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BRICX","page_number":15,"box":{"x":222,"y":608,"width":688,"height":9}},{"id":"0d2a23cd-8509-4649-bcc9-61d1676124f3","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":15,"box":{"x":260,"y":663,"width":460,"height":19}},{"id":"e66c1761-e166-4b78-ae5d-bacecac98725","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":15,"box":{"x":222,"y":685,"width":536,"height":18}},{"id":"d3db9164-481f-4529-b9c8-bf7f074484fa","block_type":"box","text":"The date of this Statement of Additional Information is April 30, 2026 (as amended July 1, 2026).","page_number":15,"box":{"x":120,"y":745,"width":737,"height":12}},{"id":"ca58d9bb-6a37-451e-ba74-6424be4a0a35","block_type":"box","text":"NM1026U-6033389-15/246","page_number":15,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"3817deab-ac4c-49f8-b5ae-8c53c4b3af20","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"30729d3d-54c7-497c-b80c-473f86b36c03","block_type":"box","text":"Page","page_number":16,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"defdfc8c-dca9-4a0a-a3ab-d92638cebb7a","block_type":"box","text":"PART I","page_number":16,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"d0d034f4-48f0-4f32-8a68-b9aa067b1861","block_type":"box","text":"Investment Objectives and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"1f53a56c-92e6-4b99-838e-f0735eb6b312","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"be8d8a05-dbec-4af9-bdac-d6746dded83a","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-7","page_number":16,"box":{"x":70,"y":141,"width":838,"height":9}},{"id":"e7053857-e0c9-4eab-bbaa-29691f3b5f6c","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . . . .","page_number":16,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"68df5fef-32c2-4a16-bcd9-f9bd42ff98d3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":16,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"974dd0f6-6e02-4a2f-997d-800ec3ea3e17","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":"3b6e5c05-b97e-4216-8850-fa5a0c39b976","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":16,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"be73c2ce-5683-4af2-8651-aa2e2c9c619a","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"0c4abd01-512c-4b7c-aef3-920be05969b9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":16,"box":{"x":521,"y":190,"width":388,"height":9}},{"id":"a56589db-53e0-4625-bafa-8a8f6b22352f","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"718ef44a-7186-4b3e-bc4c-0b64b2617e59","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":16,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"08972ea5-0cd4-48dd-8a64-88874f3dcebe","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"b4fb28ed-cc25-49bc-bdac-44ff10fb1381","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"7554a8c9-6fb8-4033-8cd4-3177abaf0fc9","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"3c40fdfb-1895-4c1d-8a40-58cf08542476","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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II-1","page_number":16,"box":{"x":407,"y":287,"width":502,"height":9}},{"id":"73049f11-e66a-412b-a8e9-540ef039f611","block_type":"box","text":"Management and Other Service Arrangements . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":70,"y":304,"width":461,"height":11}},{"id":"1937fd63-f2cd-475b-a450-191e11fe66b8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-81","page_number":16,"box":{"x":537,"y":304,"width":372,"height":9}},{"id":"85221493-924c-4ab3-acb3-fa3b13e90f16","block_type":"box","text":"Selective Disclosure of Por tfolio Holdings . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":320,"width":446,"height":11}},{"id":"4a19f3cb-bff5-41f5-9147-f232015023b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-84","page_number":16,"box":{"x":521,"y":320,"width":388,"height":9}},{"id":"081e8c19-b0cd-4b81-91a4-7a8d42f75efc","block_type":"box","text":"Purchase of Shares","page_number":16,"box":{"x":69,"y":336,"width":139,"height":9}},{"id":"d0e3fa32-dc39-49de-9710-49fc785dbf91","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-97","page_number":16,"box":{"x":211,"y":336,"width":697,"height":9}},{"id":"69c27676-494e-4f7c-a63d-3e5db2120191","block_type":"box","text":"Redemption of Shares . .","page_number":16,"box":{"x":70,"y":353,"width":176,"height":11}},{"id":"85fa6943-1318-4d42-83a7-9ad3f1a9f19b","block_type":"box","text":"........................................................................... 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I","page_number":16,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"c3b80ea3-9b57-41dd-bc03-20adcfb090ff","block_type":"box","text":"I-122","page_number":16,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"f7a655a0-79b9-4588-9ea0-26151887689c","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"1cf706f1-1de7-4b7e-bea3-08c0326c9528","block_type":"box","text":".............................................................. I","page_number":16,"box":{"x":358,"y":402,"width":513,"height":9}},{"id":"56aa5b80-e9ae-491b-994f-c08410acf7a6","block_type":"box","text":"I-124","page_number":16,"box":{"x":874,"y":402,"width":35,"height":9}},{"id":"155dd1ef-ea66-47b4-9bbd-c7b510fede23","block_type":"box","text":"Dividends and Taxes . .","page_number":16,"box":{"x":70,"y":418,"width":159,"height":9}},{"id":"a2fc8b6b-f560-482d-ae85-3c342a807a0c","block_type":"box","text":"............................................................................. I","page_number":16,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"e864b26d-e4bc-42dd-8642-014fe2c63f40","block_type":"box","text":"I-129","page_number":16,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"8222a68a-9aa0-48c0-8204-8ca252079498","block_type":"box","text":"Per formance Data","page_number":16,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"638fbd7d-13da-4f14-b714-91229a13abc2","block_type":"box","text":"................................................................................. I","page_number":16,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"cd8372fc-c88c-47c0-8b48-ef7dc8462ed0","block_type":"box","text":"I-137","page_number":16,"box":{"x":874,"y":435,"width":34,"height":9}},{"id":"afdc8a60-9199-4d19-b7d1-f6231a323bca","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"3fc60776-71b9-46cf-958f-2eec1a832d72","block_type":"box","text":"........................................... I","page_number":16,"box":{"x":513,"y":451,"width":358,"height":9}},{"id":"1b22c698-6ae6-4c9c-b33d-336196d9e0c9","block_type":"box","text":"I-139","page_number":16,"box":{"x":874,"y":451,"width":35,"height":9}},{"id":"a1975821-fa4a-4a8f-b6c8-4972c37cfe74","block_type":"box","text":"General Information","page_number":16,"box":{"x":69,"y":467,"width":140,"height":9}},{"id":"0ec18690-9bc8-4d04-97b6-74281401af68","block_type":"box","text":"............................................................................... I","page_number":16,"box":{"x":219,"y":468,"width":652,"height":8}},{"id":"16a1f4cc-6e3f-4f70-8dce-122b20a6e7df","block_type":"box","text":"I-139","page_number":16,"box":{"x":874,"y":467,"width":35,"height":9}},{"id":"1324b598-7eaa-4f00-9434-6561312b3e6a","block_type":"box","text":"Appendix A — Description of Bond Ratings. . . .","page_number":16,"box":{"x":68,"y":484,"width":332,"height":11}},{"id":"14aeafef-b6e8-4d5d-9fc4-4a5cd557a040","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1","page_number":16,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"2f4f5330-4951-4be8-a9d8-55721745c8c4","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":16,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"8ac43353-40df-4ec3-a820-9ac20e1602bc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":16,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"030535d6-044a-4668-b772-c00b103e642b","block_type":"box","text":"NM1026U-6033389-16/246","page_number":16,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"f7360840-bfb3-4c0c-93c1-ca46ea7750ab","block_type":"box","text":"PART I: INFORMATION ABOUT THE FUND","page_number":17,"box":{"x":340,"y":45,"width":298,"height":9}},{"id":"e4723b96-d696-4493-9e31-6e78fbc0d491","block_type":"box","text":"Par t I of this Statement of Additional Information (“SAI”) sets for th information about BlackRock Retirement","page_number":17,"box":{"x":102,"y":67,"width":768,"height":11}},{"id":"7bf9516e-1f2e-4b84-873d-054cb4224ff4","block_type":"box","text":"Income 2030 Fund (the “Fund”), a series of BlackRock Funds II (the “Trust”). It includes information about the","page_number":17,"box":{"x":70,"y":82,"width":785,"height":11}},{"id":"e3f19890-d2cf-4030-ad22-7377a72e4bfa","block_type":"box","text":"Trust’s Board of Trustees (the “Board”), the advisory and management services provided to and the management","page_number":17,"box":{"x":68,"y":98,"width":813,"height":11}},{"id":"e7888c7e-76e8-4e20-88cb-73424ab62b0a","block_type":"box","text":"fees applicable to the Fund and information about other fees applicable to and services provided to the Fund. This","page_number":17,"box":{"x":68,"y":113,"width":817,"height":11}},{"id":"8f0e91e6-638f-49ef-9da0-eb5f4ad6b64b","block_type":"box","text":"Par t I of this SAI should be read in conjunction with the Fund’s Prospectus and those por tions of Par t II of this SAI","page_number":17,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"34d5843c-40b7-411c-93dd-632979c68cb3","block_type":"box","text":"that per tain to the Fund.","page_number":17,"box":{"x":68,"y":143,"width":173,"height":11}},{"id":"db3bc242-fbb6-4571-b3a9-384de3a897e4","block_type":"box","text":"I. Investment Objectives and Policies","page_number":17,"box":{"x":69,"y":173,"width":270,"height":11}},{"id":"007f01ea-de38-42bf-8020-ac7920e988df","block_type":"box","text":"Please see the section “Details About the Fund — How the Fund Invests” in the Fund’s Prospectus for","page_number":17,"box":{"x":102,"y":196,"width":730,"height":11}},{"id":"024f319f-b72b-4b8a-a2b1-e58aaa3b4c73","block_type":"box","text":"information about the Fund’s investment objectives and policies.","page_number":17,"box":{"x":70,"y":211,"width":459,"height":11}},{"id":"89736879-b6f8-47d0-b420-003bc40eb34a","block_type":"box","text":"In implementing the Fund’s investment strategy, from time to time, BlackRock Advisors, LLC (“BlackRock” or the","page_number":17,"box":{"x":102,"y":234,"width":799,"height":11}},{"id":"c38a82f5-5157-4e5f-8d72-7affdd880743","block_type":"box","text":"“Manager”), the Fund’s investment manager, may consider and employ techniques and strategies designed to","page_number":17,"box":{"x":70,"y":249,"width":784,"height":11}},{"id":"1cece600-6343-40da-b5ae-c3571e00de62","block_type":"box","text":"minimize and defer the U.S. federal income taxes which may be incurred by shareholders in connection with its","page_number":17,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"980b3cdc-804c-4b8c-bb2d-d8dc918c1cfc","block_type":"box","text":"investment in the Fund.","page_number":17,"box":{"x":70,"y":279,"width":165,"height":9}},{"id":"f6ac4ea0-b378-4e99-b5c0-8b31aee7e1a0","block_type":"box","text":"Set for th below is a listing of some of the types of investments and investment strategies that the Fund, or the","page_number":17,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"6d8327ba-53f2-41fa-85bf-db02c345f26e","block_type":"box","text":"underlying fund(s) in which the Fund invests, may use, and the risks and considerations associated with those","page_number":17,"box":{"x":69,"y":317,"width":785,"height":11}},{"id":"0946074f-0f4d-4cad-915a-331b43114365","block_type":"box","text":"investments and investment strategies. 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BlackRock is not, therefore, subject to registration or regulation as a","page_number":21,"box":{"x":69,"y":705,"width":806,"height":11}},{"id":"f0132923-b1aa-438a-9e6c-56ba54b4f7ab","block_type":"box","text":"“commodity pool operator” under the CEA in respect of the Fund.","page_number":21,"box":{"x":70,"y":720,"width":461,"height":11}},{"id":"892c31e0-2a8d-48b6-8e96-c2228ba4ca38","block_type":"box","text":"II. Investment Restrictions","page_number":21,"box":{"x":69,"y":750,"width":194,"height":9}},{"id":"e92ba505-c93a-4e66-a8d8-7f10d5085e2a","block_type":"box","text":"The Fund has adopted restrictions and policies relating to the investment of the Fund’s assets and its activities.","page_number":21,"box":{"x":101,"y":773,"width":800,"height":11}},{"id":"e45426fb-8539-4ea9-93ec-c12e1bee8733","block_type":"box","text":"Cer tain of the restrictions are fundamental policies of the Fund and may not be changed without the approval of the","page_number":21,"box":{"x":69,"y":788,"width":825,"height":11}},{"id":"13fca830-4434-4008-ae58-7959260a882e","block_type":"box","text":"holders of a majority of the Fund’s outstanding voting securities (which for this purpose and under the Investment","page_number":21,"box":{"x":69,"y":803,"width":809,"height":11}},{"id":"33307971-245b-4f89-8738-ae219dcb23e9","block_type":"box","text":"Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the","page_number":21,"box":{"x":69,"y":818,"width":803,"height":11}},{"id":"28692e32-ef97-4509-b11e-0250114524cf","block_type":"box","text":"outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":21,"box":{"x":69,"y":833,"width":608,"height":12}},{"id":"2a0d79d0-5330-423a-863d-f27852ea2e91","block_type":"box","text":"Under these fundamental investment restrictions, the Fund may not:","page_number":21,"box":{"x":102,"y":856,"width":485,"height":11}},{"id":"9b1da262-43a8-4058-a77d-ed3c090e3914","block_type":"box","text":"1. Concentrate its investments in a par ticular industry, as that term is used in the Investment Company Act.","page_number":21,"box":{"x":135,"y":879,"width":770,"height":11}},{"id":"d946aaac-8182-4e16-800c-1ca00171f9a2","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":21,"box":{"x":134,"y":901,"width":529,"height":11}},{"id":"2570f399-01d1-4e15-8bbf-c4e5e8937f21","block_type":"box","text":"I-5","page_number":21,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"0076d2e2-090f-409e-8496-5d2eb46d75fa","block_type":"box","text":"NM1026U-6033389-21/246","page_number":21,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"c5500edc-c6a3-4197-bfe7-6028f8f3a13d","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":22,"box":{"x":134,"y":45,"width":694,"height":11}},{"id":"c91c30db-2a62-4dbe-b2c4-e15bddf1035e","block_type":"box","text":"4. Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that","page_number":22,"box":{"x":134,"y":68,"width":774,"height":10}},{"id":"a1108287-e462-492c-8a71-f9a0e965a1af","block_type":"box","text":"are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts,","page_number":22,"box":{"x":102,"y":82,"width":736,"height":12}},{"id":"b28a6cc6-eb24-42ec-a031-33179cb13766","block_type":"box","text":"mor tgage-related securities and securities of issuers engaged in the real estate business, and the Fund may","page_number":22,"box":{"x":102,"y":98,"width":775,"height":11}},{"id":"8a735512-73de-4181-80f1-c3fe4a27e37f","block_type":"box","text":"purchase and hold real estate as a result of the ownership of securities or other instruments.","page_number":22,"box":{"x":102,"y":113,"width":666,"height":11}},{"id":"fca83106-14f0-4e2b-9e28-e6a44ffdbc23","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":22,"box":{"x":134,"y":135,"width":746,"height":11}},{"id":"66279ff5-1ac7-462a-9d80-d6762cc13b23","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":22,"box":{"x":102,"y":151,"width":627,"height":11}},{"id":"cfc731b5-bf69-4942-b6b8-e092a7045193","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":22,"box":{"x":134,"y":173,"width":757,"height":11}},{"id":"137bb0c8-6f59-4028-839f-57190e0fd742","block_type":"box","text":"Act.","page_number":22,"box":{"x":101,"y":188,"width":25,"height":9}},{"id":"3c938e2d-a1a9-42a5-bb49-3bcd200e8ff5","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":22,"box":{"x":135,"y":211,"width":506,"height":11}},{"id":"a1f2df48-d5dd-4725-92fb-e41dbd5d1c52","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":234,"width":729,"height":11}},{"id":"9f7aca6b-03ec-45a1-9ef4-8c2de51c3428","block_type":"box","text":"Investment Company Act.","page_number":22,"box":{"x":102,"y":249,"width":179,"height":11}},{"id":"0ba721d8-a1c2-4643-8193-42271dae3ab3","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":22,"box":{"x":69,"y":279,"width":510,"height":11}},{"id":"434bcfbc-a5d8-45f0-afe1-acd86a5c0e52","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":302,"width":799,"height":11}},{"id":"95d07d38-e702-4d8a-8497-529ad400dc62","block_type":"box","text":"subject to change without shareholder approval.","page_number":22,"box":{"x":69,"y":317,"width":341,"height":11}},{"id":"4298ea27-12ba-409f-81c4-b7581388110c","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":339,"width":796,"height":12}},{"id":"4385968a-44c5-4da7-a84f-e8d6a24ef79e","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":355,"width":811,"height":11}},{"id":"c50dcbee-4879-4553-bf4c-32867e12b5cd","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":370,"width":833,"height":11}},{"id":"0d987d1a-a128-48c0-9cb8-d28ffe6f763a","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":385,"width":836,"height":11}},{"id":"440b1a79-01f2-460b-b069-c5ad1d86a506","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":400,"width":815,"height":11}},{"id":"296f98db-0afb-43ce-95b1-d90d6dcadd9e","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":415,"width":813,"height":11}},{"id":"709343f8-5c3c-4b72-b3d9-0e6befa5d9dc","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":430,"width":823,"height":11}},{"id":"2dcd2b3f-8517-4d4b-ac2a-e4a22221011c","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":22,"box":{"x":69,"y":446,"width":809,"height":11}},{"id":"9a71102a-2546-4f80-8f95-0854faba7f9f","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":460,"width":772,"height":12}},{"id":"7275f79c-79cb-42fb-b2c9-acda37387042","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":475,"width":824,"height":12}},{"id":"bf190dfa-8f22-411a-9afe-525b6b915ee9","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":491,"width":829,"height":11}},{"id":"ed875346-5d88-4a90-9410-c525ea5c8dff","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":506,"width":805,"height":11}},{"id":"bf886adc-97a3-4850-8d87-4cdbe284a704","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":521,"width":840,"height":11}},{"id":"37b99654-3761-4aed-a277-227cafbeab46","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":536,"width":803,"height":11}},{"id":"1120e44a-d84e-4386-9225-7e72d5abb63f","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":551,"width":807,"height":11}},{"id":"42a9c5f2-5def-488e-890e-f50376248e3e","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":22,"box":{"x":70,"y":566,"width":438,"height":11}},{"id":"2ebaa58b-fffb-4d1a-a5b7-0b3ebc053037","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (2) above, the Investment","page_number":22,"box":{"x":101,"y":589,"width":750,"height":11}},{"id":"14f5ee60-437a-4a98-9e68-e54632ca69aa","block_type":"box","text":"Company Act permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks","page_number":22,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"619ee8bd-7a35-4e26-b2d0-5633169d252b","block_type":"box","text":"for any purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary","page_number":22,"box":{"x":68,"y":619,"width":781,"height":11}},{"id":"27cc3038-a04c-40a2-8afe-06d428d8cd31","block_type":"box","text":"purposes. (The Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing,","page_number":22,"box":{"x":70,"y":634,"width":815,"height":12}},{"id":"b6d9fa03-fe9d-44c7-929d-9a46fa53f980","block_type":"box","text":"the Investment Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the","page_number":22,"box":{"x":68,"y":649,"width":825,"height":12}},{"id":"95b740c6-f3e5-4289-98d2-c3c7a660a4cd","block_type":"box","text":"amount of its borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including","page_number":22,"box":{"x":69,"y":664,"width":777,"height":12}},{"id":"8cea3646-09b0-4ac0-93d9-17fca9b5d06f","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.","page_number":22,"box":{"x":69,"y":680,"width":776,"height":11}},{"id":"97ddaed0-d6a9-473e-a49a-72be57eff269","block_type":"box","text":"Borrowing money to increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments,","page_number":22,"box":{"x":70,"y":695,"width":828,"height":11}},{"id":"64e2d444-f319-4468-ac86-1af8697efef1","block_type":"box","text":"such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are","page_number":22,"box":{"x":69,"y":710,"width":788,"height":11}},{"id":"c477a828-3cab-4c9b-98f6-4604e8228d42","block_type":"box","text":"subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company","page_number":22,"box":{"x":69,"y":725,"width":813,"height":11}},{"id":"0162adf7-cecf-41aa-bf9d-e3381637f7a4","block_type":"box","text":"Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may","page_number":22,"box":{"x":68,"y":740,"width":802,"height":11}},{"id":"182488d7-9756-4b85-acf3-172e9bc8e49c","block_type":"box","text":"either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the","page_number":22,"box":{"x":69,"y":755,"width":834,"height":11}},{"id":"cdecf9f8-d943-453c-9cf2-b63ca25d820d","block_type":"box","text":"aggregate, or (ii) treat such transactions as ”derivatives transactions“ and comply with Rule 18f-4 with respect to","page_number":22,"box":{"x":69,"y":770,"width":807,"height":12}},{"id":"1d204ff0-ad9c-4a4d-927a-f40f212286b5","block_type":"box","text":"such transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":22,"box":{"x":69,"y":785,"width":831,"height":12}},{"id":"1678325b-4ea2-44cd-aac9-c1b64de2fb42","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":22,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"749d4a35-4780-4f02-8c0e-1febdd235971","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":22,"box":{"x":69,"y":816,"width":643,"height":11}},{"id":"68e6e0bc-b23b-4fc6-a91c-635726fca7c0","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":22,"box":{"x":101,"y":838,"width":788,"height":12}},{"id":"89d29597-5e7c-4822-9886-f196a9faadac","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":22,"box":{"x":68,"y":853,"width":840,"height":12}},{"id":"2bee435d-c8b5-4a53-af38-e8f33ac646ae","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits the fund to have underwriting","page_number":22,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"f63e4d7f-df1e-4ae0-a775-6cded08b5c7a","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":22,"box":{"x":69,"y":884,"width":811,"height":11}},{"id":"2c7fdb3c-84e6-43f9-af8a-ae7d9d3ddfa1","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":22,"box":{"x":69,"y":899,"width":838,"height":11}},{"id":"78842ef7-108d-4232-be9b-c39e6df5b607","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"e3732743-8adb-4afa-b41d-64613d1bc620","block_type":"box","text":"NM1026U-6033389-22/246","page_number":22,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"7e8a1814-9a7e-48ed-812c-ac2acf9c6aa4","block_type":"box","text":"the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. The","page_number":23,"box":{"x":68,"y":45,"width":834,"height":11}},{"id":"e32d6dba-df44-456c-9c97-5ec90566d585","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":60,"width":826,"height":11}},{"id":"8b28d0c9-92c7-4cfc-a1ca-fed62bafd721","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":75,"width":822,"height":11}},{"id":"f16a904b-36df-4f08-91e7-5eed32070104","block_type":"box","text":"the application of the Securities Act provisions described above would cause the Fund to be engaged in the business","page_number":23,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"315d8f23-e747-48d8-8b15-8f8727421b1c","block_type":"box","text":"of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in transactions","page_number":23,"box":{"x":69,"y":105,"width":793,"height":11}},{"id":"5b91afe8-61b7-486d-b793-abb9c0d63220","block_type":"box","text":"involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be considered to","page_number":23,"box":{"x":70,"y":120,"width":818,"height":12}},{"id":"a0c54401-8f04-4510-be4f-4fb933acb554","block_type":"box","text":"be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent","page_number":23,"box":{"x":69,"y":135,"width":781,"height":12}},{"id":"f287fca2-e5f5-45f4-a836-1f272df29795","block_type":"box","text":"permitted by applicable law.","page_number":23,"box":{"x":70,"y":151,"width":195,"height":11}},{"id":"6b51bc42-c617-4a42-bc24-8f20dd9d713b","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":173,"width":778,"height":11}},{"id":"1f4212c6-8351-449a-aacb-7681ffd2d017","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":188,"width":756,"height":12}},{"id":"960e5a40-64c7-4861-90e4-2cd66d1063c1","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":203,"width":807,"height":12}},{"id":"12cca2f4-1e51-4df2-8f1a-e07b6a0b5cac","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":218,"width":784,"height":12}},{"id":"8c3ea848-1e1f-4c5e-95a1-5e98c3cbba4f","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":234,"width":791,"height":11}},{"id":"a7f31527-fcd1-4d90-aeb5-f068619d8058","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":249,"width":803,"height":11}},{"id":"5a359775-1789-4572-9590-f5b4ed1bb9fc","block_type":"box","text":"loans.","page_number":23,"box":{"x":70,"y":264,"width":40,"height":9}},{"id":"45f871be-efff-42d0-a4f8-b4acfc631679","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":286,"width":777,"height":12}},{"id":"64c67fc3-8c20-4940-a98b-4e7793c1267a","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":302,"width":751,"height":11}},{"id":"05114ee2-6a71-4a01-ae6d-acbcb9b2a6f6","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":317,"width":812,"height":11}},{"id":"4418dd88-992d-46a8-aab3-49bdb727e165","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":332,"width":827,"height":11}},{"id":"5240f3e9-4b98-4483-b423-98a8eeeae609","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":347,"width":781,"height":11}},{"id":"c86d51df-8b8f-458c-b187-e7e4d7f6e065","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":362,"width":759,"height":11}},{"id":"3aeaa059-7270-47fa-9c45-ca7372b386be","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":377,"width":774,"height":12}},{"id":"d2a6c88b-0a25-4461-81df-2b6701f30999","block_type":"box","text":"shareholder approval.","page_number":23,"box":{"x":69,"y":393,"width":153,"height":10}},{"id":"5e058cac-eeda-4184-8f15-8a9375bd3102","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":415,"width":768,"height":11}},{"id":"f97384d7-d2d2-464d-bf92-66c32a708a44","block_type":"box","text":"approval, the Fund may not:","page_number":23,"box":{"x":69,"y":430,"width":197,"height":11}},{"id":"5164678a-b1f7-4766-bdc9-643286020b1c","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":453,"width":742,"height":11}},{"id":"343b2bd3-ea6d-4e23-a2ed-11cac744cb79","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":468,"width":759,"height":11}},{"id":"58308816-dfe8-4df8-ab47-c92d318c8c06","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":483,"width":779,"height":11}},{"id":"4de3a7c0-30c8-4613-8346-ee49f48454f8","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":498,"width":761,"height":11}},{"id":"c11fe610-24fa-46b5-832a-a390c5650de0","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":513,"width":795,"height":12}},{"id":"cd4d9aba-ddcf-49b1-86f8-41546236605d","block_type":"box","text":"12(d)(1).","page_number":23,"box":{"x":102,"y":529,"width":60,"height":10}},{"id":"02b9a1a0-c734-4dc6-bd65-ec443686e5db","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":551,"width":765,"height":11}},{"id":"fb82af47-3444-4ebb-9a32-eacfc14a9b63","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":23,"box":{"x":102,"y":566,"width":509,"height":11}},{"id":"4e54dfba-21c5-4171-895f-b570c0099968","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":589,"width":744,"height":10}},{"id":"b3f4de77-2ed5-4fe3-9dfd-796d83b8e0fb","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":604,"width":791,"height":11}},{"id":"a7ac8235-9b29-4fe0-8fd3-9acf51c2e20a","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":619,"width":827,"height":11}},{"id":"46bc3c15-7362-4599-9ad3-f3ff46ca0adc","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":23,"box":{"x":70,"y":634,"width":780,"height":11}},{"id":"8a03c9b6-e37a-4b22-816c-bac585b8fcf9","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":23,"box":{"x":70,"y":650,"width":642,"height":10}},{"id":"a7a150fe-f3f7-463d-bba9-4d0387c3f269","block_type":"box","text":"None of the Fund’s fundamental or non-fundamental restrictions shall prevent the Fund from investing all or a","page_number":23,"box":{"x":102,"y":672,"width":779,"height":11}},{"id":"220fdd3c-4be4-488d-85c8-87f0c05dd0a7","block_type":"box","text":"por tion of its assets in shares of another affiliated registered investment company.","page_number":23,"box":{"x":70,"y":687,"width":592,"height":11}},{"id":"9091c67f-bba0-40f7-afb2-ec4d543b4714","block_type":"box","text":"III. Information on Trustees and Officers","page_number":23,"box":{"x":69,"y":717,"width":290,"height":9}},{"id":"4b18985d-9fa6-47f4-9651-a25088c81f5e","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Trustee”), thir teen of whom are not “interested persons” of","page_number":23,"box":{"x":101,"y":740,"width":788,"height":11}},{"id":"d8d28b8e-0dd5-4a23-986e-837044a7216f","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":23,"box":{"x":68,"y":755,"width":779,"height":11}},{"id":"bc08db5b-b58f-48e8-a127-4242c1dbbe60","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":23,"box":{"x":69,"y":770,"width":837,"height":12}},{"id":"367e0641-1178-403a-88b9-10903e556677","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":23,"box":{"x":70,"y":786,"width":793,"height":10}},{"id":"ff2fd201-f9c3-4048-a08c-b376fe9082c2","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"c4d0df58-f3c9-436e-96cb-0eab43b7488a","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":23,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"931ef58f-bf34-45ba-8900-edbfbde2e7ab","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":70,"y":831,"width":335,"height":11}},{"id":"98d609dc-8fc8-468e-a7b1-32bddfdd31c4","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":23,"box":{"x":101,"y":853,"width":769,"height":12}},{"id":"412de478-1384-44b1-a763-ad1709473fb9","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":23,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"4aba82df-bfab-4e7c-8ced-5e32d0ef9573","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":23,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"facc62b0-4041-4205-a267-0cacd946a105","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":23,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"27b467ea-8706-46d9-b728-db43577726fd","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"68d019bb-ceba-43f5-b479-94d23e007bc3","block_type":"box","text":"NM1026U-6033389-23/246","page_number":23,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"48f1b0d5-7077-4ab4-b7bf-0eb6b7c62667","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":45,"width":830,"height":11}},{"id":"e555d4d2-2c0b-4e91-9d97-8f48f1cdac96","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":60,"width":789,"height":11}},{"id":"54ee4b6f-591b-4f00-8508-953fc9974ee8","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":75,"width":810,"height":11}},{"id":"eded0c9c-ef30-4537-8f6d-9f9191e7457b","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":90,"width":809,"height":11}},{"id":"fbbd699a-bd10-4b95-b6b5-3346860173c2","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":105,"width":794,"height":11}},{"id":"fc32772a-2b74-4bfd-9846-966f4b823572","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":120,"width":816,"height":12}},{"id":"b3a91505-62cf-462f-b926-3ec8ef16bddd","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":135,"width":831,"height":12}},{"id":"3e9d7831-a3aa-4dfa-83fa-06223f0a7360","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":150,"width":811,"height":12}},{"id":"25f6f120-b38f-4bae-91bf-dbd181b7ee61","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":166,"width":809,"height":11}},{"id":"2e1a45ea-669a-4ad6-999a-fbc40c6b9229","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":181,"width":825,"height":11}},{"id":"f363dcb4-1846-4880-b459-0ab8d2b736ee","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":196,"width":441,"height":11}},{"id":"cfdbc69b-731d-41e5-936f-c1fdc4096eba","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":218,"width":777,"height":12}},{"id":"0bf5a5af-4023-45e6-addb-9cef7e21cb3c","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":234,"width":832,"height":11}},{"id":"e5bd3ba3-f5b6-4df3-8d86-d121d947dac4","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":249,"width":820,"height":11}},{"id":"a52f7313-f398-42c3-8e25-cf685b31813e","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":264,"width":812,"height":11}},{"id":"db635f61-fdab-45bd-8c6a-4d2a28bb7cce","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":279,"width":819,"height":11}},{"id":"d24c5e08-56de-4c6d-a9ec-62c676b89e9a","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":294,"width":192,"height":11}},{"id":"54624c6e-0a5d-44fd-a761-bf99a7946e6f","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":317,"width":785,"height":11}},{"id":"586b15a4-9ddd-4de7-a792-386f27eb282d","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":332,"width":828,"height":11}},{"id":"bad80a00-d922-49d6-96b8-e547d8878e97","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":347,"width":832,"height":11}},{"id":"385f159d-6c4d-4423-95d0-67a09566afea","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":362,"width":820,"height":11}},{"id":"31973a27-0e28-4d04-8f3d-0850245a7ce7","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":377,"width":811,"height":12}},{"id":"2bea40a4-5fee-47ee-ab05-ad9528b207ac","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":392,"width":767,"height":12}},{"id":"d32c2b58-4517-4fec-87d1-7d17d41c7468","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":407,"width":815,"height":12}},{"id":"f83465a1-17bd-44cb-a225-4329c8e100e0","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":423,"width":803,"height":11}},{"id":"34d56efd-288e-49eb-b8e2-fed0881c5173","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":438,"width":840,"height":11}},{"id":"66669c94-4887-493d-a32b-b3fbced387ee","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":453,"width":812,"height":11}},{"id":"8b5a41b5-b05b-4d48-b987-d41dfe08e25f","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":468,"width":817,"height":11}},{"id":"9f1b3ef5-f546-4d93-9062-473e54aa8e68","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":483,"width":812,"height":11}},{"id":"1a12d182-455a-4364-aa43-602105da6e90","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":498,"width":818,"height":11}},{"id":"61a7843b-e41b-426b-bbf3-2b6b9f41d8b5","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":514,"width":759,"height":11}},{"id":"469cdc87-f89a-4cce-9018-9c807432ae3a","block_type":"box","text":"per forming their oversight responsibilities.","page_number":24,"box":{"x":70,"y":528,"width":299,"height":12}},{"id":"a619b38f-b1e5-4504-bc38-35ed966f8f43","block_type":"box","text":"Audit Committee.","page_number":24,"box":{"x":101,"y":551,"width":122,"height":9}},{"id":"70b9e2d0-02eb-4a67-b285-b9d0725615ef","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":551,"width":673,"height":11}},{"id":"6ff1f222-e921-44d4-bcf6-50f5df3dd1b2","block_type":"box","text":"A. Cotty, Jeffrey Jarczyk, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees.","page_number":24,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"8d254679-44f5-4cfd-be7a-3413ff115f9a","block_type":"box","text":"The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval,","page_number":24,"box":{"x":68,"y":581,"width":820,"height":11}},{"id":"ec53290b-c816-4c96-923e-279195e6c9aa","block_type":"box","text":"the selection, retention, termination and compensation of the Fund’s independent registered public accounting firm","page_number":24,"box":{"x":68,"y":596,"width":823,"height":12}},{"id":"fedab2cc-06c2-4749-8a5d-7d86c8543aa3","block_type":"box","text":"(the “Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":24,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"481c8921-63b7-4ac4-a14d-76374a75bb67","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":627,"width":825,"height":11}},{"id":"25060857-db31-474b-8662-efcd0955b1b7","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":642,"width":807,"height":11}},{"id":"3344517c-6613-49b4-a05e-a34d52ef155e","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":657,"width":781,"height":11}},{"id":"440248b7-e32e-47f8-9dd3-36776d6cdf4f","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":24,"box":{"x":69,"y":672,"width":834,"height":11}},{"id":"861ff0b3-e492-429d-8016-a6f9802e8b98","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":24,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"cd2a36d4-4d30-42d1-ba93-20434dd96cba","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":24,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"f0a998ff-b4c2-4d20-bd10-06cbb162618d","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":24,"box":{"x":70,"y":718,"width":809,"height":11}},{"id":"daa90854-c8e7-47d3-9461-437171037ef4","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":24,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"0db9af31-9a35-4d0b-b12a-ba4ca90857ba","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":24,"box":{"x":69,"y":748,"width":774,"height":11}},{"id":"931a5bdc-d7d1-4974-be4a-039c5f2176f4","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":24,"box":{"x":69,"y":763,"width":815,"height":11}},{"id":"77be61b5-8f60-4eae-8f4c-c3a075bb706a","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":24,"box":{"x":69,"y":778,"width":819,"height":11}},{"id":"e5ee8c7d-422e-41f4-9533-f9dd28919264","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":24,"box":{"x":69,"y":793,"width":812,"height":11}},{"id":"93e7be28-7908-4004-b064-f7830aa314ad","block_type":"box","text":"During the fiscal year ended December 31, 2025, the Audit Committee met four times.","page_number":24,"box":{"x":70,"y":808,"width":617,"height":11}},{"id":"ba63b694-d950-44ff-b95a-b45d7a266a9d","block_type":"box","text":"Governance and Nominating Committee.","page_number":24,"box":{"x":102,"y":831,"width":286,"height":11}},{"id":"ac120e8c-70bc-4070-aea7-d9183443b08b","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":24,"box":{"x":394,"y":831,"width":464,"height":11}},{"id":"9d55e5da-bc9d-45d3-90fd-41cb6c980bcb","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton,","page_number":24,"box":{"x":70,"y":846,"width":838,"height":11}},{"id":"e08caa6b-354b-4e5d-8d54-5fb03904a219","block_type":"box","text":"Henry R. Keizer and Marc D. Stern, all of whom are Independent Trustees. The principal responsibilities of the","page_number":24,"box":{"x":70,"y":861,"width":784,"height":11}},{"id":"8c21e904-9ec5-4c8b-abd3-c0e200f3b38e","block_type":"box","text":"Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and","page_number":24,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"69af9eb0-c19f-4b2c-88bd-cccbc44daf47","block_type":"box","text":"recommend Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the","page_number":24,"box":{"x":69,"y":891,"width":829,"height":11}},{"id":"b1a89452-a838-45b0-8144-a0e016d007f5","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":24,"box":{"x":70,"y":906,"width":828,"height":11}},{"id":"43d9ef92-9fe5-4c1b-ac2f-afb60ce6af47","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"1aaf3ffd-5198-4a28-90b0-692c10d2a706","block_type":"box","text":"NM1026U-6033389-24/246","page_number":24,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"3150e557-368b-461f-ad1c-a730282b65c8","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":25,"box":{"x":70,"y":45,"width":809,"height":11}},{"id":"7ee4774e-cfae-47d9-bcfc-7ddc04e9d12d","block_type":"box","text":"and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters","page_number":25,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"dd18ff63-4373-4223-94c3-ab43a2293b56","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to","page_number":25,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"c9fedb91-6a1e-4c0f-8de0-f2b4ed95d523","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":25,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"69bbac93-f9ec-4d12-b4b6-a1c781b7e7ae","block_type":"box","text":"ethics as they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from","page_number":25,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"7568785c-a9db-438e-a6f9-c2ece658a94b","block_type":"box","text":"time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider","page_number":25,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"60e1b161-6f4d-4651-b828-dfef4aeaf2a6","block_type":"box","text":"nominations for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and","page_number":25,"box":{"x":69,"y":135,"width":832,"height":11}},{"id":"c2f777f6-43f7-4376-b343-8cc7780006f8","block_type":"box","text":"Restated Code of Regulations (”Bylaws“), shareholders must follow cer tain procedures to nominate a person for","page_number":25,"box":{"x":70,"y":150,"width":801,"height":12}},{"id":"2d2b23e0-5547-4334-890c-dcac7a4ad5ec","block_type":"box","text":"election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice","page_number":25,"box":{"x":69,"y":166,"width":799,"height":11}},{"id":"ebee4ddc-8967-41b6-a339-12a4c9f74ff5","block_type":"box","text":"procedures, notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and","page_number":25,"box":{"x":70,"y":181,"width":776,"height":11}},{"id":"e55e333e-27a9-4f4c-9dc0-e742ddd9aea9","block_type":"box","text":"received at the principal executive offices of the Trust not later than the close of business on the fifth day following","page_number":25,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"e4167c33-ef8f-4f5a-8dcf-f4f611e662a4","block_type":"box","text":"the day on which notice of the date of the meeting was mailed or public disclosure of the date of the meeting was","page_number":25,"box":{"x":68,"y":211,"width":812,"height":11}},{"id":"735f188c-5bac-43e2-b2b7-42b34d22e638","block_type":"box","text":"made, whichever first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain","page_number":25,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"38ddb5d7-c4e6-4bc0-85b6-da66571bbaaf","block_type":"box","text":"information about the shareholder and the nominee, as well as cer tain other information, including a written consent","page_number":25,"box":{"x":70,"y":241,"width":832,"height":11}},{"id":"04d33617-7161-4c0b-abc2-c25c2f0a325b","block_type":"box","text":"of the proposed nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board","page_number":25,"box":{"x":69,"y":256,"width":811,"height":11}},{"id":"45a27a02-9b8a-4d72-bff6-638eae60a066","block_type":"box","text":"has adopted a written char ter for the Governance Committee. During the fiscal year ended December 31, 2025, the","page_number":25,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"7feddb8c-8945-4b85-bb97-bd445403cff1","block_type":"box","text":"Governance Committee met eleven times.","page_number":25,"box":{"x":69,"y":287,"width":297,"height":9}},{"id":"afa4ae1a-f559-46ea-bb66-24df6966df66","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":309,"width":168,"height":11}},{"id":"45f0fe13-1b1d-4131-9d78-797a333e11ef","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":309,"width":629,"height":11}},{"id":"f23eddfc-3af2-4c75-bfac-dcf9af9c739f","block_type":"box","text":"Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of","page_number":25,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"6e9b7300-6180-4a4d-b374-53d500afe81d","block_type":"box","text":"whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its","page_number":25,"box":{"x":68,"y":339,"width":771,"height":12}},{"id":"ebe46b76-7b7c-400f-859e-401cb25c2475","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of","page_number":25,"box":{"x":69,"y":355,"width":835,"height":11}},{"id":"d0872cac-ee1c-4e58-bdc4-02f1dde9177e","block_type":"box","text":"BlackRock and any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s","page_number":25,"box":{"x":70,"y":370,"width":754,"height":11}},{"id":"60c5a04e-85d9-4316-9d1e-3a9ae53ca9ed","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Trust and its","page_number":25,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"47ae42f4-bfa3-452f-9573-69f34ee60676","block_type":"box","text":"service providers and recommend changes or additions to such policies and procedures; (2) review information on","page_number":25,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"163ec8c2-f2d6-4cd9-b93b-358fbf561137","block_type":"box","text":"and, where appropriate, recommend policies concerning the Trust’s compliance with applicable law; (3) review","page_number":25,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"5ff5a738-9656-48ce-9692-174f57eac2a9","block_type":"box","text":"repor ts from, oversee the annual per formance review of, and make cer tain recommendations and determinations","page_number":25,"box":{"x":69,"y":430,"width":811,"height":11}},{"id":"d4249f7a-41a6-44cc-8df7-e712cb166a28","block_type":"box","text":"regarding the Trust’s Chief Compliance Officer (the “CCO”), including determining the amount and structure of the","page_number":25,"box":{"x":69,"y":445,"width":812,"height":12}},{"id":"6d38f047-ae41-4a39-8d61-d2a54c0ed094","block_type":"box","text":"CCO’s compensation and recommending such amount and structure to the full Board for approval and ratification;","page_number":25,"box":{"x":69,"y":460,"width":812,"height":12}},{"id":"624a8288-a77d-4cd1-9f6e-d82879873000","block_type":"box","text":"and (4) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":25,"box":{"x":69,"y":475,"width":825,"height":12}},{"id":"4b15f76f-63fa-4231-ac84-e31125523801","block_type":"box","text":"Compliance Committee. The Board has adopted a written char ter for the Compliance Committee. During the fiscal","page_number":25,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"2eaa25ec-fd5d-41eb-b801-492ab4a27318","block_type":"box","text":"year ended December 31, 2025, the Compliance Committee met four times.","page_number":25,"box":{"x":68,"y":506,"width":546,"height":11}},{"id":"7a201f1b-5cd7-47f7-87d9-c38eb24eebb0","block_type":"box","text":"Per formance Oversight Committee.","page_number":25,"box":{"x":102,"y":528,"width":248,"height":12}},{"id":"e08562d3-5382-43b2-9054-e3a0c2c9bb03","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":25,"box":{"x":356,"y":528,"width":531,"height":12}},{"id":"1949507a-3658-4f62-ae17-f226e1ec9de9","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":544,"width":837,"height":11}},{"id":"07053812-aa2e-4f34-aa7a-bd39ace158fc","block_type":"box","text":"A. Cotty and Marc D. Stern, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose","page_number":25,"box":{"x":68,"y":559,"width":832,"height":11}},{"id":"520795a4-bfa8-4290-86a1-e3260e75b11e","block_type":"box","text":"is to assist the Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its","page_number":25,"box":{"x":70,"y":574,"width":789,"height":11}},{"id":"562b3f89-1b43-4bd9-ab03-2bbd8812c588","block_type":"box","text":"agreed-upon per formance objectives and to assist the Independent Trustees in their consideration of investment","page_number":25,"box":{"x":69,"y":589,"width":803,"height":11}},{"id":"2a8b16ee-7ffd-4ece-a175-2409796c9a8f","block_type":"box","text":"advisory agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to","page_number":25,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"a115651a-78d5-42e8-a0d2-92d9c9898da0","block_type":"box","text":"(1) review information on, and make recommendations to the full Board in respect of, the Fund’s investment","page_number":25,"box":{"x":69,"y":619,"width":773,"height":11}},{"id":"54eedf10-4ff3-4ae2-80dd-5baff25a0cb5","block_type":"box","text":"objective, policies and practices; (2) review information on the Fund’s investment per formance; (3) review information","page_number":25,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"583de40a-6f0c-41ca-a2f1-bb5a1bb2d8b5","block_type":"box","text":"on appropriate benchmarks and competitive universes and unusual or exceptional investment matters; (4) review","page_number":25,"box":{"x":69,"y":650,"width":806,"height":10}},{"id":"a62e4b8c-c834-42f6-82c7-929c6b833df2","block_type":"box","text":"personnel and other resources devoted to management of the Fund and evaluate the nature and quality of","page_number":25,"box":{"x":70,"y":664,"width":758,"height":12}},{"id":"503ca0cd-cefb-417f-80a5-eafc86b64872","block_type":"box","text":"information furnished to the Per formance Oversight Committee; (5) recommend any required action regarding","page_number":25,"box":{"x":70,"y":680,"width":779,"height":11}},{"id":"31574d3d-7060-4d1c-93bb-2b743cfac605","block_type":"box","text":"changes in fundamental and non-fundamental investment policies and restrictions, fund mergers or liquidations;","page_number":25,"box":{"x":69,"y":695,"width":799,"height":11}},{"id":"2e92dfbf-5b9f-416e-8bf1-e99d6a6d8f86","block_type":"box","text":"(6) request and review information on the nature, extent and quality of services provided to the shareholders;","page_number":25,"box":{"x":69,"y":710,"width":780,"height":11}},{"id":"ee66fb72-32ea-4099-a8ad-d82f4df0e393","block_type":"box","text":"(7) make recommendations to the Board concerning the approval or renewal of investment advisory agreements; and","page_number":25,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"cb98bea5-7149-4140-8146-6e3f0c433aaf","block_type":"box","text":"(8) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":25,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"97aa56a8-4ff9-4552-ba43-05bca682c032","block_type":"box","text":"Per formance Oversight Committee. The Board has adopted a written char ter for the Per formance Oversight","page_number":25,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"522592ca-c6dc-4726-8c9c-a774ccc5f8ee","block_type":"box","text":"Committee. During the fiscal year ended December 31, 2025, the Per formance Oversight Committee met five times.","page_number":25,"box":{"x":69,"y":770,"width":830,"height":12}},{"id":"2b2c35c2-9ba9-4423-bc7b-4c65fbfb6ea9","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":25,"box":{"x":101,"y":793,"width":186,"height":11}},{"id":"5067fc6e-1635-48ae-8b54-8ea788809b86","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":25,"box":{"x":293,"y":793,"width":598,"height":11}},{"id":"0046596d-8b5f-4f36-8d75-4d8a53c74505","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":25,"box":{"x":70,"y":808,"width":817,"height":11}},{"id":"264d7cea-710a-4140-a128-b83dfcfb57e0","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":25,"box":{"x":69,"y":823,"width":795,"height":11}},{"id":"4ae23a10-a2ba-4c61-9626-f80b8f7ca6ae","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":25,"box":{"x":69,"y":838,"width":788,"height":12}},{"id":"14a204d5-8c6a-40bc-8d26-b4ab6ae12012","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":25,"box":{"x":69,"y":853,"width":813,"height":12}},{"id":"68e19b55-2d06-4136-9aa7-6dc9134347a1","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":25,"box":{"x":68,"y":869,"width":816,"height":11}},{"id":"a6762b93-7b3f-4030-b417-e3370d3b0e2e","block_type":"box","text":"the fiscal year ended December 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":25,"box":{"x":68,"y":884,"width":618,"height":11}},{"id":"87f59c7b-96e2-4f8d-9cc7-e855aa2ed2dc","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"2bba4a96-41d7-4ded-b641-e5ca1dbb0c84","block_type":"box","text":"NM1026U-6033389-25/246","page_number":25,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"6bb9c002-c43a-4bc3-8883-08271a74c085","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":45,"width":771,"height":11}},{"id":"01bc6772-fd31-468e-acc9-2eb1a7147648","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":60,"width":827,"height":11}},{"id":"bbe9646a-0fc2-4428-abb3-a94c60bc4ea5","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":75,"width":830,"height":11}},{"id":"2e9168de-dcf5-4697-9323-899096c9cba3","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":90,"width":825,"height":11}},{"id":"a946bc45-18d8-42a4-97cb-523fd3c16205","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":105,"width":807,"height":11}},{"id":"12d5588c-7b9d-4481-a6b9-305baef5dc28","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":120,"width":787,"height":12}},{"id":"8439ecba-b1dc-4c86-9823-b534f5cd50b9","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":26,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"edb2d051-ede3-440e-8a73-ebee6b8ece40","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":150,"width":794,"height":12}},{"id":"6984942f-9154-4c3f-a619-83d18d54e55a","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":166,"width":829,"height":11}},{"id":"8e8a01d7-7d3f-4a33-81be-d81706d39cd1","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":181,"width":823,"height":11}},{"id":"d7e8b731-8ba1-48f9-9488-9247d11ea143","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":196,"width":771,"height":11}},{"id":"b82b5411-e9ba-4923-8d0f-4098030e8560","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":211,"width":473,"height":11}},{"id":"cdbd941b-a2fc-416e-afb7-5f7d0eba1da4","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":234,"width":792,"height":11}},{"id":"58ea0203-a634-48a5-9f3c-f3fadd7aabfb","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":249,"width":807,"height":11}},{"id":"07c2a79a-23b5-417b-8a90-1c031bb9f595","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":264,"width":837,"height":11}},{"id":"21b2737b-7e2c-4220-b28c-f70d64d513c7","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":279,"width":759,"height":11}},{"id":"462f18e3-5afb-477a-96cb-e891e32cee97","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":294,"width":685,"height":11}},{"id":"2b87cc81-624b-4e67-aeb3-ecede626b2b0","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":294,"width":47,"height":9}},{"id":"86e14f3d-b21a-41dd-8bfd-2db48e20a59b","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":294,"width":82,"height":9}},{"id":"eec105e0-8968-4b9d-aed7-32184d9bafd3","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":309,"width":395,"height":11}},{"id":"ba21151a-2950-4932-8bb8-03be8bbf557a","block_type":"box","text":"Trustees Elect.","page_number":26,"box":{"x":103,"y":332,"width":103,"height":9}},{"id":"503a9297-d8b5-4a5d-9755-53ae88e5af6c","block_type":"box","text":"Jeffrey Jarczyk and Marc D. Stern have been appointed as Trustees of the Trust effective July 1, 2026 (each, a","page_number":26,"box":{"x":101,"y":355,"width":791,"height":11}},{"id":"c3b271ef-0571-4a33-9e7a-c086b8c60e19","block_type":"box","text":"“Trustee Elect”). Each Trustee Elect is expected to qualify as an Independent Trustee at the time of his service. Each","page_number":26,"box":{"x":70,"y":370,"width":834,"height":11}},{"id":"6982bf8e-be38-4abd-8cda-71a178fdc3ac","block_type":"box","text":"Trustee Elect has been retained as a consultant to the Independent Trustees to assist the Independent Trustees in","page_number":26,"box":{"x":68,"y":385,"width":822,"height":11}},{"id":"65971a87-a0dd-48ca-a4b6-9f40b1cc8ae0","block_type":"box","text":"the per formance of their duties to the Trust and is expected to serve in that capacity until July 1, 2026.","page_number":26,"box":{"x":68,"y":400,"width":740,"height":11}},{"id":"47bb1027-11de-4382-b3e3-852267b9a9bd","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":423,"width":751,"height":11}},{"id":"2470147f-3ee8-4971-a6d2-0d3fa667c0a3","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":26,"box":{"x":69,"y":438,"width":492,"height":11}},{"id":"52cc9940-f72f-461a-a286-c0b6ab612d1e","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":466,"width":409,"height":9}},{"id":"e3905b8f-4d30-47c9-b8bb-105b952af152","block_type":"box","text":"Independent Trustees","page_number":26,"box":{"x":70,"y":483,"width":154,"height":10}},{"id":"4833a126-8a63-4276-a886-c1d6ae1a8f32","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":498,"width":781,"height":11}},{"id":"ca47b0fa-0c93-4f4b-b0e8-79d0df41bd94","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":26,"box":{"x":265,"y":513,"width":604,"height":11}},{"id":"2b06f7ab-1bbe-4b30-9fd3-effee48728fd","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":528,"width":623,"height":11}},{"id":"bd6dfab4-17be-4344-bf6d-fdb0cbdbaaf3","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":543,"width":637,"height":11}},{"id":"f1533ab5-dd9e-4139-be94-04f2884c1620","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":558,"width":631,"height":11}},{"id":"f68c611a-9965-46b1-be51-6cc200353baf","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":573,"width":626,"height":11}},{"id":"566cff1b-61b4-4bcd-adf1-65335c2d4823","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":588,"width":639,"height":11}},{"id":"dca991e3-243e-43a9-b50a-a48084acc97b","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":26,"box":{"x":264,"y":603,"width":637,"height":12}},{"id":"e6e9c484-a6d7-4ab1-ada3-44d9e767a8c2","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":26,"box":{"x":265,"y":619,"width":586,"height":11}},{"id":"c29b4b48-7d9f-4700-9641-785b529e0666","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":634,"width":640,"height":11}},{"id":"a2d2105e-cc4a-4646-a7db-644f2105051a","block_type":"box","text":"and Nominating Committee and the Per formance Oversight