":190,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"af65de17-408a-48fe-b836-5366f2fb81b5","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":190,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"13907a12-c63e-4284-bb17-7ffe8f8e187a","block_type":"box","text":"ratings only.","page_number":190,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"a707a1ce-99f2-49d7-86d1-9874282ce2e7","block_type":"box","text":"D Default. 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subject to the","page_number":191,"box":{"x":101,"y":378,"width":763,"height":11}},{"id":"9b4731ae-2599-4ed3-bcf7-9a9eda50342a","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":191,"box":{"x":102,"y":393,"width":775,"height":11}},{"id":"49ef704d-8ac8-42e6-b6fe-fd4388e2cb4f","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":191,"box":{"x":102,"y":408,"width":651,"height":11}},{"id":"8e989925-cdf2-4256-8f93-13edf3451a4b","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":191,"box":{"x":135,"y":431,"width":718,"height":11}},{"id":"3f1b284c-9b32-4205-b4ce-49bc1b5c7b41","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":191,"box":{"x":102,"y":461,"width":766,"height":11}},{"id":"0cefc769-0f78-4b6b-af0b-a23c9fb07baf","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":191,"box":{"x":102,"y":476,"width":325,"height":11}},{"id":"a3cf0d08-5bc8-47c9-b01a-306c7a951e0e","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":191,"box":{"x":135,"y":499,"width":751,"height":11}},{"id":"d5d1ffbe-c767-42d5-b319-f9c7aec6d1a3","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":191,"box":{"x":102,"y":514,"width":765,"height":11}},{"id":"25fcbd72-26ec-4d26-85e8-9fc857bf58fe","block_type":"box","text":"Conflicts Management","page_number":191,"box":{"x":101,"y":537,"width":165,"height":11}},{"id":"07c55741-1a2b-4fd7-8222-b0d4eb8c878c","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":191,"box":{"x":135,"y":559,"width":758,"height":11}},{"id":"458f08ab-4249-4d3e-932e-b1840e06e3ca","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":191,"box":{"x":102,"y":574,"width":797,"height":12}},{"id":"7bf8e9a7-7d8b-4a9d-a8bf-c274bd7c4a90","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":191,"box":{"x":102,"y":589,"width":805,"height":12}},{"id":"6716257e-40b6-4f04-9c10-d8a89e91a47a","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":191,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"ae337dd4-2b8a-4aed-bfe4-8e0a65f299d9","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":191,"box":{"x":102,"y":620,"width":756,"height":11}},{"id":"2dd9da5e-2bd1-4fc8-829e-15c687c26088","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":191,"box":{"x":101,"y":635,"width":800,"height":11}},{"id":"e3ff0fd3-e9a1-4c77-a6b0-ef3774dfcb4e","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":191,"box":{"x":102,"y":650,"width":244,"height":9}},{"id":"d3015d0b-31cb-4504-8fae-06b6192957f7","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":191,"box":{"x":135,"y":673,"width":731,"height":11}},{"id":"5b8a6128-ad11-45a1-aee4-a7e46d1bd7ba","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":191,"box":{"x":101,"y":688,"width":763,"height":11}},{"id":"31763fb9-48a5-4171-a954-e9315dc8e1e3","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":191,"box":{"x":101,"y":703,"width":550,"height":11}},{"id":"4f238234-4326-4292-b344-157bb7f8471f","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":191,"box":{"x":134,"y":726,"width":774,"height":11}},{"id":"236e2604-e47e-4c49-a1e4-aecbf6c877cc","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":191,"box":{"x":102,"y":741,"width":791,"height":11}},{"id":"04024cc7-5c2f-4029-9cbc-7c57c25c3214","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":191,"box":{"x":102,"y":756,"width":778,"height":11}},{"id":"87a3acbc-e252-4982-88e9-a5e8258d68e5","block_type":"box","text":"connection with proxy voting.","page_number":191,"box":{"x":101,"y":771,"width":203,"height":11}},{"id":"8f85e01e-eebe-4d23-9468-fc4a5b92615f","block_type":"box","text":"Reports to the Board","page_number":191,"box":{"x":102,"y":794,"width":153,"height":11}},{"id":"b05e22a5-c0d8-4270-b5e6-1a3061ab738d","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":191,"box":{"x":135,"y":816,"width":755,"height":12}},{"id":"782411ac-91f7-4811-8d9c-57db0ec85a12","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":191,"box":{"x":102,"y":832,"width":794,"height":11}},{"id":"f5c31d75-e27a-4cca-a08c-93eedf49635b","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":191,"box":{"x":101,"y":847,"width":753,"height":11}},{"id":"39ad1c61-e30e-49b6-af00-6df8748128d8","block_type":"box","text":"changes to conflicts management practices, that have not previously been repor 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":194,"box":{"x":234,"y":330,"width":670,"height":9}},{"id":"2ef35d99-fe0e-4c20-a4a2-3b5d623770df","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":194,"box":{"x":74,"y":346,"width":448,"height":9}},{"id":"cd30b2ec-cb91-424f-817b-ccce6e0efaad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14","page_number":194,"box":{"x":528,"y":347,"width":376,"height":8}},{"id":"2a3fc6cb-e3b4-41c5-8fa6-c6512754d374","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR","page_number":194,"box":{"x":73,"y":363,"width":771,"height":9}},{"id":"1e01e115-678b-4202-9971-99a95e694437","block_type":"box","text":"NON-INDEX EQUITY INVESTMENT STRATEGIES","page_number":194,"box":{"x":74,"y":378,"width":339,"height":11}},{"id":"a48d35e8-0ddc-4f49-b5be-e57785ebbb65","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16","page_number":194,"box":{"x":422,"y":378,"width":482,"height":9}},{"id":"e0289776-771b-4788-8d17-577843f2a6db","block_type":"box","text":"BlackRock","page_number":194,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"8c39de7e-d81d-4299-8602-ac12f6c2d02d","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":194,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"99136039-8419-4d60-8428-69064a1b1892","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"846b1429-9807-4d2a-adb3-76ddf1aecbfe","block_type":"box","text":"OVERVIEW","page_number":195,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"36e38a4f-e0f3-4618-88c3-490d47938d41","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":195,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"fdc4c214-8f52-4710-bdb6-154d96651a43","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":195,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"84f12294-2209-4253-946c-4a71b43995ea","block_type":"box","text":"issuers.","page_number":195,"box":{"x":70,"y":98,"width":54,"height":9}},{"id":"71768acf-2f2a-412d-a613-37c625b00ac6","block_type":"box","text":"1","page_number":195,"box":{"x":131,"y":94,"width":4,"height":4}},{"id":"82bf95c0-720b-4e6e-9d8e-cc85f8b90de1","block_type":"box","text":"BAIS works in par tnership with BlackRock’s investment teams, excluding index equity","page_number":195,"box":{"x":141,"y":98,"width":606,"height":11}},{"id":"4569dfba-ca77-46ac-8305-dc4268c2876c","block_type":"box","text":"2","page_number":195,"box":{"x":747,"y":98,"width":4,"height":4}},{"id":"51260747-1b05-43f7-badd-449d829ed9a2","block_type":"box","text":", providing exper tise","page_number":195,"box":{"x":753,"y":98,"width":143,"height":11}},{"id":"1dd20452-fcfd-4e8e-8a1c-ce5a7e504164","block_type":"box","text":"on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate.","page_number":195,"box":{"x":69,"y":113,"width":828,"height":11}},{"id":"57e598e7-03e5-41f4-8feb-acd2291cef61","block_type":"box","text":"The team is responsible for establishing voting guidelines for the active equity platform, providing vote","page_number":195,"box":{"x":68,"y":128,"width":729,"height":11}},{"id":"fbdf6d2e-c238-4f3c-9ef3-fd97f572d68f","block_type":"box","text":"recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS","page_number":195,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"4aa6448b-1094-417e-834d-d355dcda2cbf","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":195,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"7999b0c3-c0bf-4d3d-a1de-42c28ab38be7","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock’s index and","page_number":195,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"60d0ecf1-fd65-48d5-96a7-855cb82fe3f9","block_type":"box","text":"active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.","page_number":195,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"0d7c045f-06be-4980-8af7-0a52406bd55c","block_type":"box","text":"The guidelines are not prescriptive as active por tfolio managers have discretion as to how they integrate these","page_number":195,"box":{"x":68,"y":203,"width":789,"height":12}},{"id":"607b921f-8f88-4480-95b6-4097a242fd8a","block_type":"box","text":"guidelines within their investment processes in light of their clients’ or funds’ investment objectives. There are","page_number":195,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"d3d2056c-9011-4d6a-9ca4-1bfab5b49685","block_type":"box","text":"separate, independently developed principles and voting policies that are applied to BlackRock’s index equity","page_number":195,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"cdea0113-eff4-4d3f-9ea4-9a66243505b9","block_type":"box","text":"investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":195,"box":{"x":70,"y":249,"width":627,"height":11}},{"id":"f3eff5d0-c0c1-4bf7-bef8-b364d8966f80","block_type":"box","text":"1","page_number":195,"box":{"x":69,"y":294,"width":4,"height":4}},{"id":"77d8ed79-c5ff-4722-9a89-251b0769d200","block_type":"box","text":"This document includes BAIS’ benchmark policy, which covers nearly all active equity holdings in BlackRock’s","page_number":195,"box":{"x":78,"y":293,"width":777,"height":11}},{"id":"81d495d5-9d7b-4a17-8a3c-53bcf447f541","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to","page_number":195,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"c56a755e-eea8-453b-87e1-e49177d21745","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":195,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"97b84497-ecd7-486f-a0ba-1539dc8a6115","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":195,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"a9e856ee-b303-419f-ad90-7aff528522fb","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":195,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"57a505df-6bf2-4cbe-9e45-7fc2c991298e","block_type":"box","text":"2","page_number":195,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"210ad257-ec55-4c04-a43d-86cae4f19687","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":195,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"3f5921ab-4276-494d-a156-c10b1c5052d7","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":195,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"d502338e-9515-491e-ad49-dfa0c0ebb2f9","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":195,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"f6f3ea61-bbd7-490b-8c03-2dbd3697dd2c","block_type":"box","text":"policies.","page_number":195,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"ca6cebb6-63d4-47f0-9dee-21d71ae1b4ef","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":195,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d1ad2da3-a890-4eaa-a2ce-a39bea0638e7","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":195,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"a266f03d-ef87-4fd2-aa61-9d3ffe795edd","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69bd2c83-8096-485b-9bba-eabf019e509f","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":196,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"21e51581-0f63-4346-852f-0cc8b9916e4b","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":196,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"c399fde1-cc3e-472d-ab4c-a5a12426b325","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":196,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"c33054fb-c645-4b8b-b83d-e50e0d0b36ff","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":196,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"6d92dd6e-88f6-4230-b02a-963e9b83b245","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":196,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"ac4a9879-0ed5-443f-8cb2-fb75e38ed5ac","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":196,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"42f49019-7de4-4002-bf1d-fd4b27834f1f","block_type":"box","text":"this work with research, data and analytics.","page_number":196,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"a70c4c82-4c6f-4e96-9231-47e2a4e62cc7","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":196,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"2963096f-0f27-446e-ab74-59669fb86191","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":196,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"d287e053-197e-4a01-916f-1215f80b8ca8","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":196,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"0ed1bfd4-736f-4318-bd51-3c9f66c299a5","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":196,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"12e0ffa1-5749-4480-b653-2fa18138da6c","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":196,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"6e2bbc1e-f56c-41d2-b756-5986a4489800","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":196,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"ffd3bb2b-f216-42c2-9983-24d9678600a6","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":196,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"12335dd0-85a5-4d12-98d5-90f952888e73","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":196,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"5d9626ec-2a58-49d3-9919-db817d519833","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":196,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"416edb0b-f745-4f63-a097-a26eca147331","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":196,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"d443841d-5b14-49ff-9a36-88f7766da7c6","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":196,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"d64d3f97-d430-4a87-a6b0-6517a57a9c55","block_type":"box","text":"shareholder meetings.","page_number":196,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"ffa16a62-0185-4b90-beb4-4fe704e6e872","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":196,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"f876cdea-e74c-439e-aed9-dac1e99436a1","block_type":"box","text":"investing.","page_number":196,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"11bc39a1-95c0-4d5c-9b5d-db729ade9a08","block_type":"box","text":"3","page_number":196,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"c8b43dbe-21e5-4553-bfb8-17760b9c3c0c","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":196,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"cb353c18-e82d-4e95-9ee5-52d317e0be9e","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":196,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"89858d89-00f4-482b-b087-887c1b35e2bb","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":196,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"8f42bed5-d425-4598-b814-9db4cf649f11","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":196,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"df32b5ea-c4da-45bc-bb86-89aeab7d63c7","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":196,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"be2d8eb7-46a9-4321-809e-9271e7aa5551","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":196,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"4c3e46fc-2b8c-48ce-b4db-44dd0b99cab4","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":196,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"af49fce3-c6c4-410a-84e1-42e21106a522","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":196,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"78e0b61b-21c8-4a5f-8742-2e9c0a3f7d64","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":196,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"3bc6513b-36fe-40a8-9a79-bdf850de0036","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":196,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"457b998d-648c-4545-9cc4-9ed60d663b43","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":196,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"8ef7f585-34f4-4746-b6bb-f3998da34b95","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":196,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"c7065514-b2d7-4100-8e2e-704469c461ce","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":196,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"49e39c97-fa04-45a0-aa08-7d43a4a1436f","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":196,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"eb237c6a-1284-404a-8460-d636e9250632","block_type":"box","text":"management teams and board directors","page_number":196,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"55b8b43a-d8e1-46b6-a30e-b534717c5272","block_type":"box","text":"4","page_number":196,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"d219fc34-bc1a-4c3c-801f-84b60eff2db9","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":196,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"9877d8c8-2120-4c4a-8048-9c3b22b7595c","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":196,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"399d7b55-a5bd-45f3-a7a7-0f8f853e84ed","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":196,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"3a7c4a08-6caf-4dbc-8f0e-c46f3fbb0353","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":196,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"d7e71846-3b09-48f5-8408-b5ca86ef2451","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":196,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"68509ec6-a9d9-41c3-9442-f7275b67cabd","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":196,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"d88065f8-77c7-48ee-897e-b50634305e37","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":196,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"e533c3d3-e50b-40af-a770-87beb301c221","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":196,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"2f6f6ed1-f022-4032-894c-a6f251c666fd","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":196,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"387fc016-67ed-41ac-8e2a-3cfb18899eaf","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":196,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"d0d93e68-3fac-4192-a05a-c342596ac603","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":196,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"6d06fefc-0022-42bd-a199-b835dc8b13dd","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":196,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"26e8017a-05d6-420b-ab57-218aff570032","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":196,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"dd871b43-4de8-4bf2-a591-b5390f3834a0","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":196,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"8a28ddfc-e52f-4ad9-8f01-34c9e3f8c5dc","block_type":"box","text":"3","page_number":196,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"4ca75125-264d-4c47-8898-3b5b137bfce9","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":196,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"25afc4c5-0efe-48eb-a81b-8cffb2a157b7","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":196,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"5577966d-61d1-4881-a5c4-84e8a0ac3373","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":196,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"c2ed1df0-654b-4f67-911e-651becb5f3ed","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":196,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"95fb3b9d-3260-4485-b87e-11aba744c979","block_type":"box","text":"4","page_number":196,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"95180fd1-90f7-4d33-b7d3-73b27b105ff5","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":196,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"b13daeb8-be6d-4267-a56a-299d4c938bb7","block_type":"box","text":"boards and their members, where relevant.","page_number":196,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"6ff4d332-598f-4dcc-a338-43c0b7c123da","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a52b2918-da9e-410c-9d96-aab4220d592a","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"e7179e5f-29ed-41c3-8367-e95b1fe85b4c","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29decc56-cfc7-4819-a5ee-44f7048b9415","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":197,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"757d00db-d44c-4135-982e-e1f3a7d186ff","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":197,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"deb58f17-e8f3-4e78-b6f8-cad751d78bb9","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":197,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"1d0c3a38-3948-4a1a-9606-b0380784226d","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":197,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"62160aa5-820f-4f7d-b8f9-22c33b40c974","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":197,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"8b2e286e-63d1-4ec5-a9d2-729f11d8b172","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":197,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"ccbaf7a0-fc16-4eef-b49b-df9d49589534","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":197,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"39b74bef-7b85-4323-bacc-dab5a60b9086","block_type":"box","text":"5","page_number":197,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"02c3aa02-e292-4b2c-8e76-31080052e61d","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":197,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"6a5a89b2-4d48-4c8b-a042-780b530174d1","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":197,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"c4a7e4c8-5bf6-4e3d-b5bf-3e99a17e954a","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":197,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"7c53e769-9acb-45c2-9383-4c15dedd328e","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":197,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"ee2a860b-1c7a-4a0e-8cc6-98329321688e","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":197,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"bda0a217-5646-4b44-bc39-9774ef749432","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":197,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"31dd888a-641b-477c-9241-91ea70ee29b6","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":197,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"a085b8b3-c297-48d5-9a50-a7cc0ed8b83c","block_type":"box","text":"5","page_number":197,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"4fa09f6c-e3fa-4db0-9bf3-93fc27061355","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":197,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"f584145a-7ea7-44aa-98b0-8ee8b9276b1d","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":197,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"75f99f62-65f5-48f7-b556-1b595b57ce57","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":197,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"80630895-e3e5-4d3b-922c-b99dc50ababb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ed0a8d17-6c75-4e81-9f4e-1f8ece9234a7","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"e3158b44-0f59-4940-9aa9-40ebe96d1573","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dafa418c-17b7-4fa4-9e68-7e72e0f6db48","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":198,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"a442a6c6-4a23-4046-8e97-b09a4266b829","block_type":"box","text":"Roles and responsibilities","page_number":198,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"599d4142-bfbd-4b0f-95ac-7d2605abebce","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":198,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"da2ed678-f6b0-4afd-b203-760e01eb6757","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":198,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"74a4f0ef-46e4-44fa-8670-098a04afdd50","block_type":"box","text":"6","page_number":198,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"c6bcb423-4f2f-4166-8c85-ad113b411d84","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":198,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"eac70fa6-655f-4bcb-a14b-7d9afb5c8cd6","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":198,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"e4566039-7f4e-427a-8f76-51ed66b26196","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":198,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"d1d48db7-3a30-4966-8338-823856368bea","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":198,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"347931a6-f42f-4875-af7f-18e76a725da8","block_type":"box","text":"per formance over time.","page_number":198,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"f791cbc2-e46d-4642-b743-39bd931cf3f0","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":198,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"ce905ac4-d53f-4862-a96b-351025a961f5","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":198,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"89e0f690-6a73-485e-aa34-170cb3ffdae6","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":198,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"03df7bcf-5c81-4554-9184-91d4a3fa00f0","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":198,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"69a731ba-e756-4fad-b8e7-ca0757678a7c","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":198,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"7a0f8b97-0238-4e38-8024-000f6d87b91f","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":198,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"4f416d9b-cf04-4e85-8f53-9ae38e158246","block_type":"box","text":"Composition and effectiveness","page_number":198,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"2cd457a7-b365-4c15-a455-b922933c034c","block_type":"box","text":"Appointment process","page_number":198,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"b0070131-da89-4301-a0a5-e6716ffa1127","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":198,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"1aeb94f6-e552-4c3b-a038-2b66b932774d","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":198,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"e97f4e91-8b52-46b8-8da2-601690bc6dc1","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":198,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"c388e761-9964-4a50-8688-75e4dd612ae3","block_type":"box","text":"e.g.","page_number":198,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"e4ddbb78-9699-487e-93a6-443701df4109","block_type":"box","text":", sector, maturity, geographic","page_number":198,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"e8904b80-7e59-4539-9d6b-4a73d3c5986d","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":198,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"24a42590-21c4-4c86-a606-4d9a3877afe2","block_type":"box","text":"e.g.","page_number":198,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"aac4a98a-635b-483a-88e4-0223661b5b99","block_type":"box","text":", financial exper tise, industry track record). To","page_number":198,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"9a413f76-ac84-4b62-8ac3-1031002568c2","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":198,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"c6f7bf76-7781-477f-bcb0-0c916931843c","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":198,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"8f078a75-2f16-4760-b48f-3f05be5e39d5","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":198,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"d8fb75a1-2eb6-4332-ae68-fec022f383ba","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":198,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"4194b6f8-39f1-400f-b40f-57a3441205d9","block_type":"box","text":"and