Committee.","page_number":26,"box":{"x":265,"y":649,"width":506,"height":11}},{"id":"4fa642aa-6112-4344-89e0-b5b2385214dd","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":26,"box":{"x":69,"y":671,"width":806,"height":12}},{"id":"fc831fef-540e-4855-b509-4730e0379b84","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":26,"box":{"x":265,"y":686,"width":604,"height":12}},{"id":"649332b2-7c9d-4922-af1c-b3d4c662410f","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":26,"box":{"x":265,"y":702,"width":632,"height":11}},{"id":"32685ec2-f549-4e09-bc71-6b7b95189a65","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":26,"box":{"x":265,"y":717,"width":562,"height":9}},{"id":"9585c3ee-9600-497d-99b9-275cc2e18df4","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":26,"box":{"x":265,"y":732,"width":616,"height":10}},{"id":"b9384c5f-e8bc-48f0-83ed-816d86f426c6","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":26,"box":{"x":264,"y":747,"width":591,"height":11}},{"id":"653e9119-a631-49dc-aea6-4b0648d80247","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":26,"box":{"x":265,"y":762,"width":641,"height":11}},{"id":"c0e6d165-18ad-4514-8bb5-8cf20815ed5f","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":26,"box":{"x":264,"y":777,"width":638,"height":12}},{"id":"d0e08121-e775-459e-a87b-295460e1b8ea","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":26,"box":{"x":265,"y":792,"width":584,"height":12}},{"id":"c4c46d75-4040-403f-952d-26b31c2a02c6","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":26,"box":{"x":265,"y":807,"width":630,"height":12}},{"id":"6ee27323-fc68-471e-adf8-b24e2ef1444b","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":26,"box":{"x":265,"y":823,"width":634,"height":11}},{"id":"1012609d-cfa8-4e6e-8375-bfd2c58a384a","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":26,"box":{"x":265,"y":838,"width":599,"height":11}},{"id":"48ee0693-38c9-4a75-866e-8948f98e1c89","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":853,"width":407,"height":11}},{"id":"38444aa2-757a-45df-8753-2f7862277f17","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"8fa2dccc-dfed-49bd-9e43-489a2e69afc0","block_type":"box","text":"NM1026U-6033389-26/246","page_number":26,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"f889c951-96dd-4848-9aae-c77387972bb9","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"c94c12ed-e99a-4b3f-b977-0721cacb4726","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":27,"box":{"x":69,"y":65,"width":837,"height":12}},{"id":"a5695498-aa97-4d4b-b551-edade4544f5c","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":27,"box":{"x":265,"y":81,"width":638,"height":11}},{"id":"1d1bb7cc-59fb-4a5d-9ba2-520257e05736","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":27,"box":{"x":265,"y":96,"width":642,"height":11}},{"id":"bcd295fc-f281-4ef4-821d-fabdc38aad69","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":27,"box":{"x":265,"y":110,"width":601,"height":12}},{"id":"d5e4036e-77d3-4a4e-9e95-2325d62faa4e","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":27,"box":{"x":265,"y":126,"width":595,"height":11}},{"id":"ae2dcfc0-e12a-45a7-87d7-2b08a98a1163","block_type":"box","text":"perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":141,"width":323,"height":11}},{"id":"4f7d06c1-5ef8-4e71-85ec-3badc0036ddb","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":164,"width":798,"height":11}},{"id":"d2741129-d93b-46e7-b045-6515b30c0f33","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":179,"width":631,"height":11}},{"id":"8524ee3f-0faa-4786-9ec7-132718bb4d24","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":27,"box":{"x":265,"y":194,"width":633,"height":11}},{"id":"697d13a0-1ff4-420e-bd6c-f4535f90409f","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":27,"box":{"x":265,"y":209,"width":628,"height":11}},{"id":"654c6e25-0df2-4fe0-8c8d-9bee48ad25d3","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":224,"width":596,"height":11}},{"id":"eef34781-34a7-4840-8248-94045ca74e05","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":239,"width":616,"height":11}},{"id":"541a1212-d7c8-4f6e-9e19-1b0dbe3e87cd","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":27,"box":{"x":264,"y":254,"width":368,"height":11}},{"id":"0578fdbf-b00c-4bff-8213-247a3d7bc767","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":277,"width":806,"height":11}},{"id":"e3419cb3-5b65-43f4-8771-3f1e20efd6e4","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":292,"width":584,"height":11}},{"id":"3b496975-c2b4-4e5a-b2ee-600d1517dd72","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":308,"width":622,"height":11}},{"id":"647be079-e352-463b-94ad-05442b3815c5","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":27,"box":{"x":265,"y":322,"width":638,"height":12}},{"id":"9a5af6fe-69b4-425f-b837-db6698afde37","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":27,"box":{"x":265,"y":338,"width":570,"height":11}},{"id":"cb5521c2-ec1d-4305-8d5b-4aeb5e737a9f","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":353,"width":642,"height":11}},{"id":"ca15f293-c070-467d-92f4-e6451e922753","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":27,"box":{"x":265,"y":368,"width":626,"height":11}},{"id":"91f64372-06f9-4dff-bc40-993685feab2e","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":27,"box":{"x":265,"y":383,"width":630,"height":11}},{"id":"e30b092f-3382-4488-9baa-264575152a91","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":27,"box":{"x":265,"y":398,"width":602,"height":11}},{"id":"081125f0-4ccc-4737-84d1-5c6720bc48dc","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":413,"width":643,"height":11}},{"id":"15e089bd-4ccb-4247-97da-77cf58ccb56c","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":428,"width":639,"height":11}},{"id":"b5a817e1-f9f9-44e7-b53b-becb12d58261","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":443,"width":641,"height":11}},{"id":"15ee6fbd-0538-4a09-8f4b-eb41642ec996","block_type":"box","text":"applicable Commission rules.","page_number":27,"box":{"x":265,"y":459,"width":208,"height":10}},{"id":"0ba375a9-ed0c-48f9-aea7-1bb56e8fdc70","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":481,"width":769,"height":11}},{"id":"551a4e25-293b-40df-b4c1-e75793354e98","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":496,"width":621,"height":11}},{"id":"454cdfcf-b4f6-4cdd-b4e7-c736ec57c378","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":511,"width":599,"height":12}},{"id":"e6736ee5-48b9-42d0-b959-46fe3a614ccd","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":526,"width":641,"height":12}},{"id":"263eb5f4-607d-4c2a-95e0-a15bb4bf051f","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":542,"width":602,"height":11}},{"id":"c2c5a4f3-6a28-45cc-80f0-84454cba4f6e","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":557,"width":617,"height":11}},{"id":"9e08df7d-e340-48c5-96ce-20a930aa0464","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":572,"width":629,"height":11}},{"id":"6c5af364-0be7-4b47-b805-d84e747726eb","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":587,"width":628,"height":11}},{"id":"f0bd3e69-b376-4ee2-9baf-3ad965ec73c9","block_type":"box","text":"ar ticles and books on these topics.","page_number":27,"box":{"x":265,"y":602,"width":251,"height":11}},{"id":"4ce9ed87-37d7-45a5-9bcf-2cf08e839e32","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":625,"width":764,"height":11}},{"id":"81f3f971-950b-4f7a-ae0e-c557f62f1d95","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":27,"box":{"x":265,"y":640,"width":642,"height":11}},{"id":"67b27a1d-622e-4233-956c-27cb097fcc14","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":655,"width":593,"height":11}},{"id":"e26af2f6-5de6-4c45-9a91-15ae3ffbbc1e","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":670,"width":603,"height":11}},{"id":"a7b2e44b-93fb-40c3-a199-efdf370a8c12","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":685,"width":629,"height":12}},{"id":"e871d75c-08be-4ddc-9d8f-6f4b88f0af22","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"55f232de-da1a-4fac-bb86-0448c3d82d0a","block_type":"box","text":"NM1026U-6033389-27/246","page_number":27,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"8ba4d66e-6873-4a91-bb15-8819144039fb","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"03a2e992-b447-46d2-b77d-fdfa860bafda","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":"0bfb9801-5989-4cbe-a332-45255166656c","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":"293ca686-0509-46e3-bbdd-da701ab56a3a","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":"4ee7db8b-611a-44d3-97ee-66d9bfa7a345","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":"63d25053-6f5f-4432-b2a9-50ecfa149d04","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":"feba8fe1-d7b8-457c-871f-573b263e402a","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":"b14d800f-bcac-401f-b148-03c19d1b8dc6","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":"4d554f87-519c-4c57-8229-7ec7b28bd1ee","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":"66a0d268-b3c7-4051-af0b-d67a68d5c999","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":"b74d23b7-4b8f-4b85-bdc8-ce300305ed65","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":"2a0311c3-d9d4-4b84-a4dd-96d545e31479","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":"2887fb06-ec64-485d-bc5e-ab50a1056561","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":"bdcfb0a1-a9da-4da6-8aa6-408b8a132e25","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":"11788d93-0ec0-4d05-a419-a66ac42fa949","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":"692a6824-4a41-478b-8061-734786107a79","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":"55b712a1-e923-4d55-9c9c-6e91f55a0638","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":"7f450c54-af7b-4f58-bcbc-81c60ddf3155","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":"a2f43107-14c2-4dd8-bcd1-990e50290fa4","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":"8c619c85-63ef-473e-bbbf-fa4bbcca0425","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":"bb69a44c-7262-49db-ad1d-366f45ef051b","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":"a50e58ff-a2b8-4248-a899-e5397bdffedd","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":"39ce6fe3-b56e-4d33-a050-7098c29d5bd8","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":"ac82d58c-fedb-4cdc-8aa3-9838090adc86","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":"dad407da-4f02-451d-8ee6-134f822d4732","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":"2d2042fc-92a2-4571-a391-ccb0e6547eb5","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":"1151f555-5d6c-4115-9e0a-290be8c31995","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. 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Management, Advisory and Other Service Arrangements","page_number":35,"box":{"x":69,"y":389,"width":432,"height":11}},{"id":"f6914e4d-30c2-4321-a14f-d786fd7cea91","block_type":"box","text":"Management Agreement","page_number":35,"box":{"x":69,"y":420,"width":180,"height":11}},{"id":"473105ca-2684-4160-b012-bf9231c45f56","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an investment advisory agreement with BlackRock pursuant to","page_number":35,"box":{"x":101,"y":442,"width":805,"height":11}},{"id":"55c3ebb2-9881-4960-b5e7-57b565c17dae","block_type":"box","text":"which BlackRock is entitled to receive fees for the services it provides (the “Management Agreement”).","page_number":35,"box":{"x":68,"y":457,"width":736,"height":12}},{"id":"23952ca7-7660-4701-8019-e79e7905ca0d","block_type":"box","text":"BlackRock has contractually agreed to waive its management fees by the amount of advisory fees the Fund pays","page_number":35,"box":{"x":102,"y":480,"width":801,"height":11}},{"id":"55c759e2-04f4-40ba-bd8f-39a8811e68e7","block_type":"box","text":"to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates through","page_number":35,"box":{"x":68,"y":495,"width":831,"height":11}},{"id":"f6600cf0-4969-4dd6-ac9d-d530c4dde5b9","block_type":"box","text":"June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent","page_number":35,"box":{"x":69,"y":510,"width":835,"height":11}},{"id":"37fe9bf8-6382-4472-879c-1a82569b7f0e","block_type":"box","text":"Trustees or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":35,"box":{"x":68,"y":525,"width":588,"height":12}},{"id":"4aafdd5c-95ad-441d-a437-85a48d35ec0f","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in","page_number":35,"box":{"x":101,"y":548,"width":776,"height":11}},{"id":"76bdcd09-e143-4b5e-ab45-1ebc885d4886","block_type":"box","text":"order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding","page_number":35,"box":{"x":69,"y":563,"width":817,"height":11}},{"id":"713c7301-5076-4609-845a-68b327bb2f1d","block_type":"box","text":"Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses (as defined","page_number":35,"box":{"x":70,"y":578,"width":832,"height":11}},{"id":"6de3cab2-f7b5-4bb5-9474-6a15240ae77c","block_type":"box","text":"in the Fund’s Prospectus)) as a percentage of average daily net assets to 0.25% for Investor A Shares and 0.00% for","page_number":35,"box":{"x":70,"y":593,"width":833,"height":12}},{"id":"53ab83be-6c68-4cbe-86ad-2a732ed6cba4","block_type":"box","text":"Institutional Shares through June 30, 2028. This contractual agreement may be terminated upon 90 days’ notice by","page_number":35,"box":{"x":70,"y":609,"width":827,"height":11}},{"id":"e842400c-5130-408a-89ec-57778ae0eb70","block_type":"box","text":"a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":35,"box":{"x":69,"y":623,"width":801,"height":12}},{"id":"65efce26-58e9-4c16-8a43-0d81e8347ea2","block_type":"box","text":"With respect to the contractual agreement to cap net expenses described above, if during the Fund’s fiscal year","page_number":35,"box":{"x":101,"y":646,"width":798,"height":11}},{"id":"9836df09-a538-45c0-a376-e33a878c9ec6","block_type":"box","text":"the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or","page_number":35,"box":{"x":68,"y":661,"width":820,"height":12}},{"id":"16662b6e-95dc-48cf-b5bb-7c05a3cce931","block_type":"box","text":"reimbursement from BlackRock, are less than the current applicable expense limit for that share class, the share","page_number":35,"box":{"x":69,"y":676,"width":809,"height":11}},{"id":"97ad038f-67e9-45e2-80a7-c8dbbbaf3d03","block_type":"box","text":"class is required to repay BlackRock up to the lesser of (a) the amount of fees waived or expenses reimbursed during","page_number":35,"box":{"x":69,"y":692,"width":838,"height":11}},{"id":"c301175a-2431-455e-9829-0fe747992358","block_type":"box","text":"those prior two fiscal years under the agreement and (b) an amount not to exceed either (x) the current applicable","page_number":35,"box":{"x":68,"y":707,"width":812,"height":11}},{"id":"6f41f06d-e82b-4335-a395-249b54657afc","block_type":"box","text":"expense limit of that share class or (y) the applicable expense limit of the share class in effect at the time that the","page_number":35,"box":{"x":69,"y":722,"width":819,"height":11}},{"id":"a77feaec-9e43-478e-9ebc-d016b22d3ad8","block_type":"box","text":"share class received the applicable waiver and/or reimbursement, provided that: (i) the Fund of which the share class","page_number":35,"box":{"x":69,"y":737,"width":839,"height":11}},{"id":"75eca12d-7816-4e0f-93a6-92f3c21b0382","block_type":"box","text":"is a par t has more than $50 million in assets and (ii) BlackRock or an affiliate serves as the Fund’s manager or","page_number":35,"box":{"x":70,"y":751,"width":799,"height":12}},{"id":"dcf2408a-e9c3-4e47-9691-7e389405c849","block_type":"box","text":"administrator. This repayment obligation will terminate on July 31, 2027, and applies only to the contractual cap on","page_number":35,"box":{"x":69,"y":767,"width":822,"height":11}},{"id":"135b5a19-7965-46a0-939f-b5331ebe7d9f","block_type":"box","text":"net expenses and does not apply to the contractual management fee waiver described above or any voluntary waiver","page_number":35,"box":{"x":69,"y":782,"width":831,"height":12}},{"id":"a729574e-7d32-4a08-bbe8-3180afcfd220","block_type":"box","text":"that may be in effect from time to time.","page_number":35,"box":{"x":68,"y":797,"width":281,"height":12}},{"id":"0cd3c617-4025-4062-8da0-b2da5bad60df","block_type":"box","text":"For the periods indicated, the Fund paid BlackRock management fees, and BlackRock waived management fees","page_number":35,"box":{"x":102,"y":820,"width":796,"height":11}},{"id":"6061f535-a332-4636-add5-22609f70d599","block_type":"box","text":"and reimbursed expenses, as follows:","page_number":35,"box":{"x":69,"y":835,"width":269,"height":11}},{"id":"97a52886-7820-424f-816d-e20f241838c0","block_type":"box","text":"Fees Paid","page_number":35,"box":{"x":574,"y":864,"width":56,"height":7}},{"id":"769cb080-39dc-49f4-a1b8-ddde0ef02c87","block_type":"box","text":"to BlackRock","page_number":35,"box":{"x":562,"y":874,"width":80,"height":7}},{"id":"6f65da48-461b-4beb-8348-3866660eda31","block_type":"box","text":"Fees Waived","page_number":35,"box":{"x":675,"y":864,"width":73,"height":7}},{"id":"75d03096-920a-43e0-a065-a59acab226e6","block_type":"box","text":"by BlackRock","page_number":35,"box":{"x":672,"y":874,"width":80,"height":8}},{"id":"7baf17e3-171e-4226-b0d8-68368b823287","block_type":"box","text":"Expenses Reimbursed","page_number":35,"box":{"x":782,"y":864,"width":127,"height":8}},{"id":"730bd267-56b9-449a-b0d7-d5284ba9fb95","block_type":"box","text":"by BlackRock","page_number":35,"box":{"x":806,"y":874,"width":80,"height":8}},{"id":"4a7cf21b-0412-44e4-b63f-c876acbdd4dd","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . $4,532 $4,532 $163,479","page_number":35,"box":{"x":70,"y":891,"width":811,"height":11}},{"id":"cc09b236-2c36-4c63-95e7-607973c477cd","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . $4,584 $1,584 $190,057","page_number":35,"box":{"x":70,"y":906,"width":811,"height":11}},{"id":"059d2c40-b80d-4552-9933-8e5db622a016","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"4608ba4c-ea13-406a-bcc0-096595c558bd","block_type":"box","text":"NM1026U-6033389-35/246","page_number":35,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"7114d251-143b-4677-8da7-b42efd074de7","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":574,"y":49,"width":56,"height":7}},{"id":"d8493d7e-8185-4df9-8bfd-717674b26ea2","block_type":"box","text":"to BlackRock","page_number":36,"box":{"x":562,"y":59,"width":80,"height":7}},{"id":"00ba7eea-9836-4552-8a04-f72786eff451","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":675,"y":49,"width":73,"height":7}},{"id":"b30d354d-0eba-4e7c-977b-53b25d7caadb","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":672,"y":59,"width":80,"height":9}},{"id":"fcff9012-f634-4299-a280-98fb9d240bf4","block_type":"box","text":"Expenses Reimbursed","page_number":36,"box":{"x":782,"y":49,"width":127,"height":9}},{"id":"b292334b-32e8-4940-a2ac-44ab68ecdbbe","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":806,"y":59,"width":80,"height":9}},{"id":"9cd04fad-d8ce-4e9f-b9a7-d739dd086fa7","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . $4,507 $4,507 $209,891","page_number":36,"box":{"x":70,"y":76,"width":811,"height":11}},{"id":"326b6541-7513-4d75-af04-75a5deb8b921","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":101,"width":784,"height":11}},{"id":"eb798262-dbef-4a5d-986e-355a7573a698","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":36,"box":{"x":70,"y":116,"width":834,"height":11}},{"id":"26eaf857-7819-4eab-9db3-bdce5c13683e","block_type":"box","text":"to per form investment advisory services with respect to the Fund. In addition, the Manager may delegate cer tain of","page_number":36,"box":{"x":68,"y":131,"width":825,"height":11}},{"id":"e637b879-abc5-4867-bd7f-a23a51e55145","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":36,"box":{"x":70,"y":146,"width":801,"height":11}},{"id":"45b197bc-a6a1-4452-bd3a-ad1965391afd","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":161,"width":827,"height":11}},{"id":"81e8370f-db50-4e2f-aea8-dfda444b0603","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":36,"box":{"x":69,"y":177,"width":486,"height":10}},{"id":"90e6a41c-4ec8-49b8-a9ce-c4cd708fb96c","block_type":"box","text":"Administration Agreement","page_number":36,"box":{"x":68,"y":207,"width":191,"height":11}},{"id":"cefca483-d2ba-49da-84be-3e3218a884db","block_type":"box","text":"BlackRock serves as the Fund’s administrator (in such capacity, the “Administrator”) pursuant to an","page_number":36,"box":{"x":102,"y":229,"width":711,"height":11}},{"id":"104f6b9e-0efc-4b3d-bf7c-947014158541","block_type":"box","text":"administration agreement (the “Administration Agreement”). The Administrator has agreed to maintain office facilities","page_number":36,"box":{"x":69,"y":244,"width":838,"height":12}},{"id":"1e7e3a43-49b4-49bc-94e8-b865bf704b8e","block_type":"box","text":"for the Fund; furnish the Fund with clerical, bookkeeping and administrative services; oversee the determination and","page_number":36,"box":{"x":68,"y":259,"width":830,"height":12}},{"id":"520a42ec-1134-47b8-aada-5a7bc420082e","block_type":"box","text":"publication of the Fund’s net asset value; oversee the preparation and filing of Federal, state and local income tax","page_number":36,"box":{"x":70,"y":275,"width":813,"height":11}},{"id":"81ac8716-f24f-443c-b2a6-5e545949ae42","block_type":"box","text":"returns; prepare cer tain repor ts required by regulatory authorities; calculate various contractual expenses; determine","page_number":36,"box":{"x":69,"y":290,"width":837,"height":11}},{"id":"ac3c4225-f2c2-415e-960c-b06ad53511b8","block_type":"box","text":"the amount of dividends and distributions available for payment by the Fund to its shareholders; prepare and arrange","page_number":36,"box":{"x":68,"y":305,"width":836,"height":11}},{"id":"ff207fdc-57e7-40e2-b37c-d5d8facd868a","block_type":"box","text":"for the printing of dividend notices to shareholders; provide Fund service providers with such information as is","page_number":36,"box":{"x":68,"y":320,"width":785,"height":11}},{"id":"4fea00e5-24d9-4031-90c7-45c2b7a316f2","block_type":"box","text":"required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s officers,","page_number":36,"box":{"x":69,"y":335,"width":765,"height":11}},{"id":"228ed86f-e1af-45b3-8faa-0ce7ea2b6e7a","block_type":"box","text":"independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing agent in","page_number":36,"box":{"x":70,"y":350,"width":819,"height":11}},{"id":"acf08b54-d6a6-464e-bdee-3ac207046315","block_type":"box","text":"establishing the accounting policies of the Fund and monitoring financial and shareholder accounting services. The","page_number":36,"box":{"x":69,"y":365,"width":818,"height":12}},{"id":"49cc646d-3dc1-40b4-a9c4-19d658119cb7","block_type":"box","text":"Administrator may from time to time voluntarily waive administration fees with respect to the Fund and may voluntarily","page_number":36,"box":{"x":68,"y":380,"width":840,"height":12}},{"id":"16490647-1f54-4046-b44a-ac241fb3945f","block_type":"box","text":"reimburse the Fund for expenses.","page_number":36,"box":{"x":69,"y":395,"width":238,"height":11}},{"id":"5b4c16d9-ccbf-43b9-a99d-3dfe9a271987","block_type":"box","text":"Under the Administration Agreement, the Trust, on behalf of the Fund, pays to the Administrator a fee, computed","page_number":36,"box":{"x":102,"y":418,"width":802,"height":11}},{"id":"829a3443-da84-418c-bdad-9f797e89275f","block_type":"box","text":"daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the Fund’s average","page_number":36,"box":{"x":69,"y":433,"width":830,"height":12}},{"id":"eea4917e-2b8c-4c15-966f-4d15fcde4a13","block_type":"box","text":"daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of the next","page_number":36,"box":{"x":69,"y":448,"width":788,"height":12}},{"id":"1e68b435-75c6-40d0-8ccf-a8113cfcf557","block_type":"box","text":"$1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily net","page_number":36,"box":{"x":69,"y":463,"width":785,"height":12}},{"id":"2a41b185-74ea-4458-a392-bc74e3bd24c4","block_type":"box","text":"assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily net","page_number":36,"box":{"x":69,"y":478,"width":816,"height":12}},{"id":"b8063b6c-3b47-4583-a4e8-8baf27fc2a86","block_type":"box","text":"assets of the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to each class of","page_number":36,"box":{"x":69,"y":493,"width":805,"height":12}},{"id":"125d744b-7a91-44db-b890-942d9e857777","block_type":"box","text":"shares of the Fund.","page_number":36,"box":{"x":69,"y":509,"width":137,"height":9}},{"id":"7fe92733-0c39-40c0-be21-892f6d0ee211","block_type":"box","text":"For the periods indicated, the Trust, on behalf of the Fund, paid the Administrator administration fees, and","page_number":36,"box":{"x":102,"y":532,"width":756,"height":11}},{"id":"3a580007-81e3-4aaf-9724-db4c22484fae","block_type":"box","text":"BlackRock waived administration fees, as follows:","page_number":36,"box":{"x":70,"y":547,"width":353,"height":10}},{"id":"08c1595c-7b74-42a4-8c38-deb08055f51f","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":674,"y":575,"width":56,"height":7}},{"id":"bc48079b-1ddc-4363-b8f6-f39ee2b838e9","block_type":"box","text":"to the Administrator","page_number":36,"box":{"x":643,"y":585,"width":118,"height":7}},{"id":"5951a137-1be0-418a-b9c0-7dcad592536f","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":814,"y":575,"width":72,"height":7}},{"id":"cfd99134-4f9e-4592-ab06-4c9a898c4f85","block_type":"box","text":"by the Administrator","page_number":36,"box":{"x":791,"y":585,"width":118,"height":9}},{"id":"2c406248-7930-4a61-a911-51a9607fad34","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,832 $2,832","page_number":36,"box":{"x":70,"y":602,"width":806,"height":11}},{"id":"b27f95c7-fb32-42d9-936f-60fcb6fcd35c","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,867 $2,854","page_number":36,"box":{"x":70,"y":617,"width":806,"height":11}},{"id":"e995432d-ba38-4064-a066-5977c175d588","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,818 $2,818","page_number":36,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"e8cb66d9-bff3-4e9d-9975-52d33e153872","block_type":"box","text":"The Trust and its service providers may engage third par ty plan administrators who provide trustee,","page_number":36,"box":{"x":101,"y":657,"width":708,"height":11}},{"id":"4ac4506d-be75-4d67-a0b0-4d8e576205f6","block_type":"box","text":"administrative and recordkeeping services for cer tain employee benefit, profit-sharing and retirement plans as agents","page_number":36,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"cd940908-57e1-4921-8758-914901d0c114","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":36,"box":{"x":68,"y":687,"width":800,"height":11}},{"id":"3780600c-8252-4617-b666-25e35946823b","block_type":"box","text":"shares of the Trust.","page_number":36,"box":{"x":69,"y":702,"width":138,"height":9}},{"id":"31359567-a788-4a7f-a6c1-b9001066d853","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides cer tain","page_number":36,"box":{"x":102,"y":725,"width":740,"height":11}},{"id":"c91ef38d-8593-4dbc-bf82-d035ca3fbf2e","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund,","page_number":36,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"0182c0e9-2acb-48fd-8bc3-260e35ae9f26","block_type":"box","text":"reimburses BlackRock for its costs in maintaining the service center, which costs include, among other things,","page_number":36,"box":{"x":69,"y":755,"width":787,"height":11}},{"id":"f903384f-b86c-410c-a176-70e44202c870","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":36,"box":{"x":69,"y":770,"width":531,"height":11}},{"id":"ebeda83f-9e87-4ef0-9595-8031eae67e5c","block_type":"box","text":"For the periods indicated, the Trust, on behalf of the Fund, reimbursed BlackRock for shareholder liaison","page_number":36,"box":{"x":102,"y":793,"width":744,"height":11}},{"id":"e4ebfe6b-efbf-495f-ae28-a5c7b6ce3ed0","block_type":"box","text":"services pursuant to the Shareholders’ Administrative Services Agreement, in the amounts set for th below.","page_number":36,"box":{"x":69,"y":808,"width":765,"height":11}},{"id":"fb0d6fde-5fee-44f2-b30a-dbecd29f7c92","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":732,"y":836,"width":56,"height":8}},{"id":"92cda2fa-3c25-409c-920f-7717bbf5f0a3","block_type":"box","text":"to BlackRock","page_number":36,"box":{"x":720,"y":847,"width":80,"height":7}},{"id":"fe853936-dedd-49d1-967b-ddb242441dc4","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":833,"y":836,"width":72,"height":8}},{"id":"2043be41-5421-4c3e-8693-762135d24bd8","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":830,"y":847,"width":80,"height":8}},{"id":"6c8881d1-a416-4bb8-922a-b70b55ccc635","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . .","page_number":36,"box":{"x":70,"y":864,"width":294,"height":11}},{"id":"51d61267-e023-406f-b8ee-7885ea0e27d5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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$64","page_number":36,"box":{"x":370,"y":894,"width":513,"height":10}},{"id":"b95eb2ac-5627-471b-94e2-4cf46d07fba6","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1435c156-4b9d-4b37-b8c1-2af5d6ff28f1","block_type":"box","text":"NM1026U-6033389-36/246","page_number":36,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"e137bca8-7d9d-4c02-8f52-9b8fd3b67d60","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":37,"box":{"x":69,"y":45,"width":335,"height":11}},{"id":"11b3fb41-b3e3-43c6-8241-45e8af042e84","block_type":"box","text":"Michael Pensky, CFA, Justin Christofel, CFA and Louis Arranz, CFA are the por tfolio managers jointly and primarily","page_number":37,"box":{"x":102,"y":67,"width":804,"height":12}},{"id":"683a5491-9343-44bb-91d0-03f5d0a77cb6","block_type":"box","text":"responsible for the day-to-day management of the Fund.","page_number":37,"box":{"x":69,"y":82,"width":395,"height":12}},{"id":"1ccecb91-b585-48c3-98fa-5c5e3f19f78e","block_type":"box","text":"Other Funds and Accounts Managed","page_number":37,"box":{"x":70,"y":113,"width":265,"height":11}},{"id":"e6299e1f-9b47-4ed3-a04b-5834bacf1153","block_type":"box","text":"The following table sets for th information about the funds and accounts other than the Fund for which the","page_number":37,"box":{"x":101,"y":135,"width":753,"height":12}},{"id":"eae06cec-0bc5-43f3-9b1e-c9ae2807c765","block_type":"box","text":"por tfolio managers are primarily responsible for the day-to-day por tfolio management as of December 31, 2025.","page_number":37,"box":{"x":70,"y":150,"width":798,"height":12}},{"id":"670fb288-7e2a-4530-a0ab-a67221a78fe2","block_type":"box","text":"Number of Other Accounts Managed","page_number":37,"box":{"x":366,"y":179,"width":211,"height":9}},{"id":"cfe2f38a-e8e6-46b2-9485-bc154f1d036a","block_type":"box","text":"and Assets by Account Type","page_number":37,"box":{"x":389,"y":189,"width":165,"height":9}},{"id":"37508f61-c1ec-4d62-b1e8-f41b324fe27f","block_type":"box","text":"Number of Other Accounts and Assets","page_number":37,"box":{"x":656,"y":179,"width":222,"height":7}},{"id":"dff3e561-ca56-41d8-9b54-8a071f73fbd7","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":37,"box":{"x":634,"y":189,"width":265,"height":9}},{"id":"fe442f1a-3a6c-4055-b3f2-3069deb20de0","block_type":"box","text":"Name of Portfolio 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Pooled","page_number":37,"box":{"x":735,"y":212,"width":74,"height":7}},{"id":"2372e6d8-bc59-479c-9372-ebf08f3c2c80","block_type":"box","text":"Investment","page_number":37,"box":{"x":740,"y":222,"width":64,"height":7}},{"id":"fc385f10-1f33-4809-8d14-6243821bfdc7","block_type":"box","text":"Vehicles","page_number":37,"box":{"x":748,"y":232,"width":48,"height":7}},{"id":"9d775600-dbb8-453f-af8c-8e1fab3e486b","block_type":"box","text":"Other","page_number":37,"box":{"x":852,"y":222,"width":31,"height":7}},{"id":"7f0f7c7a-ab17-495b-bf65-150aedb13c27","block_type":"box","text":"Accounts","page_number":37,"box":{"x":840,"y":232,"width":54,"height":7}},{"id":"4af621d1-2676-49eb-9e6a-0b6dec81fca6","block_type":"box","text":"Louis Arranz, CFA 3 9 0 0 0 0","page_number":37,"box":{"x":74,"y":246,"width":797,"height":8}},{"id":"7d165229-04e3-45b6-87a1-f4359b6589e5","block_type":"box","text":"$12.77 Billion $7.96 Billion $0 $0 $0 $0","page_number":37,"box":{"x":332,"y":258,"width":542,"height":8}},{"id":"2e0137e3-6c92-4eca-8c24-ad2cb7852ba2","block_type":"box","text":"Justin Christofel, CFA 3 11 1 0 0 0","page_number":37,"box":{"x":73,"y":271,"width":798,"height":8}},{"id":"33ad26cf-1eb1-4ac4-b149-0b3c5735109a","block_type":"box","text":"$12.77 Billion $7.99 Billion $8.44 Million $0 $0 $0","page_number":37,"box":{"x":332,"y":283,"width":542,"height":8}},{"id":"9204384d-200a-4cad-9ce8-35ef7960e589","block_type":"box","text":"Michael Pensky, CFA 37 54 6 0 8 0","page_number":37,"box":{"x":74,"y":296,"width":797,"height":9}},{"id":"6edcbe63-2d38-4e64-8e79-9b1b174f691c","block_type":"box","text":"$110.70 Billion $19.78 Billion $1.04 Billion $0 $3.10 Billion $0","page_number":37,"box":{"x":329,"y":308,"width":545,"height":8}},{"id":"90c398f9-db55-41f3-9adc-355e35869730","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":37,"box":{"x":69,"y":343,"width":304,"height":11}},{"id":"f904d26c-278d-4260-8917-9062157e6d83","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of December 31, 2025.","page_number":37,"box":{"x":101,"y":365,"width":700,"height":12}},{"id":"ab2a3c59-31b9-4daf-8453-6f3f16d237d3","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":37,"box":{"x":102,"y":388,"width":774,"height":11}},{"id":"2b07bf45-c7d2-46be-bf14-885aa80a3f34","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":37,"box":{"x":70,"y":403,"width":837,"height":11}},{"id":"81a680eb-23ad-4926-bfe6-75b339a576dc","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":37,"box":{"x":69,"y":418,"width":823,"height":11}},{"id":"3bb73bb1-20ef-4e91-bdc7-b9a2622c7e7a","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":37,"box":{"x":69,"y":433,"width":799,"height":11}},{"id":"d02b0c3c-1bb4-4967-9425-135750c10ef2","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":37,"box":{"x":70,"y":448,"width":670,"height":12}},{"id":"842c818a-6252-4833-9adb-7d2f0f136c51","block_type":"box","text":"Base Compensation.","page_number":37,"box":{"x":102,"y":471,"width":148,"height":11}},{"id":"8a6261d3-4b41-41c4-97b2-20d2d1b915fe","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":37,"box":{"x":257,"y":471,"width":640,"height":11}},{"id":"c1d5b925-01a0-498e-92b1-3cce3ff1612b","block_type":"box","text":"firm.","page_number":37,"box":{"x":68,"y":486,"width":32,"height":9}},{"id":"975c26c0-96f9-4964-9654-ec8eab820847","block_type":"box","text":"Mr. Pensky","page_number":37,"box":{"x":69,"y":517,"width":80,"height":11}},{"id":"8a7b0039-cc3a-4681-9ba8-8ce8ba12ea32","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":539,"width":281,"height":11}},{"id":"f42498bf-1dd2-4ed8-990e-b18b0179e4a6","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":37,"box":{"x":391,"y":539,"width":432,"height":11}},{"id":"461cd49e-692a-4806-9678-3f6f32b45cc0","block_type":"box","text":"components: the commercial per formance of BlackRock, Inc., the commercial per formance of the por tfolio","page_number":37,"box":{"x":69,"y":554,"width":762,"height":11}},{"id":"20352de9-efe5-40f5-9351-083e9e57c396","block_type":"box","text":"manager’s group, client investment per formance relative to predetermined benchmarks for which the por tfolio","page_number":37,"box":{"x":69,"y":569,"width":785,"height":12}},{"id":"9d6861a3-b0a8-467e-b8ff-0710a41aaff5","block_type":"box","text":"manager’s group is responsible, and the individual’s contribution to the overall per formance of these por tfolios and","page_number":37,"box":{"x":69,"y":584,"width":824,"height":12}},{"id":"e22cc0de-9273-4405-9bc8-957df59e313e","block_type":"box","text":"BlackRock. Commercial and investment per formance is generally assessed over trailing 1-,3-, and 5-year periods. The","page_number":37,"box":{"x":70,"y":600,"width":838,"height":11}},{"id":"b25c36cc-237b-4ae4-9e78-9db347badffa","block_type":"box","text":"relative benchmarks for Mr. Pensky are: A combination of market-based indices (MSCI EAFE, Russell 3000,","page_number":37,"box":{"x":69,"y":615,"width":762,"height":11}},{"id":"f39696e0-3f8d-433e-af93-a83240ac93cd","block_type":"box","text":"Bloomberg U.S. Aggregate Bond Index, ICE BofA 3-Month US T Bill), cer tain customized indices and cer tain fund","page_number":37,"box":{"x":70,"y":630,"width":796,"height":11}},{"id":"beec0b52-7ad5-4678-bec0-8ade9dd0adbc","block_type":"box","text":"industry peer groups.","page_number":37,"box":{"x":70,"y":645,"width":149,"height":11}},{"id":"5d39c44b-c816-4ac5-8417-bcb0f92d86ca","block_type":"box","text":"Messrs. Christofel and Arranz","page_number":37,"box":{"x":69,"y":675,"width":215,"height":9}},{"id":"fe4786e2-4747-456d-9d33-db6d3aeab56b","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":698,"width":281,"height":11}},{"id":"f0ba84ab-2405-44c4-8961-f61fb4246c4a","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":37,"box":{"x":391,"y":698,"width":432,"height":11}},{"id":"4233430b-5fba-4e94-ba51-96b524ca048e","block_type":"box","text":"components: the per formance of BlackRock, Inc., the per formance of the por tfolio manager’s group within","page_number":37,"box":{"x":69,"y":713,"width":759,"height":11}},{"id":"bc02c5a6-20a0-4cbf-970a-9a8ca1a4a96f","block_type":"box","text":"BlackRock, the investment per formance, including risk-adjusted returns, of the firm’s assets under management or","page_number":37,"box":{"x":70,"y":728,"width":821,"height":11}},{"id":"4257ffc5-33a0-4875-bb22-55d8ec7b0896","block_type":"box","text":"supervision by that por tfolio manager, and the individual’s per formance and contribution to the overall per formance","page_number":37,"box":{"x":69,"y":743,"width":826,"height":12}},{"id":"49dae4e3-4bbd-4d36-9ceb-e543159bda6f","block_type":"box","text":"of these por tfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":37,"box":{"x":69,"y":758,"width":805,"height":12}},{"id":"b93305fa-d3b0-4709-a658-c21d60c10995","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Fund and","page_number":37,"box":{"x":69,"y":773,"width":809,"height":12}},{"id":"3bcb43e0-29e3-4c79-a56a-bdc3d49f66ae","block_type":"box","text":"other accounts managed by each por tfolio manager. Per formance of multi-asset class funds is generally measured","page_number":37,"box":{"x":69,"y":789,"width":818,"height":11}},{"id":"e32efaea-3f4c-4325-8f52-5cc01d799d0c","block_type":"box","text":"on a pre-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. The per formance of","page_number":37,"box":{"x":69,"y":804,"width":818,"height":11}},{"id":"86b19726-4018-4e6a-ac3c-a65e45cc4299","block_type":"box","text":"Messrs. Christofel and Arranz is not measured against a specific benchmark.","page_number":37,"box":{"x":70,"y":819,"width":548,"height":11}},{"id":"4be0040a-72be-4b61-af1c-ac60b9ab3f4f","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":842,"width":389,"height":11}},{"id":"dd06b96d-3ef8-421f-bfb5-0a5a7468f06e","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":37,"box":{"x":499,"y":842,"width":383,"height":11}},{"id":"dabef001-ead0-4f12-a4dd-ddaa0dcfbae1","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":857,"width":815,"height":11}},{"id":"3b7ac6ad-cac8-4443-b097-8f7818892f2c","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":37,"box":{"x":68,"y":872,"width":522,"height":11}},{"id":"14720b58-eba3-4627-b13b-639b51a40204","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":894,"width":760,"height":12}},{"id":"0c96469d-beee-405a-8c7e-95640c378c0e","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":909,"width":795,"height":12}},{"id":"aac89a49-a15c-4274-9b49-1ad9b1af2d71","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"982adc2d-79e1-494d-afde-58cdf79838e7","block_type":"box","text":"NM1026U-6033389-37/246","page_number":37,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"50cae0e5-92f8-4fb8-bfe9-1c5787eb6af2","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":38,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"ec3fcefb-b27d-43f6-9c7d-63269a29c548","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":38,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"89a62b4c-f4fd-4c4a-ae9e-c80d8c1e5605","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":38,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"c9c529d9-65a8-4c7d-abbc-370c60f1e029","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":38,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"c9a9b786-8d60-48d5-8a26-069afebc1843","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":38,"box":{"x":70,"y":105,"width":820,"height":11}},{"id":"aa860715-e941-4695-8526-d6efa61e937c","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":38,"box":{"x":70,"y":120,"width":801,"height":12}},{"id":"eac313e0-896c-4f8d-abdb-b24eeb155390","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":38,"box":{"x":70,"y":135,"width":831,"height":11}},{"id":"ce60345f-23e7-4a92-ae84-aa6f4e381f69","block_type":"box","text":"managers of the Fund have deferred BlackRock, Inc. stock awards.","page_number":38,"box":{"x":69,"y":150,"width":476,"height":12}},{"id":"a59bb947-be5e-4701-ad12-89ed7a6ecc3a","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":38,"box":{"x":102,"y":173,"width":785,"height":11}},{"id":"ebb9f216-57d0-4a29-a00e-b49ef66a8897","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":38,"box":{"x":68,"y":188,"width":836,"height":12}},{"id":"9f80f5d8-d352-4552-a1e6-e23a94523419","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":38,"box":{"x":68,"y":203,"width":821,"height":12}},{"id":"0dc571b5-a29d-4ba7-8af7-1bd0cd08c8cf","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":38,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"19a5caff-25a1-447b-940b-21d9db5949df","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":38,"box":{"x":70,"y":234,"width":835,"height":11}},{"id":"30a1e9ee-d6ee-4878-846d-cf0e797c40a7","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":38,"box":{"x":69,"y":249,"width":414,"height":11}},{"id":"8b7c6360-6250-4bbd-ae5e-b17b610615f0","block_type":"box","text":"Other Compensation Benefits.","page_number":38,"box":{"x":101,"y":271,"width":218,"height":11}},{"id":"7ca669ca-f65e-4e68-9a76-fffb0810aaa8","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":38,"box":{"x":327,"y":271,"width":552,"height":12}},{"id":"913680d3-995f-4cfc-98e4-eb5cc2ef76cc","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":38,"box":{"x":69,"y":286,"width":582,"height":12}},{"id":"c1833aea-805f-45b0-bae5-076bc4b8fdf1","block_type":"box","text":"Incentive Savings Plans","page_number":38,"box":{"x":102,"y":309,"width":167,"height":11}},{"id":"3e4a0704-bace-4db2-a845-030e676426d3","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":38,"box":{"x":274,"y":309,"width":614,"height":11}},{"id":"5d5d1787-c844-4cc3-968d-f5f2ca3e172d","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":38,"box":{"x":69,"y":324,"width":831,"height":12}},{"id":"d0b9b861-88b0-40db-bbc8-9160193e6395","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":38,"box":{"x":70,"y":339,"width":785,"height":12}},{"id":"d9cbad50-d113-4973-8f6c-c7da2da46cc1","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":38,"box":{"x":69,"y":354,"width":830,"height":12}},{"id":"dbecf218-9dab-4b0a-bb35-77c4cf38e727","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":38,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"db98c1bb-be6b-4086-a4c0-a67472bd8720","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":38,"box":{"x":69,"y":384,"width":831,"height":12}},{"id":"e7a0e1a4-2352-4eda-9d08-49cda151cb85","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":38,"box":{"x":69,"y":400,"width":798,"height":11}},{"id":"628dc82d-efe5-4322-9023-023a9637e5fe","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":38,"box":{"x":70,"y":415,"width":809,"height":11}},{"id":"ca4c824c-4416-4c69-800e-510ff6484bc5","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":38,"box":{"x":68,"y":430,"width":793,"height":11}},{"id":"8f3dd698-95ae-4a73-b724-dd308f38fe6c","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":38,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"8b24b7a7-e360-4f66-aaf3-229dd1057587","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":38,"box":{"x":68,"y":460,"width":805,"height":11}},{"id":"eb6fb546-de6e-4539-b305-09546112c4ec","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":38,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"4668d626-5458-4fdc-8d6e-ec69513a5ec9","block_type":"box","text":"par ticipate in these plans.","page_number":38,"box":{"x":70,"y":491,"width":185,"height":11}},{"id":"838adb82-7873-42b0-9e2b-75c4b562d993","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":38,"box":{"x":69,"y":521,"width":268,"height":11}},{"id":"99e8fe74-db2a-4f2f-9e20-fb7ad44e45b3","block_type":"box","text":"As of December 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":38,"box":{"x":101,"y":543,"width":775,"height":12}},{"id":"595ac8e8-1c28-4ae8-aa4b-11566572a6a7","block_type":"box","text":"beneficially owned by each por tfolio manager in the Fund is shown below:","page_number":38,"box":{"x":69,"y":559,"width":522,"height":11}},{"id":"efe1dae7-2375-4e61-9bc0-233f9379d52c","block_type":"box","text":"Portfolio Manager","page_number":38,"box":{"x":69,"y":597,"width":105,"height":9}},{"id":"9660d47e-b411-41b7-819e-08726c799a3d","block_type":"box","text":"Dollar Range of Equity","page_number":38,"box":{"x":759,"y":587,"width":129,"height":9}},{"id":"79e6f244-fd58-41da-b8d9-4bc0bc23b336","block_type":"box","text":"Securities Beneficially Owned","page_number":38,"box":{"x":736,"y":597,"width":173,"height":9}},{"id":"3948706c-048d-456e-a251-9f9fa6bf3e3f","block_type":"box","text":"Michael Pensky, CFA","page_number":38,"box":{"x":70,"y":615,"width":144,"height":11}},{"id":"944c559b-69b4-499b-b83e-af6e828a2887","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":223,"y":615,"width":618,"height":9}},{"id":"404130da-8ebb-41fe-8b13-701df42ae81d","block_type":"box","text":"Justin Christofel, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":69,"y":630,"width":772,"height":10}},{"id":"8ccf7f00-56fa-4e67-a64c-f050e15061dc","block_type":"box","text":"Louis Arranz, CFA","page_number":38,"box":{"x":70,"y":645,"width":122,"height":10}},{"id":"276c8af4-4f94-4433-8194-159c9d8a73fe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":38,"box":{"x":198,"y":645,"width":643,"height":9}},{"id":"0b7aab03-7e39-4eb8-9000-fc953a0bdc22","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":38,"box":{"x":69,"y":676,"width":403,"height":12}},{"id":"7af96e6b-6e2d-4bff-91d4-fce3417f624e","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":38,"box":{"x":102,"y":699,"width":727,"height":11}},{"id":"1f150a70-0ecc-4d28-8b12-719f635fd4c8","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":714,"width":814,"height":12}},{"id":"6c1dc06d-8e62-4359-aa5e-7915a846b1a0","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":729,"width":837,"height":11}},{"id":"9e022ded-2a66-44c7-81d7-f7b940ac9f48","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":744,"width":810,"height":12}},{"id":"5db6449d-9869-46cc-b217-48e7839efadf","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":760,"width":782,"height":11}},{"id":"a5b8c661-2314-4cd3-a163-62dd6be92823","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":775,"width":830,"height":11}},{"id":"d485dec3-3539-4bec-8539-0639edd47d34","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":790,"width":828,"height":11}},{"id":"d5fe60bb-b189-4292-989c-1cd8f1664e20","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":805,"width":834,"height":11}},{"id":"5b3fd892-76c4-4b3d-9808-7241e6ddb759","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":820,"width":777,"height":11}},{"id":"15a83803-748b-4828-ada5-29317160b4e4","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":835,"width":821,"height":11}},{"id":"2578c95c-33da-43a7-b9c9-588092179832","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":851,"width":819,"height":10}},{"id":"27c93fe3-effe-4558-b9c4-7c902acb5313","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":865,"width":832,"height":12}},{"id":"2a65eab1-1854-45a0-aea9-4f3ce920b161","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":881,"width":804,"height":11}},{"id":"3fccbb84-9810-47fc-8165-2df7eed6d129","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":896,"width":760,"height":11}},{"id":"d1d63b52-87b1-4d7b-abfe-2322fe84205c","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":911,"width":834,"height":11}},{"id":"e52f4b9f-e339-44fb-8de3-f66793630abe","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"8f204847-f52e-4703-a85e-83a15d39f84a","block_type":"box","text":"NM1026U-6033389-38/246","page_number":38,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"f3a8eacf-0662-46ae-8161-7aea14e9a5e5","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":39,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"32a0c697-8ecd-4d5d-b82f-55388f161e24","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":39,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"6e4ab4c0-3135-4a2c-bdb8-222b67a611e3","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":39,"box":{"x":70,"y":75,"width":835,"height":11}},{"id":"24b7bac5-5f78-48ee-96d3-7d6b00143302","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that a por tfolio manager may be managing","page_number":39,"box":{"x":69,"y":90,"width":820,"height":11}},{"id":"f88401b6-97d3-406b-a1ca-2cc4e6348c87","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":39,"box":{"x":69,"y":105,"width":811,"height":11}},{"id":"64c50d39-9257-4b45-93c3-f549f4f62cea","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":39,"box":{"x":69,"y":120,"width":839,"height":12}},{"id":"873dbbcb-f03f-43c8-972e-721a030efb2b","block_type":"box","text":"earned on such accounts. Currently, the por tfolio managers of the Fund are not entitled to receive a por tion of","page_number":39,"box":{"x":69,"y":135,"width":787,"height":12}},{"id":"4258c2b8-ed32-4b61-8153-456693047bac","block_type":"box","text":"incentive fees of other accounts.","page_number":39,"box":{"x":70,"y":150,"width":231,"height":9}},{"id":"bc89e442-e9ee-4cec-8f77-c32108d8f373","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":39,"box":{"x":101,"y":173,"width":788,"height":11}},{"id":"09397785-c378-4486-8fdd-2ac01880d29b","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":39,"box":{"x":70,"y":188,"width":839,"height":11}},{"id":"d4f459a8-f7ed-4e5c-959e-83205be75017","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":39,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"b0bbe1f0-e291-4fdb-8640-cbb9d18f5602","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":39,"box":{"x":68,"y":218,"width":812,"height":12}},{"id":"6ed7441b-06ef-42aa-ad15-79b037aa66e7","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":39,"box":{"x":69,"y":234,"width":777,"height":11}},{"id":"466b930a-e5bd-467c-a9e3-f3d3b15268fa","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":39,"box":{"x":70,"y":249,"width":826,"height":11}},{"id":"6b01205a-5d9e-4a3b-a41c-ee5c123dff3e","block_type":"box","text":"Accounting Services","page_number":39,"box":{"x":68,"y":279,"width":150,"height":11}},{"id":"c7c64143-14f7-4ed6-9b75-d6c9ddf1bb89","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Fund. Among other","page_number":39,"box":{"x":101,"y":302,"width":761,"height":11}},{"id":"80825d5c-fcda-4633-89bc-9b49f08b9983","block_type":"box","text":"services, JPM maintains records of purchases and sales of securities, receipts and disbursements of cash and other","page_number":39,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"c1f3bdcb-758d-4a8f-b46e-c4d1fc8d69e1","block_type":"box","text":"debits and credits; keeps accounting journals and ledgers; records capital share transactions; calculates expense","page_number":39,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"d16fff52-e8e8-4efa-aff3-4c75f975c2bd","block_type":"box","text":"caps, waivers and recoupments (if any); computes the Fund’s net income and capital gains and dividends payable;","page_number":39,"box":{"x":69,"y":347,"width":816,"height":11}},{"id":"9191ae9c-9212-4f72-8927-d15f28c203f5","block_type":"box","text":"calculates and repor ts net asset value; works with independent pricing sources; reconciles securities and cash","page_number":39,"box":{"x":69,"y":362,"width":792,"height":11}},{"id":"9156daf8-04a2-4f41-9bb9-5cf07518a7c8","block_type":"box","text":"positions with the Fund’s custodian; prepares cer tain financial statements, notices and repor ts; and prepares cer tain","page_number":39,"box":{"x":70,"y":377,"width":839,"height":11}},{"id":"bf2fdca3-3e53-43c4-b14e-aa5e3fb22f3a","block_type":"box","text":"tax repor ts. In connection with its accounting services, JPM also provides cer tain administrative services.","page_number":39,"box":{"x":68,"y":393,"width":754,"height":11}},{"id":"4f4c102f-01aa-423a-af3e-6968d4b06749","block_type":"box","text":"The tables below show the amount paid by the Fund to JPM for accounting services for the periods shown:","page_number":39,"box":{"x":101,"y":415,"width":758,"height":11}},{"id":"28c4caeb-9560-429a-9586-3a1f02797c16","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":850,"y":443,"width":56,"height":7}},{"id":"d838cfe7-1ec8-4378-98b8-79be0722b22e","block_type":"box","text":"to JPM","page_number":39,"box":{"x":857,"y":454,"width":40,"height":7}},{"id":"62e914c3-a935-4e17-a581-b4ddc71792a9","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":471,"width":444,"height":11}},{"id":"c2c1c7ca-283e-4b68-ace3-6348b8c11756","block_type":"box","text":".....................................","page_number":39,"box":{"x":520,"y":479,"width":295,"height":1}},{"id":"9889b1c1-08ae-4066-a58d-2d78852c5384","block_type":"box","text":"$27,396","page_number":39,"box":{"x":847,"y":470,"width":62,"height":12}},{"id":"aa421a7a-608b-4d57-9f0f-53b38efc6aed","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":486,"width":444,"height":11}},{"id":"7b8c36c4-8624-4a52-998c-0bdf352f6252","block_type":"box","text":".....................................","page_number":39,"box":{"x":520,"y":494,"width":295,"height":1}},{"id":"aa3449e5-8796-400f-be27-7019392af8a9","block_type":"box","text":"$36,576","page_number":39,"box":{"x":847,"y":486,"width":62,"height":11}},{"id":"ba7862da-cbcc-4fec-acba-ae411a8966a5","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":501,"width":444,"height":11}},{"id":"80360d60-d121-4617-bef6-1b9099bb4d91","block_type":"box","text":".....................................","page_number":39,"box":{"x":520,"y":509,"width":295,"height":1}},{"id":"dbff2601-41e8-4461-8d5a-6a06ad089c1f","block_type":"box","text":"$46,026","page_number":39,"box":{"x":847,"y":501,"width":62,"height":11}},{"id":"34972c6e-53ff-474e-b93d-72024f88b7d1","block_type":"box","text":"Custodian","page_number":39,"box":{"x":69,"y":533,"width":72,"height":9}},{"id":"95f5e5eb-0678-4933-abaa-76047196082c","block_type":"box","text":"JPMorgan Chase Bank, N.A. (previously defined as “JPM”), which has its principal offices at 383 Madison","page_number":39,"box":{"x":101,"y":555,"width":754,"height":12}},{"id":"8ae26eda-e121-43c9-b382-7cf83ef76f6f","block_type":"box","text":"Avenue, New York, New York 10179, serves as the custodian for the Fund (the “Custodian”). The Custodian, among","page_number":39,"box":{"x":68,"y":571,"width":827,"height":11}},{"id":"854ba88b-f392-4463-98d8-485eadd43bf7","block_type":"box","text":"other responsibilities, maintains a custody account or accounts in the name of the Fund, receives and delivers all","page_number":39,"box":{"x":69,"y":586,"width":808,"height":11}},{"id":"698aefa6-8aff-4aec-bd9c-ed7c2e0b1d40","block_type":"box","text":"assets for the Fund upon purchase and upon sale or maturity, and collects and receives all income and other","page_number":39,"box":{"x":69,"y":601,"width":778,"height":11}},{"id":"87465ec8-8b57-40f1-82cd-65a4dc07ed5b","block_type":"box","text":"payments and distributions on account of the assets of the Fund.","page_number":39,"box":{"x":70,"y":616,"width":464,"height":11}},{"id":"82a64438-c7c2-4519-8901-0a9c19c0bfa0","block_type":"box","text":"Transfer Agent","page_number":39,"box":{"x":68,"y":646,"width":107,"height":11}},{"id":"b5ab11a8-1636-42e0-946d-ec58a9b9d553","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 118 Flanders Road,","page_number":39,"box":{"x":102,"y":669,"width":764,"height":11}},{"id":"7845592f-3622-4a83-a7ce-4bc60700607a","block_type":"box","text":"Westborough, MA 01581, serves as the transfer and dividend disbursement agent for the Fund.","page_number":39,"box":{"x":68,"y":684,"width":684,"height":11}},{"id":"74652e98-2c6a-49d7-80f2-301f235868e7","block_type":"box","text":"Credit Agreement","page_number":39,"box":{"x":69,"y":714,"width":129,"height":11}},{"id":"bceec478-edaf-4122-9633-eaf112045d2d","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":737,"width":757,"height":11}},{"id":"f325e0ca-a3fd-455c-a16f-337f1e2fa8e9","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":751,"width":817,"height":12}},{"id":"45b73d1c-d329-49b7-b8f8-2a72afa93c95","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":767,"width":743,"height":11}},{"id":"5099bc40-892c-4782-9e24-76243f7b96ee","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":782,"width":825,"height":12}},{"id":"ff491a66-3b36-4358-b42e-cdd15c4f2b62","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":797,"width":818,"height":12}},{"id":"17e778ca-e966-47c2-ad11-ecbe6f26a6ae","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":812,"width":761,"height":12}},{"id":"2a3ec0a7-0f06-4ea9-851f-fee780c86e81","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":828,"width":768,"height":11}},{"id":"b7b29b79-256c-49b6-a21e-89f4af269d17","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectus and","page_number":39,"box":{"x":68,"y":843,"width":838,"height":11}},{"id":"58b6e391-54b4-4212-812b-a187fc1d2101","block_type":"box","text":"SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and other","page_number":39,"box":{"x":69,"y":858,"width":816,"height":11}},{"id":"0f651af1-4d9d-4d65-bb51-f4179116860d","block_type":"box","text":"fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce the","page_number":39,"box":{"x":68,"y":873,"width":825,"height":11}},{"id":"5fe65c53-03ca-4069-af4b-ebd0619f6bb8","block_type":"box","text":"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":70,"y":888,"width":771,"height":11}},{"id":"a0dcf8a6-f6f7-41e4-9d31-e8ac627f6878","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"87c457d0-cccb-46e9-8ade-639e3304fc50","block_type":"box","text":"NM1026U-6033389-39/246","page_number":39,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"661a13e0-8d04-4731-bf00-04686e06d035","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund is","page_number":40,"box":{"x":69,"y":45,"width":800,"height":11}},{"id":"18785ca9-55d4-4bce-b495-aead4b37f343","block_type":"box","text":"charged interest at a variable rate.","page_number":40,"box":{"x":69,"y":60,"width":245,"height":11}},{"id":"1199991e-625e-4107-aa8b-55c115a45a04","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":40,"box":{"x":68,"y":90,"width":491,"height":11}},{"id":"0fa0af16-2051-498e-a32d-c76fda42b394","block_type":"box","text":"Distribution Agreement and Distribution and Service Plan.","page_number":40,"box":{"x":102,"y":113,"width":421,"height":11}},{"id":"5d0499d1-39f0-4b18-a55d-7bfd8c23920e","block_type":"box","text":"The Trust has entered into a distribution agreement","page_number":40,"box":{"x":529,"y":113,"width":368,"height":11}},{"id":"5096b28f-4ab6-43bc-9af8-615b71be7087","block_type":"box","text":"with BlackRock Investments, LLC (“BRIL,” or the “Distributor”) under which BRIL, as agent, offers shares of the Fund","page_number":40,"box":{"x":68,"y":128,"width":834,"height":11}},{"id":"c10d5590-792f-42d0-8a48-ec773ee8aef6","block_type":"box","text":"on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is not","page_number":40,"box":{"x":69,"y":143,"width":774,"height":11}},{"id":"bc48dd84-a13c-4464-959e-b914f79c9429","block_type":"box","text":"obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New York,","page_number":40,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"12b7c82d-34f8-493c-9c4d-daec45b3207a","block_type":"box","text":"New York 10001. BRIL is an affiliate of BlackRock.","page_number":40,"box":{"x":70,"y":173,"width":359,"height":9}},{"id":"6e2ab7f9-4d64-452b-816c-8ed4ac7d84ae","block_type":"box","text":"The Trust may also pay shareholder servicing fees (also referred to as general shareholder liaison services fees)","page_number":40,"box":{"x":101,"y":196,"width":805,"height":11}},{"id":"27bf3498-e3bb-415d-b613-37a25031d001","block_type":"box","text":"to affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement plan record","page_number":40,"box":{"x":68,"y":211,"width":808,"height":11}},{"id":"6f34d177-bb27-40fe-8198-66aa7351424e","block_type":"box","text":"keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates) (collectively, “Service","page_number":40,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"eac8edc4-6506-438f-95cd-d0d171f5a778","block_type":"box","text":"Organizations”) for cer tain suppor t services rendered by Service Organizations to their customers who are the","page_number":40,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"bca42618-c11a-4b0c-a8e4-7f6ae77acb9c","block_type":"box","text":"beneficial owners of Investor A Shares of the Fund.","page_number":40,"box":{"x":69,"y":256,"width":362,"height":9}},{"id":"bc2a931c-d4e6-4040-8c23-5610ab0749a1","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":40,"box":{"x":102,"y":279,"width":773,"height":11}},{"id":"187b90af-2493-4364-bf85-e8f8fcf5db8f","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of BlackRock, for the periods indicated. BRIL, an","page_number":40,"box":{"x":69,"y":294,"width":785,"height":11}},{"id":"3ae2c235-3bc3-4359-9a39-789ed193002c","block_type":"box","text":"affiliate of the Manager, acts as the Fund’s sole Distributor.","page_number":40,"box":{"x":69,"y":309,"width":425,"height":11}},{"id":"77695773-9a0e-49dd-9d5e-08e239ea286d","block_type":"box","text":"Investor A Shares","page_number":40,"box":{"x":679,"y":338,"width":102,"height":7}},{"id":"931d2479-e9f4-4dc6-b6c7-135405e75adc","block_type":"box","text":"Gross Sales","page_number":40,"box":{"x":551,"y":363,"width":68,"height":7}},{"id":"f60f66a7-ff3a-46b2-b617-36bbeadc14f2","block_type":"box","text":"Charges","page_number":40,"box":{"x":561,"y":373,"width":48,"height":9}},{"id":"68b02148-3f90-4d9f-a64b-8501901c6c76","block_type":"box","text":"Collected","page_number":40,"box":{"x":557,"y":384,"width":55,"height":7}},{"id":"b442c965-f6d7-4ef6-b340-e2866dde16ac","block_type":"box","text":"Sales","page_number":40,"box":{"x":659,"y":353,"width":31,"height":7}},{"id":"5d6c2877-eb6c-41f3-8e8e-d1db0ff25fa8","block_type":"box","text":"Charges","page_number":40,"box":{"x":651,"y":363,"width":48,"height":9}},{"id":"40e1e78d-6bb3-45a2-9e72-8f758cc22880","block_type":"box","text":"Retained","page_number":40,"box":{"x":650,"y":373,"width":50,"height":8}},{"id":"216cb155-494f-4299-8676-a3a106aace46","block_type":"box","text":"by BRIL","page_number":40,"box":{"x":653,"y":384,"width":44,"height":8}},{"id":"60ebfdc8-9c16-4132-a963-b1f65607709c","block_type":"box","text":"Sales","page_number":40,"box":{"x":741,"y":353,"width":31,"height":7}},{"id":"057dfbbf-946d-4f57-9aaf-5742390e7e0d","block_type":"box","text":"Charges","page_number":40,"box":{"x":733,"y":363,"width":47,"height":9}},{"id":"0bd5c2fc-ae1b-4d53-bde8-8fdacd8a551b","block_type":"box","text":"Paid to","page_number":40,"box":{"x":737,"y":373,"width":40,"height":8}},{"id":"33bebe45-85b4-4f4e-914a-b2781b8261b9","block_type":"box","text":"Affiliates","page_number":40,"box":{"x":730,"y":383,"width":52,"height":8}},{"id":"4f193851-893d-4d4e-bd6b-b2a1e55966a3","block_type":"box","text":"CDSCs Received","page_number":40,"box":{"x":812,"y":353,"width":97,"height":7}},{"id":"5c18af2a-3e66-466c-b26a-ec578404ff62","block_type":"box","text":"on Redemption","page_number":40,"box":{"x":817,"y":363,"width":87,"height":9}},{"id":"cf77bad8-2c48-45a8-b304-3f92a57e4e84","block_type":"box","text":"of Load-Waived","page_number":40,"box":{"x":817,"y":373,"width":87,"height":8}},{"id":"b361df7f-c6b9-4d6b-87b1-4ebb2c6e7c19","block_type":"box","text":"Shares","page_number":40,"box":{"x":841,"y":384,"width":39,"height":7}},{"id":"aa698fe1-c532-4d80-963d-87e2241aa5f8","block_type":"box","text":"Fiscal Year Ended December 31, 2025. . . . . . . . . . . . . . . . . . . . . . $0 $0 $0 $0","page_number":40,"box":{"x":70,"y":401,"width":800,"height":11}},{"id":"fdb51540-2b09-45c8-9dcd-984dc81b7f37","block_type":"box","text":"Fiscal Year Ended December 31, 2024. . . . . . . . . . . . . . . . . . . . . . $0 $0 $0 $0","page_number":40,"box":{"x":70,"y":416,"width":800,"height":11}},{"id":"983f4414-68a2-4b37-a8ee-a8d3446b3911","block_type":"box","text":"Fiscal Year Ended December 31, 2023. . . . . . . . . . . . . . . . . . . . . . $0 $0 $0 $0","page_number":40,"box":{"x":70,"y":431,"width":800,"height":11}},{"id":"b7e37ae9-af5b-44a2-9cfa-a4039f87c974","block_type":"box","text":"The tables below provide information for the fiscal year ended December 31, 2025 about the 12b-1 fees the","page_number":40,"box":{"x":101,"y":455,"width":774,"height":11}},{"id":"28aa12b8-7110-4cb2-ab30-4bed3a5db893","block_type":"box","text":"Fund paid to BRIL under the Trust’s 12b-1 plans. A por tion of the fees collected by BRIL were paid to affiliates for","page_number":40,"box":{"x":70,"y":470,"width":810,"height":12}},{"id":"b0224ac9-a2cb-4892-a889-70d0feec5a84","block_type":"box","text":"providing shareholder servicing activities for Investor A Shares.","page_number":40,"box":{"x":70,"y":486,"width":447,"height":11}},{"id":"41fb1035-75b3-4967-a08a-1c5fc0564b09","block_type":"box","text":"Class Name","page_number":40,"box":{"x":69,"y":540,"width":68,"height":7}},{"id":"2cfe79eb-3cf4-4ddc-8efc-e855d29fa877","block_type":"box","text":"Fees Paid","page_number":40,"box":{"x":853,"y":530,"width":56,"height":7}},{"id":"b4991235-1e15-449f-89ec-fe265b565ba1","block_type":"box","text":"to BRIL","page_number":40,"box":{"x":859,"y":540,"width":44,"height":7}},{"id":"7117f97c-6858-4ade-959c-11c290e334a2","block_type":"box","text":"Investor A Shares","page_number":40,"box":{"x":70,"y":558,"width":124,"height":8}},{"id":"a3ff1dc0-8ddc-4a6d-a64a-08baf356a9b5","block_type":"box","text":".............................................................................","page_number":40,"box":{"x":200,"y":565,"width":622,"height":1}},{"id":"fba7b03f-a6f9-43d7-8419-e8f385a8ea14","block_type":"box","text":"$407","page_number":40,"box":{"x":862,"y":557,"width":37,"height":10}},{"id":"b4e71eb7-6049-481c-9f4c-7bb23f2d238b","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":40,"box":{"x":68,"y":589,"width":318,"height":11}},{"id":"e6a99b76-33cd-49bb-a81f-23d117ac96cc","block_type":"box","text":"An illustration of the computation of the offering price of the Investor A Shares of the Fund based on the value of","page_number":40,"box":{"x":101,"y":612,"width":805,"height":11}},{"id":"628fcdd8-e71d-4c64-80cf-c39c6ebf2170","block_type":"box","text":"the Fund’s Investor A Shares’ net assets and the number of Investor A Shares outstanding on December 31, 2025,","page_number":40,"box":{"x":68,"y":627,"width":825,"height":11}},{"id":"9bc06ca3-2d81-4f7c-889f-68e30cd2d9c8","block_type":"box","text":"is set for th below.","page_number":40,"box":{"x":70,"y":642,"width":126,"height":9}},{"id":"206df7c6-72d8-4de5-91ab-f406710f7c41","block_type":"box","text":"Computation of Offering Price Per Share:","page_number":40,"box":{"x":69,"y":670,"width":237,"height":9}},{"id":"97c03b0e-ec5c-42ce-9a1d-bdfe062689a4","block_type":"box","text":"Net Assets . . .","page_number":40,"box":{"x":70,"y":688,"width":100,"height":9}},{"id":"f1fe3ce8-cfc9-4481-aa6d-d75c274772f7","block_type":"box","text":"..............................................................................","page_number":40,"box":{"x":176,"y":695,"width":629,"height":2}},{"id":"1936f71b-2fe7-40a5-bf59-2dfef7567b85","block_type":"box","text":"$173,290","page_number":40,"box":{"x":837,"y":687,"width":72,"height":11}},{"id":"41f39e3b-d0f0-4ffe-bac5-65df5c6cd589","block_type":"box","text":"Number of Shares Outstanding . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":703,"width":320,"height":11}},{"id":"933306c6-0cb3-4b75-9d03-c85a08a61f16","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,999","page_number":40,"box":{"x":396,"y":703,"width":513,"height":10}},{"id":"cbea3c33-9790-4c3b-b028-4a3b34512bbd","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":40,"box":{"x":70,"y":718,"width":571,"height":11}},{"id":"b6949388-8a9b-4735-b9cc-44c25582f08d","block_type":"box","text":"....................","page_number":40,"box":{"x":649,"y":725,"width":157,"height":2}},{"id":"7624a26a-29e5-46e2-8fac-a237a7786d3d","block_type":"box","text":"$86.69","page_number":40,"box":{"x":857,"y":717,"width":52,"height":11}},{"id":"5d15b485-27d7-4645-bb6b-95c180a59ab0","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":40,"box":{"x":69,"y":733,"width":534,"height":11}},{"id":"eed53605-d37b-44ba-946e-e18908571af3","block_type":"box","text":"1","page_number":40,"box":{"x":604,"y":734,"width":4,"height":4}},{"id":"52f98e90-1a6a-4d61-82ee-e88e6df12128","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . $4.80","page_number":40,"box":{"x":616,"y":732,"width":293,"height":11}},{"id":"cedbd0b7-0617-41e8-adde-3e2d97d32f5b","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":69,"y":753,"width":736,"height":11}},{"id":"700f9fca-440c-47d7-bb1c-d11ded222e32","block_type":"box","text":"$91.49","page_number":40,"box":{"x":857,"y":752,"width":52,"height":10}},{"id":"eb31db07-434e-4c9e-92c8-1b13d700f1f2","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":785,"width":3,"height":3}},{"id":"4f42147a-7015-4e0c-96dc-01946b63681d","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":40,"box":{"x":94,"y":785,"width":541,"height":9}},{"id":"57fffedc-990c-4f2b-9e71-68b29dbe0a47","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’ net asset value computed as","page_number":40,"box":{"x":101,"y":806,"width":787,"height":11}},{"id":"4bcc22d0-66a8-4b3b-8b46-6565c4ad50ff","block_type":"box","text":"set for th above for Investor A Shares. Though not subject to a sales charge, cer tain share classes may be subject to","page_number":40,"box":{"x":69,"y":821,"width":833,"height":11}},{"id":"a5f595ce-9649-47cc-bbf7-2d704ddae50d","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":40,"box":{"x":69,"y":836,"width":813,"height":11}},{"id":"067b3f79-29d0-4078-bdc7-2ab7020a55e9","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":40,"box":{"x":69,"y":851,"width":377,"height":11}},{"id":"d50f047e-ec8e-4be2-9af6-a3b896465978","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":40,"box":{"x":68,"y":881,"width":302,"height":11}},{"id":"8334564e-fcef-4657-ab5e-38009daad4bc","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":904,"width":609,"height":11}},{"id":"87e3229d-a221-4f87-a66e-0667abe6631d","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"302267e6-8688-45fc-998a-7f12c53b28dd","block_type":"box","text":"NM1026U-6033389-40/246","page_number":40,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"5408f3ef-45c7-45da-9716-f7b51fae0af2","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, for the","page_number":41,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"11b102dd-e62c-42a8-99f1-442be887964c","block_type":"box","text":"last three fiscal years is set for th in the following table:","page_number":41,"box":{"x":70,"y":60,"width":392,"height":11}},{"id":"f01cd455-b60c-4cbd-a349-67bb75c644a6","block_type":"box","text":"Aggregate Brokerage","page_number":41,"box":{"x":613,"y":88,"width":125,"height":9}},{"id":"1e5c9018-12d5-42be-995f-101d55afa6d7","block_type":"box","text":"Commissions Paid","page_number":41,"box":{"x":623,"y":98,"width":106,"height":7}},{"id":"005ec44d-e5b9-4596-908f-edf4cc0a623d","block_type":"box","text":"Brokerage Commissions","page_number":41,"box":{"x":769,"y":88,"width":140,"height":9}},{"id":"fb60493b-d26a-4782-94f8-322860b99fa1","block_type":"box","text":"Paid to Affiliates","page_number":41,"box":{"x":791,"y":98,"width":96,"height":7}},{"id":"a3274f8c-0240-487e-9ec7-202cdca5f0cf","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":116,"width":439,"height":10}},{"id":"57f317b0-dc7b-49bb-ac71-22fe30886a3e","block_type":"box","text":". . . . . . . . . $0 $0","page_number":41,"box":{"x":515,"y":115,"width":333,"height":11}},{"id":"334e2376-d845-4540-a750-29754e8afc85","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":131,"width":439,"height":10}},{"id":"a57bef2b-936b-4d54-a101-b242c504e48b","block_type":"box","text":". . . . . . . . . $0 $0","page_number":41,"box":{"x":515,"y":130,"width":333,"height":11}},{"id":"ffaa5422-9cd4-4ce1-a382-f90ac06cc951","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":146,"width":439,"height":11}},{"id":"8812586f-0324-4652-9f10-ad90d6186b56","block_type":"box","text":". . . . . . . . . $0 $0","page_number":41,"box":{"x":515,"y":145,"width":333,"height":11}},{"id":"a29fe863-395b-4dff-aa27-81c549f50e35","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":41,"box":{"x":101,"y":170,"width":770,"height":11}},{"id":"cecbb893-090b-4229-94b6-c11717b8d0ad","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":41,"box":{"x":69,"y":185,"width":814,"height":11}},{"id":"7bf7c6d7-aaed-419c-a7e5-cd794555223b","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended December 31, 2025. The","page_number":41,"box":{"x":68,"y":200,"width":784,"height":11}},{"id":"617d7d95-cee3-41e1-b1b6-7f2ad772d0ec","block_type":"box","text":"provision of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":41,"box":{"x":70,"y":215,"width":839,"height":12}},{"id":"e084e725-8b9c-4074-888c-909d8f982b47","block_type":"box","text":"business with such brokers.","page_number":41,"box":{"x":69,"y":231,"width":198,"height":8}},{"id":"e27e5e21-0c04-4208-94ea-fa709ad94909","block_type":"box","text":"Amount of Commissions","page_number":41,"box":{"x":612,"y":259,"width":141,"height":7}},{"id":"f592adf9-7073-472f-a903-fd5eefd15a7a","block_type":"box","text":"Paid to Brokers for","page_number":41,"box":{"x":628,"y":269,"width":110,"height":7}},{"id":"4821201b-fe63-460a-81b1-7f9614fcd537","block_type":"box","text":"Providing 28(e) Eligible","page_number":41,"box":{"x":615,"y":279,"width":136,"height":9}},{"id":"02935db4-4f43-4ff7-a1ff-18a62ca5be56","block_type":"box","text":"Research Services","page_number":41,"box":{"x":629,"y":289,"width":108,"height":7}},{"id":"de4acf3c-7074-4539-b6ab-b33de19c391b","block_type":"box","text":"Amount of Brokerage","page_number":41,"box":{"x":784,"y":279,"width":124,"height":9}},{"id":"7cf15fb4-d431-4667-908e-bc5ddbd1c54a","block_type":"box","text":"Transactions Involved","page_number":41,"box":{"x":783,"y":289,"width":126,"height":7}},{"id":"8fe6ac79-1aac-4a41-b927-416fa7bfb53f","block_type":"box","text":"$0 $0","page_number":41,"box":{"x":674,"y":306,"width":181,"height":10}},{"id":"1eecb208-c9cd-4eec-9bc8-1981e66d01ae","block_type":"box","text":"As of December 31, 2025, the Fund held no securities of their regular brokers or dealers (as defined in Rule","page_number":41,"box":{"x":101,"y":331,"width":773,"height":11}},{"id":"8a2ffab2-68a2-4b47-8e4a-c6b188ba4dec","block_type":"box","text":"10b-1 under the Investment Company Act) or their parents whose shares were purchased during the fiscal year ended","page_number":41,"box":{"x":69,"y":346,"width":839,"height":11}},{"id":"28f6c0e3-084c-4653-a987-130b1b0621b9","block_type":"box","text":"December 31, 2025.","page_number":41,"box":{"x":70,"y":361,"width":147,"height":10}},{"id":"f9962262-9f1c-458c-a59a-7e9c78749215","block_type":"box","text":"Securities Lending","page_number":41,"box":{"x":68,"y":391,"width":135,"height":11}},{"id":"9daf0452-0868-4e34-b44b-32c94a04037f","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":41,"box":{"x":101,"y":414,"width":807,"height":11}},{"id":"d0592d4c-a2dd-4dc2-a792-8243d22f3141","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":41,"box":{"x":69,"y":429,"width":817,"height":11}},{"id":"6f201e78-bb8c-45a9-9205-fd06d6671970","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":41,"box":{"x":69,"y":444,"width":813,"height":11}},{"id":"d14a0a99-bf6a-4928-8609-e7e39bd70f43","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":41,"box":{"x":70,"y":459,"width":838,"height":11}},{"id":"a43346a2-67c4-4d89-96fe-f53f77bc37ab","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":41,"box":{"x":69,"y":474,"width":813,"height":12}},{"id":"169a3ad0-2436-4237-b7db-aaa600894b89","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":41,"box":{"x":70,"y":490,"width":646,"height":11}},{"id":"3aaf8336-0cbc-44fc-bb84-4aa4e272ac1c","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a por tion of the securities lending income","page_number":41,"box":{"x":101,"y":512,"width":800,"height":11}},{"id":"7b932cd6-7031-46ce-8e6f-7f591a227c83","block_type":"box","text":"and remit the remaining por tion to BIM as compensation for its services as securities lending agent. Securities","page_number":41,"box":{"x":69,"y":527,"width":794,"height":11}},{"id":"f3f323fa-144b-4a3f-b7dd-93482e66ed35","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":41,"box":{"x":70,"y":542,"width":774,"height":12}},{"id":"f5da023c-2e8a-4525-b3a1-d427c0a7fc34","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":41,"box":{"x":69,"y":557,"width":801,"height":12}},{"id":"3451775c-17e7-4c73-94fc-c1ffb3d24cb0","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund","page_number":41,"box":{"x":69,"y":573,"width":837,"height":11}},{"id":"752e157b-5184-492e-b368-f6ebfc1b3433","block_type":"box","text":"is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money","page_number":41,"box":{"x":70,"y":588,"width":834,"height":11}},{"id":"4e1d17b4-ebb5-44de-b1dd-975f96228a2c","block_type":"box","text":"market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent has","page_number":41,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"c848fa38-00ff-4c06-81bf-ed461365f93e","block_type":"box","text":"agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":41,"box":{"x":69,"y":618,"width":778,"height":11}},{"id":"7c9e6e6c-441b-4d1b-bdaa-1430a1566cf2","block_type":"box","text":"investment fees the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a","page_number":41,"box":{"x":70,"y":633,"width":828,"height":11}},{"id":"fef62082-0b99-4727-a7d5-19e0894c3e18","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":41,"box":{"x":69,"y":648,"width":296,"height":11}},{"id":"0a9e50eb-0dd1-42f5-82a4-07a9f731424b","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":41,"box":{"x":101,"y":671,"width":776,"height":11}},{"id":"4eb9400b-e135-472e-9ff7-dbe39a2a119b","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":41,"box":{"x":69,"y":686,"width":831,"height":11}},{"id":"40b87e2d-2360-4331-a39f-36265b14d596","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":41,"box":{"x":68,"y":701,"width":812,"height":11}},{"id":"a4f0c666-9ed9-4e9e-9884-8fb180a1663c","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":41,"box":{"x":69,"y":716,"width":799,"height":11}},{"id":"fbd564c5-5f8d-4a51-a0b1-20e3886db714","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":41,"box":{"x":68,"y":731,"width":835,"height":11}},{"id":"08206c04-6bdf-4ac1-95b3-17a62264f7c4","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":746,"width":818,"height":12}},{"id":"15e9b833-a51e-46e3-99cb-abcc4c5f5dc1","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":761,"width":789,"height":12}},{"id":"71f85713-006d-4019-906c-fb49b22fa823","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":777,"width":829,"height":11}},{"id":"b99a92fe-6aa3-4f59-83b3-74efdac2da6b","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":792,"width":839,"height":11}},{"id":"34986448-b33e-4a49-810b-00b07803bc00","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":807,"width":802,"height":11}},{"id":"97f08ce0-3f5e-4ef6-b3b9-32c6ef0d5ce2","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":822,"width":830,"height":11}},{"id":"ca7bda59-5a01-456d-8045-d31083350e70","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":837,"width":838,"height":11}},{"id":"d4758a17-58b0-4ea3-ab49-b41a57f612dc","block_type":"box","text":"Fund’s returns on securities lending.","page_number":41,"box":{"x":70,"y":852,"width":258,"height":11}},{"id":"a1d6c8ea-f53e-483f-b78c-68cd1f91b626","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"4808fdd9-0941-496d-92c9-1610eb997828","block_type":"box","text":"NM1026U-6033389-41/246","page_number":41,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"2538e3ea-30d7-4406-932d-80a9d93509eb","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":42,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"cc8c99d1-affc-4d96-b16c-4a1b9a6d97b2","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of","page_number":42,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"459826da-a27e-475b-b81d-b3578ad2a5ad","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":42,"box":{"x":68,"y":75,"width":809,"height":11}},{"id":"2fb9e6d4-09b0-4457-aee5-f6bbb04225b3","block_type":"box","text":"Fund and BIM.","page_number":42,"box":{"x":70,"y":90,"width":100,"height":9}},{"id":"2c95f4e2-8907-439a-ace9-45af27d8031e","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) if the Fund is to engage in securities lending, the Fund","page_number":42,"box":{"x":102,"y":113,"width":791,"height":11}},{"id":"dc8a959e-0ecb-4530-bccb-04bce230c56c","block_type":"box","text":"retains 82% of securities lending income (which excludes collateral investment fees); and (ii) this amount can never","page_number":42,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"be7d1b40-28e5-4590-86fb-16dc1657f728","block_type":"box","text":"be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":42,"box":{"x":69,"y":143,"width":639,"height":11}},{"id":"0e962527-5f85-4176-be20-fcbe44511853","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":42,"box":{"x":102,"y":166,"width":753,"height":11}},{"id":"ae1c2e20-c925-45b6-b50c-77fbe7c658fb","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":42,"box":{"x":69,"y":181,"width":778,"height":11}},{"id":"f8a7c857-a2e0-4049-a586-284e4b12434a","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":42,"box":{"x":70,"y":196,"width":817,"height":11}},{"id":"9ca15d20-1a15-46fa-ab0e-130aa66a39e7","block_type":"box","text":"lending income as follows: (i) if the Fund was to engage in securities lending, 85% of securities lending income (which","page_number":42,"box":{"x":70,"y":211,"width":838,"height":11}},{"id":"a81cc518-487c-4a5a-9ee4-782ff9ad4284","block_type":"box","text":"excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities lending","page_number":42,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"3c0266ba-9745-437a-9bc8-744a9ae4de0d","block_type":"box","text":"income plus collateral investment fees.","page_number":42,"box":{"x":70,"y":241,"width":278,"height":11}},{"id":"7fa5f708-58c6-4d58-b5b6-7129efcab6f5","block_type":"box","text":"The Fund had no income or fees/compensation related to its securities lending activities during its most recent","page_number":42,"box":{"x":101,"y":264,"width":795,"height":11}},{"id":"743501c0-17eb-493c-9f1d-939aba16ee11","block_type":"box","text":"fiscal year ended December 31, 2025.","page_number":42,"box":{"x":68,"y":279,"width":276,"height":11}},{"id":"631a0e8d-0ef7-495c-9181-cb8592d42976","block_type":"box","text":"VIII. Additional Information","page_number":42,"box":{"x":68,"y":309,"width":195,"height":9}},{"id":"1002fecd-c0ae-437a-b3b5-6bbf03745c5a","block_type":"box","text":"The Trust.","page_number":42,"box":{"x":101,"y":332,"width":72,"height":9}},{"id":"ba851b3b-d4d5-4360-9c7d-38a2c50088cf","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 26, 2007 and is registered","page_number":42,"box":{"x":180,"y":332,"width":687,"height":11}},{"id":"7bd0d1cf-64c2-4bc1-b848-032cb9a0427d","block_type":"box","text":"under the Investment Company Act as an open end, management investment company. Shares of each class of the","page_number":42,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"7a2ed910-f4d9-4df1-b618-49ac359d9b24","block_type":"box","text":"Fund of the Trust bear their pro rata por tion of all operating expenses paid by the Fund, except transfer agency fees,","page_number":42,"box":{"x":70,"y":362,"width":827,"height":11}},{"id":"e738d9c1-2237-4ad5-909a-05e8104f16a2","block_type":"box","text":"cer tain administrative/servicing fees and amounts payable under the Trust’s Amended and Restated Distribution and","page_number":42,"box":{"x":69,"y":377,"width":837,"height":12}},{"id":"32c5aaf1-0aff-4bab-a68a-da5244c5591d","block_type":"box","text":"Service Plan. Each share of the Fund has a par value of $.001, represents an interest in the Fund and is entitled to","page_number":42,"box":{"x":69,"y":392,"width":824,"height":11}},{"id":"45936c90-479c-45b3-b605-049b88bdb0b5","block_type":"box","text":"the dividends and distributions earned on the Fund’s assets that are declared in the discretion of the Board. The","page_number":42,"box":{"x":68,"y":407,"width":806,"height":9}},{"id":"5d7f5ecb-20e2-4836-befd-633455e4f7a9","block_type":"box","text":"number of shares of each series, and class thereof, is unlimited. The Trust’s shareholders are entitled to one vote","page_number":42,"box":{"x":69,"y":423,"width":817,"height":10}},{"id":"566aefea-cf3f-46bd-b855-1ae003d51764","block_type":"box","text":"for each full share held and propor tionate fractional votes for fractional shares held, and will vote in the aggregate","page_number":42,"box":{"x":68,"y":438,"width":815,"height":11}},{"id":"9edac1a0-fce5-4ba2-8640-5d0a4ba816a9","block_type":"box","text":"and not by class, except where otherwise required by law or as determined by the Board.","page_number":42,"box":{"x":69,"y":453,"width":634,"height":11}},{"id":"ad05ca7d-dbd2-4832-9477-72013b654859","block_type":"box","text":"Shares of the Trust have non-cumulative voting rights and, accordingly, the holders of more than 50% of the","page_number":42,"box":{"x":102,"y":475,"width":765,"height":12}},{"id":"f7862f82-4a00-4aee-8235-bddab3f2820c","block_type":"box","text":"Trust’s outstanding shares (irrespective of class) may elect all of the Trustees. Shares have no preemptive rights and","page_number":42,"box":{"x":68,"y":491,"width":838,"height":11}},{"id":"b9652c6c-8f40-401e-b8f8-880471b2fac2","block_type":"box","text":"only such conversion and exchange rights as the Board may grant in its discretion. When issued for payment, shares","page_number":42,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"f1fc6ea6-f5e6-41d5-ae30-70598ba06c04","block_type":"box","text":"will be fully paid and non-assessable by the Trust.","page_number":42,"box":{"x":68,"y":521,"width":354,"height":11}},{"id":"91e2ea8a-4915-457d-ac17-e13726ed428c","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such","page_number":42,"box":{"x":101,"y":543,"width":781,"height":12}},{"id":"805e9cde-300c-4cb3-82c4-9b4d96374341","block_type":"box","text":"time as required by law. At that time, the Trustees then in office will call a shareholders meeting to elect Trustees.","page_number":42,"box":{"x":68,"y":559,"width":816,"height":11}},{"id":"b23e442f-31f0-465d-85f7-2cc7b6b7f2ec","block_type":"box","text":"Except as set for th above, the Trustees shall continue to hold office and may appoint successor Trustees. The","page_number":42,"box":{"x":70,"y":574,"width":787,"height":11}},{"id":"ff5cafd2-3fe1-4e3a-a4f2-88ffb43ae77d","block_type":"box","text":"Trust’s Declaration of Trust provides that meetings of the shareholders of the Trust shall be called by the Trustees","page_number":42,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"32bec84e-2ea1-4d24-9ff5-82ede2e161ef","block_type":"box","text":"upon the written request of shareholders owning at least 10% of the outstanding shares entitled to vote.","page_number":42,"box":{"x":69,"y":604,"width":744,"height":11}},{"id":"988d1ed0-1df2-4567-a58f-5538d6e07bce","block_type":"box","text":"Rule 18f-2 under the Investment Company Act provides that any matter required by the provisions of the","page_number":42,"box":{"x":102,"y":627,"width":742,"height":11}},{"id":"48269124-98ad-458c-8218-604939c8e410","block_type":"box","text":"Investment Company Act or applicable state law, or otherwise, to be submitted to the holders of the outstanding","page_number":42,"box":{"x":70,"y":642,"width":800,"height":11}},{"id":"ccd40aae-8c41-4ec5-b1ea-293b841a69ac","block_type":"box","text":"voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted","page_number":42,"box":{"x":68,"y":657,"width":808,"height":11}},{"id":"9e67365a-150f-4b77-818d-aece83d9413a","block_type":"box","text":"upon unless approved by the holders of a majority of the outstanding shares of each investment por tfolio affected by","page_number":42,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"bb70e8d4-b9f7-4178-894e-30a99a7f1317","block_type":"box","text":"such matter. Rule 18f-2 fur ther provides that an investment por tfolio shall be deemed to be affected by a matter","page_number":42,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"f0f4f77a-eadf-45dc-8bad-3420daeac456","block_type":"box","text":"unless the interests of each investment por tfolio in the matter are substantially identical or the matter does not","page_number":42,"box":{"x":69,"y":702,"width":798,"height":11}},{"id":"0f2e8771-0389-4336-96f3-2c546e37179c","block_type":"box","text":"affect any interest of the investment por tfolio. Under Rule 18f-2, the approval of a management agreement, a","page_number":42,"box":{"x":69,"y":717,"width":782,"height":12}},{"id":"6d045b8b-031c-4ae7-a5f7-ac68a33cb390","block_type":"box","text":"distribution plan subject to Rule 12b-1 under the Investment Company Act or any change in a fundamental investment","page_number":42,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"19f3c013-ea65-4a38-966f-38a5483e669f","block_type":"box","text":"policy would be effectively acted upon with respect to an investment por tfolio only if approved by a majority of the","page_number":42,"box":{"x":70,"y":748,"width":808,"height":11}},{"id":"38c35c69-8541-4129-a5b5-6a09e65512a2","block_type":"box","text":"outstanding shares of such investment por tfolio. However, Rule 18f-2 also provides that the ratification of the","page_number":42,"box":{"x":69,"y":763,"width":782,"height":11}},{"id":"e63d9fd0-8ab9-45f5-81c0-5bfe7b6cf594","block_type":"box","text":"appointment of independent accountants, the approval of principal underwriting contracts and the election of","page_number":42,"box":{"x":69,"y":778,"width":777,"height":11}},{"id":"3cc558c2-ee1e-4a6f-96e7-bea674c663e6","block_type":"box","text":"Trustees may be effectively acted upon by shareholders of the Trust voting together in the aggregate without regard","page_number":42,"box":{"x":68,"y":793,"width":823,"height":11}},{"id":"04077631-b823-4075-9a6d-88da3d74ba27","block_type":"box","text":"to a par ticular investment por tfolio.","page_number":42,"box":{"x":68,"y":808,"width":252,"height":11}},{"id":"e33b4dfd-ca6e-4f02-8c39-ce4de39b42cb","block_type":"box","text":"The proceeds received by the Fund for each issue or sale of its shares, and all net investment income, realized","page_number":42,"box":{"x":101,"y":831,"width":792,"height":11}},{"id":"1b826c1c-9021-464f-87c6-b267efafe2d8","block_type":"box","text":"and unrealized gain and proceeds thereof, subject only to the rights of creditors, will be specifically allocated to and","page_number":42,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"0f3b7154-1e08-4af8-8591-357bda9fe1f0","block_type":"box","text":"constitute the underlying assets of the Fund. The underlying assets of the Fund will be segregated on the books of","page_number":42,"box":{"x":69,"y":861,"width":816,"height":11}},{"id":"0dd73323-4d67-4cbc-a4bb-79fc742c1eea","block_type":"box","text":"account, and will be charged with the liabilities in respect to the Fund and with a share of the general liabilities of the","page_number":42,"box":{"x":69,"y":876,"width":836,"height":11}},{"id":"8dfc7413-64b7-461f-ab51-f21b7e5404c1","block_type":"box","text":"Trust. As stated herein, cer tain expenses of the Fund may be charged to a specific class of shares representing","page_number":42,"box":{"x":68,"y":891,"width":801,"height":12}},{"id":"da4819a7-d162-4fe4-a5a9-7e7411dcd043","block_type":"box","text":"interests in the Fund.","page_number":42,"box":{"x":70,"y":907,"width":149,"height":8}},{"id":"a855682f-d1d8-48e9-9a86-525b150733d7","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0cf12ddf-559e-43bf-8844-f29321bf76ac","block_type":"box","text":"NM1026U-6033389-42/246","page_number":42,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"2a2595bb-c99d-4ae1-9b60-faf25196683d","block_type":"box","text":"The Trusts’ Declaration of Trust authorizes the Board, without shareholder approval (unless otherwise required","page_number":43,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"8b88fc6b-ee9d-43df-bf9a-502b0be6bec0","block_type":"box","text":"by applicable law), to: (i) sell and convey the assets belonging to a class of shares to another management","page_number":43,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"ffa3698b-a6eb-4e7b-af66-b8ac6a8a03b0","block_type":"box","text":"investment company for consideration which may include securities issued by the purchaser and, in connection","page_number":43,"box":{"x":70,"y":75,"width":790,"height":11}},{"id":"053581e8-9f25-4352-849f-964e540e837c","block_type":"box","text":"therewith, to cause all outstanding shares of such class to be redeemed at a price which is equal to their net asset","page_number":43,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"b8aed4f7-5ea3-460e-8d85-803beecffbb9","block_type":"box","text":"value and which may be paid in cash or by distribution of the securities or other consideration received from the sale","page_number":43,"box":{"x":68,"y":105,"width":832,"height":11}},{"id":"8dff3672-91ad-4fed-9d4a-7d5485bd101f","block_type":"box","text":"and conveyance; (ii) sell and conver t the assets belonging to one or more class of shares into money and, in","page_number":43,"box":{"x":69,"y":120,"width":775,"height":12}},{"id":"b0ce4f72-cd73-4b00-a545-202fd3b486a8","block_type":"box","text":"connection therewith, to cause all outstanding shares of such classes to be redeemed at their net asset value; or","page_number":43,"box":{"x":69,"y":135,"width":812,"height":12}},{"id":"ef2d765f-f8e0-4374-9a32-0356f14685ab","block_type":"box","text":"(iii) combine the assets belonging to a class of shares with the assets belonging to one or more other class of","page_number":43,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"53340587-1cea-45ea-aa08-a76348979da9","block_type":"box","text":"shares, if the Board reasonably determines that such combination will not have a material adverse effect on the","page_number":43,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"59d8ab46-2d57-45de-b459-b802433cb8b7","block_type":"box","text":"shareholders of any class par ticipating in such combination and, in connection therewith, to cause all outstanding","page_number":43,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"a7825479-83c5-462a-bad6-fc14ef8d8535","block_type":"box","text":"shares of any such class to be redeemed or conver ted into shares of another class of shares at their net asset","page_number":43,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"366deddd-8435-4524-ae58-d69c120cfb40","block_type":"box","text":"value. The Board may authorize the liquidation and termination of the Fund or any class of shares. Upon liquidation of","page_number":43,"box":{"x":68,"y":211,"width":841,"height":11}},{"id":"8e39b870-d354-446e-bc3f-9e96a8662ea1","block_type":"box","text":"the Fund, shareholders of each class of the Fund are entitled to share pro-rata in the net assets belonging to that","page_number":43,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"4447668d-704a-4c46-8cf7-4b14e5e5be39","block_type":"box","text":"class available for distribution.","page_number":43,"box":{"x":69,"y":241,"width":217,"height":9}},{"id":"00d0c348-7f7f-4b95-97de-3873382c5f52","block_type":"box","text":"Shareholder and Trustee Liability of the Trust","page_number":43,"box":{"x":70,"y":271,"width":321,"height":12}},{"id":"0ab0eb33-90dd-4444-b97a-5f5afb2d38eb","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":43,"box":{"x":102,"y":294,"width":734,"height":11}},{"id":"53d36dd4-7d68-476a-8c77-88375922eda1","block_type":"box","text":"personally liable as par tners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":43,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"032e548d-fa43-45ce-9108-c03ff1774544","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":43,"box":{"x":69,"y":324,"width":814,"height":11}},{"id":"9306127b-fd9c-46b1-8fda-0591514a0385","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":43,"box":{"x":69,"y":339,"width":794,"height":12}},{"id":"ea9ce7b6-896b-4d15-822b-c541a8f3f4c6","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. 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Financial Statements","page_number":44,"box":{"x":69,"y":391,"width":179,"height":8}},{"id":"ab86766f-23de-4cb7-8be3-f525852c5ac0","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":44,"box":{"x":101,"y":413,"width":726,"height":11}},{"id":"e6e79038-f182-476c-a444-1f33ebd5a390","block_type":"box","text":"Statements and Additional Information for the fiscal year ended December 31, 2025, as filed with the SEC on Form","page_number":44,"box":{"x":69,"y":428,"width":823,"height":11}},{"id":"fb25ca2d-168a-43dc-867b-ebb8ec5aa4ae","block_type":"box","text":"N-CSR (the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the","page_number":44,"box":{"x":70,"y":443,"width":804,"height":12}},{"id":"bdd4dc75-9bc3-4763-8162-441a37a27a02","block_type":"box","text":"2025 Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have","page_number":44,"box":{"x":69,"y":458,"width":837,"height":12}},{"id":"7d39ab81-4feb-4467-aa6d-58c2b2222d1e","block_type":"box","text":"been audited by PricewaterhouseCoopers LLP. The repor t of PricewaterhouseCoopers LLP is incorporated herein by","page_number":44,"box":{"x":69,"y":474,"width":820,"height":11}},{"id":"ab0da4b1-cacd-43ac-8517-9bc5c2cd58f0","block_type":"box","text":"reference. Such 2025 Annual Financial Statements have been incorporated herein in reliance upon the repor t of such","page_number":44,"box":{"x":69,"y":489,"width":838,"height":11}},{"id":"1baf6ab8-09a9-4c49-a5bd-51277cedc025","block_type":"box","text":"firm given their authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi","page_number":44,"box":{"x":68,"y":504,"width":804,"height":11}},{"id":"e65cd6a1-3df9-4307-88fe-47bb6d6f914d","block_type":"box","text":"annual repor ts to shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional","page_number":44,"box":{"x":69,"y":519,"width":770,"height":11}},{"id":"103e6e87-ba2b-4a31-8b7a-325ab07a30cd","block_type":"box","text":"Information may be obtained at no charge by telephoning the Distributor at the telephone number appearing on the","page_number":44,"box":{"x":70,"y":534,"width":818,"height":11}},{"id":"5ded2108-d382-4cb6-8e95-710d0ee7ded2","block_type":"box","text":"front page of this SAI.","page_number":44,"box":{"x":68,"y":549,"width":155,"height":11}},{"id":"385e33d9-9ec4-417d-9479-3949ee6633bc","block_type":"box","text":"I-28","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"315b7e8d-0c2a-4712-b0a9-97c89fd43e15","block_type":"box","text":"NM1026U-6033389-44/246","page_number":44,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"b555e452-0855-42b6-8f1c-2b6ca35b9b7f","block_type":"box","text":"PART II","page_number":45,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"1c06afd2-4736-4d15-82ba-0167d530b4ad","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":45,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"a67fef4f-c03c-4241-8de9-c8ac50736756","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":45,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"4ab3b462-d517-4c6d-899f-bece582ac8db","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":45,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"4170b17c-ff7a-4de2-bb31-8a5915d21077","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":45,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"7419a424-4555-4e36-9dbb-ec2acb9095ab","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":45,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"16ea404b-c754-4c70-b41f-c44141885a0a","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":45,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"b74049ff-8c24-461d-a0e3-491447686bd8","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":45,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"4ecb02aa-6a37-470a-9b27-505d358ace32","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":45,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"29fed064-0174-4b14-9383-339b100fed46","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":45,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"b5156fb6-a9b0-44c6-9d10-ff6621885bf5","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":45,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"94c5e0af-2240-437a-a07a-0177d228ae7f","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":45,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"e5da2cc2-ae3f-481f-a038-78bf7cc1e25a","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":45,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"567abc22-a317-4e98-bfcb-4ac5487db102","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":45,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"45992a9d-7348-411b-8374-066e1fadddc1","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":45,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"6edc4b2f-bd44-4802-acf4-cb31aadd3c9b","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":45,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"5132ed38-fb45-4ece-9b29-f03ba5f71639","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":45,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"9263a803-ab7c-489f-8685-d2a2e6c241c2","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":45,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"39b1bec4-1be3-4e66-84e5-61466e783b64","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":45,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"639f8def-e007-4e64-ac65-c9e94be53910","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":45,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"d5f29c01-046c-4d22-b042-671f43c72c7e","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":45,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"d52613bd-d969-47e3-bbee-41f30419c815","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":45,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"83ed8a88-0931-4379-b0c3-2de111f4a8dd","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":45,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"83781381-bbdc-4e5b-bd9d-9717fecf524d","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":45,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"169a35ab-fa24-4188-afd6-f5ee39a90ef4","block_type":"box","text":"par ticular Fund.","page_number":45,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"0660736f-984a-43d6-a7b8-1cbda976de1e","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":45,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"0fad1e5e-b606-4059-80cd-e164777eb34e","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":45,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"085b68ca-c7c3-40f0-b128-4c2be9bf8425","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":45,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"6788cada-2791-41f6-88c2-844f84e1abe1","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":45,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"a8885d93-c914-4992-acb3-260fd7a3a969","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":45,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"224efb56-9471-49c7-8901-d7fb1f94262f","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":45,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"76dbda90-d914-4a15-b933-ffca20fd7ed9","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":45,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"396ab64b-fefd-49f4-8e54-0b8b37d2581d","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":45,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"6a7855cb-8163-47fb-ba00-1d0a66037067","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":45,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"5e4de9e8-5544-4db9-b311-9ef5620c3bd5","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":45,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"bb60a907-1221-4458-bf38-b39a16bdc7c4","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":45,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"1e67e8b8-6c07-4871-8d60-a9173cdbb4c1","block_type":"box","text":"Asset-Backed Securities.","page_number":45,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"c1d92349-7717-4cf1-a4ba-1685b930d9fd","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":45,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"97876104-1fe6-4e1e-8423-cdccb428faab","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":45,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"c6015e34-9316-4dd9-8873-140497a628fd","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":45,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"792828cd-6cd2-4da7-ba64-f0c18c6d2ea7","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":45,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"933f5e72-e17f-49c9-98e6-2dd6291d0924","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":45,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"af84c3b3-8455-450e-bc3d-813853f82d24","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":45,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"67d1d126-6aac-4048-ad7f-0f635929ec63","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":45,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"9bb81d54-db70-427f-804e-a9f9ca60dddb","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":45,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"37c25a9f-d736-407e-bbcc-bc9b4ad24d8a","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":45,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"63034ba2-51df-4130-8ca9-e057620e4407","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":45,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"63ad6ed1-5df1-4f8d-8c5b-9f61723911b1","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":45,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"f78225ae-05a8-421d-904a-c7f769dfb058","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":45,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"66ef2c53-15b8-4a73-92b7-a9116ffd36b3","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":45,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"f0021786-9179-4f31-b76c-64751bbc6ef1","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":45,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"f93986ab-cb71-4dea-9cdb-337597855465","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":45,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"906f4907-b79e-418e-985b-13f45b78a820","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":45,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"3ca9ec9b-2f2b-41f6-aad1-8651f6d5d2e8","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":45,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"a8ec8abe-3642-42ce-865e-1e04bf8777ec","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":45,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"30d3722a-6a83-4d5c-bc36-50458d6e2fd2","block_type":"box","text":"II-1","page_number":45,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"e1c0b43d-9a5b-4c8e-a7c4-1827f5252ce0","block_type":"box","text":"NM1026U-6033389-45/246","page_number":45,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"e90d8c64-7afe-4014-93dd-ae15600dd4a3","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":46,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"59963458-8ab0-4380-b74a-32722e099fc9","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":46,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"e036448d-1708-4fba-8520-bbd65b3dd627","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":46,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"5e376957-16ed-4563-b5b0-a1e3a13abbbb","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":46,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"f4ca6208-1b40-4037-822d-4aba1350444c","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":46,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"e62778a7-c617-4bc7-a900-f37d857fd48c","block_type":"box","text":"Asset-Based Securities.","page_number":46,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"70cb4ed3-ac31-4f8e-8f26-031353825496","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":46,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"27d407e7-d5a5-493d-b926-2a9346eea854","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":46,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"bb5255ec-795b-4e69-9344-732c64b039b6","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":46,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"042d2448-5c9f-43ac-bb60-a1c9de3e8dfa","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":46,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"85fc6b3d-9ee8-4471-9c3f-e236ffd706c9","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":46,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"ffaa0994-78d7-44a7-91eb-eb33e3c72c3f","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":46,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"dbffdc4d-66ca-448a-9cc1-e7d921320805","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":46,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"6adf5b8d-20ed-492e-b150-ddd99730087f","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":46,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"7ede25fd-a868-47fe-ab17-b27f36ecdcd2","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":46,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"6b229f58-ff71-4ec3-abec-75cdb067a1cd","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":46,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"ddddd08a-334f-461d-aaf6-0584cdd4ec86","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":46,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"e93f6c2f-2cb6-4567-91e3-f08c186e070e","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":46,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"13241d13-d5e7-4540-8ec3-101246023ebd","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":46,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"ad0f655f-3a48-4d6a-af89-2c14a854c1e3","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":46,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"5681643f-a56c-411e-b146-8c5d595a349d","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":46,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"61f8e0d4-014a-473a-a83f-8634e26edf3d","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":46,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"8fb80ced-2465-4222-8591-1a56bcf17cde","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":46,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"74df6c41-9f5a-43fc-b03d-1d4a12b2cf90","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":46,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"847e7f35-0009-4385-96c6-cd5900e32517","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":46,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"cafd7985-0473-419c-9084-efd7bc91ba98","block_type":"box","text":"appreciation in the underlying asset.","page_number":46,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"8ce8e07f-a71f-4ae0-b162-94755220819c","block_type":"box","text":"Precious Metal-Related Securities.","page_number":46,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"5c2ee815-34ca-4f0e-8adb-23fed82e0104","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":46,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"58940475-bd3a-4b7f-9208-a6485750e5be","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":46,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"ae5b01a8-4f54-4f9a-a7c4-21d5a107722a","block_type":"box","text":"e.g.","page_number":46,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"9910dd2f-a19a-4be5-ba72-9fca2074fc7a","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":46,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"1e500ff7-25bd-4458-bbed-80fa418ab7ac","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":46,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"a4e8b7a6-f3d2-4a79-a843-42fb937b55f5","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":46,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"0e43dc82-8ff0-4327-a51a-dc15a867f99c","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":46,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"bfec86ec-988c-4ee6-81e1-095df8c3f4b7","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":46,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"41e04fe1-97cc-430b-b624-b7fb82dbfb4d","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":46,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"564622ec-1371-46aa-b11a-c6ab72326aaa","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":46,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"6a93e9b6-e51b-4e76-89ba-c5d91d87d678","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":46,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"261e119a-3320-4d91-9d5c-67939137998a","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":46,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"b87d528f-8565-4cc4-b492-5063a8892bf7","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":46,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"0ece1171-e0cb-49c4-82ec-0100c804bf16","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":46,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"59d9dd85-2ac7-4e65-8211-6cea9d7b8954","block_type":"box","text":"South African gold production.","page_number":46,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"94847794-e93e-408f-b553-fc228b315e52","block_type":"box","text":"Borrowing and Leverage.","page_number":46,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"1abba44d-5b12-4d0f-9eff-0a684934d90f","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":46,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"981f90b4-fc0b-4e31-85a6-a8675ec8c7ba","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":46,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"a00a9ebd-3501-426f-aa9c-b82f864a8cd1","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":46,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"733c765f-005a-42fe-826a-2dda7a6245c9","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":46,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"239ed5c4-58ad-472d-ae1a-52c5db0a24d6","block_type":"box","text":"other securities transactions.","page_number":46,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"fbaabe80-6525-47a5-8d7b-9c18e0d85bdd","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":46,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"9f2f6de6-9342-4a4d-9207-42b46cf69191","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":46,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"83594016-ed9f-4aa6-b530-0eeb67e777ae","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":46,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"00649013-8bdf-4cc3-b226-2dabf5327198","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":46,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"e6693aa4-f243-4ba7-8224-bdd47bbc28b8","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":46,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"c2f9588a-780b-40b1-acaf-769939015883","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":46,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"37a7d0a3-5494-4d59-8cea-02ccde213f40","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":46,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"74f1a85f-edf3-44b6-b84b-c6e7477020f9","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":46,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"4afe5669-10c5-425d-b282-83b8e46782b9","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":46,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"e32a971e-c15e-4cdd-a9e8-3db6f53b1656","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":46,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"d9859f63-6c64-4a48-a20b-d5de55ced0e1","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":46,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"36d8c76b-f861-4666-8747-1f1917e0a297","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":46,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"bca40fcf-eee4-41a0-8484-885bafde891c","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":46,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"e8f84bc7-84a7-4160-be9f-40038a6eb2c6","block_type":"box","text":"II-2","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e88520cd-9683-4c76-ad62-2aea5885dfe4","block_type":"box","text":"NM1026U-6033389-46/246","page_number":46,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"def5b0ea-194c-4d11-a3d3-c7d728c288f3","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":47,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"261ac42d-a7c2-476c-9706-03e3cbfd1bf4","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":47,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"af42490a-9444-47db-9175-1eac8d74281a","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":47,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"2485f29e-a65d-4433-9062-3fa268872ce5","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":47,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"699e1d24-121f-4f51-967f-cf9339e3a1c4","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":47,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"63f59053-0ad9-44c0-bfe0-010bd5c392a6","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":47,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"9cc466e8-e1ae-40e4-9f43-624a2ce39dc7","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":47,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"3342a744-fd25-4dc9-bf51-eba7e697a533","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":47,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"437d569c-7512-423b-88f5-4b1b281fcaa2","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":47,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"36d04d74-bdd0-4551-81d8-3288d8f73110","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":47,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"b9d49967-33ad-45ff-9103-035d83a270f7","block_type":"box","text":"Cash