local market requirements.","page_number":198,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"862baa7b-f7c6-4b1b-84a1-0ae331ca5a03","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":198,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"ba337a8e-cde6-4a5b-8e30-551ac5ebec26","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":198,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"ba89659a-aeb7-442d-8a54-5262b3e0ef87","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":198,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"6379a71c-9ac2-4f6b-b929-e1411ef7ecba","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":198,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"f1afa717-04d3-401f-970b-c306c21fdd2c","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":198,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"a7eacd10-b0d8-41a2-a0b4-08a759589005","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":198,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"a9dcea08-da11-4bb7-b473-2cde73439a34","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":198,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"507d0ec1-965b-463e-8019-b00a1384a306","block_type":"box","text":"Independence","page_number":198,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"949308b6-d86d-4fae-95d2-444b67bffdbe","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":198,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"23d803c4-d0bc-4c1f-994a-43e9b10c61b6","block_type":"box","text":"e.g.","page_number":198,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"d60330e6-6eba-45c7-ba05-aa55ea24ce00","block_type":"box","text":", government or","page_number":198,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"a37179e9-8658-46bb-8101-5abfeb22ab47","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":198,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"5ee14a23-69b1-4932-8050-1415207474f6","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":198,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"2f28262f-cb12-4dda-92b7-1f1e6312480e","block_type":"box","text":"conflicts of interest or undue influence.","page_number":198,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"ebd43a67-7a56-4cc2-8b78-2805aa81c888","block_type":"box","text":"7","page_number":198,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"1635ce52-aa50-478a-b7fd-1067ec0b1fd5","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":198,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"6ee6c7bd-0fbd-489d-9f9f-accecf2fb69a","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":198,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"b8d2c6fb-83da-4e9f-81c5-bee3d6c27ed8","block_type":"box","text":"independence should meet those local requirements.","page_number":198,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"cd9b45a8-6e32-43c3-b824-aedd221601a0","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":198,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"f39b2a4d-eaa9-48e3-959a-03cef501c61b","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":198,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"564da3d3-b4f9-4b40-8e8a-46a7ff619692","block_type":"box","text":"composition if this is a perennial issue.","page_number":198,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"39ff2be4-3b00-4f78-8794-44ca7b7f6aca","block_type":"box","text":"6","page_number":198,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"a38051b7-013b-4e49-9dcb-2bbd534554cc","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":198,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"5d2c64e8-70d7-405c-92ca-e71ea8371830","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":198,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"1120abcb-bcc9-4819-8b59-2287319b9426","block_type":"box","text":"7","page_number":198,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"f4eaa883-c96b-42b2-9bf1-d21af875560a","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":198,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"0f7633d2-6eb7-41cf-a54c-3007fdb0dc3c","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":198,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"dd5a2963-6952-4743-8bde-4d0c525290a0","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":198,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"ad6abaa1-ada5-416d-b7a7-5a77f176d8e3","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":198,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"8c22b7ee-f5e9-4185-8c7b-32e173baf29d","block_type":"box","text":"of the company and shareholders.","page_number":198,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"3eb2b410-05b3-46ea-ad52-24f3a4a6cd4b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"51e31f67-0b10-4a13-b6f9-07c143e8a878","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"e9114f69-3eff-420e-9f03-a8f24b254ef1","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c0a3b64-acb9-45ec-9128-13a3dbb4f7ca","block_type":"box","text":"Independent board leadership","page_number":199,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"d85acb51-8f6b-456b-a28d-2ec95f877398","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":199,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"340536e0-824a-4fba-838b-f52fad384c50","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":199,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"68e0aa37-308f-47f5-8dd7-08f56c0d08f2","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":199,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"67291290-01a9-463b-a7f4-b4397a6b1dd4","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":199,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"793ff13a-a84a-4842-89d3-8882d2920d9e","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":199,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"012e8866-5d3e-4c38-a59d-31ac2b2736fb","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":199,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"6c0c5b54-4c25-4a00-b8bb-e15252ccca62","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":199,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"dd44fe22-65de-4f4c-bc06-b9c8ffe83c03","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":199,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"6111b35d-64f6-4c53-ab1f-4b7a65bb56c1","block_type":"box","text":"how it serves the interests of shareholders.","page_number":199,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"b316d94b-311c-4638-b1a1-527151f67938","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":199,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"e604df96-b0a4-4c45-ae97-34609e7e1dd0","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":199,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"addd4e68-338c-4a9b-a60a-52248fa66ab1","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":199,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"ce5a7aa6-8721-44e7-a932-dfa9136647db","block_type":"box","text":"Tenure and succession","page_number":199,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"0b3eae19-2fd4-4627-8a9b-78e2351ef6dc","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":199,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"9e591b7e-1965-4a18-959e-153e7f539928","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":199,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"eefb4e23-706c-47c0-9d3d-e38b73b6b82a","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":199,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"b42376d6-476f-4c15-8158-6bed6ef0c222","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":199,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"4ce3206a-2a4c-4894-8c4a-80fa15d47c2b","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":199,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"7b3d00d0-d5e4-4465-a7de-8fe30c875497","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":199,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"fdca6a58-9b5c-4d8c-ac91-37d6eba19c4b","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":199,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"a145e968-363f-4449-9a8e-0121565977dc","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":199,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"f994f10b-3442-44ff-987e-2de7f2970f86","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":199,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"63b99a97-427c-42c5-9d51-4f4353e6b2a3","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":199,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"925f54dc-0338-4dda-b687-87b9ad7a3027","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":199,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"cbeab76d-031d-49e6-8ef2-1dbe09d20dd1","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":199,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"11750092-8af6-46da-ade5-b7fd00454dc2","block_type":"box","text":"for their continued service is not evident.","page_number":199,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"e23a5516-d6d2-43fc-9422-1ef88d8c7e99","block_type":"box","text":"Capacity","page_number":199,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"e3894a6d-8c1d-49a3-af5f-725b8538e863","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":199,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"d6b4f73b-c7fc-40bf-b3ca-6e10213994f2","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":199,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"caad50a2-9da9-4bcb-9f3d-77f4c32cccb9","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":199,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"19f5b62a-4fab-4536-b372-cfab92ee5868","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":199,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"14c9a7d0-4460-4086-a685-f5a6cdf96d3a","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":199,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"d6f8bd79-f135-41e0-9cda-59b3f141081b","block_type":"box","text":"determinations across markets.","page_number":199,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"3a284ee6-e4c5-4f33-91fd-e40a9f8fc5ad","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":199,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"1ae3ac9f-1001-4d5c-b93d-6faf2d1f4623","block_type":"box","text":"their duties to the board and company.","page_number":199,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"43bbf563-d169-42a0-be0b-dc7e8053fd95","block_type":"box","text":"Director elections","page_number":199,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"f04ec70d-6efb-427c-baf2-a79970cfda5b","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":199,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"2eb08392-caef-4ed8-99b4-a14964644474","block_type":"box","text":"structure","page_number":199,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"edc89274-fde0-4416-93e4-81d535ba6c23","block_type":"box","text":"8","page_number":199,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"4f1c5037-bc3f-4924-ab25-c1ef8bd53868","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":199,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"7e72d313-6a50-40d1-a517-1019de88ce29","block_type":"box","text":"basis of its business model (","page_number":199,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"efde3f71-30be-4f26-a471-a7860c375148","block_type":"box","text":"e.g.","page_number":199,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"500cb575-bfa7-4baf-86fb-530cee1efda2","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":199,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"55d05943-4718-4ebe-a24b-ed7c32878ced","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":199,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"3654e3d3-51be-4505-ad66-036f98fd4bc9","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":199,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"02eb7718-7811-4ba4-a0fe-fd461f5afc1c","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":199,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"649e9dd9-dcd9-4089-a5a3-3d856ef257d2","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":199,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"8caac229-ab31-4825-8f0b-d16e0dcba869","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":199,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"fcf5eda6-a2f8-47b7-a287-f8e386d0d023","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":199,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"eb7e55b9-ec0b-4320-8ef2-124db1131892","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":199,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"5f338777-3a0e-4a17-8cac-6e65c3f197b8","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":199,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"b3748ccb-ac26-484d-9bd5-c7477b68aa97","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":199,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"65ca6223-e8b4-4460-a6fa-89979f5ca755","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":199,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"7a118461-7f31-4fa6-b488-76fe539c9d96","block_type":"box","text":"8","page_number":199,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"04e70e12-8d13-4b37-8447-d506dde550ed","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":199,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"5bed88dc-5bf3-4dcf-9635-e30a58553e08","block_type":"box","text":"directors stands for election in any one year.","page_number":199,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"f443e778-0245-448f-8331-e8788813c53d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2593c365-d1a9-4087-b846-1dac93084980","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1b509adb-9ede-4645-a449-d1f03d5e8386","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6741cd8c-0634-4b50-adee-e63a1f70ebea","block_type":"box","text":"Committees","page_number":200,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"584f5fae-316b-4103-b949-7b01ef669ff6","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":200,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"07e8c2f6-0f0a-4d95-a03a-66ff1aa58722","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":200,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"a828a885-f236-4cc9-8dbb-2f111a0619bc","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":200,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"052257c2-f893-4581-99cd-79f5ab133b21","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":200,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"ad1120a2-6065-464c-a186-ef0ea18fcdbf","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":200,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"011d52fc-096c-4064-b192-b2acfb4c7523","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":200,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"fa063f3d-2408-454c-8ede-853c18e2372c","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":200,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"ecdb6acc-6ff3-4f8a-8dd4-35924bd1bbb2","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":200,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"78b7d3e6-b454-480e-b4da-bbea321a639f","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"b03c598d-82c8-4643-8ca4-3ad50d08a587","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":200,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"4bcdbd43-3489-45d8-81d0-bbf653bee454","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":200,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"bae27cf9-2b1e-4fbc-9c81-d20e70f43f0f","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":200,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"f6dadb3f-0e20-42a9-ab0c-e9e29b8a4a5f","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"8acff2f6-edb8-4ff8-9068-883f4bebdb0e","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":200,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"2bbecd96-85c3-40c9-b4f3-382dd16cfdd6","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":200,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"7e0c4b5f-38d2-4ace-88f5-bb6f2124565d","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":200,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"e1455e6a-fb68-47e9-94e8-fefafc9b3c33","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":200,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"0ae1b8e4-3c75-4eac-91f7-337d821394d4","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"865c917b-6e0b-45a4-9525-cb4581092a38","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":200,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"e47bdaa8-9674-49f4-9a51-ecd93540e1e5","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":200,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"5c4cbfe2-3736-484f-822d-cf55757ac009","block_type":"box","text":"firm-wide compensation policies.","page_number":200,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"31da2d96-eacb-412f-ad58-c53fe8cea1a4","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":200,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"f3ced1cf-c1bb-41ce-8c6e-09d2fa80700f","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":200,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"4abe0b21-dd75-4374-ae05-f75b805b9395","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":200,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"ebe8a966-e39b-413a-b6d1-9ae48db87460","block_type":"box","text":"Board and director evaluation","page_number":200,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"f5165527-0bd5-47f4-924d-5a73bbfbc467","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":200,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"ffc7b229-bfab-4abb-b430-87d15091737b","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":200,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"92d3f17a-53f0-4995-b6e8-603ad3d7d33b","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":200,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"2955fb98-c24b-4aca-b703-3948548cf386","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":200,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"bffc69e7-0e29-4c31-8b55-d4ebfa4d6a57","block_type":"box","text":"a result.","page_number":200,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"3172ab96-85e8-4444-8877-46e7cf08a6a7","block_type":"box","text":"Access to independent advice","page_number":200,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"5f953bb7-4625-4763-b8f3-a24dd7def4fa","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":200,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"1eb1cb30-fd9e-41e7-91e3-5337506ab4a0","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":200,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"195c3601-cbaa-4651-8395-19151efdbb9a","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":200,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"c437e85b-719b-4683-b8cf-b6be18529c8e","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":200,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"2b1c9f04-e378-48d9-97b2-e40988e88e78","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":200,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"8f31302e-ff2d-414d-8441-7b4fa1993b8a","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":200,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"1371f9bc-f0cb-47c5-b1cd-d958ab24362f","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":200,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"088a2943-48e3-42af-92d0-0da80dcc20f1","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":200,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"b62f23e6-ac48-48fd-9945-d7e238611418","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":200,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"71c5911d-6ddf-4c60-9c5f-17b368d0d249","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":200,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"7d2dfe1c-2f0c-467b-a073-af5a925062e1","block_type":"box","text":"per formance.","page_number":200,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"ca8301bf-fd2e-45e6-ab2c-f132beb3d03b","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":200,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"71dfd087-cc23-4904-a008-a6abddd5ca03","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":200,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"602546ba-d0db-4301-ba85-25bd42c71975","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":200,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"a35f8a3e-528b-4176-8b7b-59cad10c6352","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":200,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"1e897bc5-61cb-4ad5-9d09-2deb678fd2be","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":200,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"f68ca527-ec0d-4a30-9c82-747579b565db","block_type":"box","text":"recruit and motivate.","page_number":200,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"330deb7a-fec8-402d-86a2-b8966b839d26","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":200,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"758fd6a9-d32a-483c-b752-f175a29a648d","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":200,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"709be25b-0a5c-4630-81fe-79538d42231c","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":200,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"c0b378ba-e9f3-4d36-9a61-c65bce9a8bdd","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":200,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"5d24c8de-6988-4bd6-a50b-cb0f8b88095c","block_type":"box","text":"arrangements include:","page_number":200,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"d5ed4118-9aa1-4bf9-bd38-c4ced7e4e325","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"0a0f2f0c-dc88-4642-a30b-520350fe61f8","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":200,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"7164f0ed-5b91-4491-a096-77745a366bf9","block_type":"box","text":"the company’s size, sector and market.","page_number":200,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"70cb9fcb-03c9-40a9-ba70-33e64c3a1da3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6235556a-4553-455a-9ac9-fb243ce098cf","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"cc497498-6b0c-4c8a-9453-4684bc9de54d","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff629541-cc8d-4b22-b2dd-bca79a5e7ea4","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"dc8f8a21-d0fa-4b01-919a-13013aca6bc8","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":201,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"bccb6f93-8204-45ff-a4e4-b3d4a0edc9c2","block_type":"box","text":"strategic objectives.","page_number":201,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"2273314c-e52b-4545-a2be-24bff9a84b41","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"090d76d5-0f0d-4183-9504-d5faf10bedcf","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":201,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"05bb6422-2f05-4fd6-806d-da035df01f84","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"2ff0b637-6e25-441a-a07a-7b92b4021c04","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":201,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"81584ecd-63fe-4f20-b4bf-3dd2a30ce5fe","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":201,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"26b4cd76-1923-4cf8-ac7e-9a4de27ecb2b","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"b3237a56-110e-46fa-8d46-acd6c58c4061","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":201,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"8ae885c8-e573-4cdf-8584-f5704edb0228","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"7988080a-a4af-40de-8d68-90e18c49581f","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":201,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"23e52649-8a29-4b82-98ac-62e67198c048","block_type":"box","text":"transparently.","page_number":201,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"b717c091-f232-4856-9e1b-cd2d7c33f77a","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"1a6019d8-8875-4db9-8b45-06e5920b38e9","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":201,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"7a7ac9e0-86b5-4ef3-aedc-d0f600f8a42d","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":201,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"a8d58947-9304-46a3-8d16-9702b2f4289f","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"b24cac68-4634-4364-9962-4ac9a6943e04","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":201,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"836959e5-ba8b-43ae-8d24-22c547f7fc2f","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"4739e235-a2ec-46f3-91f8-511b86ba8fa2","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":201,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"0d44aa2b-6ba6-4360-965a-afe325937d8b","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":201,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"a5bc5b4a-5971-4b15-b47f-56b698e9bee3","block_type":"box","text":"misconduct.","page_number":201,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"35d9ba04-5e55-47f8-88cb-f4ce4a8bcaef","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"9263598b-f2b4-4bea-9570-9e4804711b35","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":201,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"9a52bcc0-ccc5-4728-8747-e82f231ebb83","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":201,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"6cdc23e2-ceae-4636-9821-f06928b7aaa9","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":201,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"6d1b8cb9-75c9-4311-ab1c-3335b088309e","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":201,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"8e59370d-144b-4a96-832d-b9dd9fc73fbf","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":201,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"ca107b70-f8ea-46ab-a41e-45cf1ddf57b7","block_type":"box","text":"committee, or the most senior independent director.","page_number":201,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"c68159af-b2ab-43d2-a057-4b39325eec7c","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":201,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"4d22d665-7b0a-4228-b9c8-c0f440f38116","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":201,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"b83a4dd0-5c97-49e7-bc67-a671e005eb12","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":201,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"e8336852-3a92-4416-8186-df89d1e3dc99","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":201,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"4179440f-c235-44de-b4c5-bf72e85d918c","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":201,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"71520c78-d20b-4db6-ae25-2127c56aea4e","block_type":"box","text":"CAPITAL STRUCTURE","page_number":201,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"0b415cfc-3c34-433e-a334-b65691b71c87","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":201,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"ee445e93-13ee-41c3-8c91-d2e3459d2684","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":201,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"7cf58404-13ed-4716-9b6d-16543295f656","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":201,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"31d7dfee-310e-498e-ba4f-fe9465e952c9","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":201,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"59c334b9-109a-4108-a884-a5cc0ba4f400","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":201,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"7e0c8668-4a19-4b05-a822-2175ad5e11f1","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":201,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"5c53bf60-2c3b-491a-8ded-28b7798e87d8","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":201,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"dec1cb99-247f-48e0-8947-caf56406d346","block_type":"box","text":"Share issuance","page_number":201,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"758e3bfd-e65f-4c31-ab8d-fa88589cd6bc","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":201,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"28abc1a7-07d9-4710-906c-7c050be67212","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":201,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"6980237a-fc40-4416-8e0c-e0a55efb02ba","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":201,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"a48532fc-c98c-41c1-a74d-61871ceb5ba6","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":201,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"9987b0de-61eb-4744-afdb-70d8fb576855","block_type":"box","text":"market environment.","page_number":201,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"979348fc-6673-45ec-a6eb-6394fc9f111c","block_type":"box","text":"Share buybacks","page_number":201,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"3de83810-db46-41aa-bf5e-80ee6faf323b","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":201,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"d566e4c5-73ad-477b-9bf3-05bffdab21b3","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":201,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"a333f78f-f47a-4303-a225-e607d7e0c2c3","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":201,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"3ebfda3b-d182-49c2-aa6c-5d793ed558c8","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":201,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"8e60e2b1-1b7a-4ef0-99a0-95e7d5243158","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":201,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"ec328e82-f1e4-424b-93e0-a24686a7a2e5","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":201,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"fe5a6229-1a17-4465-a50b-fa88b3787c87","block_type":"box","text":"of the company and the market environment.","page_number":201,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"8c0dc9cd-c235-4f12-84f4-b5cba529c1ef","block_type":"box","text":"Dividends","page_number":201,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"92d234d7-5b2e-4457-b5a0-aa186ab172f6","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":201,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"af00271c-6b45-4634-8ac8-1714c7438251","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":201,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"af7d45da-5e69-40ca-9d95-521f4a42d41e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ff689d77-0997-41d9-98db-bb2b1b76f770","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"fef87bb8-04fd-4a52-b0cc-e38b3800041c","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd1caddb-0530-46a0-afed-f0c28646d58e","block_type":"box","text":"Differentiated voting rights","page_number":202,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"414b7e8a-f4fc-41a9-b14a-dbc90facff81","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":202,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"bbbb1bc7-1405-4def-9b0d-a01dba7b748d","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":202,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"6d46ecae-2d09-4153-a85b-4600af0ded40","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":202,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"35aa6298-6c17-46a2-892a-3c843266bbc5","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":202,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"0ed3fef7-8bd8-4de3-b7ef-3e71168847b3","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":202,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"5eed278d-9681-495f-bcb7-fb8b930021cc","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":202,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"61626df5-9e1a-42c5-8e16-529573d8f587","block_type":"box","text":"analyses of proposals.","page_number":202,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"ece21a94-92a6-49cb-9a27-6659c88c15f7","block_type":"box","text":"Mergers and acquisitions","page_number":202,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"1e9840f2-b6cd-45a3-b90b-5e764ac07a7a","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":202,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"9a40a0fc-a328-42e8-8ff7-49017473715b","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":202,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"c5841901-e170-4272-80d8-d304a7c99c61","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":202,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"906406b9-02e9-40bd-9cfa-1df1bb404983","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":202,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"8aa30e70-d404-4fe0-a53c-dca0fd94480e","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":202,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"3564894f-b071-4e56-a298-a46002f8d58d","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":202,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"9dc402a8-ffd0-4015-a23f-947ab5d20f40","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":202,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"d5374988-5aa3-456a-97fd-4ed2d6ca58b8","block_type":"box","text":"Anti-takeover defenses","page_number":202,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"d9fcdeaf-b953-40fe-af3b-faa9a576c9dd","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":202,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"ea07c223-8604-4c17-a871-983604dc70cc","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":202,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"3cf92f09-c65c-4820-8407-3a7dc3eac60b","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":202,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"6d520526-8b3b-41fa-9ec3-79f6d470c9a5","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":202,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"69dc4164-5137-400f-b039-6db8de53d2e0","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":202,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"607f86f4-1928-46fb-9d1a-a1eeacd0cf4e","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":202,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"96601613-26f4-473b-b44f-fe3ede918d9b","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":202,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"7bb13966-52d3-4e27-972b-78063cc5b9ab","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":202,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"9629b8f6-a7e7-414b-b38b-ca41cf5b170b","block_type":"box","text":"Shareholder activism","page_number":202,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"531ace41-ad26-4295-bded-6ffcb46f117a","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":202,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"aeff27e1-e7ab-4f02-9106-d8e0909a1df8","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":202,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"3c9e149b-5164-466a-96ec-ac9fdb6a8f72","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":202,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"90242a3b-3991-422e-9a7b-e2706396ff9c","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":202,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"fe950a8f-f9f8-4f8e-aa8e-ff8cc5e5b88c","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":202,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"1044659a-31b3-479b-ba28-9e2f832bc8fd","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":202,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"d27bb046-9992-4b2c-84ab-ef5b0a9acd18","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":202,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"48620644-9b07-4b3f-a7e5-a65676542443","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":202,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"f153b75e-8eda-4678-808e-098dace44c0c","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":202,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"4759ef13-42d6-4d52-ae07-0f2f50be89ca","block_type":"box","text":"protecting shareholders’ interests.","page_number":202,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"7176b128-4bf2-4333-9180-66196b52ccf0","block_type":"box","text":"Significant shareholders and related party transactions","page_number":202,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"1246e307-744a-4b2a-a2a0-fe6865eec5f8","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":202,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"410c9249-f018-4b02-9ed5-aeb84271bf0f","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":202,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"70b957f1-72bb-4cc5-ab8a-250813fcc529","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":202,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"3709a0e0-9fbb-4ea1-a8dd-83f3866db3b1","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":202,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"6983e141-663b-4054-9912-fabb73a23bca","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":202,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"0fbf5524-af15-404a-96b3-e8dd04cb04a9","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":202,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"5b4096b5-ac98-4b51-9514-7a3398d9e410","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":202,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"dbaaa178-ca77-4d6b-b7f4-8c49bd478014","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":202,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"7e225126-dcb6-4484-9963-c07dcdc91439","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":202,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"35d8ac82-e936-4a9a-a6a1-3ba0a270369c","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":202,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"9cfcf923-2450-40f6-8648-ae787b50bd92","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":202,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"2d3a5299-5076-414e-af94-151791dea659","block_type":"box","text":"audit.","page_number":202,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"1d9a9df4-c85b-4e9e-b664-9ce6309654a9","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":202,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"bd37e918-cb8a-476b-bb6a-50936f10b621","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":202,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"55c029a5-c597-4a23-b4fa-cc13e7f8431c","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":202,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"3a16ab9d-28bb-4ffd-a377-6dadd2dd91cf","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d4a80d95-fcc1-45a6-abb7-6bd77a7f16fa","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":202,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"9de2443a-c3b1-48ee-9848-b0c9ca0c3752","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71c57bfc-139b-44dc-a2b6-ab237ba5fe47","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":203,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"a4a5980c-1be8-4f33-9781-6ac9184a0aa1","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":203,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"5bf9d05c-1507-41cd-a66a-62f26536db26","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":203,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"cc830bb5-36f8-473a-bc07-0c303e35deae","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":203,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"85e66a61-1804-468b-a831-4bd19a71f00a","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":203,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"21832854-1e10-4c3d-92bf-165564fc7ebf","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":203,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"d84af43c-56e3-4d79-8688-47785b449f65","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":203,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"56a4a732-f14f-42ba-9b8a-b1bfb166cd10","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":203,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"f5e3769c-b69f-4a6e-a378-fa4607012539","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":203,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"35070198-005e-4d43-a76e-830aeefebc7e","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":203,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"51499acd-68ef-4ba0-a475-e9f1ffd3060b","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":203,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"e6d6cd2e-cd33-4327-8d39-b363e8d45f65","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":203,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"e6404eb5-7e79-45b3-9bbe-baea1c76d814","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":203,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"55726510-a853-4b05-b1c8-0e19a0727025","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":203,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"4bbc9305-f84e-40b9-9909-5d7ef2cc3780","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":203,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"280e6171-9858-4c64-a543-0d64d247b3f9","block_type":"box","text":"9","page_number":203,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"63202ad6-f22c-4d69-b245-91ff8022dbf9","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":203,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"951f949a-ef51-4b0d-853c-8c41dac4a78a","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":203,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"81fbd263-fa0c-43e3-9726-b74ad2577848","block_type":"box","text":"standards specified by policy makers.","page_number":203,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"d06bc5c0-6128-471c-8edd-96ca0075c5dd","block_type":"box","text":"10","page_number":203,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"3b4ac36a-48ca-480b-a372-fb553ccbaf28","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":203,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"597ede36-eb89-40ff-9222-4921283686aa","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":203,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"5b6282dc-6c5e-4233-98b8-97f6c3283ac3","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":203,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"de34a8bb-5bf3-4077-9c65-184d690e9284","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":203,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"fbcca2f0-6403-40d3-93bf-1725b1329b2e","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":203,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"13391c00-8c5c-4c93-bb5d-efb92b1f57b8","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":203,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"18f78f62-d13a-4022-806a-38408eedc6d7","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":203,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"3406e74d-d64c-47cb-89a7-9475ce6a5102","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":203,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"e5d28b8b-dcb7-46b7-8851-cab84874f7c0","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":203,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"4019a3c4-a266-442a-af4c-fb38e785bfba","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":203,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"62391333-158d-451e-91da-690ac842b905","block_type":"box","text":"remained independent.","page_number":203,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"c3dc5232-708f-4291-b96a-c1fa622dfc28","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":203,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"b7a0c707-f19f-4bc3-9d53-c5b3e4e68d3e","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":203,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"3532be1d-a508-40cc-84e1-8bbb5f873f34","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":203,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"7fa3e31e-f035-4592-b9ff-64014d88ce9e","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":203,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"431dd454-3a46-4219-93b5-04f87fa22e13","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":203,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"943363eb-669b-4a67-865e-1ec08bb5044b","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":203,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"545694f0-69c5-4cdc-b330-4091e516125d","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":203,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"39c7f795-18b7-4fc8-ac89-6acae6191af3","block_type":"box","text":"General shareholder meetings","page_number":203,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"a210a828-c366-4bb7-babe-8a230203ab32","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":203,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"b6cbf25f-e2b9-4363-93e5-524a08426e54","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":203,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"4688977a-185a-4097-a5b7-861585e72156","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":203,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"e8200feb-6a68-406d-8d0f-20e03dab6810","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":203,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"7c96500f-a041-4ff6-84f9-358e22fffa8e","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":203,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"854c278a-db96-42ea-8580-396e0bc6a0ed","block_type":"box","text":"an in-person meeting.","page_number":203,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"ef77db10-704a-449a-808b-7848447ddbee","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":203,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"11d74d85-19aa-4649-9878-4950751140ae","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":203,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"f136aa0c-bd35-42c7-ba51-06fc22ff1baa","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":203,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"c5e90de4-6072-48b4-8681-cd938740df8e","block_type":"box","text":"par ticipation.","page_number":203,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"018f4582-2c18-464f-b50b-fbdfdd362ae1","block_type":"box","text":"9","page_number":203,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"616cab22-7bb5-4bbd-b776-48fdb51d7e9b","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":203,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"1494a3ba-7ce2-4664-93af-1345095d547f","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":203,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"3e2f73fc-0515-4b84-b298-ecad15485327","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":203,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"aa75ec0e-59b3-454f-8a84-b3744a585719","block_type":"box","text":"Disclosures.”","page_number":203,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"80a079a0-7666-4de9-a002-915dd7101849","block_type":"box","text":"10","page_number":203,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"3c87deb1-ba20-4eb6-9941-4187bc611c34","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":203,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"59039c6c-6640-4fbc-8073-a94e31ff3071","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":203,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"d126a4dc-2e9b-4320-9895-1230385aecc5","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":203,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"98aed598-6f21-4ef3-acb1-d912944b49d5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2cdb27a8-cc10-450b-b49d-2f7723e33baf","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":203,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"63c61655-3d7a-45dc-b971-0163044df262","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3ae5449-1b4e-4595-80c4-c437810e9bf6","block_type":"box","text":"Bylaw amendments","page_number":204,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"f11354e9-8b2a-4e93-a22b-e0bdcece32ed","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":204,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"71a95fb2-d1ae-4285-a571-9a489f87291c","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":204,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"81b00f07-0678-4ef9-812a-1e71a325f8f0","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":204,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"9f4ad5ac-fa92-4b29-a824-0ba4cce2ec9f","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":204,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"2eb30376-107e-4a93-9e46-b73363ec903c","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":204,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"1d39bab4-b765-4d51-b4b0-81fe1e764369","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":204,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"7433090f-e5ad-4b25-ab3b-6f1f88d3fc1c","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":204,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"f1d12827-f331-4eda-b845-6072ac5a31b1","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":204,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"ff7981da-f0f1-4745-aacd-903afa6e4ae4","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":204,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"7cb13fcd-d1a0-4f13-906d-19636d6a1dc3","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":204,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"5d069eb8-4245-4f9e-8179-ae49eff36509","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":204,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"effbb3e9-063f-447c-a7ed-c95c9e37ba22","block_type":"box","text":"nomination process.","page_number":204,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"0e3528d1-0640-499b-8ef2-6584c716ba4a","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":204,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"c6cb3488-8105-49d1-9367-3d6d5181466a","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":204,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"365e669f-05eb-4501-9ab9-41066674fb74","block_type":"box","text":"Change of domicile","page_number":204,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"4c43d984-e3c9-4303-aec1-2c6f8ff04083","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":204,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"424ec220-3adb-4430-9dd7-9f498a68b143","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":204,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"9b2c4a2b-bf7a-4f06-9150-61bb54e941a6","block_type":"box","text":"immaterial.","page_number":204,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"f8c13f70-2783-4df8-8482-c9c905a4eff5","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":204,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"a3bf2d50-5b48-472f-8433-d4aff4c813df","block_type":"box","text":"with our clients’ financial interests.","page_number":204,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"e00ea8ef-4c39-4be6-99a2-fe9c7507bb8b","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":204,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"0a85b5a2-a775-4172-a83d-4a6ddc5a2f6a","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":204,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"0fb829a1-a4a9-4ad1-bd54-8de6645de7b4","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":204,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"90ea2793-8343-4079-8e5c-96a5d6300cf1","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":204,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"bf18032f-b4c6-4d6d-834a-07bc73cb6dad","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":204,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"4f5ff7c0-728c-42b7-ab65-8dc15d616101","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":204,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"266aafca-6457-416a-915e-5db8ce116729","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":204,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"5d03cf28-856c-4fd7-966f-30175f8488db","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":204,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"431aa53f-bc20-4d2c-8924-b2be25392873","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":204,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"8dde9ea0-aaa9-42f9-856a-39e506b1f9b2","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":204,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"fd0d0226-bb46-4af2-b510-cfa77b782fad","block_type":"box","text":"relevant to a company’s business.","page_number":204,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"5d54edc0-2f3d-4b3b-bb60-506b93d975d8","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":204,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"83fca693-2e37-4b3c-8eeb-2981759180a1","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":204,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"be608272-7e50-4ab7-ac7d-587a67b756ca","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":204,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"bf5d48f5-043f-49d4-ae64-01d7f65ae092","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":204,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"41b2db43-f12d-4d91-bfcf-c3e574186113","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":204,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"e59253e5-3a63-48bc-b86b-1c5427aff776","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":204,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"77464a04-32fd-4e31-b99c-5142f4315091","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":204,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"1f755e2f-d136-4614-a11c-dd7b67231141","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":204,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"8b163430-30fc-4983-a7b6-dabd846d2738","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":204,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"cefd5f2a-9285-45b2-a8f8-8504b22ee9a5","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":204,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"b374b25b-3135-4198-ad49-c0b0844e13c2","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":204,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"bf8d28ab-3f5b-4a77-ab98-e691cea16dd9","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":204,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"a0d3d18b-f75a-4663-9de2-01cba7446c55","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":204,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"a9f34444-2999-40e1-bbb2-2a05818c56f6","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":204,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"5c5faf2a-ff36-44d5-9f13-6bcfaace5d5f","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":204,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"25a392cf-0971-4d4e-8252-9c0614a5586f","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":204,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"5f804b63-875c-4117-ba89-776f38793a59","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":204,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"b133fc57-f107-4d2c-806d-26d4184e2707","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":204,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"e972c62a-12a2-44a3-a285-946d366ac0b2","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":204,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"830a91c3-310b-42dc-b46d-505312d5aa74","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":204,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"339702d4-375d-4a15-956c-c66858189dac","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"04a2caef-76e4-40a6-8f74-d9f21c7704f4","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"240b34a7-1358-4384-bc53-eee1186b725a","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f17c261-1791-4c5e-92d0-059007094a0b","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":205,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"c7a2324b-9748-4446-b796-52e3ed8c69e6","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":205,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"a38ade09-cfb6-4694-86be-24af3c1c58e5","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":205,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"bc5685ae-a0b8-43d6-afc2-75659b8768d4","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":205,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"563f64b4-9879-43c8-8540-853d2c591574","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":205,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"884d6b26-5f5b-4cf1-89a6-1be01b8da710","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":205,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"3fba06dc-874a-4f91-83ed-4c95b8a0f3fb","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":205,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"cf09d6e8-bf59-4ad2-bfcd-8c722c48cad1","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":205,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"d2443ac3-ff36-4ead-965a-ed6fa6bf7fda","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8aca8498-542f-43b1-ba95-c424df78ea8e","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3bf17be9-88fb-463c-954c-c384ccd23a08","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b5bf1f2-f272-4686-97aa-333263233d77","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":206,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"df284f3c-a0c1-470a-b79d-d1d5c2123bdf","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":206,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"edcfe93e-34f4-4ea9-b048-5a909caf8f56","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":206,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"69bc85cf-805d-4449-aee3-c9d47fc9d257","block_type":"box","text":"11","page_number":206,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"66d53523-c105-4e6b-9e8e-72639a27167e","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":206,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"75cc4c88-827b-4989-8679-a9b2d9f1e3b5","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":206,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"6e5432ea-cf62-4cc8-90a0-fe5903445c83","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":206,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"c1b717fd-d386-48fc-9e3e-51faf8d545a0","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":206,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"ced9f2cf-340a-4e55-8a66-651254f659af","block_type":"box","text":"regulatory