Management.","page_number":47,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"20e5f9a0-13a9-40d5-b266-016261af0eb2","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":47,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"9ff58d86-a4ac-43c1-87d2-025ec1851ed8","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":47,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"36be4d44-beaf-4163-bc1f-fbe18a66edc2","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":47,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"3464eef0-f364-46e2-b778-b91352a26d57","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":47,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"b10ae453-0410-4af1-9f12-4f4daad8a064","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":47,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"4539a40a-1a75-4113-b8f4-555ce0b2f745","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":47,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"a74b1482-b2de-4651-bf64-7c41177ebe04","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":47,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"d6bb80f4-46de-4307-8153-eec93e446c1d","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":47,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"e28b2723-2637-46e0-b89d-cb648e2006d1","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":47,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"1db6e0f8-2cf9-46ae-aca0-a4416c145717","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":47,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"b45346e5-c8fe-4abf-943b-8168aa439a6e","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":47,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"4671af64-39aa-4adc-94c4-7fb2f2adef1e","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":47,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"9ac9c67a-114b-48c9-ad11-1b73285520f3","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":47,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"53e16b9f-90ee-4cf4-b982-59bbb80cfb30","block_type":"box","text":"Collateralized Debt Obligations.","page_number":47,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"ae5186e6-3ff7-449d-8f56-f6bb75925e7c","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":47,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"ceeae32b-0f8b-433f-bd2e-914e427dd6e3","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":47,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"dc594c3b-74b8-4ec8-80ea-756a9dc1b630","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":47,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"d97aab33-6e08-4e14-a51a-103cbf8cb57e","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":47,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"08ce094a-e188-482c-9126-145026d9c56a","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":47,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"35cb6064-fd46-40d8-8de0-57feb1245272","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":47,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"8926486c-9ed2-4704-a0a0-25834a69701b","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":47,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"f7da5571-3829-4291-9e7f-763477f1dce8","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":47,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"e18f7757-1ccd-4c79-8e8c-3407c923fa78","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":47,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"4737ba18-d90f-4a86-bc62-e458362a7611","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":47,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"c744d902-e40e-4e84-93f3-98b643906d2f","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":47,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"3111aa7f-7329-4e56-bd3d-f54db9b75163","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":47,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"be567536-2755-443c-9f76-cef371e158b0","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":47,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"a41d974f-d221-49ac-b52b-1a610782f063","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":47,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"a17563fd-f827-4298-b715-173030158d7f","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":47,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"0c283486-8f38-4d5e-acdd-71a76c7f0588","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":47,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"81b1de10-45b1-431b-b3ae-d1502ad39f7d","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":47,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"f911d700-40d9-4afd-b756-e494efdd8c08","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":47,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"9bdfba77-dd38-4617-b1c6-fae51b15e3f5","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":47,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"6b970984-7854-4185-ab56-26a990f01bd5","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":47,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"9017e0b7-01b2-411d-99a7-f41110d41246","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":47,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"d2942353-6d01-4ae1-aa9c-34918fcaa3d6","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":47,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"57d92c91-be64-4736-a9ef-aa7f979d75bb","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":47,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"85fc8186-679f-4756-abcd-3dcc243ee3ef","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":47,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"de812044-b41c-4f10-83f6-7a6bd5d19dc8","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":47,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"2f1ce62f-0a07-4f3b-8bae-87183b794b10","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":47,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"939ed724-4c22-45ef-9c87-53b4cbf7fbfb","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":47,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"20313e06-98b3-4af0-a024-6906c7b76030","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":47,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"fbf72f00-fb63-4ee1-84e2-ba1e02ac0d6d","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":47,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"ed846898-a78b-444e-890c-9482d2a4ff37","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":47,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"d936085b-cd5d-4d9e-8325-342dc38e0202","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":47,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"56ff6831-6aac-407e-9109-ff95f84a8734","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":47,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"b005da4b-a5f0-4537-96ec-e8186ac21e0c","block_type":"box","text":"II-3","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2fe13c55-b04e-4085-88d2-4bf4072054c4","block_type":"box","text":"NM1026U-6033389-47/246","page_number":47,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"d9a78545-2d77-4513-848a-98749f3a2fce","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":48,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"8675f382-d90a-4190-bbb3-bce41aab041b","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":48,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"10b2a96e-a387-4690-900c-ddbe097bb55e","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":48,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"4aab4208-3e68-48bd-94f1-9bb30be0409d","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":48,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"6f848fb8-457f-4dfa-88bf-16b22a4bca17","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":48,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"d78ca0e9-48ff-47a8-a00c-62abc3f9c23d","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":48,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"cbe6346c-d891-4eb3-8c01-2ff3f8c69ff8","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":48,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"bd478e6b-9918-4621-a1e3-bfdd645d94e1","block_type":"box","text":"Commercial Paper.","page_number":48,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"021dd39b-3e0e-4c6a-9d2b-ae4fd45ff951","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":48,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"7309919d-52ed-4c26-b49c-17e7380defba","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":48,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"6503a748-29c0-43f7-8826-94ee3d4276cb","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":48,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"82420843-f923-476d-a519-f5cd1b82251f","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":48,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"bdba1ac2-9748-4da3-852d-179378f8811f","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":48,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"9c3e8bcc-2339-490e-8ed1-95865a364e13","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":48,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"5f697d5f-98db-47df-a9b1-b345212c1ba1","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":48,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"e918750d-8706-47ba-bd6a-d1e3e0e482cd","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":48,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"85dcf161-6381-4f1f-91af-ec4d9b6ab306","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":48,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"c227e90f-442d-468f-a4bb-214bd1d38688","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":48,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"502da34a-a0d5-4dfd-8a3c-122f5bb9ae47","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":48,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"ebf4bbba-d702-498f-9d0f-cfe961981415","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":48,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"c5fe7a0c-b752-4cf9-89a1-4e1fe68649ce","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":48,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"790b8695-2957-4a19-b1e5-2b49700901e5","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":48,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"970010e9-f1c7-44f6-a778-1096fe136c48","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":48,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"8e98e9c2-48fe-4dd4-8b76-6241c8a51a2e","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":48,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"94431214-d945-471f-ab5f-868a8179c54f","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":48,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"9858b490-28b2-4981-b060-2fdf620cfe0e","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":48,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"2c3ea743-6f6a-4f73-8350-1834dbbc8870","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":48,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"c2b9f175-c0ce-4958-b5d2-bdb5780f1ff4","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":48,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"a14ed5ca-9096-47d7-a8a6-320c94ce9c85","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":48,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"54b32ebd-53fe-4db8-b624-b73a1de57c91","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":48,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"c363fbf0-162a-43b5-b438-ac7be7b14487","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":48,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"d0db1db8-10e6-40a7-8a90-a537986d9392","block_type":"box","text":"variable.","page_number":48,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"1d8d5c5c-8417-49e1-8577-eea8d609cc4a","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":48,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"d8d7a4dd-a824-4a0e-a982-f2e589572d74","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":48,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"41266aff-2cc6-4818-aec8-63e422c03d64","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":48,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"a1ad4e15-0f28-488e-812a-a96117ff9326","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":48,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"72be3c4d-5d7d-48d2-a13a-d3e87b469678","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":48,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"7131240f-b8eb-4466-8d3e-7952af9add29","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":48,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"02ca05ce-a27a-4f80-b31f-e3b40b5f8400","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":48,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"9be6a47c-3fe4-46f1-a620-be0e156c9c89","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":48,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"a7fd720f-d873-4abe-b54d-78f9848ccb10","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":48,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"b8a4cf75-86a9-478c-a4be-e438ad82d937","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":48,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"23458a58-c5cd-4dba-a16c-6e30f1ba43d2","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":48,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"1ee65c30-f2a4-49a9-a06e-4ea5534203d1","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":48,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"d55fb69a-6537-41a7-a130-1080a7cb4bfe","block_type":"box","text":"correlation with stocks and bonds.","page_number":48,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"1912c9a7-92e7-4a42-aeeb-24e072410af6","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":48,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"715c6271-939c-4f45-8b21-ea5782ac0bc6","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":48,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"63efdd7d-6152-47b2-9bc6-ef15339bbd3a","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":48,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"14370e47-3cb4-4363-98ed-3bd6c05d11d6","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":48,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"b46f634e-1f28-4778-930a-ba8e1cae0cfc","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":48,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"8f6f9327-a1f4-48c5-99c9-75c6780245b8","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":48,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"f057a611-335c-4b53-ad5d-8e9eb5975b0a","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":48,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"01fb7375-4b25-4b63-9709-fc2a17bcd830","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":48,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"7865b698-72f7-4c08-bfba-f36b0b8a51ca","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":48,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"bb4756d3-7558-45f2-be40-f785b1a646cb","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":48,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"92720860-3a2d-423d-b3a2-75af0a8279e6","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":48,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"89c030b4-bc53-4682-9672-c7af70025208","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":48,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"dde207c0-4e52-4b63-863b-c9dd59fd1125","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":48,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"4d17f887-7a08-4b31-9ed7-44026c1eb6c2","block_type":"box","text":"II-4","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"26782125-c9d7-46e2-871b-428974a02435","block_type":"box","text":"NM1026U-6033389-48/246","page_number":48,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"35ac3ab0-22e7-459c-823e-ad6dd5d1ef9f","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":49,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"325fbc2d-c205-4336-b295-c555e7543df0","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":49,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"14e0bd1c-12d9-4e1e-ab5d-5ec7fa144f59","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":49,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"5a946e34-2a3c-4e0e-8072-15bfece4be4f","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":49,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"108f8e2a-c7b2-42d3-a392-27cac5e26ed7","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":49,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"8bfa6949-10ea-48e0-8c06-1e6aaf15627a","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":49,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"ba0d6230-f01b-40c9-aa4c-029e02cfbc7d","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":49,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"8d8b9d96-8b83-4a5c-8d61-04d64f2f40cd","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":49,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"856c760c-4904-4819-9b9b-f4263ed5b052","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":49,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"dbbe786c-e52a-4e60-b3b8-2f3f25b7bd00","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":49,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"702ad306-e660-4d18-bec6-9d9a3de15fa8","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":49,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"caf2c234-0e4f-49f9-b287-5ad95f49f3c3","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":49,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"70f73cc3-9c94-4b0f-ad5b-2b48c15c5aeb","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":49,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"90f8ea13-f385-4dd8-8489-3c8e373b7ee2","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":49,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"e692c407-ef4b-407b-a84e-3858c9346bdd","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":49,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"4f138445-6e39-40e0-8139-644238663289","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":49,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"1f956feb-6b70-4b8b-9224-8960b9d81e82","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":49,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"9b545131-db29-4a7e-aeee-b02648153efe","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":49,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"7dbf32c6-7507-4926-947a-e94c56cbff00","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":49,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"e5afa6a4-5b0f-40ad-b734-7682048b3dd2","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":49,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"65025ee3-c0ed-4c65-b723-85dcf46cdfeb","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":49,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"294df52e-53f9-4aad-a3d5-47f9e22052cb","block_type":"box","text":"the Manager believes are relevant.","page_number":49,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"391ea3ed-9b37-484e-97c2-6ca8f5eba091","block_type":"box","text":"Limitations on Leverage.","page_number":49,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"16d3e302-c253-4fe9-ab17-b33147b25b63","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":49,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"ad79126f-cdbb-4160-a1fe-fd3bdf95d526","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":49,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"3d659b76-c7d3-4864-8fdd-cd5d549051b6","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":49,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"54ed5ab4-91aa-4f8c-8c13-007fe0860ea2","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":49,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"d7237238-0440-4bc7-9199-5a23babe4dc9","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":49,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"bebd637c-53e7-4b96-97ab-f91d28dcb0b1","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":49,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"a3a17cb0-938a-4359-8ae9-88d5a9161490","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":49,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"3df40238-1c85-4986-b6c6-378a8079dfa2","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":49,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"d216c403-910c-4b4a-a8a9-af3a25cef790","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":49,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"03bbd823-98c6-4ed4-bac5-d95f96b4a275","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":49,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"7780101d-bdc7-4480-be8b-14e09c67ec52","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":49,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"55c1f79d-c938-4f2f-b289-b7d9e1c328f4","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":49,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"47e96b9f-d591-4419-b10a-82dd362c87e6","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":49,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"c8759810-2749-4f76-a868-23b3ffc6c36c","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":49,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"977677d6-4890-4cf7-ace2-a9040c6ac095","block_type":"box","text":"Counterpar ty Risk.","page_number":49,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"80985535-ed9b-4a90-b187-ecc90fb04e7b","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":49,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"0ac4ccda-5f41-465a-b493-a4227c94fe68","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":49,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"747bfdbe-3a77-4280-8a1a-65791d58709a","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":49,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"1b89b714-019f-406a-9250-cb334517f058","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":49,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"145546fc-0187-4996-af18-6ee867e279ce","block_type":"box","text":"e.g.","page_number":49,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"ebf5494b-2b04-4578-b55f-5a1b892eed7b","block_type":"box","text":",","page_number":49,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"26946ced-ee8a-49e0-95ae-10a3d6949822","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":49,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"3a9d043a-264e-4965-b38e-17356d93c06f","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":49,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"012602e6-0bef-4401-8a6f-abdb9ed257c9","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":49,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"0e3ad2be-ef72-453c-959b-5a3c5d006d26","block_type":"box","text":"obligations under the structured note.","page_number":49,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"40f55a55-c2e7-49be-be3c-f5ba6cda584f","block_type":"box","text":"Convertible Securities.","page_number":49,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"bdf30730-ef10-4d1d-b92e-6d11492ecfc0","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":49,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"c5d729b2-4db1-40f6-a316-e9e46aef1f0b","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":49,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"5586f484-d698-4409-be72-68b038149e07","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":49,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"c3fd84c5-5559-4f51-ac86-7516c54db782","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":49,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"f6872e61-359a-467d-93b7-55f23b833ab1","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":49,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"5a4013d2-19b1-4da4-ad16-7865fde6f46c","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":49,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"a1a6c52e-17d1-4f3b-9c9f-588e18702dad","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":49,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"489af566-ede9-4a82-bfbc-64cd458338e0","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":49,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"e6a51a9c-4646-40d1-907d-d7d50406bf2c","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":49,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"0a61c492-aeb0-4a5b-af6f-537894509cfd","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":49,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"c02bf15b-d367-4e9a-82ae-1fa6e2bcc32c","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":49,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"32ef5a16-9d2f-4446-a1e2-1b4ed3168fac","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":49,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"9c8a5ff3-4c58-40c4-b9e6-4a9231e229fe","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":49,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"f01461ed-9241-4185-916e-58a238c104c0","block_type":"box","text":"II-5","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"15585562-172e-4e2e-be0c-0ece97a6da65","block_type":"box","text":"NM1026U-6033389-49/246","page_number":49,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"3cf7e30e-fc6d-4055-b3b9-8afdcac32643","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":50,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"d3d214fa-7b9f-47b2-a17f-01f13d6a607c","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":50,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"54f98433-bcb0-45f0-945e-ca3e77b8c655","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":50,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"ea57c286-8cfb-4aee-acaf-a44a11e6f14c","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":50,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"851f3a1c-312c-4322-8e75-1652cde69aac","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":50,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"565dbadb-4f6c-4d8f-ad84-25dd42fa9b36","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":50,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"52a65457-386f-4099-b16d-1b45dec36d48","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":50,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"78f7ca1c-d128-495c-9e63-b248bceeb8dc","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":50,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"4b5a3574-7a7a-4619-bb2e-bb1440b89dbe","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":50,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"b249ab9c-3f78-4d65-8633-713ecf8e3337","block_type":"box","text":"things.","page_number":50,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"0e1efd1f-d956-40f2-ac1c-91ff24abbaa5","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":50,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"2d65fa3e-5fba-4ad7-bdaf-341165f4cf3a","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":50,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"316b77d4-53e4-4252-acb0-a7124983f59c","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":50,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"8334d618-66cc-4f66-8ae0-966fc3dab65e","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":50,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"82d37d5e-a380-410b-a5da-a47aa4ed1bf4","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":50,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"cd402508-4a85-4a32-8d88-7f33e43fe575","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":50,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"16e697e9-6d95-4fde-b529-20b116863aec","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":50,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"b4330f43-8b9d-4e62-90ae-8ce49d347bb4","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":50,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"29686089-f5d2-4519-b3ec-59a30ec9c028","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":50,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"33414817-8e6e-4ce5-93a3-de193ad3e23f","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":50,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"bd2e0a02-32c6-4e6b-ba7c-cfe291ce860b","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":50,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"0b18b6f9-cda7-478e-a6a5-47be346b5030","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":50,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"4d6132db-debe-4f9c-a625-c86d3e4f6cb4","block_type":"box","text":"i.e.","page_number":50,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"e4e7fd4f-32ef-44f3-be40-fd90cf15eeb9","block_type":"box","text":", strictly on the basis of its yield) is","page_number":50,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"27153f8a-e92b-48b9-82bc-6a25ad8abb3a","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":50,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"1f6486ca-c5c9-47b3-a02a-ed6f658d5be9","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":50,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"6d323d15-250f-4485-8273-b4eec6d47f52","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":50,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"0e4da215-9ccd-4d2e-9143-784744811349","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":50,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"052afca9-c766-4592-9abb-08a1169356f8","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":50,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"0f58003d-a973-4e67-a996-770b328b78be","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":50,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"f3cfa012-8dc6-4288-9b92-715951f80c5c","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":50,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"49d39f04-f7d3-4488-86a9-c5d3c3606e7b","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":50,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"08fe095e-0bd6-4619-a1c5-91787e6639cb","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":50,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"745a462e-a482-4e52-889b-a1baecfd6881","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":50,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"452bd7f3-328d-41f5-a3b1-e4127e8a1a00","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":50,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"13fed2a6-41b9-40c2-8bf7-268289609008","block_type":"box","text":"than the securities’ investment value.","page_number":50,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"661bd722-df2c-4f7f-901a-1b6c3b6d8993","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":50,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"ba151313-eadb-4a09-be2d-437f59f56948","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":50,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"09215aa6-8239-4bd4-8229-d58721815bb6","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":50,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"eb8e8fe0-d026-4eb2-aea6-7dde2e59db20","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":50,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"ef95fe04-b30c-482e-a661-adbe9f4d35f6","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":50,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"eebead18-b6b1-46bb-934c-c6e2c33a2b50","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":50,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"f53d7ebf-523c-4d73-af24-53794abdd08b","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":50,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"ba53acd8-0d0e-4bed-b31d-a3f9fdeb01f7","block_type":"box","text":"security under cer tain circumstances.","page_number":50,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"fabba52a-3524-4d92-9190-db97e6b370de","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":50,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"7854224b-9ff3-42fe-aef9-86532b6eeebd","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":50,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"17e10a60-8f8f-4b18-b27c-5f89e6c94217","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":50,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"988f22da-c417-4d75-9509-7db61551aa8b","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":50,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"d737ece7-be12-41a8-81a1-da809b3a708b","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":50,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"0b4549d7-4a1b-4687-8fff-853116c9ee62","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":50,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"dc8f11de-b0d2-4a6c-9425-252b062f9cff","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":50,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"dedd14ec-cd66-4cd6-a0bc-7d33d142b103","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":50,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"a54c1c49-5861-4b5f-8708-e00971a18d50","block_type":"box","text":"i.e.","page_number":50,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"e79e6fec-7df9-422c-b214-3d718818ae76","block_type":"box","text":", fixed-income (“fixed","page_number":50,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"0584df52-9dbe-4a39-b11e-8db700d0427e","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":50,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"e47fa181-887f-401a-add2-065ff87a7907","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":50,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"29676375-30c2-4634-b31f-c2b04a0b6675","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":50,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"742ab17e-339d-41f8-a6b4-c1c5f53d3de4","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":50,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"3cfc9510-f93a-4e77-9d51-7828cdab9e4e","block_type":"box","text":"II-6","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2534b1c9-29c4-4e6d-9ffa-3be08d4ce38c","block_type":"box","text":"NM1026U-6033389-50/246","page_number":50,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"21408066-0a3e-43af-b2f4-ef2999ebb4b1","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":51,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"ad5da52e-5573-4f1b-8d07-f3d52da52ca5","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":51,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"2813fa7c-ab40-467b-ad65-f02a9696c093","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":51,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"516e4c99-62ee-483d-9e09-61086ea4164f","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":51,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"30d344a2-e57a-497e-9f68-1c23500ee2df","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":51,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"075e2cae-c360-4b07-b44b-c5c65739e5a4","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":51,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"7982d850-2e8f-4bc7-816d-3ccbd2aca876","block_type":"box","text":"component.","page_number":51,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"34ec598f-7f4d-496c-a937-fb214ef91ec7","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":51,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"ba7fc0ec-460f-43db-9667-dab3adb150d6","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":51,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"62a32bfe-b7f7-43e3-ba6c-619ae9871e4f","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":51,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"17a6dd62-9452-4c4a-8e82-0f35158adbe2","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":51,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"14b8447b-7b9c-4586-adf5-88ae593a39b8","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":51,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"055f56d5-0d05-48f8-8ac1-efd62d188e11","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":51,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"66e81678-f613-4e77-a61b-2325202239bb","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":51,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"75c69574-afb9-4f35-9cf4-18ff47576eda","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":51,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"adaec408-41d6-4101-8097-77513e0faa56","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":51,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"253d16b9-f2f0-4fcb-a7a0-739c27eb5fd7","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":51,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"1fac0af4-c27f-4d40-ac39-78b06f814c58","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":51,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"daf286be-e7ba-4cf7-b04d-9ac70cc717a5","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":51,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"11cedfe3-36b4-458c-a91c-3b596534c702","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":51,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"b6d9bbe4-a34f-4a35-a17c-52b650006193","block_type":"box","text":"favorable market conditions.","page_number":51,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"e3143fac-925c-4e7b-920a-1ffe68e3d3a9","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":51,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"1a85e68b-2515-4fd3-9c22-55b2fbce4297","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":51,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"c922cb94-ded6-47c1-b2fe-e6991f72e4d2","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":51,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"63ce61bc-19b8-438a-ba41-08d9ae490059","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":51,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"104b99a3-77cd-4fef-ab62-377ce5671b55","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":51,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"9c955e7a-2e6e-41bf-bb93-2a70d5b6d820","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":51,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"6ce34db3-677b-41ad-a983-716fb2c9e50c","block_type":"box","text":"Corporate Loans.","page_number":51,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"d79c50af-d4e6-4272-8377-70a5638c6f66","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":51,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"648a2172-e34e-4031-b0b2-21dbae5bcf19","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":51,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"1262d034-47ba-49ee-8caf-7cff7fbd81ac","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":51,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"4ba9fcea-a305-4cd9-93b9-3a359c00e1a4","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":51,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"14c8c2fc-a0a2-4205-ac8f-000041e49262","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":51,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"18c3bc46-a2bd-49bd-9a65-d9c8dcb1394b","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":51,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"930e955c-27dc-4b8c-bb20-7c75b794f329","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":51,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"754e70d0-3dbf-411e-b52d-d584897ee8c7","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":51,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"b32730b1-92d4-44f4-b805-2e03be278fd1","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":51,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"7d155a4f-b72d-41ab-9073-06964f2e7656","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":51,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"6c6c3017-1494-43fa-a3aa-120492325ae9","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":51,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"c46b08ca-ab72-4bad-a2fb-904498ad7522","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":51,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"08508ef6-6524-4bf3-9e61-7a77058e7f29","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":51,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"768f2833-0dc7-4368-af87-9ca46142a62d","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":51,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"2702842c-2991-44c8-822d-62169504d199","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":51,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"9c3b2e6e-b89d-4da6-aa87-7e88bd567b18","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":51,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"6545e181-6491-47fc-a8eb-d2ca7a395115","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":51,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"7767c5df-d0a6-47f2-84b7-d02017695669","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":51,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"a47ba3d1-7346-4961-a4ee-50bb5667be25","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":51,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"ff3eabf8-f291-4c41-b1e8-52296f2ad996","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":51,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"a87cc3a3-4d44-40d1-8dd6-32bc3d0b259d","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":51,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"478d31e2-965c-47a0-a95e-5a853808ddfb","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":51,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"09f6a2b1-c687-40a9-baba-f78f67dc3b0a","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":51,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"ceaff3b9-0e34-4490-aa75-1002744cdc6e","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":51,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"53544406-6f5b-4eb1-a34d-7009bb845051","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":51,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"677f66f2-6650-4d1c-9a4a-cf8f8daa910b","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":51,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"952fd757-42da-468b-aad6-c66d890b08b2","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":51,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"a00565c1-b7d5-496c-9078-f065fad2c7f0","block_type":"box","text":"of the borrower.","page_number":51,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"3f71fc2b-7eac-49e3-aac0-95864baf1d4a","block_type":"box","text":"II-7","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2673c3f2-acfa-46f5-bc38-e52c156d862a","block_type":"box","text":"NM1026U-6033389-51/246","page_number":51,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"0afd47b9-dc55-46d3-85db-b122bac34a60","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":52,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"242245f7-0d65-4743-bbe6-b4ced0c0ae6f","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":52,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"631a5f1e-dc98-4749-a6c8-3e6a2c4805d2","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":52,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"2b3ed043-c2f8-4bbd-855e-1387fe60bf77","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":52,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"915d1bd4-9d46-4d01-8c08-3bd634ee5b05","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":52,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"4a08dbe7-e330-4792-b772-bfb9bd035749","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":52,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"d1481a4b-c954-49a3-8f23-542a6c291dd6","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":52,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"92a90237-51b3-4354-8c3d-9296565716bf","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":52,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"dc38a3dd-cd2f-4e7f-80c4-a6e66e294e58","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":52,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"c34510ee-1576-415b-a1f1-6ca35ca47a13","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":52,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"33a725c6-3645-40f4-b2c9-07e620dbc24e","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":52,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"eb8f1971-c882-4b97-9763-c519d185786f","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":52,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"b998bcea-7800-4dc8-8a74-e1e1832bcbb8","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":52,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"ac19a812-afbb-47e2-a6ac-07ea6f9a700e","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":52,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"884fa298-396d-4b8f-ac5f-2f2b9a03e1a1","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":52,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"a725de73-b67d-44bc-b947-274a5aa78e39","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":52,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"8fa42c79-7f1c-45e7-8076-720d6ea1ecae","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":52,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"a827f94a-ee6f-47b8-8554-169886d9d1cd","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":52,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"b398f641-65be-4993-9dd4-30b41efa3286","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":52,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"898d96e7-11ab-4f93-abe2-d07b33923849","block_type":"box","text":"state law.","page_number":52,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"90cf6639-0c48-4c87-ac0a-a4cfeaed73a8","block_type":"box","text":"Direct Lending.","page_number":52,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"58f57f98-899b-4e97-a7c7-90944c9587e0","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":52,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"04ca4d02-da56-48aa-9404-9082c72493e1","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":52,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"c3e278b3-6c84-44f4-bf4a-726bfc753545","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":52,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"5e4b3bee-dda9-41da-9d6b-b0eb48a89d0e","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":52,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"aab0db6e-dac8-4a63-9f14-95d5ded991e1","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":52,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"30ba8410-9302-4f0a-b123-a03b8299fc72","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":52,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"2563f049-919f-44f5-be31-69c3aba6a04e","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":52,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"380e9737-4bfa-4401-b44e-84ea6d203f9d","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":52,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"c786cd06-d482-42fa-9a04-cbdb7f6eb198","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":52,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"ebf20054-3dec-47e3-be3e-861c407a80dc","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":52,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"dc731873-0d7e-4c59-9ab8-cf1eb31265ab","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":52,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"3fbae67e-1f87-4fb8-b637-53e2a795ab5b","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":52,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"f96cdbdb-670a-40d2-a069-1e251eb10935","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":52,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"466f611c-1ba6-4ce1-befb-d674550ec949","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":52,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"b730f3f3-eebd-4a54-aa27-fcde41fb1a83","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":52,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"1942d046-f027-4372-8f87-869dc99e954f","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":52,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"ce85867f-8e7c-4696-9cf6-e4753fbf9d46","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":52,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"9339f444-ab79-420a-abfa-4f3d76fcb358","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":52,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"47497619-5fe8-45ef-82e9-f4eefce5a412","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":52,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"03ab5adb-bdb0-4383-9c37-cef9ec68c80e","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":52,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"b11bb98d-426c-4511-8e3a-cd65ee156a97","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":52,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"087376cf-f031-43a2-9af0-366a29a1bcba","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":52,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"9d0c83fd-ea68-4536-aa87-ff2064c32ba5","block_type":"box","text":"Credit Linked Securities.","page_number":52,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"73e60b10-1f3f-4ca0-8b1c-3528a9379ff9","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":52,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"48745c94-3a45-4873-be3a-c1f664999c8e","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":52,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"8f33d64d-9166-4e47-b9c0-202afd6b0f73","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":52,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"66341816-ee95-43d3-b728-31b517af991b","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":52,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"abc77e30-dd46-417b-90d4-3012b5daed11","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":52,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"16a387e9-b646-447d-80b8-a4f52c97ca3a","block_type":"box","text":"traditional income producing securities are not available.","page_number":52,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"84b3c470-ec55-40f0-8572-76fff83f8126","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":52,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"16968ec8-672b-4ff1-8c0d-0a87da13f306","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":52,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"524a1cc3-3426-462a-99b2-960ebf6092fb","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":52,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"c7fa1d78-3dad-4cd4-8868-ee61ffa0545f","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":52,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"7ebcf664-d3d3-40d3-a95c-2abf0b45ad8b","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":52,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"7d9efb91-c0e1-43e5-98df-6e5389447198","block_type":"box","text":"II-8","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b2dc30e6-2a88-45ce-b941-52b94695221d","block_type":"box","text":"NM1026U-6033389-52/246","page_number":52,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"0f1a37e7-23d5-4844-a324-fbfc01fc23db","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":53,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"641ccebc-868d-4f72-885f-846e0e876c1c","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":53,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"e03a6505-71fd-4dab-94b3-c62027f676f7","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":53,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"862fad8a-a8c2-48ca-bbbf-439969b21c2d","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":53,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"164b3e6f-6002-4f4a-a2e2-112524aac536","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":53,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"5f90fef4-1b6d-4981-a39c-02fd1d6aa964","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":53,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"73069e88-5651-495b-95da-0bbd2db7756c","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":53,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"54f6c341-50cd-4cf9-aeb5-f53f2f7cb7c5","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":53,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"dde1338e-9a5c-4bc6-9585-07ede15db8f5","block_type":"box","text":"investments.","page_number":53,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"52e2cff2-5f38-438a-b965-f3f060466821","block_type":"box","text":"Debt Securities.","page_number":53,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"edf2f3fa-cad9-48d0-91ef-3393ae3d2ca3","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":53,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"d4c89414-648c-46db-9d4f-2296746388f5","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":53,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"9e577442-ba11-41bf-a064-73840b343b1c","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":53,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"07bfe95c-b564-471f-b959-dbf4e4a583fc","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":53,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"eac202b8-a908-4be8-95e4-b2aa49e25de5","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":53,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"3400fc09-a50e-4d45-977e-9cad40e0183d","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":53,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"e744f06d-7f01-40a1-9ab0-67d1072d0d67","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":53,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"8669909d-ade5-42ec-a2e9-801a3f9e3133","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":53,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"ee5a570b-cf2f-404b-8c37-459103102d5d","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":53,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"53769fae-2df2-4095-ae5f-6cd2420122ad","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":53,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"27fa20a0-8233-4eb7-b08b-e06b4f64b198","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":53,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"3ab503a8-bf32-45ae-8ae0-5a22c4eeada3","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":53,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"4e3924e9-0792-434c-9561-e4fd4c1c60a9","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":53,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"298dbddd-9721-4586-a102-f2d90f04a26a","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":53,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"19b5425c-5ff8-4b04-be86-c771397973fc","block_type":"box","text":"lose value. This is known as extension risk.","page_number":53,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"622c780d-99ff-4525-8d9d-aee9a5c1574f","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":53,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"817a53cf-eeee-491e-8709-5a48d222638d","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":53,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"af62e2f2-5ad7-49f9-b2ff-eeab7b0b7d95","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":53,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"d1de5f41-55a9-4d22-9bd9-d65605950d0f","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":53,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"d94845fe-0f80-4e27-90dd-2958368d42b1","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":53,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"91de562e-d7e5-4ad9-a702-144eae19dea2","block_type":"box","text":"Floating and Variable Rate Securities","page_number":53,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"61c5d7f2-fe4e-476b-a0af-828e1f332efd","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":53,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"b8886963-1561-4c4a-9e9a-9b6037d664a2","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":53,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"ca708a4f-3163-458d-965b-4a66eb3225c3","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":53,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"59e41e6e-d88e-454d-a250-d6917ceab423","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":53,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"898565ea-0bd5-46a7-9942-1371e0b6aa38","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":53,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"ce50388e-2a29-473b-9103-2b1001dd5e53","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":53,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"1f21df53-0081-4b88-ab15-23ec648ff554","block_type":"box","text":"market interest