requirements.","page_number":206,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"5cd8766e-db25-4cd1-a7a8-89483c1caa75","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":206,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"9c2423d4-99d3-410e-a33a-bacca8863529","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":206,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"d3aea229-e6c7-4696-8995-6162cebaf355","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":206,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"13b69df5-0994-4e50-93ff-790f470a11a3","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":206,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"40b0d74f-b720-43f9-b23d-1490c4e2075b","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":206,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"8b427398-3f63-4644-b12b-3fed2a799fb3","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":206,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"4058195b-93fe-4242-83f8-74a6c3598725","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":206,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"882ce927-dbcc-476e-a44f-9bfdd8cd07ad","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":206,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"d25650ed-10ff-4ed8-a448-2a374f5db0d4","block_type":"box","text":"returns.","page_number":206,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"3024be6c-b779-4907-bcda-061efc94600a","block_type":"box","text":"KEY STAKEHOLDERS","page_number":206,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"548e15ab-711d-45a1-99ba-26a9e0dc855e","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":206,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"81befc1d-6e5f-4a0c-82c0-b1649d385273","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":206,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"d964fa50-227d-49d8-9098-cd854260a4ed","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":206,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"ab2cd2b8-dfd0-4eca-8c56-787cb40a176d","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":206,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"7f7b864e-8f00-4c66-827a-e222f10a33db","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":206,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"8a4216f2-c59b-487b-9d20-a16da31dbdf5","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":206,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"57706c60-7d3f-4224-aae0-9e2db6cc4292","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":206,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"70825729-c6e1-42b2-842f-3fee05f12529","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":206,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"9df6af81-57c1-4d80-b338-2d8ffd630295","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":206,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"fed9cfed-2e77-410e-a560-00da4aa1b7a8","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":206,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"c4e943b8-5bfc-4fdb-9949-ae4f309758a6","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":206,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"cf7d23cf-6e37-4926-94c5-e3d48fa35357","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":206,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"ca8a9da7-1ea8-4dfc-9cbb-56066e69ff7e","block_type":"box","text":"i.e.","page_number":206,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"28e31e33-14c0-40c8-9919-d3d9c3e36b4d","block_type":"box","text":", one in which global","page_number":206,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"bb90a1a5-4c6d-4377-b65a-76e023a345e4","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":206,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"6759baf5-fcd0-4f9e-bb76-6753b74703de","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":206,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"5d628942-7644-4ceb-b61b-d8c88083006b","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":206,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"c396c276-ff9c-42ce-99a7-f5339d4b09c2","block_type":"box","text":"client.","page_number":206,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"49fead4b-0e5f-4e74-a7ac-30d766beefa4","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":206,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"e1fe6ce2-15f3-4efe-9652-442c978ece4b","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":206,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"4f1b6fe6-a462-4fa1-806c-c45e9e1bd0b1","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":206,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"feb554d9-a438-4224-8db5-187ca9d53f53","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":206,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"a03f185a-05e1-4b09-a239-2717c8a5bce5","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":206,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"5d8a9e87-a92b-4414-b9cf-63c8dc76a9b0","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":206,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"a4085db8-44fc-458b-b3f7-c8243ad63b7f","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":206,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"366643ab-1df5-4de9-a95c-00209857122d","block_type":"box","text":"1 and 2 emissions.","page_number":206,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"e5e1c899-1cc8-4ee7-846a-bf10bc519fb9","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":206,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"febc4e38-b25f-436b-b3b3-b3502456aa31","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":206,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"8efe0012-ff1a-40ea-8ef0-b88c80b04a92","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":206,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"e57cadc9-7f90-4850-8bcc-0d6dde45b030","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":206,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"7a3d9d88-2229-47d4-9c16-6b1212d98138","block_type":"box","text":"11","page_number":206,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"7f84f1ff-d6ff-435b-ad7b-cfe553be70ac","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":206,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"e8486033-3305-4cd6-b259-c62a26c6d92b","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":206,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"499fb896-0013-45ce-a123-fb0fe032388d","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":206,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"66857bb6-aa2d-4f1c-b5a1-1b33e2df707f","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":206,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"ddc2a78c-0b61-47cc-9bce-b927016eaf32","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":206,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"7ede1cb9-4a54-4c6b-a128-18a89a2d122e","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":206,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"2bd21df6-b276-4902-b9a7-22415d6adbf8","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":206,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"e1798b2c-d3df-4ec6-bcee-4573c93fd698","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":206,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"c923e080-1ff7-431f-8b69-50f2e35ddc13","block_type":"box","text":"sound governance framework.","page_number":206,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"2f6960bc-c10e-458d-8185-18a22859747b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2008ff84-4f5c-42d1-8fc2-b3d691bd611b","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"cec5c5ab-df5f-4fc1-a13b-95bc3c7a9451","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"66ab00da-36c5-4e7c-ba4d-15c0729ddd74","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":207,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"b8ccbae8-f016-4719-a328-d3abe01277a5","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":207,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"f540ea1d-b1ca-45a2-b7a9-7a51a0ba1fd9","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":207,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"24c69b4b-c5ad-4ad2-a195-72485a0dd5f0","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":207,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"e5d1d95e-f1e6-4c31-9ae8-2e981fa196d0","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":207,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"c7d8966c-a18f-4521-87f0-841fb11b51b4","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":207,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"318fee56-ed9a-4a61-9ed9-cf7605706064","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"66f2778e-730c-4e2e-9377-bd561ab6e8e0","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"08d65688-d489-4167-8b01-9571d156b928","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b018abb-3816-4439-aff0-5051b29666f7","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":208,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"8d6ecfa4-e940-4688-b42f-515d0643ef6a","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":208,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"995f1afd-04cd-49af-b78d-2a1c485f23ae","block_type":"box","text":"Oversight","page_number":208,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"bf6111b7-3533-45b3-90db-3342ad267834","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":208,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"16893431-87fa-4d9f-a63e-54d6785c78fd","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":208,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"89a24a00-92c4-4d45-a5d8-9c2547c5f310","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":208,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"cd05375c-4fcb-4aca-b723-1d92b8026321","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":208,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"536f6e92-036c-4947-a460-2ee41f4815ef","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":208,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"c597cded-37f5-4110-93cf-33cba0f10c3b","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":208,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"9048fd70-103a-4db5-98da-0b2c2214159f","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":208,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"ea269116-5e4e-43ae-b03f-3307080de3fe","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":208,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"dcc1dd4b-b78d-42f3-ade1-322c02954b3f","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":208,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"81133356-2591-4405-8887-5d7b4f2d3932","block_type":"box","text":"relevant active equity investors.","page_number":208,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"73c68633-9b47-4366-9e10-ad0e37a3acf8","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":208,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"029f706b-c34c-4df3-a473-d07f4165dbd5","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":208,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"e833412b-8fe4-41ab-b228-4d04e6eec178","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":208,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"ce351871-1caf-44f4-84dc-0ca59b19d289","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":208,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"7057ce00-a35d-45e1-83e2-934d8b86f42f","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":208,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"3b15f150-9737-4395-9cdf-c7be2286b44c","block_type":"box","text":"third-par ty vote services providers” below).","page_number":208,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"9ce0214b-354d-40ff-a166-77500e481db4","block_type":"box","text":"Voting guidelines and vote execution","page_number":208,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"32a796d6-b6b6-46d9-88b0-26418bb0dce1","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":208,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"bea8facc-9fd2-4077-9699-aa05f178a7fd","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":208,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"942e0ec9-6fcc-47b8-a20e-3b8f189622b6","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":208,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"94d69136-dcc0-4d12-97ad-fb1390495198","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":208,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"1a92d9b6-e915-4c82-b470-204d7b54842a","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":208,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"4257d488-a93e-444d-ab4d-a40616dd2f8f","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":208,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"3c253b6b-90ad-4a0a-9544-ffd1f9fcae0d","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":208,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"9be04f4e-7e74-452d-8c01-ce5ce1fe7713","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":208,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"79a5a4cf-e5ab-4472-90ff-7925880618b2","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":208,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"b7408729-c256-44b3-a9a5-b444567932c8","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":208,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"d1feadf7-d906-47b4-87a5-d9685705dcb1","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":208,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"8dbdddc0-2db6-43ea-8afd-d157f75ceda1","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":208,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"e3912977-29fd-4857-bd81-f30ef590409b","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":208,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"e972f3f2-4a3b-4188-bff6-fd3e87aa088f","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":208,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"9b8c065b-50b9-4f29-8b52-6fd5331c7fc8","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":208,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"434a7fba-2677-455e-9391-f5547fe7c4d0","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":208,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"66f52def-dfea-4016-babc-25d077081e1a","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":208,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"3e815e18-d06e-434b-9e63-a6a7e8885706","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":208,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"1bed5533-7136-4bf9-a229-235763c5011e","block_type":"box","text":"well as the desirability of voting such proxies. 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We are not suppor tive of impediments to the","page_number":208,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"bbd6cf1b-1720-4b0b-84f9-6d87815c0d52","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":208,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"321a9218-4705-4501-af0c-aedac40f6560","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. 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BlackRock contracts primarily with the vote services provider ISS and","page_number":209,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"7543c0e7-069d-4ee4-b01d-79b925a5aa60","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":209,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"9078bfc8-c2bb-431e-bca5-51290c06b226","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. 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In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":212,"box":{"x":101,"y":408,"width":793,"height":12}},{"id":"0c6646d6-ae0f-47c5-a607-d99467987e46","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":212,"box":{"x":101,"y":423,"width":801,"height":12}},{"id":"ecaa4202-d705-4c3c-a68e-0a0465b4cc72","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":212,"box":{"x":102,"y":438,"width":777,"height":11}},{"id":"54da82a1-cad1-42e5-a973-41eac3856e3b","block_type":"box","text":"Appendix A.","page_number":212,"box":{"x":101,"y":453,"width":82,"height":11}},{"id":"148d2f98-6019-469f-b8a1-2a105b9cf2c5","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":212,"box":{"x":135,"y":472,"width":751,"height":11}},{"id":"3063005e-7a41-49d2-8f34-8e8e9dbb4a89","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":212,"box":{"x":102,"y":487,"width":791,"height":11}},{"id":"b7d74858-a31f-4ee5-b133-e485c9a33494","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":212,"box":{"x":101,"y":502,"width":591,"height":10}},{"id":"5d68bae1-461f-477a-89ac-e01ae21408f1","block_type":"box","text":"Conflicts Management","page_number":212,"box":{"x":101,"y":520,"width":165,"height":11}},{"id":"931cc508-b324-43d2-ac5c-350651cd3f76","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":212,"box":{"x":135,"y":539,"width":751,"height":11}},{"id":"031b4053-6153-4497-940a-78a1ae9e0c30","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":212,"box":{"x":102,"y":554,"width":767,"height":11}},{"id":"35101f0a-7b9f-471c-b45f-ae4b8c30ab40","block_type":"box","text":"proxy voting responsibilities. 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In mitigating conflicts,","page_number":212,"box":{"x":101,"y":613,"width":800,"height":11}},{"id":"1ee4ec2f-6e17-4c70-94bd-cb45cc2e356a","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":212,"box":{"x":102,"y":628,"width":235,"height":9}},{"id":"901145a0-50cc-4f43-b02e-41dfe8f55258","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":212,"box":{"x":135,"y":647,"width":769,"height":11}},{"id":"7bf59767-449e-4654-9063-bfdf55df4563","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":212,"box":{"x":102,"y":661,"width":800,"height":12}},{"id":"84b97bf6-1b3b-4a53-a7e3-de4fabbf50ad","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":212,"box":{"x":102,"y":676,"width":463,"height":11}},{"id":"d8fd3835-99d2-4578-9a43-c88afb9610c3","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":212,"box":{"x":134,"y":695,"width":774,"height":11}},{"id":"757a2ef5-970a-4ec6-a648-d0df2473baed","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":212,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"ed5aadb3-1429-4268-b927-c853fbaefe2a","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":212,"box":{"x":102,"y":725,"width":778,"height":11}},{"id":"e6f87529-fcde-4a19-81af-11e11d881bc1","block_type":"box","text":"connection with proxy voting.","page_number":212,"box":{"x":101,"y":740,"width":203,"height":11}},{"id":"ba884b37-5066-4e8d-8fe3-616ac910384c","block_type":"box","text":"Reports to the Board","page_number":212,"box":{"x":102,"y":758,"width":153,"height":11}},{"id":"2292afa2-ee3f-4c29-8906-80c429cef1d6","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":212,"box":{"x":135,"y":777,"width":755,"height":11}},{"id":"92b26eaa-8326-4e4d-b1d1-fd442463bedd","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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Reporting on our activities to inform clients","page_number":216,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"a8aa74c4-bde2-4164-b67f-7c83df5c2ee1","block_type":"box","text":"about our stewardship effor ts on their behalf through a range of","page_number":216,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"96750eb2-f147-45a9-9802-30a079c88c53","block_type":"box","text":"publications on our website and direct client communications.","page_number":216,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"50342be6-b0b2-431d-83ad-158162aac5bf","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":216,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"a36c8ecc-4512-461d-b941-881095f832dd","block_type":"box","text":"voting on corporate governance matters and other material risks and oppor tunities under BIS’ Benchmark Policies.","page_number":216,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"b7b66e3a-93f7-4fa5-99f1-e8cbcf016677","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":216,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"4475f354-6e51-407c-bfbc-9b569d707989","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":216,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"75a73bfe-19a1-48e2-abed-6b466e250f54","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":216,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"be28a43e-890d-4f15-aa6d-39bf4bd34ab0","block_type":"box","text":"2","page_number":216,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"c6b58240-2209-43fe-ac3d-c78e665dd616","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":216,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"70dc58e3-c861-4148-8b73-d4892f0a1247","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. 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These are topics that shareholders may have","page_number":217,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"f920d12b-7fcc-4ece-9c44-a97d88746da4","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":217,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"464d0118-abee-4466-82cf-f7970171c56a","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"0a86c6fd-9c12-41a4-a9ec-950399b9208a","block_type":"box","text":"Boards and directors","page_number":217,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"37b67998-93b9-47ad-a912-66c3c70606c4","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"da504bef-6af4-44d9-981f-6aff2269e305","block_type":"box","text":"Auditors and audit-related issues","page_number":217,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"6c11a762-19a4-44a6-8873-792bc82ac2b9","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"4236767b-5e89-43cc-af3f-0c6e30f448a9","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":217,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"00095702-401e-4a04-a581-01a01f906854","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"f1508221-5737-4c8e-9ee4-824838784b43","block_type":"box","text":"Executive compensation","page_number":217,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"66e4777a-f62e-4829-8ddf-ab85bae6b6b1","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"e52ad306-8cf0-45fc-a1c1-0d7356f8b1b5","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":217,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"61c5c165-e98d-4d29-8527-68d8994df24f","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"8f52b62b-9e19-4eb6-85b6-acd820b2fc33","block_type":"box","text":"Shareholder proposals","page_number":217,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"2790f95c-7ce4-46e0-b573-dbe0e4a85a3b","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":217,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"9bb8cb9e-fd86-4bc1-a9bf-e2ab06964ac5","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":217,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"dedd4b2b-7346-4e24-ae4f-df990a824a54","block_type":"box","text":"which companies operate.","page_number":217,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"5ee1c715-ea79-4195-893e-c578bf68e5d4","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":217,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"3e263128-861e-4fd0-9e33-394fce1f5056","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":217,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"cb2f86bb-47d4-4134-9146-9c44a7b44c8e","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":217,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"d1b7ff56-46fc-4c31-834c-61b4849a2a6e","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":217,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"5b4944ed-1c4e-4f6d-88ac-e39b86b02c56","block_type":"box","text":"4","page_number":217,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"f04175bb-6e48-45e4-9c7a-206d130740a7","block_type":"box","text":"3","page_number":217,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"e5cd5242-4c1c-432a-b257-86cb052cd4d4","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":217,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"318097c1-add9-4bbc-b581-f7d5fb848269","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":217,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"6d1e7553-ea33-44f1-8160-304affbfcfa0","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":217,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"17ace5f1-af99-4f18-aee1-795bb8b21e8f","block_type":"box","text":"4","page_number":217,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"657a7d7a-07d3-475e-81c8-26712893df2a","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":217,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"46bf62ca-0730-483e-8c76-5367d4a308aa","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":217,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"fb806ef8-bf83-4a4c-81bf-33785d24d375","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":217,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"ac4c77db-6c61-4e73-b40f-2dc4e8b02027","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":217,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"4d4cecc3-5401-4e85-b8e1-1032ce5e31eb","block_type":"box","text":"guidelines.","page_number":217,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"dd32bf64-fb91-494f-84b4-72fdb09fb969","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"578db4e7-8e83-4d4a-b164-d029a5a407fb","block_type":"box","text":"Global Principles | 