rates.","page_number":53,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"39579e21-e531-434a-83f7-5fae3e0fec2c","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":53,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"86a2415d-fb2f-43c0-b90c-746d722bbc23","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":53,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"11f7c3fa-3428-417f-836f-a19716739f76","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":53,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"d69cb928-a4e0-40f8-8273-00f3b7131e6e","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":53,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"33e98e98-159a-4b71-b5b9-e333d8988d8f","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":53,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"1f51d3a2-4691-4937-8617-313401b7313b","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":53,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"144d1355-2caa-482b-9785-34ff84e17335","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":53,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"94c89985-2ae2-4660-901d-0d359faa48c3","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":53,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"8048e2c1-13f7-4abc-80c0-0486b0b0ae30","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":53,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"54e4dd39-1979-40ee-8e64-02a250b1b2cf","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":53,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"c00db89c-3209-4130-b855-fe66678fa5f6","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":53,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"ef37013a-edc3-4b0e-9f1c-86a32d51efdb","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":53,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"fbf5fed4-5f16-41bb-a482-1595586e6645","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":53,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"a0d10299-566b-4f2d-9698-4e8f8982e7ad","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":53,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"6c49d7ed-3943-4f09-a3a6-1e4c0f3685ac","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":53,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"7e093ec9-8041-46cc-b042-77877fe89d66","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":53,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"ee323bc9-26d1-43eb-9f25-11b07d2d39aa","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":53,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"80085b20-e852-4532-a06d-e555bb38c087","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":53,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"1c4bb43c-6897-40f3-93f1-35d444659949","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":53,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"0323d3ef-bcbf-44da-b2a0-9ead73aa2610","block_type":"box","text":"II-9","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"0a1328e7-e552-4e44-9bf6-e54b232f4c7b","block_type":"box","text":"NM1026U-6033389-53/246","page_number":53,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"6ece0b1f-fc20-4cac-947f-8830cdaa2e17","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":54,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"2852e034-99b7-484a-8efe-d49796de7eab","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":54,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"7a41161f-8689-4fff-af3b-2da42e1a1376","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":54,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"2e2e0a0b-f9ef-4248-8a59-03289befdd36","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":54,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"cb118dd5-6df9-412f-aac9-cb58fd12a77b","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":54,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"af6fc1df-1204-4fed-92e9-55df1534962c","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":54,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"7c9d3ba2-d5d3-4970-8e2b-dd773614760a","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":54,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"d09230a2-ad43-4569-96e9-f1c18aee466e","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":54,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"cd9c2f97-821f-4b15-bf5f-bf357ce623c1","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":54,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"28905d76-1e94-4095-a31c-ff7b76eee01c","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":54,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"b8e73591-99f2-4487-b7c7-54024b7f3c1b","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":54,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"9bebe00a-a3e5-4588-8ceb-74b269cdc61f","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":54,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"c884a939-44c0-4925-815f-1666685c670a","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":54,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"101dc693-2f82-4473-9e96-0e7761e0caa2","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":54,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"72631085-8612-4481-968a-ac68978b06a9","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":54,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"d37124b2-7203-40aa-b48d-e68c04e6304a","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":54,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"dd823688-2c91-4703-b3a9-3e0f3c674051","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":54,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"d91a8ecf-0f65-4635-97ee-4a13dbfff6a4","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":54,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"085b1650-a89b-4ecb-9b9c-033be7775c19","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":54,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"585acab5-32b7-4551-818c-04b98b795665","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":54,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"5a35b960-94f8-4c5c-8dc3-34f46513e607","block_type":"box","text":"United States.","page_number":54,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"8766d496-4703-4d62-8713-96490ef823a9","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":54,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"604a98b0-d701-4bdc-a133-d8de24e4cc31","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":54,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"af7282c8-012f-47b2-8251-146a61b3c7da","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":54,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"209ebaec-60c8-457f-8126-fe5d67312eaf","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":54,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"18654c16-e1f5-4b6c-b7e2-f8f40ea59ee0","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":54,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"e6c31ad9-0487-4fbf-857d-2a1a4504843f","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":54,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"d0469f9c-f058-418b-ad2e-42f69463a0a3","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":54,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"afef2234-0f9c-4ef6-8170-838ba82e28b4","block_type":"box","text":"i.e.","page_number":54,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"f179f2a2-8756-4e8f-b00a-1d5bfa499865","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":54,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"eca47a4f-8392-482a-a309-4849754cb135","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":54,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"4cc36b11-5bd1-41ac-a136-25225fabcc4e","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":54,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"5f66999c-cc4e-4ad6-b70d-d12b9e392a88","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":54,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"858d549a-1519-4b7e-bff6-3ea7e7c381e4","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":54,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"aec6efa9-9f9a-401e-8698-07308e568bb3","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":54,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"d49e1cbf-35b3-46dd-8f38-67f77246aae6","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":54,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"fcd27578-68ff-4cc0-9798-aaf19bfbda9f","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":54,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"0d41328e-1fbe-43ce-bb14-ed2542712da5","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":54,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"a96c5791-18e8-4138-a781-7bb8b88a7770","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":54,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"4be7fe60-b112-42a6-a056-78a2c586acff","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":54,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"05adfa02-b543-4f84-ab9d-fc1094684632","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":54,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"e9ceacde-400b-49e9-b7b2-bfff9d745661","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":54,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"52c48fe7-3b36-4ddc-8252-ab2580e40601","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":54,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"d75762eb-b3c6-4c2b-a902-a729f9a4aad7","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":54,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"80246612-75e7-422f-b0d5-9961e0f7ebee","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":54,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"9082972d-76c4-43b8-bda4-544814a7d43d","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":54,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"1fe16dda-ed56-4f2e-ab23-9938592ec3da","block_type":"box","text":"risk than higher rated securities.","page_number":54,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"3304ad67-68e9-4bd9-a6a1-ff3a23a2761d","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":54,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"d2b5d8c9-048a-4690-801a-7944e812c122","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"f9c7b610-435e-498d-93fe-567fe3b16a68","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":54,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"fb19cbbc-43af-4a95-bf25-e210626c4613","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":54,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"5a636b3b-93b1-484c-ba5f-ed89e0163cb4","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":54,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"6e7272fb-23cc-4a16-83ee-1e38bf835b97","block_type":"box","text":"unavailability of additional financing.","page_number":54,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"ca5f3daa-db0e-430c-9efc-1fe2937f58a5","block_type":"box","text":"•","page_number":54,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"62d5b24a-b2bd-4c25-ac9f-faf59dccdbaf","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":54,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"fb7f2efd-ef2d-4164-a6bd-fc0a9c02bfa4","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":54,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"8ddced09-7164-4bf0-b704-bbe4afe07e24","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":54,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"9d6b4fde-663f-4b0f-9539-4d66098529db","block_type":"box","text":"II-10","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b275f338-9543-4f10-8485-e1dd48e3451c","block_type":"box","text":"NM1026U-6033389-54/246","page_number":54,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"c6381f59-b934-4af8-85bd-7357d1d7d6dd","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":55,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"f0a14ae8-37af-4519-a911-9cc11d5dc485","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":55,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"d2a87342-71b9-49bc-9a43-1b7d6768ccbb","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"a97ecebf-9952-4c27-97cf-86569cf4a54c","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":55,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"1ead5daa-e7ea-42ac-8d13-5835a8b8516d","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":55,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"d5d8247f-4456-4ff6-93bc-6c1e8a155796","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":55,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"49f32cf6-3a86-436a-9ca7-d6d0594a1a2e","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":55,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"3fc10a2a-2429-4eeb-924d-abe78d41c8a0","block_type":"box","text":"investors in higher rated securities.","page_number":55,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"692695ec-8310-4cc2-971f-56afba71ff3c","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"26d29b36-bf9b-4323-90e1-490b50bcc476","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":55,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"8b1dd749-6a3b-4d06-ae49-41f4674a8054","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":55,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"bcc1afe6-14d1-4ae0-ac82-e60bc48e6dcf","block_type":"box","text":"lower yields and may lose income.","page_number":55,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"8734afe8-ee16-4ec7-bf76-1520f77476c6","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"838c75a8-6632-4b63-8049-09f5fa81ff5f","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":55,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"bafffd52-9a2e-4167-a813-3fd21416d3a3","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":55,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"2605df80-ea3c-407d-aa6b-d57d0022129f","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"4c3c2b92-2088-4811-85b1-d414bcc0bf52","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":55,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"7dfe02e7-526d-43da-a3a9-6e17ba3c9797","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":55,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"6e6ad3ba-253d-4a77-a307-8821e546aff3","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":55,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"1287fe5d-fa40-42e1-8cee-00b402d9348e","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":55,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"a81faf5d-95a1-4753-8283-f0490d17adf3","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":55,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"3b9c0333-8d3f-4fe9-ab4c-6c4edaca2913","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":55,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"ffd50869-e281-4013-a11d-b3c5c7805033","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":55,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"0f906dfb-5d1e-4255-a751-9e0987c8466f","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"b19aaa48-7181-45fd-8420-90cd4808f75a","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":55,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"86f4be09-295f-493e-a862-8ef21a9c49fa","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":55,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"71cb241e-df8c-4bc7-a463-dd7e3d8df18e","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":55,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"b19e70c8-82d5-43e1-b4aa-bc06a83e0046","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":55,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"a81d19e1-0f9c-43c2-b112-540634ed3490","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":55,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"87f86d5a-bec5-4086-9dcd-03131fa42269","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":55,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"ae86fc12-51da-45f4-894f-adb86b0873c3","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":55,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"8fc20373-b235-4781-9769-fbf216e52f62","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":55,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"1a2fb673-fb43-40f6-94e2-df3c6a2b6e67","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":55,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"78224cf0-5e4e-475e-80f2-22e043eb6cc0","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":55,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"8b8d8527-65fa-4071-bafd-5e505397e762","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":55,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"aaa49ad6-034c-4473-8188-8c5ff87d6c2e","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":55,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"85527633-838c-4b1a-9635-b648fb5ca73a","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":55,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"9b4e4eb8-e896-4b6b-99d7-e0d43a0d8334","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":55,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"89f1789f-60f9-4b4e-8c24-0b209f443a29","block_type":"box","text":"role in determining such valuations.","page_number":55,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"7ac7e96e-097a-4ac9-942b-44635944b454","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"987aa4a0-9595-4097-a0ad-04f620b67265","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":55,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"ca6800ef-99de-4a80-8fcd-14132e269f48","block_type":"box","text":"a defaulting issuer.","page_number":55,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"2f99e128-35cc-4cbe-a477-c1174a6b0109","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"ea5ecad2-9314-45bc-bbf1-2f16378b5894","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":55,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"10b63c91-ff31-48b2-ad90-554757d1fa11","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":55,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"44283a23-5a21-4c82-9da4-b0f3e242ee5f","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":55,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"c5f1e9d5-ef3e-4206-a306-7daba1b9f340","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":55,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"3f0e09de-e97e-495e-b56b-ef6590a121c4","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":55,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"dbe97a2d-031d-47fd-bc8d-b9aac7fe2117","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":55,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"945b2471-6722-4145-a710-9056eeedc1f0","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":55,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"07a287bd-e260-4125-82db-599723bf154c","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":55,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"dfb5789b-ed93-4529-a1dc-6f3ebbce2b0d","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"92ae348e-df00-48ba-83ba-02b713921934","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":55,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"aa7f5726-c017-40f9-93f1-528ad01e1053","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":55,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"8316ecb3-ef3a-485c-a6bd-f5e55ef766a1","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":55,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"0707d96b-9178-4584-9b25-3bdf92155c66","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":55,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"67681f21-6470-4aa8-a7b6-7820a297bcfa","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":55,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"ef8375de-010c-492c-a7f4-30675511687a","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":55,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"7fa24455-7381-47c0-b56f-4b569cecbb37","block_type":"box","text":"higher-rated securities.","page_number":55,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"a4b3c3a6-3c56-4528-bc93-df32045eface","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":55,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"5376dea7-0c4e-4996-8289-0e6ee6878b39","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":55,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"8f7a7f37-006f-4d69-966b-e7253489b572","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":55,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"49ba950c-48da-47c4-aa5f-a19ac173acaa","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":55,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"b565dbf2-e30e-477c-a3ca-78f50eca180b","block_type":"box","text":"II-11","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"904568ef-17f5-4b0c-98a2-aba0a193bd2d","block_type":"box","text":"NM1026U-6033389-55/246","page_number":55,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"7ea68eeb-87fc-4ecc-9a4a-ba1e50725f49","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":56,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"8ac051d7-9a9b-40ae-9281-98aacd53aa2a","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":56,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"040910c4-d227-4c73-a748-af8de75c4c0c","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":56,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"014f6aeb-6c86-487a-9346-f11aa4c08218","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":56,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"e33b060b-c20a-4d1b-bf6b-57bdd1a7efe8","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":56,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"4748604a-09d0-462a-a84f-6942c90b10c0","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":56,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"ff1a3b83-5f6b-4e5e-8f13-4396e8345c9a","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":56,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"e8b74659-e10a-4bd2-b547-8ded636f76bf","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":56,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"6810fed0-2eb9-47b3-ad69-755ec2dbe804","block_type":"box","text":"Mezzanine Investments.","page_number":56,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"116ec868-4df0-4c64-85be-0804fdbdd3ff","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":56,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"7f07677f-ef80-4ac1-9b8e-fdad9e18849e","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":56,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"d27eb1c6-8d1a-4cea-9cff-c72cbcff353f","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":56,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"1139665f-c2ed-4974-971a-684727083885","block_type":"box","text":"e.g.","page_number":56,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"3fe57688-9c35-401d-a11d-1d15a1b872f9","block_type":"box","text":", with","page_number":56,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"7525561a-5353-4b20-bf18-082244a7dc73","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":56,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"c8839d15-71be-4e4c-b8df-bf1dbbc137d1","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":56,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"01db8ff8-f6a0-49c4-8632-6a2e0bfee66b","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":56,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"f558f1a7-1e80-405a-958f-7d2fcc506365","block_type":"box","text":"other obligations of the issuer.","page_number":56,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"7d8c56a5-fb8d-465f-a6bb-9b4f783d8a06","block_type":"box","text":"Pay-in-kind Bonds.","page_number":56,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"d0686f90-e709-4d1f-bd7a-88910993b60f","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":56,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"a7ff8ddc-ab0f-45f6-9ecb-45840460072d","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":56,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"41b1671a-8553-4ac1-80cd-68f4167e5dbf","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":56,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"22c44e8e-8c5e-405f-bf62-9333100ad011","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":56,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"fff21bb9-2028-4e8b-acbd-5199dedb9daf","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":56,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"0d3bd93f-9aad-4a58-b854-10d52fa1ace6","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":56,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"b2985a6f-4420-4204-9286-7635e502b2eb","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":56,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"7ea620cc-a585-417a-b6a8-023b24a7a5fa","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":56,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"a9cc2d7c-0136-4cae-a249-388da401a379","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":56,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"81f460cd-ad4a-4f41-a8aa-4102002d807e","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":56,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"68ea8882-b2e1-4b07-ba75-2567d4dc8d10","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":56,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"691a9ec7-477d-4172-bd66-277479e9d0ef","block_type":"box","text":"Supranational Entities.","page_number":56,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"65f883a6-79cb-4bae-828f-dc3c5eec07e0","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":56,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"64462362-1de8-42dc-b2bf-aee5e08c3a44","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":56,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"494485b6-f91b-450d-8d9f-6681195a2e26","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":56,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"e4fd404f-05f7-42c6-813f-e9652f21d274","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":56,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"a2e28bb3-c279-422f-a64a-63a215fa1a8a","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":56,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"38b8b46b-47f3-48a0-a665-54848505fcb3","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":56,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"8f78f7ed-1be9-4243-b50e-800d52da894f","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":56,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"3ab38c78-3432-40c3-9f09-f6ddcab28bb7","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":56,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"b72b0551-ba44-4d74-ac82-6bf440df4079","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":56,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"84b2b460-c482-4849-ac45-892c34ae9997","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":56,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"e987cff1-e6d2-47f6-ab73-d05b20e5b76b","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":56,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"b6535296-7454-417a-8334-22b82e7b0ee8","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":56,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"d5c4968b-c611-4f8f-87e7-34695be070c2","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":56,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"e8e4277c-18f1-4e40-bd0f-e98bc3cebc21","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":56,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"831a941a-c5d0-4b6b-848f-355d7c5606a2","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":56,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"22e69c1d-4902-432b-a4d2-ee05abba9346","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":56,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"0b88cfef-1725-482a-b1ab-d9ecb85edf39","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":56,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"f55f34bc-6477-460e-a5e7-f409d22c8c5e","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":56,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"3062fb9e-25e1-4cf2-95b7-07c861b43efe","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":56,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"4bc5c53d-acf8-4e17-a571-1ab14d6450cb","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":56,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"9cf4ce50-acc7-41a5-a365-8c1ea8b7f61f","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":56,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"e48a0680-7279-4eae-a782-f8dd483ddc7b","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":56,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"7e38744f-3c27-477d-9497-8a16ac8bd321","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":56,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"707f4c9a-5f28-43c7-a0b5-f889045f7c4a","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":56,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"93fa6202-e4bc-4f2e-a675-f91af3ef842f","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":56,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"73b9afa5-2042-4ae9-9729-0916557d9226","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":56,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"753b88cc-ed98-48de-9194-e88342682343","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":56,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"1fad3b3a-8e07-4ae3-b209-ed6f9a6f3633","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":56,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"57699e26-7e80-4070-b86c-1a176b01dd7f","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":56,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"50a0cace-c16a-4fdb-864d-589943a1fedf","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":56,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"f813e3ce-75cb-4a02-901c-684ae4d560d7","block_type":"box","text":"II-12","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"174b8d3e-c6ba-4df0-b7e6-a7743d1f94ff","block_type":"box","text":"NM1026U-6033389-56/246","page_number":56,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"778eae66-17ef-4688-9f33-784fddc4b954","block_type":"box","text":"Derivatives.","page_number":57,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"8a4f27a1-dbca-4d08-9b92-6f063ae33297","block_type":"box","text":"General.","page_number":57,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"c7459194-128c-477c-8ac3-f51095d78c9a","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":57,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"b3d80da5-a5a6-4163-b25c-5f5217f9f10c","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":57,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"6d593de7-f28c-41d3-b86a-ebaf71c64a5e","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":57,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"f01981e5-7106-40a6-87b7-75979e9f4537","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":57,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"eea67f64-a647-428b-8303-ffdf1cd95f06","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":57,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"96803730-2e17-4b8d-a421-7204bb15f576","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":57,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"4f5d8b9b-0c60-4745-8244-9c786d906d52","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":57,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"3898f680-ab93-46d3-8747-b481401d92a3","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":57,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"a12745a9-bdee-4f68-9712-1f3fb0ab4d36","block_type":"box","text":"i.e.","page_number":57,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"9c1c9c38-5a6d-4a22-b0ba-dac5676ffca9","block_type":"box","text":", the payment","page_number":57,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"3286ac8f-93d9-4e4f-9dec-413d8b4b6a18","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":57,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"a37f020c-3566-43e2-8368-46717cb276f2","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":57,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"11302edd-fe86-450e-9512-53e4c9cafd76","block_type":"box","text":"Hedging.","page_number":57,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"e5a4016a-4d5b-4903-b6d8-fd852e4f7f8f","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":57,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"54225142-b05c-4fa5-848f-97d2add8af03","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":57,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"c53d2382-4722-4dfb-b40e-543dfebe78f6","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":57,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"7a3740cf-f7f2-4e8b-a714-da3196a1a7aa","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":57,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"0a4f9670-33b4-49d2-bbac-e0dfe5caae48","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":57,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"bec43f05-c918-4566-9844-30cf671750c8","block_type":"box","text":"correlation risk,","page_number":57,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"524b8700-acc1-408a-950f-b153f5c82a48","block_type":"box","text":"i.e.","page_number":57,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"d4230649-7079-4b82-9bfb-1f97e4884b19","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":57,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"9241c400-64e6-477c-883e-91f8c7f36473","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":57,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"a9ca473a-ff5d-463b-8983-740d845477ab","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":57,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"1fd8f6a2-3a18-4566-9dd0-78d2b46db81d","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":57,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"401dec0a-a6c1-4d16-bb5c-35987b6b3dfe","block_type":"box","text":"Speculation.","page_number":57,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"e7c02769-275b-4a5f-b85b-e7928fda6829","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":57,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"ff944ef2-a5bf-4a14-a425-0bda4e79c50b","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":57,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"6d947395-3e5c-4354-8fef-cac744666d57","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":57,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"e805661c-2efb-4a50-918c-510802b939e4","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":57,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"bdd86e95-1362-4888-91c1-49b5343c1582","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":57,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"51c6fde4-1714-4a59-8821-4a90b1157654","block_type":"box","text":"Regulation of Derivatives.","page_number":57,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"6f97198f-fa36-4a04-8307-fabc077b1f34","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":57,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"428d7a16-13d9-4521-9d47-b273e7e33ea3","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":57,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"34501176-a08d-4d12-a91e-a624cc18944f","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":57,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"e586483b-c94e-4c57-9e38-22b75c08eed4","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":57,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"206ae446-4bbe-4593-8159-516af9fa70dc","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":57,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"ad51b244-88c9-4c35-8b5e-becd189ce7a5","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":57,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"bba72dd3-f964-4ad7-bb1d-1aabe5e5b64a","block_type":"box","text":"coverage”).","page_number":57,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"5186fe62-0f29-4a74-bca1-e93a78766e5e","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":57,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"0f8d59ea-e36a-44b2-8bfb-52ca8f7be57a","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":57,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"b1cb53bb-5d5a-43ae-978e-6c1086187ae4","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":57,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"d95a2623-b9a4-44eb-8dfb-a8894232fcc1","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":57,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"4abc6dad-fc6b-4079-aead-a3f00814ca21","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":57,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"b19835f5-2205-4e2d-87e8-55689e5e3ffc","block_type":"box","text":"financing transactions (","page_number":57,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"f151cc9e-6686-49c4-836f-c7b095868361","block_type":"box","text":"e.g.","page_number":57,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"927be349-9ce6-40d7-978b-7a5688f86b7a","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":57,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"d4a25a73-6082-469d-8466-0bc965f8587d","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":57,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"0544fea1-b471-4712-af0c-0d8061c7c133","block_type":"box","text":"securities (","page_number":57,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"d1031362-bb66-4363-af1a-b15f89f0c35c","block_type":"box","text":"e.g.","page_number":57,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"3a386f8e-640b-46b5-878c-a1bf794e43d1","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":57,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"315f9f8e-41ff-493d-ab59-4723a2a6c261","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":57,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"786d16ef-eb66-45de-9966-9237e67e0615","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":57,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"0a480a28-1520-404a-960c-d3597db227ff","block_type":"box","text":"Commitments”).","page_number":57,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"9ceb25ee-6bd4-4007-a730-c934e15f391c","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":57,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"515a6151-01bc-4677-8ded-78a784a10e71","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":57,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"439d4bc1-1722-4908-b94b-fde82354bb9a","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":57,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"d4cda8c6-3aa7-42c2-9441-accf4e889036","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":57,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"0b35255e-6511-47fb-bda5-e99e5b07a4aa","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":57,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"5012dbf6-b970-43c3-9c7e-5e53b3204eb0","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":57,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"4a5ea7a6-755f-49b8-bbab-79df21258514","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":57,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"8eebe3ee-edbd-4e19-8e26-2dffec31397f","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":57,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"8320d35a-2e5d-4b35-bf8a-c45e70c1e544","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":57,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"592f908f-696b-4bc0-8b55-3b21b7bafd76","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":57,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"336c3e2e-7c9f-445a-a202-93c1fbe477dc","block_type":"box","text":"II-13","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b5b6e6f4-cb7a-48d1-9739-ace40cc48269","block_type":"box","text":"NM1026U-6033389-57/246","page_number":57,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"fcc209ef-329a-481f-8448-b0fefd9bdfc8","block_type":"box","text":"Dodd-Frank Regulations.","page_number":58,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"cafb32b0-3920-45a7-96b8-1f9e8871d033","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":58,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"f7387d93-13f1-4a53-bc08-dca624d40793","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":58,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"d666d5b7-ff05-42da-857c-d419f086df78","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":58,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"ce738fd6-bcef-487a-8250-978a96c26f59","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":58,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"fc04f5ae-4efa-4ef7-8bd3-3abf31c8eecf","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":58,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"81c9e2d1-72d0-40fd-a78a-c2f84547639f","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":58,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"57166e78-5042-45fe-b210-621be2e6a05b","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":58,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"2d38f673-dbe8-4ecc-b895-ae98fcbe1b92","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":58,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"d2688bc9-8da2-43e9-ad99-c64bd77b0229","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":58,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"ab4bb663-3cda-417b-a4ed-e6f300b667de","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":58,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"6b95fcb8-6464-4935-84fe-fb3e2fe25b19","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":58,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"0ceb2d6e-b36a-46c5-ad0b-27262c3b85d5","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":58,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"db640e1c-0d5d-4346-afff-4f21ba25ff2e","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":58,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"4a2bf943-c303-4550-a62f-f885b234fd6b","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":58,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"e6f5828e-f1d9-44d4-be70-35c13b4736c7","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":58,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"af89dc23-4587-4a19-962c-2ff33a2526b1","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":58,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"a7e53d43-d604-409a-8859-fca706aeec32","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":58,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"7f4696e0-8bb4-4ed4-bba0-e68a68ec2542","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":58,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"936e7758-68da-4019-80d5-d13949a013f6","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":58,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"7f7a1655-3d8d-479e-8dd0-f1f096979f5c","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":58,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"4be067d4-084d-48f1-804b-7ea77772c1bf","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":58,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"b657d438-5077-46c5-a8f4-79644a2b59cf","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":58,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"8ece451f-5810-4fea-9cdf-ffe97ad02208","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":58,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"e7d96e95-3f7e-463b-b7b0-becfc8fd34c5","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":58,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"9515691d-f137-416d-aefd-3a717bb4117f","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":58,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"3b5f23cc-b69e-45c1-9390-bb3ec4fbce84","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":58,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"c1fb144c-262a-4fe8-a025-dd2d0c15234e","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":58,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"7ac19a7d-749c-4d89-be00-7e21c345e84c","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":58,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"f8ce9f26-26e7-4a6b-85e7-00f675ff67cf","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":58,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"d044ed02-f991-4738-817d-450cf00e15b2","block_type":"box","text":"member.","page_number":58,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"c0c698a9-ab46-4cb3-8549-c3ad17ccbe92","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":58,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"b0bcb818-01eb-4623-a7d9-54e678fc1f25","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":58,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"2b27c0d9-de26-4c6c-8a54-341276c7a420","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":58,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"8e06bb0b-cdff-4863-8a27-7b6ca0bf8514","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":58,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"a4db0d8c-317a-4c64-9651-ad4f637aa2dd","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":58,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"7b323485-7820-4e5a-b9e5-51adc8837fc4","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":58,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"6ca19c62-ffa7-400c-9889-ed97a71774cf","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":58,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"e57c16c0-76af-4c79-8b88-9ba6978e87e0","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":58,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"9f5b1c36-e8b4-4b4a-9c0a-756ff5ae014b","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":58,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"ead261e9-722d-4b04-b460-e58f03098429","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":58,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"e71e7f08-cf52-42e5-b7ca-25f5734aaabc","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":58,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"eca97697-17f3-4f40-acaf-7ecbd29630ce","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":58,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"bc2382da-0d72-48c0-818c-4c32ad4dbdce","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":58,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"63d20706-cd28-47e9-8680-9a32559f1a3c","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":58,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"416da4f4-6da7-47b4-80cb-1b64d55d5bf1","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":58,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"6d0e51a1-3edc-446d-9c2d-265927cce9a7","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":58,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"df8adf25-17a4-4195-85dc-a6d805b67264","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":58,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"9b5ba866-e400-41ad-b952-f7fa0a3c3f5d","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":58,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"31e75f25-d2cf-4031-96fc-8e95249e9b21","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":58,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"f48b092c-84bd-4f2c-82af-44950c0889e1","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":58,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"df915742-78db-4f9c-b820-66e1556fd887","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":58,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"2370a0c8-457d-4916-adff-8c281474fba4","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":58,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"74c0d84a-f43a-4ddc-85a7-ef74a96ced61","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":58,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"75055a8a-f6b4-414d-8aee-6c5086dde532","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":58,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"40d9046a-4fe2-43e0-bacb-e9e93fd46721","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":58,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"0c2b2c63-340a-4aa0-8630-3ab6caa073ab","block_type":"box","text":"II-14","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b63e1a8d-20f2-4860-8277-b18233deccf8","block_type":"box","text":"NM1026U-6033389-58/246","page_number":58,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"0956d3e9-f149-4e60-b829-f7a0260225eb","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":59,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"448b05cb-c4bd-4f4e-92c4-c1195e1e13c2","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":59,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"c6e7d24b-c87e-4082-b702-b26106129723","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":59,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"8313a1e3-5257-4315-b7a7-1332d8430cb7","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":59,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"b9ad48a3-b09b-4f3c-8175-9283998a338f","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":59,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"0f91f42a-e5a1-4454-8f0a-ac72e9f22be1","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":59,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"bdcfe69d-ec47-441f-a7de-7e46573d7c48","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":59,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"db3079db-8566-441b-9e55-b947755f9dae","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":59,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"db275d30-a87a-4e4c-962a-a6bd11e5f086","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":59,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"ed776c1b-7079-4ffa-8d79-03ad2e0f31d9","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":59,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"79b7d232-50e1-4b30-83de-2c96d6f4ec39","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":59,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"3e8261ed-cc27-4e24-af59-df2a0d7fd980","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":59,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"17e6e058-fff7-46ed-a060-7144775475a7","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":59,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"2c85b70a-0b4f-4a83-9d78-b718f7b28a95","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":59,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"70f960be-c5aa-4ac2-9361-7cc38df72f89","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":59,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"99450323-1013-45b1-8a89-92a24384ffaa","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":59,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"4309d137-43e2-4e8c-ac15-e3ffa4140925","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":59,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"7cc8c9e4-6e39-469e-a8da-af4eca9a19b7","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":59,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"cfa565af-841a-49c1-aebe-dc9b54d0bbf9","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":59,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"0412b14a-7e19-4fda-9416-172b2efa752a","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":59,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"77be5958-5056-4204-902e-0741f0c235f0","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":59,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"45de3f99-3926-4845-a7b2-1608fcfa34d1","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":59,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"068ab0a3-4d21-400e-a117-564b8386db9f","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":59,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"1e3be14d-8e52-4a50-a450-ab8c8d61abdd","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":59,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"befe5e15-c4bf-4252-bea6-faac893485c0","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":59,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"57ed0854-4202-4e2f-9001-4095c4373c67","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":59,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"a9bc22be-3a59-4b53-8bb4-1e90b1b26eed","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":59,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"ce044e7a-4c93-497f-8cc4-fd642df9cc12","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":59,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"25f4713b-394d-41bf-8203-ddb2da97aefb","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":59,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"479dcf0a-0c0c-4833-9c47-9348d808cc34","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":59,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"51c4f19f-e0cc-416d-964b-435dd4a32582","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":59,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"3fd80083-3c8e-4935-a9d4-c435d45eb498","block_type":"box","text":"collateral received under such contracts.","page_number":59,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"b2c7e3dc-7df9-43e8-bdca-162c8ef5de8d","block_type":"box","text":"Risk Factors in Derivatives.","page_number":59,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"168792d7-7433-4515-83f7-57e87920f1b5","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":59,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"8eeb4953-81e7-4e6a-b407-0ed87763b7bd","block_type":"box","text":"Correlation Risk","page_number":59,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"68fde3a2-6d31-4fd5-8af1-decf98e4b388","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":59,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"bc4af941-951c-4830-9400-847a57537a0c","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":59,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"78ba3478-57ee-49eb-8f28-39490df4b006","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":59,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"341a0edf-41b0-404c-8e3a-816ca94cfd7d","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":59,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"d269bd28-32e2-48d1-8900-62b64bb5f36f","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":59,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"ea3a9641-a54a-4d7c-9467-09ccd1e03ccc","block_type":"box","text":"Counterpar ty Risk","page_number":59,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"3db25c34-7f69-4d9f-b0e9-6d223740712b","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":59,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"49bc9b87-5a4d-4e18-9590-501ab806fd8b","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":59,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"488f98a6-211d-42ac-9a17-934b405c9383","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":59,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"9419c8bd-f515-4926-82d6-8e39bb0e1621","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":59,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"0dd75a77-388f-4c23-8c6a-3c2fdae1053c","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":59,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"b8ff1734-97a1-480f-a07f-75df45c92347","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":59,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"95c14028-1598-4672-9af6-80b67a542c82","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":59,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"97e7b5a7-b4ed-4bac-8c00-2dc11b1cca2d","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":59,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"31adfe8f-150b-47db-8fd5-226108e14600","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":59,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"0feb2af8-54e2-4480-b4e6-f38a1df06f8a","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":59,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"2443b128-f356-4523-80ea-e445ee6a5ac3","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":59,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"0a52fd40-293d-4933-ae58-03fbc726251c","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":59,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"119a2503-485d-494b-ad6e-1e4412b89fdd","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":59,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"4790f6da-3160-42d9-97ea-ed1bf1eb8e56","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":59,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"8c9961fd-8ee9-4a50-90e4-9061ba0eb7a1","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":59,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"a2aa176d-fbfd-4106-83d5-029bf455909b","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":59,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"4de55224-d7d3-4b3d-a8d9-27dec38349d6","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":59,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"063ae075-78f5-4678-9afc-f66cb0b6f31f","block_type":"box","text":"II-15","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"30ebcc6d-34ed-477a-98ad-38b49156131c","block_type":"box","text":"NM1026U-6033389-59/246","page_number":59,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"6aec5b0b-6462-4d79-ad23-2a0c2222a9f3","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":60,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"1bcd8066-0aa1-4879-94bb-1adf4a1ef492","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":60,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"0a5caea5-dc3b-49d3-823a-bf316d8912b2","block_type":"box","text":"by the clearing member.","page_number":60,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"cceb8074-7f58-4541-acb3-11702589523c","block_type":"box","text":"Credit Risk","page_number":60,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"8c58dd41-f5e0-4e0e-9b6b-8c853db90e97","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":60,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"2e83fa47-aef6-4550-965f-b692a459b0b6","block_type":"box","text":"honor its financial obligations.","page_number":60,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"3f3029a8-fc6d-439a-a89e-ec5ceab23873","block_type":"box","text":"Currency Risk","page_number":60,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"bdcd0fb8-815a-47ee-9cae-a8d312515470","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":60,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"4aae6087-3579-461c-a8eb-25af6440fbbf","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":60,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"df7d7cd6-1723-4f8d-b3ec-1dda8da2cb12","block_type":"box","text":"Illiquidity