4","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a251312c-e084-4455-9377-7d02c7601c15","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7842736a-f71c-4ab2-89ab-9c8099c24537","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":218,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"a883d053-1293-414c-8643-44eb4d20176a","block_type":"box","text":"Oversight role of the board","page_number":218,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"0c7985cd-7017-4abc-85dd-40b3d2f50fa2","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":218,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"1f06643f-6245-4237-885c-d80ea95b5513","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":218,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"85c5147d-546c-4210-8369-80c071cbe867","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":218,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"e7dc4180-e6ab-4d78-87f9-4414233d2b45","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":218,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"02629416-fb69-4056-8ab7-42ba277bfdb4","block_type":"box","text":"long-term financial per formance.","page_number":218,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"902ac131-8757-4a10-a16f-b12a272cd2a1","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":218,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"b397deb3-6ee9-48ee-adbd-d3530f8ed47b","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":218,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"2bbe11f4-8a84-4c46-92a7-9ff0f709e2b1","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":218,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"fb1a81e6-0c9e-4f91-9e0d-955ec97ccfe2","block_type":"box","text":"the business environment in which a company is operating.","page_number":218,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"66cfcd8b-29e8-4de6-ba25-8f1cf48069f3","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":218,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"a5f12252-5258-4c4f-bb6b-220228ef2b7f","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":218,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"a94686cf-c730-45cf-a4cb-bf67e659bc58","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":218,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"df926582-6a59-4e0c-a66e-e39c054a2893","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":218,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"951183f9-9f86-4b42-b220-648abac7e526","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":218,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"a79d7165-9b07-43ec-88ff-c0561343cbd9","block_type":"box","text":"mitigating such risks.","page_number":218,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"46706419-9f8a-41d5-ba4e-7d25e3e7a872","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":218,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"5dd9990f-468e-4c1f-9041-8e67bc17f9a6","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":218,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"06620513-382e-4e2d-9208-9f8b35e8535b","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":218,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"875d0b4b-6e9b-4b0b-b790-db956115c72a","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":218,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"e4fa248b-1f39-4ca4-ad30-5bf9a53583ed","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":218,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"7773e118-3d25-45cd-9c5e-018fe6beb764","block_type":"box","text":"strategy.","page_number":218,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"22859c1b-914e-4a5f-b31c-08fe2b0fd205","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":218,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"522e20bd-3135-447c-8f1d-a1cf7cf4970b","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":218,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"0107b2d4-bd4f-4c4b-b574-51b94078527a","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":218,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"aeb46328-8a3c-43e2-afc8-c1e4f4a09890","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":218,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"33a0e8b8-1286-43d5-a722-941e30c14c49","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":218,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"04df9127-b9dd-4b26-92d7-8606e5cb228d","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":218,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"c36b9c08-b3ae-482d-86da-c58566212d4c","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":218,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"cc82fed9-a51d-4f90-b5c9-64d7e0075cd9","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":218,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"d5c8c713-275f-45e9-9e33-6b1a0feb7256","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":218,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"1680fbf5-5848-4b62-9109-b20482ae22a0","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":218,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"a28e5c30-0165-433d-b0f5-33230b8b3e1d","block_type":"box","text":"Regular accountability through director elections","page_number":218,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"bc99f902-74e5-4df7-bd98-2a1bdfa1eb01","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":218,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"23d52fba-9ade-4f37-b5a3-5c7f55e91507","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":218,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"b08a48ce-f82b-43a8-81cb-6d28e17fe770","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":218,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"b88cd885-3fa8-48af-824c-aff3b94d45da","block_type":"box","text":"5","page_number":218,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"6db11356-1821-4b15-aaa1-53b613064c9b","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":218,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"fe259e88-6657-44b6-9efe-b86321081707","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":218,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"b28e5087-ef04-4c74-95e4-7aec851c8354","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":218,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"6a34adc8-c8c3-44f9-8ff0-94b3121041bf","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":218,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"036c889a-f2f1-4647-abed-f74b16f4813b","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":218,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"280cff62-ecf9-4575-aa8b-b149beb5c7ea","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":218,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"2730d6e1-ecc6-4c24-8e26-3286f18e1b6a","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":218,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"b2629c64-cec5-4836-a987-0b9d17e976e2","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":218,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"28ac2874-3d02-40a4-af22-c6821cca0956","block_type":"box","text":"5","page_number":218,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"39f6402c-bb6a-4d50-b93d-725c7d07963e","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":218,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"43232f4c-b9cc-4c14-b5e4-24ef0cd4455e","block_type":"box","text":"market regulation or voluntary best practice.","page_number":218,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"a4c53e0f-8be4-4e9a-882d-96b7293e0946","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9b3bc943-5765-4858-8b4e-647bc10b67e1","block_type":"box","text":"Global Principles | 5","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"593d0ef9-c5c9-4c10-b92a-9a37542a2090","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce2bf59a-9741-4932-bbdd-72a0044b0122","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":219,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"2d481d6f-2b49-425a-9ce8-e212887087ad","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":219,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"3ec91412-9a70-47b2-a74e-5dc78598c35e","block_type":"box","text":"recently.","page_number":219,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"8c865de7-c6da-4b4f-96ad-887e2dd2e3d2","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":219,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"44450d4b-c4a0-4d0b-8056-75665df59eca","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":219,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"c068a8ee-3a7f-4ca1-9af8-f4a898b91479","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":219,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"e5ee58b9-11ef-46c1-bd49-164c4c3446d8","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":219,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"3cd449ab-51da-4b58-b3bc-aa53d9a01a69","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":219,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"42a792d2-f679-4325-bc6e-fbd198ee8608","block_type":"box","text":"Director independence","page_number":219,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"afc1a2a5-54fc-43bb-b3dc-2581bcdc831c","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":219,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"e68d058a-8f9d-4d70-800a-c0bc688b1788","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":219,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"1295ecad-38f2-4d07-b79c-c1a19e2538f5","block_type":"box","text":"6","page_number":219,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"442ce723-baad-4878-91e1-611a9bc9818d","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":219,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"bd266bd7-3b0a-4f96-b5f3-9cfee00c3f1b","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":219,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"d998850f-6784-4745-bc26-426dc9db1e32","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":219,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"c219c826-33b5-4a5b-ade6-6643f6c7d504","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":219,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"f175f21a-c1e2-431d-92fc-378e220a0801","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":219,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"469308de-f028-4c41-90fd-666742e3bbfc","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"6d574b8a-a191-45f7-90aa-7bbb06f39e8c","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":219,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"3c7bf59e-3a43-4a2d-8bf5-b916ae7021d6","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"41ea5acc-1bc8-4e1c-a107-1926bfa0d445","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":219,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"acc3284d-3780-4220-bae8-6a8a2859d4a1","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"70e2eee7-eb34-4fd4-b1d4-21366e2a3daa","block_type":"box","text":"Interlocking directorates","page_number":219,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"5d0c63a8-6b4c-44fb-8698-eec7da2f1016","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"006b29b4-586f-405c-87f5-fae227d52387","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":219,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"daab97bd-0287-4671-a423-bdc373b35eaa","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":219,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"14c58742-5239-4e45-b7ab-ac8e841638e3","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":219,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"2c0ba934-d242-4e36-810a-69f079b3d51a","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":219,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"8054b80d-b363-4864-a670-5af54e46ded4","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":219,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"01ce9d47-4c15-449c-b3a7-289c3f2af0d1","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":219,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"9e5c4b1a-6c7e-40c6-a4e0-45e3f490cae7","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":219,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"4c89f382-9adf-4bce-ad59-a7aad178e0ae","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":219,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"6eeafad0-177d-4d28-a105-bde96f41e96d","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":219,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"25e81bf6-d0d1-4ee5-8707-50f7fbbfb400","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":219,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"f709e719-3ea1-4591-961f-2da9084346a3","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":219,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"81d74cb6-f95f-495d-8fea-e158cba1ceb0","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":219,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"56a1984f-b52d-464d-b85f-c17cf551bb04","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":219,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"ddb47021-86e8-406b-8b3d-7bf736b3a421","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":219,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"3e705e22-e596-41b7-a74d-8c771f7e84ca","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":219,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"dc3e9a33-9566-41f1-a567-ee37e409960d","block_type":"box","text":"Sufficient capacity","page_number":219,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"5fd86a65-8950-4fbc-a32c-bdad41ba1043","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":219,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"68af395e-572e-46c7-97e1-2af8196bc476","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":219,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"68bdf908-c1ae-46dc-86cd-4844066d11ce","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":219,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"41d034d9-ee0e-49a7-ad54-22e7ef27a589","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":219,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"714d6136-e90a-45ec-af43-700fcb0764c1","block_type":"box","text":"Board composition","page_number":219,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"f9628127-1d46-4f23-a025-1d674ae82942","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":219,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"efeb6d61-e1ed-4b87-a248-e1ba3a2ac85f","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":219,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"c5352a94-36c3-425e-8f07-9edb7d0b73b1","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":219,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"b34a90df-3cc3-4360-a19b-ed57235a6300","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":219,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"f5db42b9-8d12-4e05-9f18-fed6985fe7fc","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":219,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"5b2a36a5-6706-473e-a07b-bfcc98a79bdf","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":219,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"2acb82ba-0026-43df-8874-ef6a414f049c","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":219,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"41603d26-4268-428f-987f-b6460d7dda34","block_type":"box","text":"6","page_number":219,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"81f9c804-02b4-4c2d-b162-1285aa221e8a","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":219,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"a39c6f41-52e6-4728-a365-09cefe9f08ca","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":219,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"e579fc73-a15b-45f6-8c18-dae1fc08d58e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1ab9cad9-e3d0-4bf9-9ca1-2a05efceaed9","block_type":"box","text":"Global Principles | 6","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"6bd22dc9-3587-4f5a-a92f-93494802363f","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d1ac8e5-7f45-4bc9-be63-10bc3e8ad90b","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":220,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"6eb69ebc-db4b-4b5e-bb9f-7827f40940f0","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":220,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"9c85a916-9a96-45fa-9bcd-5e5ca36a94e8","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":220,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"328d3b33-6feb-46f2-8d6d-518fcf191b64","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":220,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"24bb91e0-e577-4e4a-8810-f5740837d858","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":220,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"5d04ea9f-7f87-4d10-ad13-aec44a2cd48b","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":220,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"194402d6-be03-4cb7-922a-e0964e2c6e4d","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":220,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"451ba232-dc0a-4c6a-9c68-4a1df615e10b","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":220,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"0cae4533-fbeb-4111-8902-aedf81ca8c7c","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":220,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"2d4f9c20-0107-45b4-a74f-15372164e2a3","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":220,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"9ffd7739-6ff7-4844-9068-16b1a9340be2","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":220,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"6bc5ed0b-47bf-4267-ae57-3d3617b6bdbd","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":220,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"118e954d-ed1f-4f30-a6d3-8e800a5420e1","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":220,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"2492503e-163e-4515-9909-89b8f5378ba6","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":220,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"45cf7e6f-9676-4c98-8cd6-87c77b8a72a8","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":220,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"512ddfe4-f6ac-4dac-b3d3-5c7a7fb9d2f6","block_type":"box","text":"systems.","page_number":220,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"791768c5-3eb6-4059-a38c-4fdffb1ba72d","block_type":"box","text":"7","page_number":220,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"c2f763ad-2fb8-4ea3-857d-472cd379e084","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":220,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"ec1abb7d-f599-405e-a9c5-eb5c94bded84","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":220,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"3a608c45-c674-42a2-ac6f-732fa580ccef","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":220,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"57a74a5b-b7ee-4b5a-b84c-a4c04c4b54de","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":220,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"a154958c-e04d-414f-8f32-3fae81812832","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":220,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"aacb048e-30c3-4df6-a52b-f1d199233e42","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":220,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"09111408-7f28-4b60-a06b-5ba9501e7241","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":220,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"b0a4fa5d-1b93-410b-99bd-6a9d3291bc83","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":220,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"a57e6ba6-91be-4606-b3be-0700a8e03678","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":220,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"d482e5dc-8deb-4e69-b94f-d1d888e93aaf","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":220,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"af28be9a-82bd-47b0-b89a-6d0f397fa6a9","block_type":"box","text":"or internal audit function.","page_number":220,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"7356338f-d194-40ae-af09-bd5581cb5955","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":220,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"505c3b7a-1e92-46ce-bca1-f4219aaf6680","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":220,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"d448348e-0224-4226-9b07-b8ddd2f1927a","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":220,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"38b0cac6-aa26-4e18-b869-df24fb090cf4","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":220,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"45e66111-2fd9-41eb-9c68-e096510391dc","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":220,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"e0f94b1b-03ac-4342-99da-8ba03b9a77f5","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":220,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"5a9f9159-9b78-4329-856e-a1ded9dd11c6","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":220,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"12db84ce-5b81-4ca4-9c1a-ccc82f41ba2a","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":220,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"8d1ca567-2a78-44c1-9e12-f4cb5ead33bd","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":220,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"b24ffb2c-cd52-4ab4-91bd-3f818dbb1373","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":220,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"b5c09787-8f9d-49e7-bbb9-6f94de5b7ae1","block_type":"box","text":"risk.","page_number":220,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"85874e6b-3725-47f1-bebb-f1080909f530","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":220,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"50422e8c-83a6-4d14-bfc2-66b969d8c28d","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":220,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"1a3e80cf-8cec-48b7-a34a-5f8cb93cd344","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":220,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"cad6e20a-379b-4c89-8b76-a00d141e94c4","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":220,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"d0ba5639-7be7-4862-aaf8-bb6f0e5a4fde","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":220,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"33f50959-ea22-4073-a07c-7671bbd8f97a","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":220,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"d7bc97e6-1369-47dd-a30b-62ac9bbe7c55","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":220,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"3c3da7e5-6dd6-475d-ab47-65cea1a5df24","block_type":"box","text":"7","page_number":220,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"02d3ab68-9dea-43cb-9df0-be7f4d6534ad","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":220,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"ac5de542-6e71-4610-ba2c-389e6987138c","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":220,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"0a842bef-8a79-4873-a696-c0f0796391d2","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":220,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"0f561f5a-b533-4cf9-b146-4d1255e98d14","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":220,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"78ec54e8-089b-4107-9069-20edf784917e","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":220,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"848c34d4-2644-4502-b943-3af0dfa7db59","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3f7fb724-dfe0-4a61-87d1-3c41fc0dcb3c","block_type":"box","text":"Global Principles | 7","page_number":220,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"051cd922-713b-4569-bd28-51683f55eebc","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3602add9-5027-4501-984c-2483d40d26d8","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":221,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"24574910-136c-4829-a0d9-cf87aeff6912","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":221,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"ccadf9ce-2e76-4ace-9fab-7927949c39c2","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":221,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"f88e1324-d2cc-4871-812f-7b318d7362bc","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":221,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"14c33fef-8b12-424b-acbc-c0da7a8568e9","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":221,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"1d5dfc8a-133a-4edf-9ddc-e9e8fdace04f","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":221,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"923e5c36-0288-4d59-8235-7aa97571f626","block_type":"box","text":"minimizing costs to shareholders.","page_number":221,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"125e70ef-6d66-4fc6-8eee-228a88798e5d","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":221,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"8e7c4843-7530-4e4d-a4fb-89fd3b70cadc","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":221,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"f9ab53c0-239f-48ce-aefd-bf4fa93d5df2","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":221,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"ec58e17b-bdd4-4b4e-ba47-f6f8dd38c581","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":221,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"3c5ea61e-0630-4b27-91e7-0f2e62f3a44f","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":221,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"38271dc8-3183-43ab-9799-2c6bb2384f30","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":221,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"68355ad2-1bdf-4976-b091-b3b8c4aa873b","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":221,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"9bece9c7-5fcc-45ae-9a72-629dc9ad480f","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":221,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"7e31fa3e-6c6a-4b45-98a3-0baa370c44e4","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":221,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"026a452d-aea6-4c7f-8cf7-fa8ff75a6e49","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":221,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"d370172a-72cc-45dd-94e0-83731bcd0cf0","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":221,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"04e10214-8cdf-407f-a942-a2fe3bf1417b","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":221,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"41a5c4a0-b28d-44b1-9c46-41f8995fe423","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":221,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"6d619360-4d7f-423b-872c-18739154e16d","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":221,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"ee13df5a-73fd-409a-a4a7-e9019e99b323","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":221,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"1233cfb7-0dff-4782-8831-f7fc7dabf97e","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":221,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"f403f642-3f2a-4dd1-a77d-9a2048d8f2e9","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":221,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"49493837-5fd9-434a-a052-e837734e93c3","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":221,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"b7c31520-497e-4779-8d0e-43947045fa03","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":221,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"88b5f948-44c7-438e-9b46-17c352f83a39","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":221,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"dd80b771-a6cb-46ce-ac8f-c556e6122cd9","block_type":"box","text":"ownership.","page_number":221,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"58c7c4ed-a623-40c6-b5fa-46f1c312fe0a","block_type":"box","text":"8","page_number":221,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"eb07f8c4-1156-47d4-af66-55ec59570d65","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":221,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"2619f71e-ca47-417d-9ae2-35ca10fb4fbb","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":221,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"4d62058b-fc30-433b-a4e3-e5546fc71d40","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":221,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"24a26a3c-8b40-45a2-9985-30ef5204b52e","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":221,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"73f35e86-bf19-44e3-ade4-099435a28ae0","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":221,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"2743777a-5e36-42fa-a13d-a4ce79bebe67","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":221,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"b8ead386-b768-4e60-958c-71b1b7ff62a9","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":221,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"521789a7-23ba-4a38-a827-de4473af89f7","block_type":"box","text":"results