Risk","page_number":60,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"0dffffa8-efd9-4622-a61c-999153c1cfb4","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":60,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"cd233229-33e1-498d-8f0c-aa745f956f59","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":60,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"d46b6164-6a98-4955-b610-4413ce24518a","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":60,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"1e2c56bb-2c04-4449-a46f-04db3f702efb","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":60,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"4fda4f4e-312a-4b09-a624-7d663cb40ec9","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":60,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"2a6dad66-903b-4c1c-848c-94bebe186663","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":60,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"88918335-3f2b-4227-be2b-a6728b0da461","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":60,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"a6cb9b34-bad2-4429-b89e-9ff201e0f802","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":60,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"1e8f5647-d61b-4397-9999-a162ece5ffe5","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":60,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"80562f30-0324-413a-932c-c92ed50bb204","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":60,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"41648803-8c00-4790-a531-90fcb11af86f","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":60,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"d4cc9a40-e600-4679-bf40-cfe1e02208b8","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":60,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"e3c06d36-b234-48d7-a185-ef2eecf01c6b","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":60,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"c548823a-5fac-4d45-8989-f46edecc3a83","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":60,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"f5f2303e-4795-4492-95ec-7ee12d9c0fdd","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":60,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"8fb302a7-e1fe-47a6-822c-2db9e8796fa3","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":60,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"4e9e80a3-6ca1-473c-bee4-a1e5fa536d66","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":60,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"157fe1be-0708-4084-851c-fa94559554fe","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":60,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"c673df6f-720c-4277-84f9-37711af92fba","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":60,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"77b30f9d-1e21-4b17-a5e3-4c0b2df1ddeb","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":60,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"1b702244-51a3-4251-ad6b-d6294cd02ef2","block_type":"box","text":"may be disadvantageous to do so.","page_number":60,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"8eb1fcec-2241-479c-a96f-397862b8fbca","block_type":"box","text":"Index Risk","page_number":60,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"8972223f-11f9-4873-9ed7-abbff87f393d","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":60,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"bac675d7-a449-4a17-8e7e-e3290a367abe","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":60,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"436481fe-999a-418b-b268-9a4fdda15d89","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":60,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"87c46524-a853-49f9-a878-f2293af0b23c","block_type":"box","text":"Legal Risk","page_number":60,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"8ab8706a-9310-4c46-9286-686d410fea0e","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":60,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"f3a7ede6-355a-49ac-a747-e329aa0dbfff","block_type":"box","text":"or enforceability of a contract.","page_number":60,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"cf8b7a31-8fe3-40d4-81f4-c17f85f1d9e0","block_type":"box","text":"Leverage Risk","page_number":60,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"9cf4bacc-6d33-431c-9a23-de8c492fb49d","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":60,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"817ea4f1-6e18-4597-bb00-6ba86791e3e7","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":60,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"dde82fa9-b069-4ee8-ad23-5f961da6544e","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":60,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"a05e648b-4382-4459-9e6b-75ad9c4e62ce","block_type":"box","text":"Market Risk","page_number":60,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"42e71213-9299-4c1b-84f5-39bd9bf16e86","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":60,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"7a3a1bf3-76b3-4f67-bf4a-adcda886608d","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":60,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"8aa3fb40-3782-43c9-ad72-451985adb0c6","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":60,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"38666ebf-1d5e-45a9-b26f-3e06d068dcfc","block_type":"box","text":"affected.","page_number":60,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"492702a7-3c96-4b97-ac3f-33ecfe38bea4","block_type":"box","text":"Operational Risk","page_number":60,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"0d793de4-d8c8-4e9d-833d-292b5aafb2bf","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":60,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"e1c8b13a-6de9-4671-9b31-95b45a09a5ad","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":60,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"24897354-9084-48d1-b3e8-3a53aaa14be3","block_type":"box","text":"Valuation Risk","page_number":60,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"efc444d7-4a6b-4713-b8e9-30faec2562ce","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":60,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"3c685bf1-427d-4f8a-917d-5945c84bbcf5","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":60,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"68ce8eb7-7a95-4265-b2ac-dc8909a3fcfd","block_type":"box","text":"complex instruments or quote prices for them.","page_number":60,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"57958b41-736d-48de-8845-2294a840bfa7","block_type":"box","text":"Volatility Risk","page_number":60,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"940159c8-a8ed-421a-86a5-7c8ecb6f6659","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":60,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"f8a8b469-4f2f-466c-af8d-cf0c6503fbdc","block_type":"box","text":"Types of Derivatives Transactions.","page_number":60,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"b11566c9-421e-4b15-a5d5-598396b81175","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":60,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"b53c240c-1956-4887-8812-733c3802a6be","block_type":"box","text":"including the following:","page_number":60,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"2072cfcb-de91-4018-8883-a058c89bdbc0","block_type":"box","text":"Futures.","page_number":60,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"12cc8d57-0acf-4b06-9b00-280f7aec9451","block_type":"box","text":"II-16","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"44f2d9f1-d6e8-4648-8e64-aa9a4dbd6389","block_type":"box","text":"NM1026U-6033389-60/246","page_number":60,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"53b49c31-c62e-4bcc-99a6-133ccc58f309","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":61,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"29de7fa7-1a7e-473a-8802-eeb0fa8732af","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":61,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"f144fcce-66d8-438a-a1c4-d77f5e4369d7","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":61,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"3a08079f-f212-4deb-958c-5ffc366b3bdd","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":61,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"4dc915be-00ad-48c2-a17b-a6520950a5fc","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":61,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"f8041a64-2805-4d14-84a1-433556b652cc","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":61,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"5a70f404-fb90-4b1b-8660-a39244063481","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":61,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"77a5feda-4933-490f-8d78-921a121beb4b","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":61,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"32059e50-3d84-4f47-83bc-c073f07ba992","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":61,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"527b7ae3-e309-46fa-8eca-791295fac73b","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":61,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"30df28d4-46c5-4a2e-bf8a-67f5a6cce9dc","block_type":"box","text":"of the futures contract.","page_number":61,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"d1a81922-d6d7-4500-b42c-5158be3dd812","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":61,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"76906f54-15c6-49a9-98d2-e537d546f6e1","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":61,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"7cb7c412-bc46-4318-9cde-d35a99ba42eb","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":61,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"21c5f741-1bc9-4442-925e-54ae486cc3cd","block_type":"box","text":"relating to the futures position.","page_number":61,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"c40dad3f-4562-42b6-b387-b86faada79e1","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":61,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"b9c1344b-5655-40f8-9bd0-5b4377b663b8","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":61,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"1a7aeb68-42fb-47f3-9322-4bdfe2e10073","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":61,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"7fe542bf-228a-452b-b977-45df9300be8b","block_type":"box","text":"Regulations” above.","page_number":61,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"0f419763-3980-4e4f-8dce-5418cfc72f46","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":61,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"f01546f3-2ddc-4c1e-947b-4ab4c7f7c99b","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":61,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"cc0edd3d-da21-460e-9516-f9a19c1d845e","block_type":"box","text":"(","page_number":61,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"1e949dc0-3d8d-446e-90cf-a308faa40be3","block_type":"box","text":"i.e.","page_number":61,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"21f2a3d5-5866-4bbb-8888-1edc0b92d933","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":61,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"cecc2a4b-6031-46b2-ae78-a3b6ee4bec06","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":61,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"1cc44808-8b57-4ebf-9a2c-988c1e986174","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":61,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"2be61db9-ee4f-45cc-a427-a4ecfd7e62f5","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":61,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"0ee7e198-d0dc-47dd-bf9e-66a17896a839","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":61,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"3e86b2a7-af1b-4242-9a87-780ef547641e","block_type":"box","text":"Fund intends to purchase.","page_number":61,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"fb300888-1f0f-4d3a-8b55-b66b2cd22516","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":61,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"e4155172-fba7-4d66-9297-7f9cfd5ab39d","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":61,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"7a331a8b-5fb1-4413-a778-a9fd49197f00","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":61,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"46e64371-e851-4fa3-8b70-49441bde359f","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":61,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"ee9a218a-31d7-4631-b75c-80b0ba4ae6f4","block_type":"box","text":"illiquidity.","page_number":61,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"8fe8960c-b8d5-4e43-81f9-8494ac0ce102","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":61,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"69198bb1-6305-4de3-a3e7-154ecd278f26","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":61,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"b736a54d-9b68-478c-8b43-35dcd1773727","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":61,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"4c8e9acc-dda1-4358-ab6a-0d7fe9541ea9","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":61,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"9f344bc4-f38d-4472-89c2-f3ecc0d725f3","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":61,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"71cb1039-ca9c-4897-aecc-2d9318096346","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":61,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"3442ad8b-3d90-4453-a217-ef0244a44460","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":61,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"e223cdba-5b0b-43a9-980d-b2962acb2270","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":61,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"13dc4939-1d41-4aaf-85fd-d607aad8271f","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":61,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"f79a83e5-9dc3-452e-aae0-93bef997bfb2","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":61,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"82c2f63b-29b9-49e5-a42c-8f8f3fd730e4","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":61,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"4ee8bc67-669e-4983-8f8f-c112f699bac3","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":61,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"37627aaa-3d59-4de7-b51f-4a0ad3d237da","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":61,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"1ab030d3-0bf5-4bc2-91b3-5195b1fdbf76","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":61,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"ab10f0ba-d7b0-47a1-90b9-e47eb89c2265","block_type":"box","text":"Swap Agreements.","page_number":61,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"c3418ffc-4236-42c4-8048-5bcac127fe0f","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":61,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"e178b65f-abc3-4836-ac8a-aeb566b787e6","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":61,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"263df454-2baf-4a73-afe9-fe401b5b0b18","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":61,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"64e83041-e725-4ed3-9abe-e14534677f2b","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":61,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"d2768ad7-006b-4bf4-8d0e-36a94b35e05b","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":61,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"684244fc-5418-4ab8-a277-2842aaf5edab","block_type":"box","text":"a “notional amount,”","page_number":61,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"8ff6ac68-f958-433a-88ed-324ab00fd057","block_type":"box","text":"e.g.","page_number":61,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"b7266a88-b713-4073-83b2-cda921f85932","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":61,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"760c8830-c34a-45a5-881a-5a297d691ee2","block_type":"box","text":"II-17","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a5cf644f-7399-40e0-b181-c969f71b63f3","block_type":"box","text":"NM1026U-6033389-61/246","page_number":61,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"9be403be-f174-400c-9002-e542b207b4d5","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":62,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"08dccc91-4762-4142-be6f-fbb26533f2dd","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":62,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"99d6e3cb-035b-464e-a3af-f47fa640b4c3","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":62,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"7a84af3a-7795-4143-81a3-d0cce492898f","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":62,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"a0d090ee-a755-47cc-ba91-b099c35f0f49","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":62,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"d1bd14fa-0184-4f5a-8568-02245e38515c","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":62,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"b498515c-d781-4ef9-8646-3807cddc03bc","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":62,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"27d54e26-0bb1-4cd3-92eb-d1625f9552f7","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":62,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"226e6277-b71e-4642-9782-b10d16fa080c","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":62,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"36a2d8cf-8afa-4de0-9b66-c174af541f57","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":62,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"19b86270-1e3b-416a-9b0a-bef1ecc3edbd","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":62,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"15e62ab1-f5ad-4b06-84b5-1a0a2126d4bb","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":62,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"fa50a4e8-f574-4112-a35c-135ff8270eb2","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":62,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"f9ffde19-2b17-4b5b-a599-f4d8f37db776","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":62,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"58eb9dfb-39f9-4e05-84bf-c5080c91711c","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":62,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"0ee86b8a-2002-4074-8d3b-5e5452960803","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":62,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"cbb7bc64-7ac6-4672-8bc0-9a6cba0c49b4","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":62,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"2d85066a-a307-4033-b2af-14d84ab6621e","block_type":"box","text":"index CDS.","page_number":62,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"e47304df-f1a3-4089-b68f-ec4ab4d34bff","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":62,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"aa6b653d-c382-41d6-af7f-c094ae398747","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":62,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"e8314128-75af-40ba-8816-29bee3be1f1d","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":62,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"74c320e4-8251-4093-a308-5bcbed8f343d","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":62,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"9c0f8faa-f73e-42b6-943a-0921b729117d","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":62,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"5b960de3-e17c-4a7a-8bda-30648272a02d","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":62,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"0ea3459a-8825-4f88-8188-6241534d7875","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":62,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"887d9ddd-776f-4738-96bc-cf73b98f08b9","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":62,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"c7c00072-87bd-4cea-8300-261888c1021f","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":62,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"46536b7c-a143-44ed-b105-f6a763f9a15d","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":62,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"1cf5f6ed-7745-45cb-9d4a-4cb8f32ed760","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":62,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"e8745048-21b0-4776-ab94-2de68fe57cc5","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":62,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"be3ec6a7-a423-4291-8f03-64cc2b69d18b","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":62,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"44cf42db-a35b-4537-bc79-de3165c84f79","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":62,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"ce28b265-6d0c-4620-afc6-cb78e894ecdd","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":62,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"1575df9c-c131-45fe-8b0c-a55fcbaaa526","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":62,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"a1b51826-0b27-4dee-a16e-5affea9a9ad5","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":62,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"1c3eebc7-6854-4cc0-a575-0c9efafdef73","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":62,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"d02e69aa-6a0a-4554-91ec-bfd10efa2ad2","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":62,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"ab377031-ac6f-4967-a320-d3430df791d6","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":62,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"cda232d4-e999-47bc-bb35-d7c3496e3a23","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":62,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"d5a74a66-5f3d-4456-a7d3-64a12e73cdd3","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":62,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"335ea981-a714-41bc-938c-1d91e4060974","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":62,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"305a2f5c-24a8-47c3-bb30-028e5c2fef11","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":62,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"78495a15-bc1e-4e1b-83ad-6b9a9b61e8b0","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":62,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"3ea51e83-c20e-416d-8987-801ff7552c25","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":62,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"af413ff4-6a4a-4fb8-81b0-d78c389bf8b0","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":62,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"93f8e8fd-31e7-4d7d-948f-4396d053d537","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":62,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"ac6fb91e-d5fe-4563-b611-fc88e7cc0cf0","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":62,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"2e198fc2-b9d0-47bf-92eb-9db4fa59120f","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":62,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"c7735896-b60e-473e-92e3-28cd62826339","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":62,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"c412913b-225a-4a45-97f5-fec696c18a81","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":62,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"fd73ae02-b427-43bf-92b2-6f7a6a6dc5b4","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":62,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"a2385c26-e24c-418a-8766-be12f70650a7","block_type":"box","text":"conditions.","page_number":62,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"e65a8064-dbcf-4dd6-8a7e-df0363dda315","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":62,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"6746ade4-fdad-4498-82e2-b3c6d31dad90","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":62,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"13982f4b-16e3-438a-991d-15b5137a5c5d","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":62,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"6cb007d7-199f-44a8-9a52-fd1df8129030","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":62,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"49e89ae3-dbb9-4008-a2d9-fcfe8b0469c6","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":62,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"df26e4c5-53d1-45e7-b1cb-fe402073810d","block_type":"box","text":"II-18","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f8f8cb1-da00-4cd5-b5fb-5214efaee03e","block_type":"box","text":"NM1026U-6033389-62/246","page_number":62,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"e0eaf6bc-f3fb-4732-ba99-8840ac704f75","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":63,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"cf3e4e41-03c1-4415-a92a-790c92d16176","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":63,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"ef72d2e2-3d17-48b6-8c95-ec549001834d","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":63,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"cac58421-6967-4e81-a65d-aec69a80a416","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":63,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"5bf9d75c-4cae-46eb-ac91-cf885306a9a8","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":63,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"7454f75c-83a0-4994-89f7-07ab80cf3645","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":63,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"25fb3e91-4bd5-46a2-b491-ff63fe6397c1","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":63,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"d2439217-5171-478f-9a20-1f2f2b8dc2cf","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":63,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"56d79ea2-e8f2-4e29-8ca7-7d2ff7b7941d","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":63,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"b972c5ba-53de-476b-9570-bb990c1c71dc","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":63,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"3c5ff01c-e739-4f02-9e1b-e89fcb6c55a2","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":63,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"1e9ad4c3-43ce-45ed-8bdb-1cfd609929c3","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":63,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"e156699c-8c06-4f7a-9e05-f9348efa779f","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":63,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"0b190f1f-25f7-4b49-a121-a7f686aab30a","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":63,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"c7c73a5e-ce00-4ba6-9f23-bfc5d21166f9","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":63,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"9334ba00-95a6-4d90-bf57-775f208799b3","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":63,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"17c7930a-14cd-416b-b6e6-10ba15879f5d","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":63,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"eccddaac-56eb-4618-937f-919f6536e909","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":63,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"535220cb-8e0e-4a0b-9746-7d32c8c9ce59","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":63,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"dbde881d-8e67-4313-8325-87fd8c9c4ad3","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":63,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"0cf0618b-d9f1-42b5-b24e-55bceda82380","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":63,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"75f8b537-1fdc-45e4-ab0d-d8bc67e23941","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":63,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"390f6269-1f19-473c-b8f9-d309fae84b7f","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":63,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"0b40b0fe-3fdf-4e64-a54a-85519481123e","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":63,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"be5b9ddb-3418-4b89-9e62-cc633bff09f4","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":63,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"26f47964-2a0d-4eec-bd37-a944560e2a2f","block_type":"box","text":"cleared interest rate swaps.","page_number":63,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"019b647b-adfb-46bb-960e-58858ebb633d","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":63,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"2de8b3d4-5d38-44ac-a98c-3d5ebfee7693","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":63,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"183cb2e0-bfa8-4008-ba67-12788d827ff0","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":63,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"08c5e33f-118c-4f68-9977-a5613e516ad7","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":63,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"76740325-49c2-4c5e-8758-bed9cd2f4f19","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":63,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"5c8e0c58-d570-4f26-a110-790034955fb2","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":63,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"91550d97-e3f3-4a6a-9488-a466a558d0e3","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":63,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"adfb46a7-bfec-4b88-8f58-d5341a87ccf8","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":63,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"13eec264-c952-4ff8-a313-c6f6573cec6b","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":63,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"c8084c6a-dc32-4da2-8721-0aacc759e209","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":63,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"e68c0812-f655-4046-9091-81f663ec1795","block_type":"box","text":"or variable interest rate, index or asset.","page_number":63,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"a7ebe0be-fc00-45a8-a1ec-5027f3029068","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":63,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"a237129f-2f67-4ceb-9ee2-ea95a3db0804","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":63,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"192bfcca-08c1-4934-81ad-619721e81260","block_type":"box","text":"such interest rate floor.","page_number":63,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"1fa10547-bd9f-438f-b098-a288b11586ac","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":63,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"3f75c751-256a-405f-82cf-7548ffebbfb8","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":63,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"480f1cab-e9b9-45ce-b42b-c85beb592894","block_type":"box","text":"such interest rate cap.","page_number":63,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"46d2ef01-c97d-4000-9978-ad164bd7c91f","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":63,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"b9e39d89-0e0f-4742-9fd7-864b46c12d8f","block_type":"box","text":"commitments to pay or receive interest,","page_number":63,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"11baf293-5274-4695-855c-70e161fa4679","block_type":"box","text":"e.g.","page_number":63,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"478a54cd-2eea-4806-a5c9-e739ca1f6b4a","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":63,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"cd8166c9-4409-43a0-9712-a028a8ce3b97","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":63,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"11deb8e1-fa4d-42dd-a0ab-c0781a7a7c37","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":63,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"0e84db43-e47a-4922-af9a-25f04975e342","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":63,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"5a1b43b3-83a8-496e-9904-53c7c234b2fc","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":63,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"f611c847-3539-4dd8-a473-8420636575bd","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":63,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"b9a9f78e-ed48-4963-96d2-7c561da70754","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":63,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"13a198b0-c163-4a1b-911c-a9a0bb759912","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":63,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"7645dce2-fcbc-416e-8652-ec028846ec53","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":63,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"9b37c85b-94b1-472a-b6fc-c669ed86d58d","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":63,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"0a98bc54-e2af-4cfd-aa86-96dc3c5053e1","block_type":"box","text":"II-19","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"59d1939a-0017-4b80-abc9-3e42935fbe7e","block_type":"box","text":"NM1026U-6033389-63/246","page_number":63,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"2ea8e912-21da-4881-8b2b-cd88728b2a97","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":64,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"dc452776-6d49-481c-a903-a71470084f16","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":64,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"1defeee6-f451-4ff5-be30-c797cd3c0fd0","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":64,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"847f1b78-1e22-41cf-bcdc-98ec3daf275c","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":64,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"6286001f-7dad-45c9-a73a-1f2da9705c5b","block_type":"box","text":"Total Return Swaps.","page_number":64,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"69623567-6753-487b-a1f7-27ff86dc538f","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":64,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"c9c81f7e-82db-4d71-8b00-e3523c3bacb0","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":64,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"b98cb48b-b719-449d-89d6-eaeae6eb0266","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":64,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"08f83698-b1e8-4ec0-bd9c-9c4f59b160f9","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":64,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"386d907c-c658-461b-af6f-c5a5096072dc","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":64,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"96f55d3c-ef90-4f2a-8877-d9909870d836","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":64,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"4e1cc8fb-d80b-41ef-a1fe-8665d0744235","block_type":"box","text":"“contracts for difference.”","page_number":64,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"842b73ef-8a07-4589-8bc8-98a7e85abe51","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":64,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"7ade720e-cca9-4e6c-a235-cd0515d27435","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":64,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"9e4eba20-dcc3-4c58-ac31-cacdf7e24c02","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":64,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"090b3a3a-cb8d-49f1-a600-3b7072c5d594","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":64,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"56ee0ccb-d9eb-4157-90cb-1432481dbbc9","block_type":"box","text":"the notional amount of the swap.","page_number":64,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"236be4e5-bff1-4950-b81d-95258f085c0e","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":64,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"e89934b2-1460-4de9-8be9-6bbc43c757f4","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":64,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"84beaea0-f999-4eb1-a947-77f511ab9237","block_type":"box","text":"Options.","page_number":64,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"e498a573-4ba1-467e-9d20-8f02a72ec476","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":64,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"557326c7-e900-4b92-8acb-166e5d746f14","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":64,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"f82b7aa0-3fe6-4663-99cd-b2250e853157","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":64,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"cf9cb6e9-6450-45bb-9879-6dc74e92ed59","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":64,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"15eed4b7-47e3-42d8-a64f-91bd831e5a03","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":64,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"11bfaee2-0403-457d-9740-9d71ab520e62","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":64,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"7c8f076a-d351-469c-8536-d1b198c8bbe8","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":64,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"ddce860f-1d10-4064-824e-5fe0142cf221","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":64,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"ac6ec726-3890-4445-8c53-03d84cd248a0","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":64,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"230bdb08-df68-4c5b-a81d-bb9b6d4ae8d2","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":64,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"e82b06a3-1159-47b7-aaa5-c329f2e15c95","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":64,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"0b7f7b12-ada7-42a1-9989-9bccde5d7028","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":64,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"05a335fa-12b5-4113-9bae-0b3db2d787d3","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":64,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"1191ab7d-819c-4c47-989f-e9f97fa9a584","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":64,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"98b74fc4-fa42-4970-9f73-08f75773e950","block_type":"box","text":"OTC markets.","page_number":64,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"89889da9-b5b7-42f9-8a2c-a0580b750909","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":64,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"93d1a136-d41f-4f24-8961-8208c6dffb27","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":64,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"a58f34ab-f763-473f-913e-46865b002843","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":64,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"bdde61d9-a3d9-4c34-bde5-0aeb4b9afaa9","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":64,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"14d6ba67-65a8-467e-ba02-6f3a70eca290","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":64,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"865c83f0-94ce-489c-8fe6-b3cca534d65a","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":64,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"225acf6d-e0de-444e-b658-044a2bd8fb12","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":64,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"cb36ee21-b7d0-41a4-9262-82629d2f547e","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":64,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"df754664-4c76-4383-aeab-2aaa2ca5a3f5","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":64,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"d1fff562-3abc-4030-b380-42c5f7d5553d","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":64,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"b071932a-422c-4540-829d-f9415d777755","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":64,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"718958d1-2bff-4b22-b47e-baa0fbac4313","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":64,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"7ac51714-8458-4603-b3ab-9d7a091e06ce","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":64,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"5067f40e-4e3c-405d-8860-e6f5f3da9f1f","block_type":"box","text":"terms.","page_number":64,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"42ee4fe6-1bea-4842-8f7a-67101605007f","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":64,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"1d7cd8f5-ade1-4997-8e48-36ee9ee1b69a","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":64,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"8bf04c80-1477-4bb9-9a09-15b654078e4d","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":64,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"6b7caff3-e393-437d-a126-d9701ea3f367","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":64,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"65429771-844a-49f5-bb05-07111d8a9473","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":64,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"c43ceab2-6588-4a10-8cfa-f746f1d27bbb","block_type":"box","text":"II-20","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2f24528b-6dc8-40fc-8dc1-9fb97e8c0f50","block_type":"box","text":"NM1026U-6033389-64/246","page_number":64,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"e6289889-a73b-410b-b13a-71122ed8bf41","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":65,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"5b2940fe-8065-4b04-b797-5c7aa34c2e69","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":65,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"39f11c35-8bfb-4449-b5ee-6ba6c2c14894","block_type":"box","text":"Call Options.","page_number":65,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"06a42128-647d-4389-bf79-8340475d26d1","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":65,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"7d538bf4-ca3d-423d-acb1-1fd6802fa2e1","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":65,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"d7c14cdc-ef83-4885-aa2e-580412619ddc","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":65,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"2fa27dc2-819d-4e33-af10-8398ac14dd1b","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":65,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"2716fef4-2795-4f17-9241-037462e85cf0","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":65,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"f8e33b91-ec9f-482e-ae5e-8cb0aa2de564","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":65,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"b8f1365a-0320-4597-866e-939829b1c5b9","block_type":"box","text":"of the option.","page_number":65,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"76c4d40b-9d36-41dc-91b0-a5d3dfaaaf16","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":65,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"d72dbaf8-63d1-4723-9d90-d88713abbaea","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":65,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"930dd47a-6848-4342-a219-5041fb8e4167","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":65,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"1fd77a84-0202-49eb-aab9-fbbb00dacf3f","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":65,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"55ca0273-981d-4e7d-b894-1fb4bd68912d","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":65,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"49ce8e74-494d-40b5-90ee-ccd998cee84e","block_type":"box","text":"A Fund may write (","page_number":65,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"8d6e8581-981c-4bbe-b67e-de32804d0166","block_type":"box","text":"i.e.","page_number":65,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"ec10cae6-7abf-4216-8cfa-0f89e4fddbfb","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":65,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"103636a1-b3a5-463d-9f7c-be03f2d4f219","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":65,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"edfc6771-289e-41a6-a65c-797bace77bc9","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":65,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"6aac0a82-2c7b-47e3-bc93-62d2fe1dac9d","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":65,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"8a94d050-9d5f-476b-88ef-d75b34796f8c","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":65,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"5b19be9b-f31b-4e34-ba94-553d9c71e1f1","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":65,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"ce1820ec-55c3-4cc1-9444-42048192c774","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":65,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"27b22d3f-c8b7-410f-a3a5-6130f1bea200","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":65,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"f37a5102-3186-452e-aa64-9e89dafc8c75","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":65,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"bbf643e1-f719-46d6-9972-ddf4c94750e6","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":65,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"f6c51d36-b479-45e0-8328-e7f938eb49d9","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":65,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"6e9ba4ba-6579-45b2-a3f2-237c5f9037c8","block_type":"box","text":"A Fund may write","page_number":65,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"9e1d0dde-19d6-4ab2-b256-db4417bbdcf5","block_type":"box","text":"(i.e.","page_number":65,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"880bbbee-f3f8-4949-a54d-95517df26bcd","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":65,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"d312c3e4-eb5f-4ba0-8be4-4ae49259b5ed","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":65,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"a70a4c78-37a9-4ea7-bd31-1642535cc869","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":65,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"7794ae1e-10f7-4a16-b7ac-f2deb3de3f2e","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":65,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"3581ac4d-21e6-44cd-b8d2-5f5822548c0d","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":65,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"42627169-2ccd-4233-b361-8ca78354200d","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":65,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"30c0902e-4934-4f3a-beaa-15ddb6909e89","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":65,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"f48ba89b-f136-4bc6-971a-e13e01d57739","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":65,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"30622e04-228f-4c80-8831-8ac04bd4e59f","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":65,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"1d1789f9-0603-420d-ba45-a3491073ab4e","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":65,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"81280e7b-71ee-4b5c-bebf-ef09e1e3c729","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":65,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"66a18f5d-3815-4196-a624-0db2297f9960","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":65,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"0e60ac59-f494-4879-8a78-63689c9dbe85","block_type":"box","text":"Put Options.","page_number":65,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"1f5c0b69-ccdd-421d-a2b0-aa7f62621fe4","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":65,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"70cfdedb-a1eb-4d9c-b89d-b29a45421b61","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":65,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"bee154be-9808-4b95-9eff-a8d1ed32fe79","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":65,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"7cccc441-24fa-4f37-8ff2-3d718ccd91e0","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":65,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"f16a62e9-89e5-443c-8440-878b00c93781","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":65,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"44861f16-badc-4201-99b3-04d89eaaebf9","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":65,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"9736a618-eadc-4c9a-88e0-8eb818052ef7","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":65,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"da293fb8-7c0c-4c80-a838-92151b0b5687","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":65,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"15fd9fd4-0c59-4493-90a7-d20b0c007b8c","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":65,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"7af70193-5c31-458a-ba8a-8a4958a7038d","block_type":"box","text":"purchase uncovered put options.","page_number":65,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"e8e114b6-1d19-466f-9fd7-0a5976d23f59","block_type":"box","text":"A Fund also may write (","page_number":65,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"c7b24893-fcbd-4216-b14b-8a53a5d81a09","block_type":"box","text":"i.e.","page_number":65,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"c3445792-3921-48b7-831a-1d2e137c599c","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":65,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"b13ef903-254e-4f32-95e3-48b5d0a2cbbd","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":65,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"0019f6e8-78cf-441f-b927-8176009c4f57","block_type":"box","text":"A Fund also may write (","page_number":65,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"bb4d4ddd-07b4-478d-bffc-cac38e5fc166","block_type":"box","text":"i.e.","page_number":65,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"2d7d4c24-6cb4-4125-b108-cc53c37652f2","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":65,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"e13af694-ed78-43dc-bc4c-e7056bbbc519","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":65,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"db848ae9-16fe-4ae1-aa64-04798e82f559","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":65,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"25cfa913-b543-48bc-8e6f-a79ddc77cfdf","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":65,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"b6c1c6ca-0ed9-4a72-ab34-c9f05c876a7d","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":65,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"1f1c2a3a-089b-47c1-b393-84b78cb89089","block_type":"box","text":"II-21","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ca088933-cdea-4617-a365-cfa4d6b18a23","block_type":"box","text":"NM1026U-6033389-65/246","page_number":65,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"eef4e5df-d63c-43c6-97a5-b713866c2765","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":66,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"376d7c4d-6d34-46ce-a1e1-9020fcdb4c3a","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":66,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"d449ca82-73e9-4723-b373-c2f92545d606","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":66,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"4160096b-682b-44cb-9a1d-27a55be92cde","block_type":"box","text":"the exercise price.","page_number":66,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"8df49518-7d60-4291-a8d1-c81ff731e252","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":66,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"5dd2c93a-367c-4446-847e-604fc361a83d","block_type":"box","text":"The following information relates","page_number":66,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"08fae286-c3c0-4ad0-ad85-8ac3addb77fd","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":66,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"4f0b7736-1b23-4903-8cb5-edf66bcfb666","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":66,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"b254bd8d-db27-4a76-93d6-1638af770f3d","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":66,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"928d3467-e53b-4320-a4a3-d4a645d54f0f","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":66,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"faebc134-f6f2-47bd-b985-c430ff1ef67c","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":66,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"1faf93c5-4037-4693-ba8b-1b353df7946c","block_type":"box","text":"market in order to maintain its “cover.”","page_number":66,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"de6cd1df-1f37-458d-874a-7eacb99fb95e","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":66,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"c8c9f909-4c80-4e49-9845-e17c3062dacb","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":66,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"d93f32d6-c85a-43f9-90c9-e01247f1266a","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":66,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"69ab51c5-c99f-47ed-af7d-147cc3ab39db","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":66,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"7f9559ef-90d0-4526-a58f-83cacd550ef3","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":66,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"847a0f4b-f5de-4d45-9469-231e3515b4c5","block_type":"box","text":"and incur transaction costs.","page_number":66,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"3cdff465-3ec8-4f7c-af3a-1ec92b9c7c81","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":66,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"c64359fd-e7a3-48a8-a1f7-b5514615f2b8","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":66,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"5cf9da85-088d-46f7-a274-d05d2cdedd86","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":66,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"63830347-4800-4536-afa0-ca59c8e4b645","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":66,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"c241aafe-e015-46b0-bf6f-073010605fd7","block_type":"box","text":"i.e.","page_number":66,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"fa62907a-90d4-4136-bda0-9994de056fb1","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":66,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"671bd65b-d30a-4a8c-85a8-b27b9564bb0f","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":66,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"1c17bd70-eb89-49f5-a304-41b36a8865c3","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":66,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"aa6503a7-0434-4d94-ba2c-b5009fdb3d2c","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":66,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"ac4cf025-887e-4c7e-8b57-1a2e95e5cbc9","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":66,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"5167d33d-8806-4134-b12b-c3c1a399a98e","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":66,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"bc96bb60-2364-4cf9-9cf1-7a98987d7848","block_type":"box","text":"required, to be cleared.","page_number":66,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"b12a3481-1e21-42de-8b48-9b17e3ac15c6","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":66,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"8275c565-ed91-4093-9c56-fe4f629ce6b5","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":66,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"aa277701-d3e8-4d6f-ae03-8645d5544c3c","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":66,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"4b757ee9-7d67-4ec9-a092-c257e79c693e","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":66,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"b816a22d-ee38-4ac0-9830-7d75beaf845d","block_type":"box","text":"Derivatives” above.","page_number":66,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"161a7f5f-9177-465c-9f38-90acdfcc29c5","block_type":"box","text":"FLEX Options.","page_number":66,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"4e60338b-4b87-453d-a316-2a5ad0dc7dd1","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":66,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"6fbb9fcd-25be-45ea-ab1f-149024d4aa54","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":66,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"effa590f-154a-49e4-bf8f-921fe8f925e7","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":66,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"224c4464-a258-4239-a474-82ce5846c0c6","block_type":"box","text":"exercise prices, exercise styles (","page_number":66,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"74ba4d83-76df-4c5d-ac2c-d7e7b69e11d8","block_type":"box","text":"i.e.","page_number":66,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"5f2d039d-8bf9-42f6-8228-18d63c23a34a","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":66,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"ecba7ada-0346-4039-a56e-0e7f3f0801da","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":66,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"bb0d7bbe-d5c5-4208-a620-f887e99fc4fa","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":66,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"aab9e976-272c-4988-9202-c85c0761ca90","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":66,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"6cb14c28-987c-4315-90e2-66ede3461804","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":66,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"cc1522d3-7890-4702-8e7e-ccbf8b0ae1ec","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":66,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"bfb185b1-5402-4a23-80e9-42722c4da9d5","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":66,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"8d57b280-c7eb-4edf-90ee-6045c88de390","block_type":"box","text":"FLEX Option’s expiration date.","page_number":66,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"1f51c45f-729b-436d-8d25-0a42b593f48a","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":66,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"31e6ecc1-316f-45e0-9326-a757c3723b89","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":66,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"2aae4f98-b8c8-4fcd-90f5-87e829348f56","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":66,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"ecd74e55-8056-4230-ad4d-6698e62040a7","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":66,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"d93ff69b-806b-4c59-8dc8-a47d884690d5","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":66,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"7077cf23-5538-43e8-bc62-47450819def6","block_type":"box","text":"FLEX Options contracts.","page_number":66,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"02d216d6-f94b-4d27-adb6-3ec41be2d5e2","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":66,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"c3f0839b-7d43-46c7-9f4f-9eb39d7fbab7","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":66,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"e7926aba-ea49-4469-ace6-aaacf663224d","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":66,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"2a28c174-22d2-469b-9489-aeb29e02704c","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":66,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"c5c2e505-e933-4bdc-9777-53e5ce2f68ed","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":66,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"2eb7bce0-f604-46be-9336-30b065c7f0b5","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":66,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"944ee803-0343-46c0-a0c4-96bd465f7ddb","block_type":"box","text":"II-22","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"707a1c49-26af-4183-b194-7c547271d7a4","block_type":"box","text":"NM1026U-6033389-66/246","page_number":66,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"1746d928-6ffb-4537-9d72-d4330bfd96a1","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":67,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"0c4f3f96-2a51-4809-b2b0-d974c09e08a3","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":67,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"5714ba6b-1a18-461a-9dbc-20e9576b52f7","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":67,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"c675bf51-97c7-4396-a89c-39c33928f803","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":67,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"7099a33d-b964-499c-accf-faa30d09e7ad","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":67,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"dccef403-bdbf-4c06-9660-70f38266fa96","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":67,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"7dc4f7fd-cd38-4db0-acec-85b3d56ac9ec","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":67,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"84f9c497-e99d-47bf-ba5a-822e89017dc2","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":67,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"26b25475-de96-43f2-af1d-57cc2a034279","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":67,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"fd81bc12-d40d-4524-acb3-5f484a6430ed","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":67,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"7c8b247f-16a5-4f72-b041-6a32173970b2","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":67,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"ef49c024-6ff4-4366-8e0f-8119362418d6","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":67,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"6d510e27-3189-4ce1-b2bb-c64fbcd917b3","block_type":"box","text":"expire unexercised have no value.","page_number":67,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"91c530d1-cbbd-4b7b-af7e-532fc2d2fde3","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":67,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"d00d8f80-ba30-4dfc-8c79-7c350ba63cd0","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":67,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"48646a9b-045d-4a51-80f9-13fb3172f85d","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":67,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"aedfa785-474e-4877-b2dc-9d2d064e3f7a","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":67,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"b91c1f72-20cc-442e-a9e7-478459069d25","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":67,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"f00ce17c-069c-4fc3-a0f6-e405d4d4c568","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":67,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"c8e5282b-48f6-408d-abaf-3e49a342b0ab","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":67,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"00b6ec83-fdd3-4dd7-80a5-4c0b7e9f2381","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":67,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"13241120-ae7e-41ff-961e-a6d98aac27bc","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":67,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"49e2bb77-fd64-486f-a720-9c5482dba306","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":67,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"00ab4838-cf80-4d2b-9b83-218104df9ed0","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":67,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"1064a7aa-08ab-49a5-956b-e162a41af48a","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":67,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"aeae30b0-3641-4f57-8cfe-ef79cad3e109","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":67,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"2361c070-f82e-48d9-909d-952cdb28630d","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":67,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"26703650-49d3-4bca-a6d6-d9d086a84110","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":67,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"0dfee653-fd66-432b-85ef-b3dc096eb850","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":67,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"bd0ee3e7-b05b-4c2b-b5c3-215650a04274","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":67,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"681973ce-e091-4f49-8c3f-24ddbcc41051","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":67,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"349bcb21-baab-4909-aa9a-d60c9cf3163c","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":67,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"754249c1-c204-4a9c-99aa-ffc2e581f47a","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":67,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"779f9f74-fe9a-4b99-a059-cc1c1edbeb61","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":67,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"ed9d0518-12f1-4580-9819-c00f8f6f822e","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":67,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"b2875fec-e850-4144-8750-4709cc0f584a","block_type":"box","text":"Foreign Exchange Transactions.","page_number":67,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"9552524c-85f3-4880-9feb-bca89d815a14","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":67,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"98c5520e-9c8a-4930-b6a6-f460c743e14e","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":67,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"9e50eedf-168d-436e-8aeb-5b0b6893b2c2","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":67,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"9a1fc6d3-cf76-44cc-b901-904fd208eb6d","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":67,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"42e13754-f87a-49ed-b089-83c4d0188170","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":67,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"609d8127-fb29-4046-8afd-425744291e60","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":67,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"fe0bd0e9-d5a4-4da2-a2aa-641abc785aa4","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":67,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"73b979e1-4bac-4a07-aa31-880d33c70468","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":67,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"ec12bed2-3073-46b9-8018-ccdbc9df0de2","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":67,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"24a30005-bbc9-4e8b-a297-55a5c0412439","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":67,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"9b07cba5-1c20-4042-9a4d-1427392d2f4f","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":67,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"e7cb08ae-8dca-4706-a026-a02987846b63","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":67,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"daa9efa3-a8c4-430d-8b09-7e55cdd35202","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":67,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"40fb7153-ed4a-4168-8caa-d729da972a11","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":67,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"0c709429-6ab4-4bdd-b9a3-202a00228c3e","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":67,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"d409f661-6986-4ad3-9517-c6830253aab0","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":67,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"fd945c71-0809-4b50-a130-33d8eed36e15","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":67,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"65351d73-aaaf-4698-8e61-9319d7699d75","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":67,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"17eb2e5b-405b-4222-ad64-9e91eaa2f48c","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":67,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"72251e7a-dbf5-42e0-96f1-a8d7230c1b6f","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":67,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"0cb5fbf0-e814-4ae0-93e4-dfe301c48dc7","block_type":"box","text":"II-23","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7d8ec5bb-76cf-4918-b003-4f7e57f0e970","block_type":"box","text":"NM1026U-6033389-67/246","page_number":67,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"0a96540f-40ea-419c-9a18-cf301f4dfe05","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":68,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"5cb91ff3-4377-4efb-89c6-2529d5a89f2d","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":68,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"e952f1f0-8cf5-40e0-8afb-4d73f7b73721","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":68,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"187edaad-ee7c-4d78-a7db-9462c959c58b","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":68,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"60180da1-aa6d-42f6-91e6-4e30ef0e184a","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":68,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"11bf908f-1641-465f-99bc-04a1cdb8f72e","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":68,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"d592a3bb-a512-43a1-a460-700525c2eb05","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":68,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"8dfc2184-bd9a-413c-83c0-0a45b204a00a","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":68,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"70e8715e-6d80-4d1b-bb61-c21ecb5ed9c3","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":68,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"b5ff3109-111e-4afe-97b2-3312cbd2a1c1","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":68,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"702c2774-00bc-4e07-8c3b-dbcc3dc167ec","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":68,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"8ada39b0-3c20-4aa0-88b3-8fb075e56403","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":68,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"65ba7293-2890-47be-b384-8ae71d005ca2","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":68,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"51ebcb81-5acd-436f-acfd-463b9c50af1d","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":68,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"b4b963d5-5f87-451a-abc2-fa2e7ec7abed","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":68,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"89681852-5457-4001-a0a8-8f6c90ddc3c4","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":68,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"5ce1b228-012f-4bf0-815c-fd38e0f804f3","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":68,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"f47c9afd-e47e-461b-bfa0-c5e9a53c0c3a","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":68,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"79dd1827-73d6-4b1e-b3a4-3de5a0d9c8e1","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":68,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"62222655-6b28-4f01-a707-6993d93a3489","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":68,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"7e19c6af-8d6f-456e-83c0-c9f94afc0602","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":68,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"8b90e4bd-2ddf-4887-be26-627e36944578","block_type":"box","text":"involved.","page_number":68,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"b5fbb4a1-355f-4f06-b8c9-dcd855f7ac41","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":68,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"ef39449d-2896-424e-ba3f-1b0620b5d366","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":68,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"e2d7e632-e5c2-4336-9023-e5f2ca19647f","block_type":"box","text":"denominated in such currency.","page_number":68,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"6dfb9777-5a1b-48c2-9196-bb7ef5307e74","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":68,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"123c6c64-85fb-4fda-af15-aca0c26d5dbb","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":68,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"e2638f76-c022-4b84-b3d8-41cacb6650f4","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":68,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"99b962ec-2034-454a-94b9-2e7ef759cd33","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":68,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"137cee39-b42f-4ecf-a99d-6c6f7c6fd4ed","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":68,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"85c15f67-f866-4761-bd96-ba45395efe8e","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":68,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"f4d515d7-9de8-4798-9ee8-5d2fcf998a17","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":68,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"4a93a14f-6f38-4000-a35f-5e68a3475373","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":68,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"3bbc2cf3-202d-4f49-95e2-b410eb089747","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":68,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"f53f7542-e2c0-4c4f-adbe-2b96675b3a66","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":68,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"f80f9a0c-db24-4cf2-b428-f71543d4bb9a","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":68,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"72c988d4-c421-483a-8bd9-94c8223ab4f5","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":68,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"45171e47-c654-4b97-9bfd-2dbedf591e23","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":68,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"41372cd2-796c-4282-b869-e0d0944a829c","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":68,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"a9bfd787-45c1-4063-bfd1-0d1e18c606c3","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":68,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"cb124547-90f0-4769-b910-20408c9ad027","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":68,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"c33817a9-fcfe-479d-a261-a39008f5d34c","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":68,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"e324c2f8-7085-4063-8ace-eed251e73e01","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":68,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"4cc2894f-b0dc-43dd-a3cb-a7f6aa3da695","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":68,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"b36a8d1e-3d93-4d69-b7a5-97af6325f701","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":68,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"4cc7e34a-80d0-4a88-a1b8-7a1fe7fc3448","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":68,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"4589b6e5-394c-4ecc-934f-fc2dc1e5f672","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":68,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"fbd9f637-80c7-44d8-84b9-106895670997","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":68,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"bceadceb-646e-48f0-bd15-6393cdb6126f","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":68,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"25f4197c-b8df-45f2-bf88-d2c88c6237ea","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":68,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"cb774825-a3a9-4dc0-83f8-100e6f28f0db","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":68,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"43c7bb87-5727-4f46-a641-1d7c9de89455","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":68,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"5f066af4-1852-47bf-882b-ad1223faa6df","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":68,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"06622335-da81-441c-8b19-86bead8c335d","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":68,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"326da80d-e865-4b39-a7b6-84f0596a235c","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":68,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"e1dbad3a-84db-428d-84d3-cc56de17b89c","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":68,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"19ce51ad-3b24-4ddc-93fc-dca792a81f4d","block_type":"box","text":"II-24","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b2b3695-8db2-4a83-9b01-be8ec02f64e1","block_type":"box","text":"NM1026U-6033389-68/246","page_number":68,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"a7d139c7-5de6-467a-a1e1-042b2dd5f49b","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":69,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"e92e08c6-6b0b-4a43-84ae-ace23ba2c569","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":69,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"72f9ba72-38b3-42f9-a8a7-3415055f0ecd","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":69,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"1d9efcf1-adae-447e-acc1-94503459e586","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":69,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"f6dddc84-7a74-40f4-89af-868a8550eb8a","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":69,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"d9d0cb1b-f082-46bd-8c68-5593a5dc6630","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":69,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"0a47057d-f207-4c57-9edf-5e3ee1741992","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":69,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"d3d3aecf-2f51-4e3b-9f94-3dc730abd90d","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":69,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"416b4106-d2c2-4836-b99f-5aa9f950945c","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":69,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"a088d71c-19c7-45f4-b3e4-5ab13eff3a43","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":69,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"c7c98df4-9ad5-43bf-88f7-d78d49742523","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":69,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"81e55fcc-d0f0-473f-b393-763a88cc1e77","block_type":"box","text":"traded.","page_number":69,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"d81eb88b-cc17-47e3-ae5c-f3fc998d644e","block_type":"box","text":"Currency Futures.","page_number":69,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"eecf3ef6-5c25-4808-ade1-22efb3147b30","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":69,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"2f241f4a-c7ed-4683-8362-797f7d011866","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":69,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"dabbdbd4-aeb0-4060-8c2f-0ecca1f44a22","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":69,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"9c769f55-0c81-48ef-8b41-48647211adc8","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":69,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"5cfd00dd-a7b5-4277-b4d7-d98b59936f62","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":69,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"67fbd99e-bbc0-4715-b5de-10a7579bad26","block_type":"box","text":"Currency Options.","page_number":69,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"ed321e0b-c2ae-4188-9b3b-7acefcb9617c","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":69,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"d6eac8ba-707b-4b44-b296-83598cf49791","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":69,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"a0fd0ac1-9a86-48c5-b530-065438df187b","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":69,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"337ff479-4592-4fc8-9e06-2aee1254cbdf","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":69,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"ecf05861-845c-4ef3-acae-26673716e5eb","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":69,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"bd6e926c-dd4d-4a68-b239-42d6342cda83","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":69,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"d2066f2d-a0a4-4641-862d-16a4a16a5e7f","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":69,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"85472da9-7a6b-4f55-a6e1-d413733fa4fc","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":69,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"c185578d-d1f7-4335-a6f1-20ba263ba889","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":69,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"1b59fa92-c2fd-4f6f-94e7-266c1e5765c7","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":69,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"ace0a274-0fe7-4a51-ab6f-e3be526ae521","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":69,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"a22ac96d-6402-4b18-a165-3f4f831239d9","block_type":"box","text":"Currency Swaps.","page_number":69,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"b90fecd2-1052-41a6-b7f2-10da3fcd636e","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":69,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"f91eb60e-cc5b-48bf-8d7f-2e6e0d340135","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":69,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"d3a21cb8-3b1b-4d8b-9625-69db8b8e63cc","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":69,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"d7fa4510-fe11-4cf5-9f90-42772d4dbcf2","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":69,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"7aa5692f-c339-4456-a9ac-5d80abf77625","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":69,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"dd9d405f-2e36-4180-bc5e-1cdbb42010d5","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":69,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"be39a56d-7e7f-4b74-b292-37b2820c9e36","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":69,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"0b06910f-2133-4767-882a-f799ca8bc797","block_type":"box","text":"Distressed Securities.","page_number":69,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"18094da2-fbd6-48c1-80af-4468b8fbfbb4","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":69,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"075ef104-cf6d-4370-9869-7ccd3974ab33","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":69,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"d6f920dd-00c9-4530-bdea-a0dc11094786","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":69,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"41ce11fa-cc8f-4ed6-b5f3-33c6c38a6070","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":69,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"e307e6fb-6c1c-46af-817a-40c0019ab908","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":69,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"ef2c15c3-45f2-4a82-a1e2-4c6743004fa7","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":69,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"2e3a4d8d-f230-48be-9ea3-db9b62c14b5c","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":69,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"8e8144ba-adec-47ad-be29-2a8ae008d021","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":69,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"3ecd4300-acc7-41a9-bb57-5b7a62a85936","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":69,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"4b7cdfee-f316-4380-9cd7-9d1a10f4dc63","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":69,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"4974c864-772a-4c41-bed3-fc310316f1f7","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":69,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"30d8e283-9cfa-4c14-b106-a13d5d72741a","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":69,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"a1c8224a-c46f-44d8-aa9e-889d2a7f0f94","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":69,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"d5f4a45a-3c00-4990-9369-32441cb5cf25","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":69,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"d173f7b9-dc9a-40dd-8461-0730f19c266a","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":69,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"19ba0b43-f608-449a-870c-61fa199e1f5f","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":69,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"2b68bad1-4f09-4d5e-9b06-5c860d698a23","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":69,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"2a6c7dc5-bb5d-4536-9dde-02833724b4be","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":69,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"4976c55e-e2ab-4fc6-b48a-ddf613bfb047","block_type":"box","text":"satisfied (","page_number":69,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"5719609b-6e09-421c-b86f-c02cec0f5118","block_type":"box","text":"e.g.","page_number":69,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"168cd91a-7220-4e52-a8fa-0487880fefa8","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":69,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"a5974b14-19f6-4e3f-b759-0ae573b4295c","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":69,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"7868d528-16ef-49c3-b234-fe4e9de3690e","block_type":"box","text":"II-25","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"57acde6c-0556-4427-a62b-7d5581f9d67e","block_type":"box","text":"NM1026U-6033389-69/246","page_number":69,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"07641aa0-ad58-44b6-a3b7-86bd20a1653a","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":70,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"63137d8b-9a59-444c-a2d7-5847cf522bce","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":70,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"c06516d4-8f59-4550-a5e3-f7dcc25145fb","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":70,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"a398d9ad-e554-49ca-a17c-bde65ea10a3e","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":70,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"588d5157-dc62-431e-ac15-72cd68fc5fcd","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":70,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"791afc73-8121-411c-bdc0-5d201d2b87f4","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":70,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"58846ff9-a287-4d19-9f30-dc3b0759295b","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":70,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"5771b5ae-5c12-4f39-8955-bba6fe264529","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":70,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"9fa3001b-5590-45a5-b25b-90eff1207e9b","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":70,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"cf5a469e-c50d-4df4-9f67-4df9419a1a14","block_type":"box","text":"affairs.","page_number":70,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"97434c1c-18eb-41b0-854b-7da22c8b1895","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":70,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"14993809-c496-4712-b842-189a37a79aa6","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":70,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"5b22b7c6-c47c-460d-94bb-d78ce6621497","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":70,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"170ca937-9647-4cad-a92c-c2b68bb751b2","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":70,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"7295dc57-bb09-45a9-aed8-44f1393095b4","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":70,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"33ba2806-e510-4399-8eec-62dab9d52674","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":70,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"0ac54d1d-8bef-4b35-927c-9a38beba1d2e","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":70,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"13c8b1bb-1c84-4fa1-b846-edb908ff269c","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":70,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"16855be7-1ab6-4c1c-8aa4-25f55411e5d5","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":70,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"d140b48a-5b35-406b-8313-bb1def87a7da","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":70,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"59029262-8695-445f-a9e5-d8e2b3bc65ae","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":70,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"df253d61-11cc-4fbc-8898-fcb6836b8791","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":70,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"667b7b88-3705-4270-9a7c-572249fb4099","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":70,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"4d507b28-5578-4d03-8ede-04fce03df31d","block_type":"box","text":"Equity Securities.","page_number":70,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"8519c29e-c363-4541-973b-fb1457d2c20c","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":70,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"0a2a3450-d87d-4ee5-8356-f5851253122b","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":70,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"41bf1122-f15a-4f7b-a45b-d881ddb69e31","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":70,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"bb537914-e14a-4166-8150-4fe15f8df005","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":70,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"0639668d-d107-409a-b624-c4bc4b405ca0","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":70,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"6dc5ead1-5bfd-4c67-bae5-4666f6e29280","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":70,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"de07858a-c09c-4e88-8e86-b13937522250","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":70,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"c3392de2-60b2-4888-bc9b-7ecc8fbc5d2a","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":70,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"3d2db828-6506-4bd7-b246-b5181346721d","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":70,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"3a791ac1-35e1-4ad9-9d63-245e9313ef25","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":70,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"4857c2a5-9663-4432-8101-5fcb1aa9592b","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":70,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"01f9a616-0758-43ea-bc32-c5bd54519171","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":70,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"e2db63fe-e3f0-4e29-bee5-e9091701914c","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":70,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"5febf9cd-9497-4700-a566-58c7cee08fab","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":70,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"f3b10cac-eae2-4295-abc9-7b56479a9eaa","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":70,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"a717a9d5-56c2-41e6-9f9b-2f51ec74a370","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":70,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"e45d2fab-7aa2-48ad-bfc2-77d97f4b02ab","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":70,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"ea099d33-95c1-4e98-8470-c8758d244efe","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":70,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"c70593e3-d0c7-4f79-b1ef-a53f292b8984","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":70,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"5143c474-5951-4c16-837d-366d7d97309f","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":70,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"db273d0f-a6ad-4630-9feb-89e88f5001fb","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":70,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"dd2fa6e5-ccd8-417e-aa6b-fa025612f54c","block_type":"box","text":"initial public offering.","page_number":70,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"34df840a-b570-4889-b20c-a1ffccc4521a","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":70,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"7679e016-695d-41a0-a276-2f0524fa196d","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":70,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"b7af4214-b318-4978-b524-4fc6af82b0c6","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":70,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"7558dcc9-360e-46e2-a6a6-7612402782b4","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":70,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"4ecb6867-2230-4b1f-becd-e3f91e7bd752","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":70,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"06b3ec8e-7e3d-49f7-b501-e001a8c7e1bc","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":70,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"fd57fa10-bbc2-4e5f-8349-a4fd2541949a","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":70,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"f7f6c4af-9d45-46e4-9b7b-ca4cc5291bbb","block_type":"box","text":"more established companies.","page_number":70,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"a228f65e-df9d-409d-ac40-d73448ccd72e","block_type":"box","text":"II-26","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ca528e3e-02ef-44e9-bdba-d7911f944d84","block_type":"box","text":"NM1026U-6033389-70/246","page_number":70,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"1fc47102-2250-4027-91f8-23fde298c19c","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":71,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"ffa25f0e-393b-4c97-8466-878acef38f8c","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":71,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"e949fe1e-b3a1-4f23-858b-aa26ea28ebcf","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":71,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"306b3bee-f8be-44e1-97e9-4d8151134800","block_type":"box","text":"below.","page_number":71,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"3de6a539-9dd4-43fb-bad7-3377002aff6b","block_type":"box","text":"Real Estate-Related Securities.","page_number":71,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"81907d69-a7cf-421d-a6ff-113ff96817d3","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":71,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"f505cc66-1c6f-4d06-bb21-f56c154246bd","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":71,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"44991e98-25e0-45c6-aa0a-3556797586ab","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":71,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"c854976e-d16a-429b-857f-6f56917c9088","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":71,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"2497b5c3-ddf6-4e74-88b7-8501cecdcc7b","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":71,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"6927c78a-5286-478c-8353-4564bcba6523","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":71,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"a3a6a79a-7695-4334-ae86-5c61d53dbe87","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":71,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"5ad8f3ca-c0a8-4358-8620-43603983bded","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":71,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"e9055274-1adb-46a8-96e4-712aee164b79","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":71,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"514d850c-4479-4903-95b3-62c048f2bc34","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":71,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"8374948f-ec07-4748-8155-cac96a89e34d","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":71,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"bf27fe71-ff18-41d7-bb5f-09f3e6ec1944","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":71,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"9f779454-b23d-40c8-8696-49980c485c05","block_type":"box","text":"type or in cer tain other respects, the Fund may be subject to cer tain of the foregoing risks to a greater extent.","page_number":71,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"a4a5138c-348d-4f90-bf3e-54dd900d0346","block_type":"box","text":"Investments by a Fund in securities of companies providing mor tgage servicing will be subject to the risks associated","page_number":71,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"e42afda3-bb01-4d74-95a1-351a8294f0b0","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":71,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"3a8433c9-05a1-4bad-8c37-9949df0783e9","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real proper ty acquired as a result","page_number":71,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"ab7a3810-6b09-4890-a465-35e2091f890a","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":71,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"59528b7a-32e5-40c2-8f3d-05c06e1d37c6","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":71,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"38ba9d57-f229-4db8-8ee8-1cba46ade33f","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":71,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"e96b7e03-af08-4c20-9bc3-74a9f10cb40e","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":71,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"cdab0302-dfa1-4c9a-b6c0-2fc15261a12c","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":71,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"07913bad-cbf8-48fb-80dd-a92bb897c944","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":71,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"593f3267-8963-49e0-b7d8-b0a9282c77c1","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":71,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"f0e2c6c3-fe5a-429b-b3da-7a7535699944","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":71,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"7f7fa391-f673-4ebe-8c67-9a359a43b665","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":71,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"f38a0f98-c8fa-48fb-a282-0df7189174d0","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":71,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"1497d966-0ab5-4949-927c-6d644f60682b","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":71,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"8b1b6b89-0d4e-464a-9fc2-aa4435761c34","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":71,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"6c3cf242-c74d-429b-b9b7-81bc9e9b9ed2","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":71,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"dc342fe9-d202-44e4-9bd9-99527ff6545b","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":71,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"884c402e-5ea5-424b-90fb-2e2b81c2e355","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":71,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"92bd0e85-4bbb-449c-a710-584231905c0b","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":71,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"44031f5d-7974-4e1c-9ff1-25288dcbf6d3","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":71,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"e7693e3e-1124-47fb-a3f9-93450d67280f","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":71,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"383f4aed-b2c8-47fa-8cc0-62867f9053b0","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":71,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"ea1c1f69-32fb-4d57-88c2-514d98081778","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":71,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"8e7b67c4-e84f-423e-9754-4edf26c8ed7d","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":71,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"74241002-457e-4401-a40a-cf8fc14a40de","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":71,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"f250b622-84c0-48db-9d1b-2adf380f4d99","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":71,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"e4b33feb-c612-49be-80d4-be455dd03506","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":71,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"74cda09c-9595-4756-8da0-04a6940facb6","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":71,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"e3f86d15-adc4-4eb6-83ec-71b340f2ea63","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":71,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"1980f45f-fb01-4def-9117-5b65b84e5741","block_type":"box","text":"cycles.","page_number":71,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"bab63392-1a03-4859-9cb9-64ff2b5b37ca","block_type":"box","text":"Tracking Stocks","page_number":71,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"7296dd64-e1b9-4955-b59e-7995b5646257","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":71,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"0cff541d-6554-4d93-902b-c5a106bdc76d","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":71,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"b74d454a-e456-4f8c-8676-39f91c7d1c2b","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":71,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"75c33006-010a-4983-9ee5-a1c23a382e71","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":71,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"c757e7c2-26cc-4346-8821-f96b417515a8","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":71,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"4c929d25-c08a-479c-9e15-da27ed348f42","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":71,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"8dae485b-5b3a-426b-8a01-01051027e685","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":71,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"225115ee-8aef-4580-bffc-bddca22bd360","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":71,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"257b65eb-143a-437c-a795-623b1254aaed","block_type":"box","text":"II-27","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bda7831e-afe6-4425-9493-17874286290e","block_type":"box","text":"NM1026U-6033389-71/246","page_number":71,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"a12003d1-6761-4963-b8e9-77f9a18547e2","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":72,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"d549241b-662b-4480-972c-bb9a9f5af1f9","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":72,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"3cd35623-827d-4d3a-814d-9ca15420dc22","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":72,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"4a2d429d-559d-4520-aa7f-d6fde1b52080","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":72,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"11ed4fa7-3e28-413e-b1ae-80a70ba3f23f","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":72,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"ee71cad9-4195-4d32-b2c8-9d59cc639840","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":72,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"312e668b-24f7-4ee2-a4e5-cb68ed5d2e83","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":72,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"ca5b4b62-3c0f-43b7-ae0d-60b5ae4873b3","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":72,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"da5df9ab-7bc5-456c-8250-039bbc5910eb","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":72,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"70525d4f-45b4-42f5-a5b0-917bb7926809","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":72,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"beaedd5b-e2ea-49e7-b30b-1bc558f73d27","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":72,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"e1deb2e2-e350-4fc3-bd7c-180fd339894d","block_type":"box","text":"ETN.","page_number":72,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"6d16f134-7a03-4a05-bf1e-776b3f92c8d5","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":72,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"e6eebc78-e725-491f-8531-a73b470152e6","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":72,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"2808a028-f790-4e99-9f75-40a08126c682","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":72,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"344ae173-e714-4f9d-b28e-9f8532914c18","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":72,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"eb714c64-7c44-4845-97dd-1cec02e341fe","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":72,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"520bbedb-1b37-4282-a318-2230d67a3f53","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":72,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"d638663d-7b30-4a5c-9017-dec578f76439","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":72,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"f599ea43-bce6-47de-9ef8-65791407f22b","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":72,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"e71fe831-1652-4e54-b69d-b532bd2c9067","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":72,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"b648c137-023c-4e68-bf42-6d8bdaf61b22","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":72,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"f0b32d40-eee2-4069-bcdc-1f3bb8ac0e4c","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":72,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"1fce407e-a551-423b-a74c-f4cf5673fa11","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":72,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"9a9cffeb-c0d0-446a-b4bf-85093306aeff","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":72,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"23532414-7a0a-4b15-9f98-d98acaa062e0","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":72,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"f607e608-8be6-42ba-aedc-5bfbca167320","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":72,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"bdc334a4-d5fc-4338-b24d-896f54c0b823","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":72,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"b9035c9d-6209-417d-97bb-438cc151a35f","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":72,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"30e02d99-b5ad-42ec-b8be-03f2cdc34f59","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":72,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"376fda5f-de9b-4aad-b0e2-914bbae5069a","block_type":"box","text":"Foreign Investments.","page_number":72,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"7bd973ea-16df-4d22-8916-6988a1aa7abb","block_type":"box","text":"Foreign Investment Risks.","page_number":72,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"aaa440a2-a908-4b9e-8a94-4d058adb3584","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":72,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"2a58c694-600d-4196-81d8-aab4b78ffd09","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":72,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"4f744139-3325-40a5-9ba9-69589e3b3ae4","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":72,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"ebe8e042-f9ab-4c1f-9641-ff88ea5597cd","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":72,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"ea14bf9b-c8b2-40b9-9478-5138ad27feae","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":72,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"890d9fa1-15e8-421e-b0f2-c30f65bddf35","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":72,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"c8b7a064-fb55-415c-a4a1-ff8fec1bdc3a","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":72,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"e29b1c6d-620e-4940-9d22-fec9bf6475b3","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":72,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"38da5075-3561-4d1d-8bee-55a96ef38a2a","block_type":"box","text":"benchmark index.","page_number":72,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"3cd86a0e-399c-4b17-8cc9-3e322826d152","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":72,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"731f5fd6-7b34-4d9c-a057-1a455d1b0aff","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":72,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"c30ea688-f340-4269-b979-0e70c3274d44","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":72,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"180485c9-2fea-4fd8-a662-1ffa09f9d45d","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":72,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"9e9851bd-b326-4e79-ab74-822586eb4f09","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":72,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"4f7405b6-6dc6-4695-9eac-df94479b3fd3","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":72,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"f5696f9f-d609-4f4d-bc38-1893b6910bb5","block_type":"box","text":"securities and zero-coupon securities.","page_number":72,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"03b913a9-ada6-4a55-8c01-4b75d8dc150f","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":72,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"b9b00c44-4691-49bc-97aa-c9fed5770c94","block_type":"box","text":"taxes.","page_number":72,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"ec9925a6-0389-41c7-9970-e74cec94c890","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":72,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"65306da1-c510-42b2-865f-14c30df6c05b","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":72,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"6d6a1f22-1357-4494-bc7a-ca0dce63251e","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":72,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"bc0f178e-970c-4646-92f4-a47026ed666f","block_type":"box","text":"II-28","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4c8e75fd-dd3d-41cc-9c10-8d4904126600","block_type":"box","text":"NM1026U-6033389-72/246","page_number":72,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"5c7e874b-f31c-400a-adca-e686fd21a38e","block_type":"box","text":"underlying security (","page_number":73,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"63cd9410-5138-427b-9e50-5601dafc0022","block_type":"box","text":"i.e.","page_number":73,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"c935ca46-c26b-4560-b230-cdb60622107d","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":73,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"382925a3-2e33-4239-b704-09c3780bc158","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":73,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"cdb0c5a5-5c3a-454e-ab40-7bcd9546279f","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":73,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"2223f9a0-944d-4e30-90e8-cc8d20a0ccd8","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":73,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"e6e9ec7c-e203-4730-bd64-2d6826c91fcb","block_type":"box","text":"Foreign Market Risk.","page_number":73,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"4e49d6b9-ed45-416f-b279-698a5bfdf8a0","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":73,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"831e480e-7a08-44d6-aa23-a24ab6bd1810","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":73,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"bd07e461-0867-4001-b9e4-85012bb0b61c","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":73,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"8ea3a663-45d6-4d35-aa3d-8a07f9c37d73","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":73,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"2fcb5004-77ab-4710-9c92-ba7f9431866f","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":73,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"c6bd2336-252e-4b93-aa2f-2f8a6d58c725","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":73,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"5d5be286-8531-4ac2-b4f8-609c1a89bc0e","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":73,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"68cfbb96-e319-4589-93ee-d72ab54c96e0","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":73,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"b74e12e2-96f4-476f-8841-2127adf83a9a","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":73,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"be09d1e9-4724-4c8a-be1d-c1b2b14f30e1","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":73,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"c6c18573-847b-48f3-83f4-66f4b2f80107","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":73,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"c4f6daeb-59ed-4298-ab75-68ab05faee8b","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":73,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"a83a0fb4-a710-4473-adaa-de31b5fbb3a4","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":73,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"92d81377-49ae-47f0-bad6-0bdff0e9bf4d","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":73,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"593956ad-a761-4c93-95a0-dd424b17fa05","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":73,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"70306b63-7507-412c-9e71-98ea3e6e364e","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":73,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"80ff0346-87b4-43b9-a6e8-fec1cf69858a","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":73,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"5515638d-34c9-4e7c-bed1-b56c0237e0c8","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":73,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"605ae27c-2a4e-4b33-8430-1af7d1084e08","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":73,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"e6441eb5-ff49-4b67-b385-f0e36c32b810","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":73,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"79be05e0-6b29-489e-bf19-435ffd393448","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":73,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"48b07f21-2a6f-41ad-9853-29c18d28bf96","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":73,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"1aefab71-893f-4de2-9f07-b70569ae97f2","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":73,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"fd10b678-0cad-4713-8183-06911c3c2244","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":73,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"2761cd19-e443-47a9-8bbc-d64154c528dc","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":73,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"ef861dea-7246-49f0-8e7d-76cad48fb309","block_type":"box","text":"Fund’s