over a period of years.","page_number":221,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"89c042cc-5d3a-4c38-b8e7-fbe37d4c3a92","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":221,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"f8ae666e-9151-439a-9523-34b4459a2522","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":221,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"1f7793e0-b99c-4d08-9fbe-0e610a9182b8","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":221,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"9ecc130d-8524-4f73-9709-a6574d77803c","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":221,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"dd047510-bc97-4bcc-b78e-8e5349090aa0","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":221,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"e28a364a-4c6a-4de2-a1a1-11a1bed45f83","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":221,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"0e08e43d-cf8e-41fc-9ede-60d6d3fe3c07","block_type":"box","text":"executive compensation strategies.","page_number":221,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"6a9915a0-08fd-4e56-b634-c3fc4727bccb","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":221,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"e8c66087-cb6a-470b-8a18-db78b525331c","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":221,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"50086693-7c27-48b9-9249-19df7ecf98ca","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":221,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"f7a71e45-24d3-4b6d-b233-9cbe5f403c7e","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":221,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"f496f3b5-77ff-4c46-bd55-4d4f93a15d05","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":221,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"4049e341-5f76-45b6-a213-ba9b88629688","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":221,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"7fab95ac-a273-4754-b902-46554dd5ba0d","block_type":"box","text":"8","page_number":221,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"559a4a96-e944-4793-b61d-393896e07dbf","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":221,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"bc86df78-3dc4-42f8-9594-4e6473e25a47","block_type":"box","text":"different markets.","page_number":221,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"4739cb9d-a850-41de-ae7a-d85607911470","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c15bbc24-da90-41a4-b96d-b813bccbe7b1","block_type":"box","text":"Global Principles | 8","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"aa6ab358-dbdc-46e5-9eb6-ef9fb37781e1","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e417eed9-2dc4-4cea-8a5a-65b818ea9448","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":222,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"11ba907f-f3bb-467f-8cc8-0f31c729a0d2","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":222,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"42c64537-3123-450a-bb92-60815782637c","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":222,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"93327e02-e9af-4e6a-9327-05a4a87f2a54","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":222,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"a6bff5cc-aca0-48e9-b596-fe4f2889e8ca","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":222,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"e1e1bbcd-a8fa-4539-9e4d-662b6a15f767","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":222,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"b0c7b651-5cfd-40c9-9cfc-1f0ab9f7b94f","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":222,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"add3a564-5c00-4e1e-a050-411e137e3ed8","block_type":"box","text":"whom they are charged with overseeing.","page_number":222,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"5ff05090-ba91-469f-8d64-2f990b1c251a","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":222,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"fb2dc7f1-9999-4c25-b05e-1fa80639bc86","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":222,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"a1f4c840-1f02-49c5-9c53-ac5d4e59a137","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":222,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"72bcefb0-55d5-432a-a690-c75d611dfa18","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":222,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"069acc04-08b8-462e-9f89-810666f625cc","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":222,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"91447ffc-32af-435a-bab2-ab1dfef36b96","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":222,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"360598b0-a5ca-49e2-beb9-29a9bc1f819e","block_type":"box","text":"structures.","page_number":222,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"296b08d8-3428-4ae0-be89-f2cd86ce3f76","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":222,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"4a25b71b-0c07-48f2-b12f-fdb2d8cecd7e","block_type":"box","text":"Corporate form","page_number":222,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"52d5ef16-0635-4a67-9e8b-d1ee325a85f0","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":222,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"337ff2f5-9922-40d9-8c91-5584f099e303","block_type":"box","text":"the company’s purpose and business model.","page_number":222,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"b4c9cc37-43b0-4963-ad39-7354dfd1cfb5","block_type":"box","text":"9","page_number":222,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"5e74fbd5-9a92-4092-937f-1cde82436e55","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":222,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"94256710-7f0f-44b6-ab59-5f265b2708aa","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":222,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"3b92cbc0-a060-44e0-b95f-12b22f787a16","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":222,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"81025098-3fe4-482e-b1c9-d5d3636d4755","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":222,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"f5fd76c5-dc9d-4d32-8afd-7c3d6f001781","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":222,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"7c2e3096-c7df-4b81-a052-48567d947724","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":222,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"e37d9a08-2e40-4587-8d50-e406e97a64db","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":222,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"e986a0ad-31dd-4732-97e8-b5b5ca44b18b","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":222,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"a72fbfb2-397c-45fc-95e6-f43a54b1bc7a","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":222,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"e23c5280-0986-46a6-bfc5-33f2c66eef5a","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":222,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"2c080f5c-bb83-4203-a546-3e48370f3682","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":222,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"b67b7efa-772c-4f9c-9a81-7085caced847","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":222,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"0bbaa1a6-f4ab-4acf-9452-be847d3127d1","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":222,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"baa4ee08-6b48-499f-b564-382a55120f21","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":222,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"cb26c8ca-8905-42da-ad6e-cfc927990a20","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":222,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"24669292-44a8-4ab7-8e98-4d0fa2aaff7f","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":222,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"d4c98fe1-8bd3-423d-acec-7657a8606675","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":222,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"0179dec0-5efd-4c4b-8f70-4b5f98f2e222","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":222,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"8b634a63-c06d-4788-8e3f-22814a252762","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":222,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"875f4041-cacf-4469-aa28-b61c5c918c90","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":222,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"9f175236-d8aa-4541-ba36-39c4d1fbcd0d","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":222,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"1b21d67d-48cc-4499-bbf6-4878e78deefd","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":222,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"3af6cc27-1d2f-4cf8-ba69-ee0bb163abe7","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":222,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"50fc26c7-9e05-4624-ac16-43a27c79d5df","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":222,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"4f8a7415-4f4e-4c8c-a78a-70c5d8a8a1b3","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":222,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"6de3320d-6ca4-43a0-9a44-0dd386b67e61","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":222,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"fab8b5ec-6da9-4d43-aeb4-8384891a7ebf","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":222,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"732ddfb9-f868-4075-bc20-373b8cbff2c0","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":222,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"5169257f-649a-4d86-bff7-3596905c77ca","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":222,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"ab06f106-83a2-4bf4-81a0-09cd9a9a425b","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":222,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"6c312ab0-d95f-4516-8650-4a648649ad55","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":222,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"9c01fd20-ec86-4091-93a2-d783a46eea75","block_type":"box","text":"9","page_number":222,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"6730fa5d-191b-4022-b2bc-7519bc845226","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":222,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"98bb5dc2-7639-4630-8642-84c018270894","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"73246ae7-003e-4cea-9413-622d8201d25d","block_type":"box","text":"Global Principles | 9","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"40bf65a7-96c4-4f9c-8c74-214237f09bdb","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36cb11e9-156c-4726-80e9-2c71e5d66e0d","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":223,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"e7205916-96e0-45e3-859f-cf079b0bc592","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":223,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"386f4ddc-5879-42fb-a20b-987e7e0567c0","block_type":"box","text":"long-term financial interests.","page_number":223,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"376bef25-0d50-46b9-a8e7-1d6dafee1586","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":223,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"08691f41-9232-4248-aef0-073913d8149e","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":223,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"e00562c4-3b60-45ef-beeb-d09af1f9726d","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":223,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"051686f6-e9ad-4133-97c9-67a10b27cd64","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":223,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"7d5505a8-fb7a-489b-945d-52263accf77c","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":223,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"26c6f454-8fce-46ce-a71d-22595db2a4e8","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":223,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"3dc5491e-cc15-4f1b-86aa-4aa51d487d03","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":223,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"5aec87c9-09d8-474b-9e69-14050084cc5c","block_type":"box","text":"term financial value creation.","page_number":223,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"ca69317d-fcbd-44c9-9174-5f26fc1dc073","block_type":"box","text":"10","page_number":223,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"c70398a9-e146-4a12-af27-ec0268353e52","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":223,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"79690df8-e9c9-4406-ad73-7b8a547c3a91","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":223,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"04c57743-0cd8-4fba-8ae6-999b0435c4aa","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":223,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"181109cc-dffe-4e98-9a4f-e652559f3ec5","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":223,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"e0173da9-6b0a-4c96-97de-a22b1299ec09","block_type":"box","text":"industry-specific metrics.","page_number":223,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"3bebfeff-5429-4691-8294-f721e094194f","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":223,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"67129f5e-0a69-4469-a1e6-6a1f891d7e6b","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":223,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"fc1a4223-453e-445e-b06c-66ab0a5694ea","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":223,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"6edc5b3f-abab-4fae-9ce1-8f41ac627334","block_type":"box","text":"11","page_number":223,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"6b96cbd3-829d-4334-b84b-b60a2103acf5","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":223,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"e97a70e7-ab78-4534-ba05-ed95ad84c3d4","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":223,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"fcf5f01b-56ad-4643-8744-507ef7901602","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":223,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"fb63d1e2-3561-4b23-9fb1-233b74c8d1eb","block_type":"box","text":"specific.","page_number":223,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"8dadeb72-cb21-49d2-b645-5838a3352847","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":223,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"b5aba0be-5dc8-4a57-8e43-39cbb1d9def2","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":223,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"97182385-54a3-4ac0-85fa-0cee0d5afa6a","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":223,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"9fb6cf1d-ac24-4706-b3c3-f19223953fe3","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":223,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"344b6d66-87dc-496e-a538-17d80a268f89","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":223,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"6a524296-5e76-4f0a-93e1-152619e8c107","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":223,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"f418ed91-507f-4e49-935a-81b5cf2ac0b1","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":223,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"5298a218-6b1e-4bed-8099-ed19cf1660ff","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":223,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"0b388e93-f63d-478e-a431-1db54fb0f214","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":223,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"9e79f419-29eb-47a0-bd75-d5dddfdb4e71","block_type":"box","text":"10","page_number":223,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"10e07fa9-8b02-438b-a850-0f1700a2d720","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":223,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"3feee98e-2976-4b0d-8766-a545c4b6d813","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":223,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"8efbc3e1-0803-48e7-af11-0d1746e07149","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":223,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"0ffe03ea-28dc-4cca-9751-7394fc300b51","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":223,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"167d13d2-8626-40f4-b52b-935132fc2469","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":223,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"276f3832-eb85-4a20-b26e-4396a3be9b58","block_type":"box","text":"11","page_number":223,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"75d9e513-d5cc-4851-ae26-953f6563e85c","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":223,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"e56624eb-8da9-4429-9e03-8612930c2678","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":223,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"91451f3d-74ba-4266-b809-cc3067fe8bde","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":223,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"4563f2b4-f74a-47be-9748-c26f2080d55d","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":223,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"8bc7fb55-5d0e-4202-b8e8-3d9dca7e2e1d","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":223,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"c035842c-da80-4227-9dd9-9bdcdc93f4bc","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":223,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"3859193e-0c0c-482a-8df7-2e7e0df03a3e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5d1010dd-7c6b-476b-9b85-a893cd57dbed","block_type":"box","text":"Global Principles | 10","page_number":223,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"71186f9c-5436-4289-a65e-0cfefeb4e118","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"539d550f-42dd-4549-901b-1095b2f610b6","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":224,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"84927a88-58dc-4271-8dbc-a8dcc1ad4509","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":224,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"2e99dcb4-9b0c-47b4-8b77-326dc30308e6","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":224,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"e146827a-57a7-4821-8026-b91b27ddd359","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":224,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"9c2c1616-3bbc-419a-94ec-39d60551156f","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":224,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"409bc176-551a-4195-a2f6-a23543911d7d","block_type":"box","text":"12, 13","page_number":224,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"9ca3568b-1364-4c6c-a7f5-f7c312a6b000","block_type":"box","text":"From company disclosures and","page_number":224,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"bd386c17-65ad-4ffb-8548-f1f3fd20809a","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":224,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"da31cb27-30ac-4d04-acfc-733b70707374","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":224,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"97d1409f-feb7-4743-afd8-3a8e02e955e4","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":224,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"b8cba37d-2565-4424-a223-f5b05935292c","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":224,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"50244f34-0091-4044-a4b3-2ab8a9f9ea1a","block_type":"box","text":"viewed as best practice in the market.","page_number":224,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"5d56d5a9-63c3-4625-ba76-64782990bb3d","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":224,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"1467a1ec-5f96-462f-aa86-fb6c8156e04a","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":224,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"1485e498-15f7-4688-a057-200c1b31985f","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":224,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"205c7a98-1392-424b-99ff-88d69c19e211","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":224,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"edf03b92-a3d8-4020-bbc9-1b0174487fc0","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":224,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"dd5931c5-2c3d-4f22-ad84-726a8e6f4ba3","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":224,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"543ea603-640c-4888-8140-864e2d55eb21","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":224,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"5e285293-575b-48bf-872c-176c3d7f4ae8","block_type":"box","text":"interests of their investors.","page_number":224,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"16553f95-ddcf-4e8c-8545-ab26370db27e","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":224,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"5e64aba8-13d4-42f6-a4fd-25db4f8a4b85","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":224,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"5fc4ef05-d55a-4ce1-852c-9aea2249b159","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":224,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"c12abb7d-7b2d-4268-bf28-ab8070e2e0d7","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":224,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"2ae89690-ba91-4c88-bc6f-0b37c2531aff","block_type":"box","text":"good-faith basis as methodology develops.","page_number":224,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"e54edfbb-3431-4774-b51f-f9773b19f780","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":224,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"a8e9e083-63fe-4da1-bb63-ac048cff6eb8","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":224,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"cabfefe2-0389-4268-9b1a-e38055457e3a","block_type":"box","text":"generate long-term financial returns.","page_number":224,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"ab33c041-4e19-4acc-962c-6abc154768eb","block_type":"box","text":"14","page_number":224,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"b563804b-7008-4a3e-bc38-be1d1cb706d1","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":224,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"d5ec1b77-3a09-4017-a80c-9a1c63b6edb8","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":224,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"c786eefa-8225-465b-bc94-9bc31c88eb8d","block_type":"box","text":"15","page_number":224,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"a9c92278-749e-4874-b90a-4bb62b2572bd","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":224,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"32d2f171-da71-48d1-b28d-ef6b7ca70cc9","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":224,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"de9d4f9e-49f6-4b03-84d7-e84eeb39c5ed","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":224,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"6d05b6d1-08af-47fe-90cb-732149588f41","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":224,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"fea8375f-d0c2-4284-aea6-eda25b0171fb","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":224,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"6f4dc898-6870-4a57-906a-02215fbdc4de","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":224,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"f7b917f0-77c6-4b1a-b4b1-7c150fb70879","block_type":"box","text":"12","page_number":224,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"35224809-93c2-406b-996a-caff85a1bd99","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":224,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"1e2d7741-64b1-4be8-95ee-744cb7a76593","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":224,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"05967e12-3ee9-46ee-8984-a6b466679871","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":224,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"c7a19ee0-5112-4fea-8a28-4cd68c700723","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":224,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"268b9e60-5eea-4ddc-adcc-0345bf4a5e63","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":224,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"21c49f46-2089-41dd-af7e-72cc019b5aef","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":224,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"a2cb3d52-2a35-4826-9ed3-748cd0cc26a1","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":224,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"8a88799b-18c9-4f2e-8201-167240c0a89d","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":224,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"bdfa5e02-bed3-4fac-9b0e-fefdb5e5051e","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":224,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"84b51b79-7ab6-49fb-886a-953e1d313b8f","block_type":"box","text":"13","page_number":224,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"8c03571c-bc34-45c2-b1c6-b7d0a5c481a4","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":224,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"12084de8-2453-4724-968d-4501caf594fb","block_type":"box","text":"2025.","page_number":224,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"58a90b90-595f-4e9b-923a-41be73911c5b","block_type":"box","text":"14","page_number":224,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"fc85a928-c418-4e1f-8fb6-6ff3bb97139a","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":224,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"9c5432c1-932e-4bb1-bb9d-6c6b53eb2c50","block_type":"box","text":"2025.","page_number":224,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"0e78e93f-8721-4d4d-b196-e380fb4d25b1","block_type":"box","text":"15","page_number":224,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"edb3ac81-964f-4bd0-a3ae-f71f4c3ef152","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":224,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"68620a4c-fd80-42b0-b1e1-7df5d72baf0b","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":224,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"b320c530-889f-4201-a4f6-61c8763f6eff","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":224,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"450a52b7-9190-4dd7-b220-758d5efc580f","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":224,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"d1a5c486-b887-46d8-988a-0a6a50829de8","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":224,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"662b7d7f-1e45-4745-8dba-71c35b732e8c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9c39d88e-7d48-4938-97ff-63e50940b934","block_type":"box","text":"Global Principles | 11","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"87c35ab3-eeee-4916-8def-45a9be81db1e","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a384da4e-27cc-4825-a7d3-9eb39db4ab85","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":225,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"a01425da-8a22-4591-a2b6-da06f6fa8a31","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":225,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"a171ec97-066f-4d51-95c4-198c50f5cb7f","block_type":"box","text":"16","page_number":225,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"65401861-b562-447b-84cb-524b47829a63","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":225,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"88207220-a1cc-4e6b-88dd-05e1b80d4ce4","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":225,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"0457f64c-1e06-4ce4-87ec-e88e1ebc5238","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":225,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"a7880afa-59e6-4955-aff0-d53f7d091435","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":225,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"a6dd5ba1-5670-41e9-8218-ed4fa2bca2c6","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":225,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"ef941115-a4a3-4554-ab30-23420dd4d9d0","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":225,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"9c943ec1-3f9e-4a13-a8af-f296f4ae1e33","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":225,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"86fbf100-ff8a-467c-a33c-e6335d4f1297","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":225,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"cdeff82e-cd6d-432f-a246-afcf2cad9278","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":225,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"34e178d0-f5d8-4579-90f1-6597358483ab","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":225,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"b951f0f7-8743-4e5b-9663-bdeafdae1d7a","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":225,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"2eb2f557-a4b4-442f-aabe-d1c157263454","block_type":"box","text":"impacts.","page_number":225,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"e78d92fa-69ac-4162-8800-3b14bbe4070f","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":225,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"19b45312-6455-4f60-9086-8db1c43fa7f6","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":225,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"c805679c-f082-4671-a788-077c5131b701","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":225,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"91e8b3ce-3a38-4924-a6b8-4ef3b1224521","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":225,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"80826af5-b6b9-40d5-9cb0-53c64f03c8c8","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":225,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"87b8b0dd-b13e-494e-8228-bdb4d73c032e","block_type":"box","text":"clients at the global and regional level.","page_number":225,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"4917cdd1-a20e-4d41-8255-9a4806014c2c","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":225,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"5def9c4f-f40a-40fe-b6cd-8d1eae0eb089","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":225,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"a12d822c-8a09-48f5-8af3-465780557fc1","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":225,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"fd663a33-4a95-4dea-9968-13183805e08e","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":225,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"2b5287b1-470e-4f94-af3c-363055b47077","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":225,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"a0b20959-9748-4f7b-ab8b-6147eb612c6d","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":225,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"012a573a-476f-4a9a-8c97-27b68efb220a","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":225,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"a5440de7-5083-4f8d-aa4f-6cbf014a98c2","block_type":"box","text":"are independent from the investment stewardship function.","page_number":225,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"8fd698e6-9be1-4b3d-a460-629ab517daad","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":225,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"1d8ddb38-3250-4441-abac-c6fde7f44731","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":225,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"d92782fa-ed4c-4a83-a39e-22a6163b12f3","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":225,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"2caef81e-ed22-4a94-b07e-ebd0a2a9482b","block_type":"box","text":"VOTE EXECUTION","page_number":225,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"dc86762f-f125-49af-95e5-cc46df2d0745","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":225,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"6a6fa1da-25e6-466f-ac9d-83010c7aadce","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":225,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"1a9c11a8-f119-4332-891b-a136d099ac68","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":225,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"bba3e669-258a-49ad-ada0-eeec43d2db6c","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":225,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"59fd2bf5-2e3a-486f-a405-de6ebc1bb21c","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":225,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"28a694af-b439-4b88-955d-949336b7eec0","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":225,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"7176c17f-d0a1-4c29-9bab-bc5de2b5a9b0","block_type":"box","text":"management policies and procedures,” below).","page_number":225,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"2d725e8b-481c-4c4a-b850-bcde73f8c30e","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":225,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"0cb2fcf6-841b-49c1-b8ca-cf579d6c3e91","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":225,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"fdf47919-265d-4bec-8a9d-5419c3c0de97","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":225,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"29f49297-514b-4a22-9fdc-10ef8644eec5","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":225,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"a240e4f9-9aa1-450f-b69c-a9dd8656adfc","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":225,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"0957896f-7d3f-413a-b702-5c2a18481f11","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":225,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"3ca1b4a3-97e0-4729-8b7d-59fe7b436a43","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":225,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"a5545ffe-5d18-40d4-b2b9-6ee9b6546bac","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":225,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"0a241aa1-6c0e-4cfa-b660-efcd4c46f675","block_type":"box","text":"16","page_number":225,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"8a101f35-bd2e-4509-b000-57b3058385d3","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":225,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"ed61d421-68b0-4e33-b8c6-8f808aba40f6","block_type":"box","text":"December 2025.","page_number":225,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"fa9914dd-ca11-4d3e-9fd6-84187a044231","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5a27b2c6-9a28-43b9-84a9-db476aba606e","block_type":"box","text":"Global Principles | 12","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"a27ab502-c894-430c-83a0-9c55608ab9f6","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7caabad-c47c-4468-83ff-448d9a60a6cb","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":226,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"471acb01-16b0-42ec-9b61-cc274840ffef","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":226,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"43a1333a-1664-4694-8274-9a9466fefcf7","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":226,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"a2d3cd1f-69d1-4c84-810c-8a6237619649","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":226,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"5163dfff-cf3a-4502-8814-51a76cfe93b3","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":226,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"bcdd8170-89d5-453d-a756-2fca34d6486d","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":226,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"5c9e068c-1a77-4106-b7db-cee0a1182943","block_type":"box","text":"enterprise-level vendor management activities.","page_number":226,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"71c011e5-5f66-4aff-bdbc-e08cc41893b2","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":226,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"75586f68-787e-480e-8be6-7c0a2549d41e","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":226,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"c6a834f5-007d-487c-ac97-9b4773403d65","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":226,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"d1723576-6196-408e-959a-97bc32691442","block_type":"box","text":"BlackRock employees.","page_number":226,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"9c2fd2a9-8302-4f79-8bd2-d575c9677bce","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":226,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"bcd71158-dd95-4d9f-ab20-3518da431d27","block_type":"box","text":"SECURITIES LENDING","page_number":226,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"17287d3d-2e6c-4721-a648-4b51714f0997","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":226,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"14a250a4-f93c-4c64-bc1c-d94dd0cd8644","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":226,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"bc7cfcba-7fac-4737-9b2e-d33a43ff5dbe","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":226,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"96ab3029-e48f-48e2-a8e7-1df60f13e271","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":226,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"fef14676-a621-4a71-b137-02b7da80ee78","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":226,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"fb05fa6f-6403-4d4e-8530-d1321f088848","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":226,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"127bc541-4f37-47c7-9352-2117e6a8d74c","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":226,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"30510b76-9096-4158-adc0-89bde1713ad5","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":226,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"c9c7bec5-a422-4c2d-808a-16deb08a898d","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":226,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"833b9073-bbb8-44de-b673-eb30b2d1cb6c","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":226,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"a2e6e5c8-e502-4bff-ac40-6996876ed281","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":226,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"b2e17e0f-bca8-4ac9-9b7b-867642901b8d","block_type":"box","text":"of recall consideration).","page_number":226,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"d3e77a37-8faf-4747-9f9f-d936e9b0fe2b","block_type":"box","text":"17","page_number":226,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"7422834e-16b8-445b-9dfc-5294ff635297","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":226,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"46faa3f9-28eb-4d1c-b00e-e9e4ba0e50f5","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":226,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"93df1d85-2226-49df-a8a1-698bc44ad7cc","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":226,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"1d0975c1-8da7-463b-8a4d-930194fca65d","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":226,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"9fb2fedb-5e5c-4f43-8764-91eee975d650","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":226,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"f7511b60-285a-45ff-aa1d-69a57958376d","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":226,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"4948cacc-9479-41ca-94d3-697195b07749","block_type":"box","text":"impor tant to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":226,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"4ffa3b06-7c28-4fa1-82ca-c2003ddbb87b","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":226,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"e9677a46-9ea8-4ba5-92c1-1bc385f38220","block_type":"box","text":"and may modify it as necessary.","page_number":226,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"151e86c4-86e0-492a-8c80-666d59c6266d","block_type":"box","text":"VOTING CHOICE","page_number":226,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"7dfbd8e5-dcd6-4235-b118-ceca7282070f","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":226,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"b2cd293d-9dd6-4fae-bf05-ed5c69ec6a37","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":226,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"99b4c7cb-15bd-4878-8b6b-c5f8b05e1c97","block_type":"box","text":"18","page_number":226,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"5ed56e4d-f1da-48f9-b0fe-e082499efa9d","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":226,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"dc4596c5-a616-44d1-b29a-e269b2b3ff5d","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":226,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"eb40d46b-8565-421e-bda2-575dc4fa5ce8","block_type":"box","text":"17","page_number":226,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"abf8c1fe-c746-40e6-aa1a-8eb509d67844","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":226,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"a25d2327-f295-40ae-909a-8e07be71e67d","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":226,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"f83f1714-18f3-42df-8f2b-ca748d157fff","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":226,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"413a76ce-c3d2-4a3c-873c-22e1013261ee","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":226,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"e2e97de5-dcd1-47a1-91c1-6cf4ead41f77","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":226,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"9aecd036-8760-495c-aae9-6c4d3fc667ce","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":226,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"c68a1bdb-82d1-4bd7-84c7-a1b9c268d9d4","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":226,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"3b8a6c7f-d13a-4607-a811-6eded6a171a8","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":226,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"c5cabd91-5c3b-45c0-8bca-4faf95333141","block_type":"box","text":"18","page_number":226,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"0554b843-850c-40f4-ac29-151fa0aa0999","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":226,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"a07df86f-270a-42b4-b3d2-a757954d19cb","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":226,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"307cd86a-ba0f-4e3c-98cb-cdd6382f6f0e","block_type":"box","text":"including the decision to lend securities.","page_number":226,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"b5b0267d-5b01-40de-8166-ffb7a8ef0319","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"02915272-3e59-4e7e-9f79-ad6921a0dd3d","block_type":"box","text":"Global Principles | 13","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"c6e36a25-b262-4ca9-a2b3-18343a5c5572","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a048323-946c-457a-9102-45f0cdc2231f","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":227,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"d80518e7-51fc-49f7-ab7a-ca145deb4d2e","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":227,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"086a8727-33f6-4ad6-a739-c7f29ae4c5e0","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":227,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"216865d5-9999-4ed3-bb86-e0dcda6596d7","block_type":"box","text":"19","page_number":227,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"a2d3abed-ab52-4313-970e-21e2a9a73089","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":227,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"951f3499-8bf4-4df6-9cd6-d85377720165","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":227,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"9d8103fc-b84f-4c3d-9ccd-58893c1dc178","block_type":"box","text":"20","page_number":227,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"ac21d019-025a-4fdf-954c-29a31bdd6904","block_type":"box","text":"As a result, the shares attributed to BlackRock por tfolios in company share registers may be voted differently","page_number":227,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"6f6a0937-9915-4a17-95c3-c536ea919855","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":227,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"98f72c9d-e5f5-4c90-9c93-de056da01171","block_type":"box","text":"accordance with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":227,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"7709e802-eff9-441d-8e3a-c63afcf648bc","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":227,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"71573a73-0916-4723-b093-e8de2ecd57a9","block_type":"box","text":"21","page_number":227,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"d99719a3-c04e-4065-9269-af887fe3d658","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":227,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"d85296e5-1896-4180-a121-86aa16ca3821","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":227,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"02f3cb55-a95d-48b0-a030-fb859cc029a7","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":227,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"36b34510-8920-4c53-86d1-4c026188c310","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":227,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"8b3e1eb7-93ea-4652-b267-aaa8b57c05f6","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":227,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"06ac0938-f963-4dd1-89b6-362f7271ea83","block_type":"box","text":"priorities, as well as quar terly repor ts detailing our proxy voting and engagement activities.","page_number":227,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"e7fb6d05-b1f2-419f-88d8-5fa9a320ee9f","block_type":"box","text":"19","page_number":227,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"5e112763-b554-4a01-bab0-dd1137911961","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":227,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"86782728-634d-42b6-9c19-28fc6d9f5545","block_type":"box","text":"preferences from a set of voting policies from third-par ty proxy advisers. 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Fur ther, the Guidelines consider the","page_number":233,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"de75bb34-11cd-461f-bfca-7e0582e17cea","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":233,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"f2b042d0-aca9-4eba-aee7-8106e867d08d","block_type":"box","text":"does not.","page_number":233,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"0fdbae4c-471d-466d-ba20-13f9d388be0c","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"edc8294a-1392-4b1b-a8a1-f6b8abed798f","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":233,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"b2517620-3bdc-48d6-9b83-c0b798def0e7","block_type":"box","text":"limitations:","page_number":233,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"5caa2b9e-ed5f-4355-adf2-3afb3b15e2c2","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":233,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"60b86e77-cd36-4192-b6f9-07000352145f","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":233,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"2550b6aa-3cb2-449f-8d7c-a513540f104a","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":233,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"e49b3213-c3fc-4ac5-9299-f2ca83ce9cfb","block_type":"box","text":"•","page_number":233,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"7d2d65e4-efce-4cdb-97f0-a5896148943b","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":233,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"15d740f5-734b-486f-b97e-6b65f77319cd","block_type":"box","text":"The boards and executive leadership","page_number":233,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"07ce7234-1254-4047-a135-dc29e9a8ebff","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":233,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"7cbca181-0c37-4627-9579-e660f0698e45","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":233,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"5c128277-e5c0-41b8-a2be-da376248a4b0","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":233,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"0d79fb25-dc17-4a38-9e35-38b1fb663f00","block_type":"box","text":"Voting approach under the Guidelines","page_number":233,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"518483e7-64eb-417b-8d11-04fc875ec3a1","block_type":"box","text":"12","page_number":233,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"00325616-8390-44ed-9e73-25e27efa39ee","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":233,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"80c27ca6-5872-4c4a-9a04-1f08224a2fb1","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":233,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"acdb369f-9e7d-4b29-be47-b8fef24bbf23","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":233,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"ec3af128-139a-4e77-a212-e15050603c5b","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":233,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"c8c0d30b-d661-4c56-827b-28e76c487ea9","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":233,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"7ed41923-465c-42b7-965a-8de966a393b8","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":233,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"7c075ba2-ad15-440a-bed9-86f9d2a00e10","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":233,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"24a698ba-d084-45c5-a59a-feaa7a55786c","block_type":"box","text":"Corporate Disclosures","page_number":233,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"ef8642ea-bd37-4bcc-ac2b-8121cf0d1b87","block_type":"box","text":"13","page_number":233,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"ed20d157-07f6-408a-a98d-7b5dde907938","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":233,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"029ce46e-2d04-4f8a-a710-63c6240cfa34","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":233,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"ac18cc1b-8e5f-447d-a508-bc01dce27031","block_type":"box","text":"to companies that are impor tant to the transition to a low-carbon economy to explain the strategy and governance","page_number":233,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"0573d0d9-cdcc-406c-b7c4-95f56154a208","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":233,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"ad750ad6-9203-4a8d-81ac-8a0dcb47764d","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":233,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"e23c03a4-adf7-4b7a-b480-1036a7fe3187","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":233,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"35b41de5-11c9-4adb-a04f-bd3fdf65d59e","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":233,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"6ff4b255-887e-429c-b7b6-f9ade6e8a3f0","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":233,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"c17c2dbf-1f1c-498a-b200-9073e87f676f","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":233,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"36d7dd05-cdcf-4529-93b8-6ce4fa1779f8","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":233,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"7a0cabce-913a-49bb-a770-7763f52cced1","block_type":"box","text":"14, 15","page_number":233,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"6adef6c8-e315-4c6a-925c-f42da21d9ba0","block_type":"box","text":"IFRS","page_number":233,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"31ca6d66-8c1f-4f1b-a0bb-6e544271cb31","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":233,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"9721725e-7cb5-44b0-a234-ad95896d8b54","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":233,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"68eabffb-073f-4df4-bd94-3478964a7bbe","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":233,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"ab649415-21b5-4bc6-9766-bce3c58b8887","block_type":"box","text":"and assurance standards are developed.","page_number":233,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"24713366-fd1e-4054-93ce-18dc0602845b","block_type":"box","text":"12","page_number":233,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"15c4efb5-d342-4f4f-9364-983cbf17f263","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":233,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"633c0fe3-1763-4699-91ee-b2c073f1c8e9","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":233,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"16fbfe23-4c35-42df-a964-998af649a463","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":233,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"305bc4e7-17a6-4eb3-a76a-bb289e023f8d","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":233,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"731d5247-f5fe-45e7-a8fe-4e021c78ebfb","block_type":"box","text":"13","page_number":233,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"519b6b7b-5b39-4376-af0f-3ba8bddff86e","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":233,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"ddf6b837-39f6-4c7a-8daf-b03532cf811a","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":233,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"ee8b4291-39dd-4c0d-a7f9-2d236601e611","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":233,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"128271fc-3705-4bd7-9416-11a52b1f2c7b","block_type":"box","text":"14","page_number":233,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"ea0d4552-1ed2-421c-905a-334569b2352f","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":233,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"5ed1796f-e7b1-4b8c-b086-d7e5a222f731","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":233,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"0fc13a00-9dc0-4802-8540-407bd3ea6cc1","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":233,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"fac064a5-acdf-456c-96a2-6c67e51b843f","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":233,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"ab9b40ab-f70b-430a-9db3-a222bf715c40","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":233,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"23bc4d8d-f612-41f5-842d-22ba6cf6721b","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":233,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"f927a2ab-3103-4df0-b8bd-e1f60ec3f472","block_type":"box","text":"15","page_number":233,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"cab93e7c-da0e-42bf-9de6-24234f59c906","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":233,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"378348f1-d8a5-47c7-aa00-5db20327389c","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":233,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"920c73ab-b117-4c95-9015-488ae9890915","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":233,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"65862849-ca33-4bfe-9d0f-b1121eb33408","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":233,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"cfaa225d-ed7c-4aa1-bf30-496943074341","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":233,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"d3b51b80-3c03-458e-a8b9-bbe9ffc7bb34","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"afe6dc2b-8854-4379-91be-06e7dfe765ae","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":233,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"c6852044-6337-4fe8-85aa-8c92c3ddd7d4","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"80af55cf-d95a-4b98-8e49-55fddb17bea8","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":234,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"7b0ac17b-22c5-4741-b86c-ca39115e80f2","block_type":"box","text":"16, 17","page_number":234,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"d6cfb8bf-88af-48e5-8609-d433872710ff","block_type":"box","text":"In addition, the dedicated team looks to","page_number":234,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"9691d16c-685f-4045-ab89-9b5d4c4b9ded","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":234,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"e8290724-f2f3-4f21-8fe0-2c0ea95b7adb","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":234,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"f81d76eb-63d4-43b1-b585-c610e81f7c4f","block_type":"box","text":"scope 3 emissions reductions. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":234,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"cf3534e2-a56f-482e-84c0-05f6d5fec6cb","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":234,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"8dd18060-eab1-40c2-897a-d1c7b52cd556","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":234,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"9d14fd06-0c2d-4a18-afcd-ca8b99f2970d","block_type":"box","text":"18","page_number":234,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"fc82983b-d9e0-443f-adb5-462f5000d605","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":234,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"07a934a9-ed5c-4e53-adec-170176e44e7f","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. 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The directors most likely to be in focus are the chair of the board","page_number":235,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"a30ea930-9c51-4922-9a2b-28e9e63e6e20","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":235,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"2c3788f5-88ea-4eea-8b28-453bdb7e3b1b","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. 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The research uses a definition of materiality from the GHG Protocol,","page_number":235,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"0cf5da61-aef8-49ca-9e7c-65f1ce027d1e","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":235,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"59eac7ef-ff19-4188-b753-827c231ea1bf","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":235,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"21119cf8-ccd6-400b-adf5-5affb4bf29d6","block_type":"box","text":"Website accessed in December 2025.","page_number":235,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"37696133-5b06-473c-976d-d84640a151d7","block_type":"box","text":"22","page_number":235,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"3699becb-7538-45c1-8c9f-77f5d0806fff","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":235,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"ff009676-b525-43e5-95df-5a9012c774ab","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":235,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"f2b6a43d-4ad2-4fe3-b98d-6870f1721696","block_type":"box","text":"23","page_number":235,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"81346bd5-bf56-4baa-8aca-560eff64e54d","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":235,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"ae5874b4-3a02-4872-81dd-e5c6eb315283","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":235,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"4c14d392-0878-489a-ac7b-e6d01d54f5b8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"55273823-9697-4e75-9d27-26cd83b0f9b1","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":235,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"6bc3be85-aac3-4576-b262-2dccc7484bf4","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7eb1cb5d-2457-4580-897d-08b640c3f3df","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":236,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"6c576ea2-8c1e-498e-8395-2e7d439c5994","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":236,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"200caf6e-3714-42f8-8df9-0b710cb3597f","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":236,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"4bc0086c-3786-4341-a919-ce11ac3dbba0","block_type":"box","text":"24","page_number":236,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"4fb7f84f-9876-4a14-96d4-f3c61d21832b","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":236,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"bfdddb03-d4cd-43ad-9529-b163dfaca75e","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":236,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"08e38e65-a6d5-47a2-8e1e-ac711a6f2d2a","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":236,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"3f2e626b-e964-4dc1-b42d-b03c3fdace45","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":236,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"2afbfe64-5881-48f9-85ad-30c6b5902785","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":236,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"e4b9a3af-8eef-4e44-9c6a-9b12eaf69a7c","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":236,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"5fbddd47-de6f-47ec-b2cf-bb67c8c0bb09","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":236,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"b1506a3f-b612-40fb-b8f1-6c55f50a4c7e","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":236,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"a6f5fee3-bbc0-4571-a3a8-c3a9e05e355a","block_type":"box","text":"transition plan and targets.","page_number":236,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"1d4f8973-fabb-4ee0-8413-87680bb4fceb","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":236,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"92ed62e0-c19e-4f18-844b-dd0a5b784724","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":236,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"fc4bfea8-6546-492b-b066-dfb0ce90555e","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":236,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"d655ce42-09cd-473f-a61a-07849ddbf80d","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":236,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"e172dca5-6d14-4c6d-9365-15c528ec95ae","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":236,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"c4bd30f9-59c4-4cfb-8e9b-c8b76811784d","block_type":"box","text":"company’s individual circumstances. 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The dedicated team assesses the implications for, and the relevance to, the","page_number":236,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"5eaa5b46-dbb2-4b5e-beb0-2fbd146a2494","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":236,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"d19f646a-770e-4c8e-9ca5-76f653641af8","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":236,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"f9eae503-8f55-49c6-86c8-2adb9bd6267d","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"a5735071-7f34-4865-b224-5e41f74c7883","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":236,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"91810567-950f-47eb-9dd0-aee30eb814ff","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":236,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"18e54d19-8b5e-4660-915f-6f97a0df63de","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"513f4c1a-95bb-45d6-b603-1459c43d2162","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":236,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"750153b2-3fed-4681-ba56-14a7eac5a4e5","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":236,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"ccea99b4-30aa-4420-8a47-2ea4cb3e8a22","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"ab643acd-180c-4c64-b699-d1b9e4568dae","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":236,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"dea63833-a953-4b4c-89d7-a83ad5abaa57","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"5fb36b32-24b3-4cb2-8762-62c01ed466a0","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":236,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"6f32a638-4b2f-4547-8798-6c7cba73f038","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":236,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"5481b4d0-6e13-4e99-b96c-3d088bddb1de","block_type":"box","text":"25","page_number":236,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"1d87aceb-af80-4792-a006-9e24d6ea9c5a","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":236,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"5fc8b174-14de-488a-81de-0dc64e834e5a","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":236,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"ebbff700-ec80-44ed-846a-deac4ecb62a4","block_type":"box","text":"RELATED MATTERS","page_number":236,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"eab5c00f-dd6c-40a2-a21e-b05541fef415","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":236,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"a24ad0dd-93a5-4dd2-9564-459a0f91b7ae","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":236,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"c5511928-d43b-46ca-8ecb-c2ddf549f511","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":236,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"034f6a14-30c1-4c89-b7d2-92abada0c500","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":236,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"3bba7ea0-a135-4bc7-8f2c-cd0a5f951128","block_type":"box","text":"Executive compensation","page_number":236,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"03654380-bbe8-4aac-aa6f-5af68a3ad170","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":236,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"82b9bc36-9cbc-40bf-8bdc-45d35399d3df","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":236,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"7626790d-9992-4176-9ad0-f203d3081f1b","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":236,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"e0dd6b9b-34e4-4e72-8aab-834107308ca0","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":236,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"27e10ac2-6642-42b4-b17f-009f72c90435","block_type":"box","text":"24","page_number":236,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"473a8849-3488-4dcb-8182-64abef38019a","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":236,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"b7240f6b-f222-4ff9-b5ca-535b127a366a","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":236,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"aa0b21fa-1d27-499a-9fb2-da9d912c5e07","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":236,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"9a116ce5-1eda-4409-8ea0-685f1b1b4cad","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":236,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"b911e564-8183-4e64-a350-ded7ab021a2c","block_type":"box","text":"25","page_number":236,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"da90725b-3dc0-417f-8ceb-930bcfbb4e77","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":236,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"a5c966c1-1ecb-452f-bf0d-783e86e72492","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":236,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"6ae2b9ff-26b4-4f5d-861f-8084142dbcf8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7106ff3a-54d0-47ef-a210-f0638cfaa2af","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":236,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"d470d67e-015d-4805-a4d4-93891392af95","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb189794-4f54-4247-bbe8-ebfb33f74e31","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":237,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"f1c44e3d-b6ff-4116-83b5-9d4d619f223f","block_type":"box","text":"strategy and risk management.","page_number":237,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"902d2c06-5bee-41cb-96f7-8c0ecebcf164","block_type":"box","text":"Auditors and audit-related issues","page_number":237,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"8f780dde-32d1-4095-aa07-8422ae24ec54","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":237,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"d065dea0-a33a-40bf-9794-54dc3c5bc05c","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":237,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"6a1474cf-5fcc-471c-b5fe-5afe6c155513","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":237,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"473aff04-e673-44dc-9b80-2c3fe41da17f","block_type":"box","text":"context of its audit repor t. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":237,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"17088f9b-8628-4233-9cd5-87f227260f30","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":237,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"b6fe586a-1719-4db2-85e4-e0b31d04a4a9","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":237,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"e24a81c6-81cd-481d-a28a-1240c4b798ea","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":237,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"50266606-4f0d-431b-ad6a-0e13c71e78df","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":237,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"51a6bd59-3627-403b-ae2d-05f5be82644a","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":237,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"759a1653-ef21-4be9-b2e4-5edf09a16c48","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":237,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"557ded31-0bc9-4285-834d-360bd0320b93","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":237,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"8e6279ce-4a4f-4ef7-a697-412677587727","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":237,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"d9b9762d-900d-4d97-bc82-04548958dba3","block_type":"box","text":"sustainability-related risks and oppor tunities that may be relevant to a company’s business model and long-term","page_number":237,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"8b7fa803-2e55-477c-b4ed-a62c90c2d7ee","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":237,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"2d463197-e832-4ff5-b2ce-0e7439e1c856","block_type":"box","text":"stakeholders.","page_number":237,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"b8cc58b0-add8-46fd-89ef-482b6d3a01b5","block_type":"box","text":"26","page_number":237,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"40f89522-bc04-48ad-bcab-a36c04b1fb58","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":237,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"775cf494-428a-4b72-99da-0b88b53750ea","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":237,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"af8381e0-9923-4173-a13c-6aa620b0aaa0","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. Similarly, the","page_number":237,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"d92e89db-e960-48d4-82c9-541dd52ef15b","block_type":"box","text":"team may engage companies that face risks and oppor tunities related to land use and deforestation, access to fresh","page_number":237,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"802f36aa-8679-4e49-9db6-5d1de0a8136a","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":237,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"814e38e4-d74f-4602-a470-8462ab596444","block_type":"box","text":"26","page_number":237,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"15d23e2c-cfbf-4ff7-88b0-9492de4e7882","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":237,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"d508bde8-6072-401e-b908-0d9bfe5ef6dc","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":237,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"5d266967-4063-4945-9d54-b77691ba03a4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"dd32286d-3562-4fa0-b3e1-0dc541723334","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":237,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"1bb6f8a9-7085-4ffb-b17c-3c90c3454917","block_type":"box","text":"BNM1026U-6032130-19202019","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c05e1576-3159-4174-b0e1-103c75fb2914","block_type":"box","text":"Appendix 1","page_number":238,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"06b7741c-494d-47d1-a5a7-10f3907d4801","block_type":"box","text":"Terminology","page_number":238,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"b972faef-fb00-472f-8b0b-ac06ff9e8ad6","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":238,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"90c80842-60b5-47ed-84a5-7a747c6391c1","block_type":"box","text":"Climate risk:","page_number":238,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"b901a050-3e2a-4e3b-aa0e-3db36b30b166","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":238,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"fe02ab1e-9221-4e58-9b2f-441ebcc3cf57","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":238,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"72895cd8-9dc9-4337-ba91-07971a522d14","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":238,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"8f983152-4615-4885-88b1-02be361f5c38","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":238,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"6988349d-c604-423c-b455-4cddde816e99","block_type":"box","text":"The global economic shift toward lower","page_number":238,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"3c6cca66-1031-40f9-bad9-89a53d8a431d","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":238,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"9544eeaf-7238-4ba1-aaf1-5c973229f6a8","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":238,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"06e936e9-2c4a-4aa4-a360-4d0f68cb3bc7","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":238,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"b0510a10-9e4f-445a-b20e-35c3b2d7a2d3","block_type":"box","text":"Decarbonization:","page_number":238,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"d2afd632-ff4b-4f71-91d7-1d7acdb0a303","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":238,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"c0de95d2-4bab-45f9-ab54-d16664d77aa6","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":238,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"31f6b698-e4f3-426b-b3c6-33fed70b780e","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":238,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"d9e465ae-ffcd-4755-bcec-c0a312ee4471","block_type":"box","text":"e.g., methane.","page_number":238,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"36f32206-a0b9-4b86-9688-2814f4f278c2","block_type":"box","text":"Climate-related risks and opportunities:","page_number":238,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"6be47621-50cf-4d85-a39f-ca2bc7476662","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":238,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"34fcc6ea-a27f-48d5-940d-94708e1b7529","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":238,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"b64d8774-6360-45c8-a765-c837d2719a48","block_type":"box","text":"to physical climate change.","page_number":238,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"e52d7052-bac7-4c77-b79c-9c46cf5581d9","block_type":"box","text":"Climate-related transition plan:","page_number":238,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"24199335-30ce-4f00-9c70-edfff3317d56","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":238,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"4c434cce-9ab4-4079-969a-fe2715a3c6bf","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":238,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"ac52be2f-7b19-4643-98e5-ec2479561cbe","block_type":"box","text":"greenhouse gas emissions.”","page_number":238,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"e2f596c4-90df-4a62-85c9-1c8ba4463361","block_type":"box","text":"27","page_number":238,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"b0e6ac86-feff-49af-8619-580b661402c0","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":238,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"f0d19dab-55f3-4008-8550-4570b0520509","block_type":"box","text":"Targets that “","page_number":238,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"0d74df4b-d4a1-47d3-807c-3ffbc59301d2","block_type":"box","text":"are in line with what the latest climate science","page_number":238,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"167781bd-2d1a-4299-82cc-10f6ab5c9949","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":238,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"16673dad-de63-40fa-8c06-3f35d948b96f","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":238,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"26670a59-1292-448c-9bbb-7cf3813643cd","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":238,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"45598e99-5f7b-4d1d-a726-bf1d19fe6d5c","block_type":"box","text":"with the Paris Agreement goals.”","page_number":238,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"29c9f830-5ced-480d-9e8d-145e045b32ff","block_type":"box","text":"28","page_number":238,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"732c9982-eed7-4b2d-85c2-5d38090bfc60","block_type":"box","text":"Scope 1:","page_number":238,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"b6969211-dba9-48e4-86f0-30a2d63ffe89","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":238,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"4f1054a6-445b-4abf-8955-16d86d7b84f0","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":238,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"1d5e7b13-af6f-423d-a400-1e2db47b0ff8","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":238,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"7c62eb6d-6017-4b57-bcf6-939fff699012","block_type":"box","text":"29","page_number":238,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"d584d98e-b668-482c-8e19-1d48cad15078","block_type":"box","text":"Scope 2","page_number":238,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"e3672325-921f-4a0e-ab31-db48c1612740","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":238,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"3c6dbe9d-2407-48db-ad8b-97726fa9fc35","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":238,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"3401cb24-2367-4ae1-b457-0761fc327caa","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":238,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"b7954779-1ca2-4cef-b365-c4a2214b2694","block_type":"box","text":"30","page_number":238,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"d6b5c507-2b6d-4390-ba34-d81648203181","block_type":"box","text":"Scope 3:","page_number":238,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"55a73af6-5fc3-47b0-921e-c4f3580a910d","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":238,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"c17376fb-1bc8-4de8-aab0-3788e231d345","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":238,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"ba971ade-3bc1-4b67-81e4-b7fd5c785ae7","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":238,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"1d447d45-e44f-4793-bc2a-2ac429af7a27","block_type":"box","text":"31","page_number":238,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"cdcf8b10-0ae9-4646-b231-6d21e87baa46","block_type":"box","text":"27","page_number":238,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"a1d762d5-039c-4d4b-b29d-1d61d4870466","block_type":"box","text":"As defined by the International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":238,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"06dd2ef8-29bc-4449-b2b7-9b6346f5b1f4","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":238,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"e36830c4-046c-4396-9e4b-c23e261233d4","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":238,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"6604a337-77a6-4ea2-8735-9364561fd866","block_type":"box","text":"28","page_number":238,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"407381be-3b52-4149-b151-16be4da9d0c3","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":238,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"e0e357fd-7418-4e07-8f82-8d694f171c2e","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. We develop","page_number":238,"box":{"x":69,"y":742,"width":831,"height":11}},{"id":"3c38a1d6-fc2a-4685-97db-0f9894e2bd72","block_type":"box","text":"standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in","page_number":238,"box":{"x":69,"y":757,"width":826,"height":11}},{"id":"e84da5bb-ea64-496c-ae1f-8b3fb8517b59","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":238,"box":{"x":70,"y":772,"width":795,"height":11}},{"id":"c8721f49-5581-420f-a390-bfdd49def557","block_type":"box","text":"Source: Science Based Targets initiative, “About Us.” Websites accessed in December 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