operations.","page_number":73,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"4571ce55-6adb-419f-b2cc-76cb078cf40d","block_type":"box","text":"Foreign Economy Risk.","page_number":73,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"0b2e34fd-3a97-4028-bc5f-cad054bdfdb2","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":73,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"449c8e3f-85c6-4a34-bf38-62d2bb6a6051","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":73,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"ed78a3ad-0cf1-43ef-b2e8-58ba6202bd27","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":73,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"a24f5c66-19c5-43fc-abd5-efc215273778","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":73,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"ac493b52-4724-4c24-99d9-bb7871667892","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":73,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"c96ce3f7-be5c-4088-b53b-49d4d1ca3608","block_type":"box","text":"measures.","page_number":73,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"1f32fb8a-722b-418c-a431-a2841a8f26bd","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":73,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"5353c6b1-780e-4e89-a22a-107af30bdf6b","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":73,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"7c5525cc-6823-4257-956f-110406ebaf8e","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":73,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"01f56f8e-8ca0-42d5-a820-e0cf7682b5a9","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":73,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"85b9470c-411f-4a6d-afa3-02891165bbbf","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":73,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"7d35dbb4-2ba7-4c87-92b2-0d59dc233bf0","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":73,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"212cbfb5-bd50-4f8b-84a8-a4b51a3f91ce","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":73,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"09b71a58-89be-4265-ad14-83e6f29bc0e6","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":73,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"5c2fc088-1456-4bae-81bd-4cb3ad907ecf","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":73,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"ffdcc7ee-c6db-4ad3-95e5-4b0714144d24","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":73,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"a0c0bd7d-6a9e-4d72-8cbc-9346e2817dfc","block_type":"box","text":"United States or abroad.","page_number":73,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"e9df6aae-5c35-461b-af2a-a3cb33a2afe6","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":73,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"12f7c208-a4cb-4e0a-b529-cccf436878fb","block_type":"box","text":"Many foreign governments supervise and","page_number":73,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"5d1d4737-49af-48f3-866c-910acdb90a09","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":73,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"55f80a09-8cc9-43d8-9ec1-a070a27f8584","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":73,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"bbdcce47-8c16-41fc-91b8-20840724bfbd","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":73,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"776509aa-0de6-497b-91ee-ab02caa358eb","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":73,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"4de47d8f-11d1-4729-9a44-33b2e5ce28ae","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":73,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"ba0dff47-9e71-478c-85ff-02296db29b54","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":73,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"5b9518c6-e0c9-4a89-a72b-06857b56fede","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":73,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"d1d790f2-d3c4-4b35-b587-18cef8ffbeb1","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":73,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"0cfb8992-b537-4d5d-a9b4-a8dd7976cb56","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":73,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"9e6730ec-b092-4e3e-8c58-0e33683d2100","block_type":"box","text":"II-29","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"81d54c72-928f-48b6-be3f-e85da7df8efb","block_type":"box","text":"NM1026U-6033389-73/246","page_number":73,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"2aa626c2-dc12-4411-8e29-f52b7030858a","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":74,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"5e171689-b730-43d1-82eb-1d4b5de51e38","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":74,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"4adab429-5d5e-4052-8f9e-b1f020a1ff34","block_type":"box","text":"investments.","page_number":74,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"34be476b-4668-48c6-9142-60cc9cb581e0","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":74,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"953ca8b6-6c0f-4eb6-ab61-3111be20aa24","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":74,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"c503fc30-739c-4fbe-9a1f-616c8de628e9","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":74,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"a800fd60-f3e0-4fbf-bd3c-bd98ea0453ef","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":74,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"81fc6465-d59f-43d3-a64e-11ad9f61ad7f","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":74,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"5694cec4-1619-4f4d-bc83-afa61254ebc0","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":74,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"abf27708-afc3-44ad-8cd2-230394ce0aed","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":74,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"bf3d86d5-9c13-4eb6-8771-2b0d19d46b09","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":74,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"07ef232b-452d-4634-be12-805167cf828b","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":74,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"c2703d6e-6f94-4df7-810e-f3e94163461c","block_type":"box","text":"States.","page_number":74,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"9a58d180-51d8-42e4-8f48-8f1f17ac8ca8","block_type":"box","text":"Publicly Available Information.","page_number":74,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"bf84c602-ae95-419a-af5c-1d0b2412f08b","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":74,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"f5f703d1-df49-4552-a3ab-6bba36d1d38c","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":74,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"7631263a-881d-4e6e-b0c8-146641f19096","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":74,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"7953b62e-f0b6-4e23-8fac-ce7fdbf8f44a","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":74,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"90813234-97db-4140-9338-b25e21cd2ffa","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":74,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"cc652cdf-3220-42c6-98c3-d872050f48c4","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":74,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"5017191a-2307-4950-86f0-00c7bd03b55f","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":74,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"9ef35bbe-eba4-4106-b53d-5db05d3ed311","block_type":"box","text":"United States.","page_number":74,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"d4706639-c39b-4547-b88c-db1fd7b7e711","block_type":"box","text":"Settlement Risk.","page_number":74,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"c2616694-3a26-45c1-932f-ac83adf3c19e","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":74,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"877cfdb1-450e-4f1e-b309-0ca87a160a2f","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":74,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"1a254936-d69f-426d-9b1a-63604dc83856","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":74,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"6bbe383a-e2ae-4e70-a677-dc4520ee7e9a","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":74,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"ea9f417a-f1a8-4e06-8c23-c93283866d34","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":74,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"978795a6-9ee0-48a5-a80b-ffd984601683","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":74,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"523caf66-e473-422a-8d15-0d3ace4b7a98","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":74,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"1fe6a3f1-aada-4018-8eab-de59bfbbfc17","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":74,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"c45c8c8a-583e-47b9-8571-e1f692f28379","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":74,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"7c191a24-26ed-4304-93f7-89ae9a84cd41","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":74,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"66856dec-993c-49a1-a83b-12ac1185c669","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":74,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"67d86795-ab82-4e12-a141-0253077f2daa","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":74,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"1bf03c39-951f-473d-948c-f932e7686b82","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":74,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"cdce08ea-f954-4f38-b70c-651cf45a55b8","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":74,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"8f912d6f-b34a-4da7-b283-0349fba61e08","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":74,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"4100bf57-568b-4702-927a-993123482b69","block_type":"box","text":"Sovereign Debt.","page_number":74,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"d831bc3c-126d-4293-bce0-09f513a883a8","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":74,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"57334eb7-2d3d-4953-b255-6e36bc6bfb6c","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":74,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"0053a740-b50b-4f7a-a479-c11aac2cf965","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":74,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"40d49a54-5dfb-405d-b5e4-fd4eaf2c864d","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":74,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"f802a024-3018-4c66-a4c6-aec7e92ba337","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":74,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"b287543d-c119-4459-96ba-65fa21d11ab8","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":74,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"f1a3ffa9-b4a0-414d-b161-0448ea03fc3a","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":74,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"ce5abc6f-fa43-406b-b408-df42c6fa22d0","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":74,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"f837d1b3-2fc3-4aef-9ab3-d9735cd8bd74","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":74,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"58b2b3d0-742f-43d5-b320-d1b151cacae2","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":74,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"3c922856-c7cf-44dd-85c6-e3c66179bfb1","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":74,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"800a33be-dfaf-4e8c-8a51-e801108508f6","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":74,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"e02b34a4-51ed-4db4-8597-45879b4f9bcd","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":74,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"2971dc92-6200-4248-9e27-d89f3308759c","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":74,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"11ae38b0-cfc1-4e44-b817-523f92c85b9f","block_type":"box","text":"debt.","page_number":74,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"50cbd0dc-5481-41cf-a46a-e9a0c4b23fb0","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":74,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"92fcba48-9776-4175-b853-a06c50b3499f","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":74,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"0bdfc1bf-ceda-47d0-93d5-a4326f34e6d5","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":74,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"940ea499-9412-47e7-84a1-58c17d6cf391","block_type":"box","text":"II-30","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5a2ccebf-48fd-4da4-a88f-52f34fac6878","block_type":"box","text":"NM1026U-6033389-74/246","page_number":74,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"c762c934-b2b6-4577-b023-ac4b166d2bda","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":75,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"4946d13d-9f17-48dd-8752-a166739df48f","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":75,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"128d0a45-4091-4acb-a43a-86c99389293c","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":75,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"4586b937-d7b0-4949-8b64-3b31f553f3d3","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":75,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"6fd47393-c2f0-464e-921d-b1d184f89d34","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":75,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"2b4806b2-71f0-4190-a762-75a35b3e8d10","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":75,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"b25cb95a-7b33-47b5-896c-4ac097896b27","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":75,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"0700675a-e4dd-4ad0-b927-3a602b288af9","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":75,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"24119ffd-a563-4a94-b78a-8feb1d3e3896","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":75,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"dcb2ee6b-06a1-4540-998f-bd3b2b18a555","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":75,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"442a684d-3c2d-4fda-9781-39abc1a7e5ce","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":75,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"7eff13a7-5bfe-4dbe-a313-98aa3b885ddb","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":75,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"cf76aba5-ad03-4f9e-bfae-90ee33568edf","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":75,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"5b735487-c8b8-4595-b310-6a53704f98c2","block_type":"box","text":"in the Fund’s net asset value.","page_number":75,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"49bb6d8d-4b26-41ec-b256-05b3769012d5","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":75,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"7e7bbac1-413b-4c2c-bbe6-a6f8f30a45c4","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":75,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"5ba41987-6c8e-4796-86b0-177ef0037a67","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":75,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"1db1c951-bb1f-4439-aac0-350d9c419e2e","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":75,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"7c6d3a71-a1ce-4da0-bd56-4d352febaaf8","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":75,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"a5674191-fcd8-4baf-abd1-13923a2fee75","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":75,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"55c10903-5b83-496c-aa16-c643b5ad40f0","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":75,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"77c117d9-fee2-48d0-9094-c69a4937841b","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":75,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"2709cd24-f902-4586-b97e-ec3ccd904f9f","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":75,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"13130b62-ccc5-468b-a83e-dfa322b1ed00","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":75,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"31d1b97b-d20c-4d59-9602-972393309b87","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":75,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"91f971e5-4f16-443d-b98f-e616f3108fa3","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":75,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"780e516a-6930-40c8-913b-9f9709edc9e5","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":75,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"de004f58-099c-47f7-9cb6-63e16309abe7","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":75,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"42ff99a0-b6ff-4134-af85-1cd204cc947e","block_type":"box","text":"Fund may invest.","page_number":75,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"3687a4f6-c596-4c24-ab7c-daa601398c4b","block_type":"box","text":"Funding Agreements.","page_number":75,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"d0b53631-a153-4d0c-8452-0f20c7a4d8fb","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":75,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"b848d347-61ae-4241-8ed0-de69b0c74396","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":75,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"9e9cb58b-fe3b-45eb-92ee-9da49dfff598","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":75,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"13a30dc3-e635-457e-9983-4bfda82ca9ab","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":75,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"a8cc2bac-a779-499e-9fae-54000a0fee2e","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":75,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"98e440f5-aacd-49f0-9374-31aaba97fc07","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":75,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"6837ab70-7c9c-4a9a-8035-bed531bb6794","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":75,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"375e7fb5-ec26-448f-9012-1efaa254db41","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":75,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"6512a800-7946-4716-ba7a-5816ad1b0cf8","block_type":"box","text":"Guarantees.","page_number":75,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"84e886e4-c414-482f-884c-deec6c9c4a33","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":75,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"3cf4ab84-cc2f-4e9a-a9dc-907898b74070","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":75,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"355d582d-a326-4772-a40c-803701064267","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":75,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"23211b77-dcb8-4705-9795-3f93ad0374bb","block_type":"box","text":"Illiquid Investments.","page_number":75,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"825426bf-f906-4142-bf50-1c7d17891a2d","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":75,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"d2532483-ad77-4655-bb20-7f95556adb9e","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":75,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"bcc628cf-2c2a-40f5-95e7-b757303f0b44","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":75,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"d253fca9-0552-4d01-949c-61d1d4e2bfb4","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":75,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"d82f7c8e-4a0e-45da-9f25-1af0888390fa","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":75,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"4c4cb7aa-e13f-444b-99f2-880f4ea4f283","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":75,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"a3895619-7d95-4c94-a17d-0af2e3cd9fec","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":75,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"66cf71ab-841b-47ce-8d93-862748854e43","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":75,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"31062489-ef5d-42fa-aec1-24014acdc761","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":75,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"37eb2b41-94bf-4dea-bb7c-4dce58e35d1c","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":75,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"ff83918b-f347-4a72-add2-8ef6343ccd6b","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":75,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"0b457f6e-ef75-4926-b15c-fc34f192bb59","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":75,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"50ec395e-e2e3-4d4b-bbe6-2e9b047f43e0","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":75,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"1ada7db6-ab99-4c83-a6b6-618a69848a37","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":75,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"5ce99679-faf5-4b8c-a16d-042e4bda3377","block_type":"box","text":"comparable liquid investments. 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The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":76,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"c1a3f240-5534-4282-a340-8a4b16e77b05","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":76,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"75324e64-9148-44ab-a9bc-32787b45e9b1","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":76,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"971cbd22-3254-4323-ad60-47e93e3ddf7b","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":76,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"cdafa5c6-32f2-47b5-a7b3-67328c8efffe","block_type":"box","text":"(","page_number":76,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"36ae301b-0b81-489b-81c4-09a045a3b09e","block_type":"box","text":"e.g.","page_number":76,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"fee90225-fd28-4d31-9097-25444bd8e4ba","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":76,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"ca44c396-23e1-4810-b3f5-1efd3b19fd67","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":76,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"ce10caaf-5c9a-4a23-8c21-0b778b10e413","block_type":"box","text":"par ticular security as an investment.","page_number":76,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"e6d7e057-c5eb-41a5-b0a2-5b3eeb9b710c","block_type":"box","text":"Tracking Error Risk","page_number":76,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"9997e14c-3426-46fa-88ad-0e26c3e5db06","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":76,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"ca6694d7-ddf3-4892-b42d-35aa46193ed4","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":76,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"44e7fc6a-dcb3-4f72-b098-e0ec91230f66","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":76,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"d65ad786-3f84-4fbb-b5a8-a5e82458d708","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":76,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"18b728fa-97ab-4517-a19c-08c80d2f0e04","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":76,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"a48b8b8c-eaaf-4f50-b87e-b04b310273dd","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":76,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"d756a418-354e-4665-97e3-321df34bde5e","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":76,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"8592e6f5-6f02-41f0-ace9-05aed7f1018e","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":76,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"0bc16b66-f7db-4735-9078-807015ed0926","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":76,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"68ba735a-655a-4c0c-9bbb-b3e7db67e066","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":76,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"12784188-6ca3-417b-84bf-18a06d9e2f78","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":76,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"54f0b94f-2dfe-418b-a97e-3ef894f92892","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":76,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"fab32577-de91-4c6f-8524-6851f8ee9997","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":76,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"a2225f0a-b53e-4e23-a9d0-dd631e24b3d6","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":76,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"d95fd90f-c8ec-41ae-a6ad-05d8ff6f9ab4","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":76,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"03bbd347-fccc-4aa5-a006-ee947221704e","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":76,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"7f3c2076-348b-48bc-90b2-119cab238b30","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":76,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"29b55305-88d3-415c-97dd-aedcbe23dccb","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":76,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"1621c0ab-66cc-45ff-a206-0220b6bf7f25","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":76,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"69b5b1ab-cbda-4ded-bf1f-4a3c1fcf13e3","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":76,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"2637c1e3-366e-4b6b-815d-87cad4836c91","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":76,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"a727ca75-c711-47bb-9e11-b120b0eda71d","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":76,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"e8bf014a-d5d6-41fd-829f-799a1195e8cb","block_type":"box","text":"and its affiliates (without any guarantees). 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No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":76,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"96c1ac1d-4181-41bd-9b91-77203f5bb310","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. 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S&P’s only relationship to cer tain Funds is the licensing of cer tain","page_number":76,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"c7cc6d86-3512-454f-9196-c067c87f59a1","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":76,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"aab43125-f026-408e-b757-af9eb0e7ff92","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":76,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"e0804644-605b-4e7c-88fb-c862f2cd6b8d","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. S&P is not responsible for and has not","page_number":76,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"bc721b8e-871d-49c8-b0b4-33350ddb2ab6","block_type":"box","text":"par ticipated in the determination of the prices and amount of any Fund or the timing of the issuance or sale of","page_number":76,"box":{"x":70,"y":793,"width":787,"height":11}},{"id":"bfeb8735-ac3a-4576-9d6d-4ff463d406f5","block_type":"box","text":"shares of a Fund or in the determination or calculation of the equation by which a Fund is to be conver ted into cash.","page_number":76,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"280346b6-12e2-4375-a954-4f35f20f827b","block_type":"box","text":"S&P has no obligation or liability in connection with the administration, marketing or trading of any Fund.","page_number":76,"box":{"x":69,"y":823,"width":742,"height":12}},{"id":"a7510b32-2127-4f98-bfd9-cd3c1c93a412","block_type":"box","text":"S&P does not guarantee the accuracy and/or the completeness of the S&P 500 Index or any data included","page_number":76,"box":{"x":102,"y":846,"width":761,"height":11}},{"id":"77c6aac4-fd06-412c-b16a-25745c14c1e5","block_type":"box","text":"therein, and S&P shall have no liability for any errors, omissions, or interruptions therein. 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Such securities have the effect of providing a degree of investment leverage, since they may","page_number":78,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"9ef1333b-dbea-45b3-af7a-3dca1f1770ca","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":78,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"d19bbb5b-8a19-4454-a409-b9813754459d","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":78,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"4021281b-488f-48bb-9254-b355791c39fc","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":78,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"c737baee-baec-4294-8085-1237e5c54c84","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":78,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"3a9239c5-59fb-4153-9467-f87f03432c6c","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":78,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"d0a75bc4-1fbf-459b-848a-e146c38b2f57","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":78,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"b31f5f2d-bd3f-4c39-8855-4557a9c0cbb8","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":78,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"0d18f9ad-d80d-4d11-9781-5cad87433ec3","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":78,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"52789ea6-80e3-4e6e-84c8-4cd8f0fe126c","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":78,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"147764f8-f409-4401-a4f5-635916fb03aa","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":78,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"35e98e10-e8f4-4b63-b319-3db2307019e5","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":78,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"b377e8b6-0dbc-4c86-849d-dc6fd9f17114","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":78,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"e5640b1e-f801-497e-9b58-dce94d45ef90","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":78,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"80c17b2c-abf3-4f77-b7e9-3b4baea73b8a","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":78,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"1d58ac66-cb29-43ea-899c-c208150b3468","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":78,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"8723ce3d-c282-432d-896f-c1824e664fbf","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":78,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"ffe2f9dc-5c43-499b-bfa6-0f0036482f17","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":78,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"622b8cd0-27e8-4da1-9d82-1a9f02c5f2c7","block_type":"box","text":"Inflation Risk.","page_number":78,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"1f6361c5-7e7c-4877-9e20-82af917c703b","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":78,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"4e66072a-35be-49af-8fdb-c6f76302c1e2","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":78,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"131831e1-0477-483e-a74d-9a3f336856fc","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":78,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"f90a8426-270e-4f6d-90d6-9b658046d6c0","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":78,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"06e7b8f3-17eb-4733-86b4-958572be3889","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":78,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"ab13e3ee-44f5-49db-9d66-1807d74d7f4f","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":78,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"f093c224-067c-4394-b67f-8294907d46b5","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":78,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"6a75e13d-d8a9-4941-8235-58a799065a57","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":78,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"6464992d-a09b-4846-9c94-3c4163e9f743","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":78,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"498b36d5-89ab-4537-b313-9c663e35c0e4","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":78,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"ffbf65b3-914b-48bc-9e75-796201cd5a82","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":78,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"71b143ce-b259-4b24-b406-7235c5854b2f","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":78,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"341f868e-f3e4-4674-b8e5-42c2cdeeb7fb","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":78,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"54024ba1-6acb-46e7-b96c-842e84e2e1a8","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":78,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"b7a9324c-e9f1-4468-a6ba-ed1d8508da15","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":78,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"c82d8220-06fd-4051-a43f-3db144ef2ebd","block_type":"box","text":"II-34","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c27c4d4-4b6e-46b1-9cf0-8769397814fb","block_type":"box","text":"NM1026U-6033389-78/246","page_number":78,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"421a693b-19fe-46ac-9c2d-88f2d033cecf","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":79,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"7e1dc52c-a695-49d9-80cc-b41208f43bce","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":79,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"95224270-d30a-4d4e-8fb6-d8f7854e1e4f","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":79,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"7ffcdb8d-26e2-4486-8554-c3c8c3602e2c","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":79,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"3fd2af37-a7d6-41a2-ad45-d6a47c1b55cf","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":79,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"808e83f7-590a-408e-abe2-f524ab3ffb5e","block_type":"box","text":"be available for very limited periods.","page_number":79,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"ca258a3b-2a17-4131-a68a-7faf121ede9e","block_type":"box","text":"Investment in Emerging Markets.","page_number":79,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"c06aa5a2-5192-44c8-8b33-db4b826efdfa","block_type":"box","text":"General.","page_number":79,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"f08c830b-29c9-4e91-a7e9-bad5b3857ee9","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":79,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"ebc00a0d-c642-41d6-b755-87e71cc1c96a","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":79,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"1025d8b6-3d9c-473f-915a-d995f629d9c9","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":79,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"ca6663c0-e414-4506-bf55-2e37ad158280","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":79,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"b55e5fec-2477-48a2-a47a-4d070cb365dc","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":79,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"b3ad21bd-ab05-4253-b9fb-a864314ee41b","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":79,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"3c239df2-5646-47ec-b86d-fb77b8ef2f81","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":79,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"afbea37a-a0e5-47c3-a8ba-9dee0b8fc917","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":79,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"f42e45cc-663c-42e1-9ee9-28d9bab5d8b4","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":79,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"bbba2e20-9fd7-4eca-a617-228a97a4f009","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":79,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"01b926fb-9c8a-44d6-8389-1b16008c3a41","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":79,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"75d9188c-5747-43f4-bbd7-b5c402f535cf","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":79,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"e4649940-1604-40cb-a016-6e7fb862332b","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":79,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"09f5e444-c80a-4cbe-ae7d-7f63dd29255d","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":79,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"53caafd5-80e5-40eb-a97d-0bfd995d6f49","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":79,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"672ce64c-038e-406c-a709-d5bf39d833e6","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":79,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"5f09eda3-712f-45b1-88fb-84c0d7bfc881","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":79,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"52f25ca3-34fd-418f-bbde-d3b56d8a4440","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":79,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"11fc8c89-0767-47a9-893d-2497a8fa1212","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":79,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"7314a169-6439-4073-a183-364d764a4859","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":79,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"6b43e822-d424-4f46-b915-b566ecc559c8","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":79,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"2a09b5cc-4efd-43e0-a7d0-0cfb164a888d","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":79,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"32a078d2-3ad5-49be-80b4-24753569150b","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":79,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"26cc0372-5897-46e3-a191-c3daa58cf18d","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":79,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"fc6f6cf7-dc91-4db9-8829-1ca2f30ed10e","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":79,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"78936c95-23d9-4a31-9f14-c80cf9c8f157","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":79,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"57227156-a0f2-459b-9a9b-2b55fdbb0c5a","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":79,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"9ae0a4fe-54e6-434c-9399-14164f1eba4b","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":79,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"8261edbc-3430-4ee5-9496-e78281bc45a5","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":79,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"aa88c8b4-53da-409f-b4a7-001ffd848f1e","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":79,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"4aed5bbc-f1df-4566-9f71-cb172d121ec3","block_type":"box","text":"volatile than investments in more established markets.","page_number":79,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"0323decc-cf4a-4037-a755-4ccee0ebbf27","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":79,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"87c66548-8872-42ca-8b52-4999dfd6c938","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":79,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"5782d3c4-8df9-4270-b57e-18af38874458","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":79,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"a91a4291-c2ea-429c-a7a4-69a70d16476d","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":79,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"65ef30e1-0398-41be-b833-27a665a89ec3","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":79,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"e865dfb2-fdbb-4654-81cc-c965214b33d2","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":79,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"1de11dfc-c97f-4069-a5b5-302acc4ce044","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":79,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"f745b866-bed3-4b53-98e2-1b5dd7beb25d","block_type":"box","text":"acquisition or disposal of securities.","page_number":79,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"8eca7760-35fc-4466-bbe3-8a9a33f346d0","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":79,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"77272590-fcaf-4b7d-94fa-9f29d18e2ac7","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":79,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"f17ca807-0d00-4b22-9f6c-e19b0e29426f","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":79,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"7819d821-04ea-4882-b96d-7c6e8b416f9a","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":79,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"d1253b86-f067-4b9a-845f-5960e65d1575","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":79,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"881a1a81-6dc9-4c70-b01f-900edabc6ab8","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":79,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"98c26cd3-5c03-4116-9ac2-c8691ac90752","block_type":"box","text":"II-35","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b0a44bb-f3ad-4a55-a8e5-52ec3dab7117","block_type":"box","text":"NM1026U-6033389-79/246","page_number":79,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"8fe69519-b5a9-4fbf-b67b-42f799975743","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":80,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"9e9427f7-0f06-48a6-ab2a-3ef391acc431","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":80,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"0637b885-912a-409c-bc04-a118ae20295a","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":80,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"e610e9ec-1a33-480d-9cc3-3d52eb62946f","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":80,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"914ca3f1-dfc5-48cc-9503-591192218104","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":80,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"ce12f6ae-cbcb-47e8-9452-204fd84288fa","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":80,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"41f8e52d-8f71-4696-8e15-12bbab7e3dd9","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":80,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"84d5cb61-301f-4889-ae27-1bedac80f267","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":80,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"9a2ceb65-a039-4617-9064-25dd00f5dc7d","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":80,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"ca487605-878f-4b8a-b715-a52d167dfe77","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":80,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"2dfd19c2-9f3d-4259-881e-87658d53df5b","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":80,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"57426186-434a-4bfb-903e-58281ee629fe","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":80,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"5ad7d966-6625-45ba-8a00-bdbebccc9eba","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":80,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"d6e20241-aedf-4b7e-a364-9c1fdbd1cc6f","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":80,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"c9d069d0-d645-434d-85c9-372b862fe9e1","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":80,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"fb841021-52a5-424f-b938-18a4079b8622","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":80,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"c12970b2-0969-4ed7-87c5-99712b69d7b6","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":80,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"c77e4ee3-686c-4a30-a32a-b90a6f88099e","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":80,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"b7112c7f-aac5-40f7-be4c-e1e45d995b44","block_type":"box","text":"per formance of the Fund.","page_number":80,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"78aef2a2-6343-46be-90ef-a86f0d467076","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":80,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"a19db701-52a5-441b-9a55-b09475df6a47","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":80,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"fdac039b-bf1c-4712-bb01-8d139057e4b8","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":80,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"655c0485-93de-42b2-88ff-566dfce007eb","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":80,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"e45ae01b-90ee-41fb-b91b-cce7a6af452c","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":80,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"633536f8-81a5-439d-8a3b-130b4d112f1a","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":80,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"c69753d8-23c6-4982-a3ad-e33379987300","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":80,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"40502368-1759-453e-be3f-2ce3d3c697fe","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":80,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"78f80529-ba36-4fa2-8f24-31a23a06be42","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":80,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"dc3d221f-960c-4bc5-a7e5-866a05ac80ec","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":80,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"2740a730-54ac-4906-8f91-9769c5f5ff12","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":80,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"ef6e8d68-dc73-463c-8e7e-7327bea081e0","block_type":"box","text":"affected by a variety of factors.","page_number":80,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"733ba904-9de4-4ad0-9f7a-c03b103dcc8d","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":80,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"f85edc3d-74d1-4f96-a50f-e4b1dc8fc8cf","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":80,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"f38f7224-0e8d-4530-861a-5629b624d45d","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":80,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"fac7c4ec-6717-4f30-bd49-e81dae919767","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":80,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"c107803d-3bd8-42b7-bf3e-cd44c06057cd","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":80,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"633dc121-85d0-42f7-a97e-cbc8852cf009","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":80,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"6654885a-0836-4937-b30f-c1ff6d6376e3","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":80,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"fe7a8fb1-7b6c-418e-9ef5-53eae059e12b","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":80,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"5c3548e1-de3e-45dd-97e6-c8f57d1b2c3c","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":80,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"dcf38257-8178-4e44-a3ad-42b847521bc5","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":80,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"efe0bff9-128b-4194-8e91-0847084a8da5","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":80,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"0d49ae1b-457c-464c-a81a-8aeba0904a93","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":80,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"7581f8b5-ab4b-4620-aa1b-5ef3bcf2c96f","block_type":"box","text":"nations.","page_number":80,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"3abeaf2d-8aa1-482d-8562-624704002854","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":80,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"66b7ff98-2e5a-445c-baa6-da55a5a123b9","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":80,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"371485d3-60bd-4454-abdf-eb613fce37e3","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":80,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"7938760d-86ae-44d9-aac9-80b9f73da1a8","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":80,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"49512832-95f6-4301-b7ce-976a9ef18b07","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":80,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"35938deb-b2fb-4a82-b4bb-f8a1a9201846","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":80,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"9c5772b9-062e-4d28-9355-25b0d152d66a","block_type":"box","text":"market Asia-Pacific companies.","page_number":80,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"17083a6b-3a22-4deb-bb7e-139f7eceb4c1","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":80,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"d100bc4a-7da7-4d2f-8788-39de349d4487","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":80,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"f398b44d-3fdd-4fc9-80f9-b07d1def3933","block_type":"box","text":"services for such securities outside such countries.","page_number":80,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"689f1014-abfe-478f-bd4d-13ae52947430","block_type":"box","text":"II-36","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"492d4e7d-90b4-4b5e-b2a2-7472b77a175b","block_type":"box","text":"NM1026U-6033389-80/246","page_number":80,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"e682c2d1-e450-47b9-9b3a-015730be8bc2","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":81,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"507b216c-9e6e-45de-987f-2be546105974","block_type":"box","text":"to commercial banks and foreign governments.","page_number":81,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"270fd14d-729a-40ae-9fdc-f9dfce185f00","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":81,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"fdeff35d-2373-4935-b77e-3d61085ef7fb","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":81,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"4b2acb88-afa2-4dfe-9dae-86c5b12079cf","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":81,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"613e6b37-c3a6-41ea-be27-e35afcc1f542","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":81,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"4e30a1b7-4f57-48ab-8159-bbed4d3064ae","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":81,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"f56b67cc-a60d-4e18-a5d7-b9707fafeae1","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":81,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"83e00f9b-3982-4258-b55b-6f32511b6c49","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":81,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"6a22dc49-86fc-4650-9108-d44f39703498","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":81,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"b0d66b27-c4b8-415a-b3ed-bd2d181c246b","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":81,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"e3fbb906-d9c0-464a-9856-80ff25033675","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":81,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"a64475ad-4873-4582-b177-a2d417e2506f","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":81,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"0250f90b-f510-4ae5-9072-10a19d3aff12","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":81,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"4cecf152-a824-4034-ac57-8bb6b1cd2ad0","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":81,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"1594f6a1-59f6-46e3-8c59-85c7e330962b","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":81,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"870d8b55-4856-4667-9594-5f0f02bb30e9","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":81,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"f6c39631-65e1-41a7-9b1e-0b1d750bfe10","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":81,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"4c5c47ce-450a-4685-914d-d84e1b24d32f","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":81,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"6175fbd5-2c97-4f20-9da4-0cb68e37ee33","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":81,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"5abc2740-0e7e-4cc6-9a64-b868b430795f","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":81,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"6dfc4a77-ada2-4fae-aa49-b36ce4ba3361","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":81,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"e654919b-fdd2-481c-bf88-a8ca81772043","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":81,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"af16b123-6ed6-452c-9d9c-4c1096e0f510","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":81,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"7b08af0f-0a14-4173-8ace-e81c80289261","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":81,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"26f93813-bbd2-446c-a5cb-59e348819d1c","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":81,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"178f1a05-c6ca-4bf5-9eec-fa8061c32113","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":81,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"84adbe69-3855-4c76-8c8b-663e5bcfb70f","block_type":"box","text":"investment at that time.","page_number":81,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"34b8243c-5edc-4909-b38a-19b31e4dfe8d","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":81,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"3bf8c0f5-ef57-4fb5-b8ec-8e422573ede4","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":81,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"c19de628-a93d-4022-bd0e-f5626eff603f","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":81,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"dde742bc-ca8b-4c23-8686-680ddf8e9b5b","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":81,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"6f2b3bec-9820-425c-a4a6-b694d2ed30f7","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":81,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"fd6da81a-1b91-4dc5-9388-4eee68f7632a","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":81,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"d020e143-d192-4c16-8ee4-e451e66f81fd","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":81,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"f6753416-2cef-42e8-a00c-83d74dd9da09","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":81,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"33727467-f608-47a0-a964-cd6275d2cbe8","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":81,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"132e1f73-925d-46e5-849b-b831ea3c8d9e","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":81,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"ce8e69ed-df5c-456e-bbf5-91cd316319c6","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":81,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"4fa44d3d-78ea-42e3-87fb-36bdc6fc6d30","block_type":"box","text":"government).","page_number":81,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"c8543620-c990-47d2-849f-7362d457fe45","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":81,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"adb5dec1-bfa0-4ff1-ac55-4d1883f5ea38","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":81,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"14cb3200-4941-477a-9756-79bc510579a4","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":81,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"deed1b22-4503-4923-92ec-61030b4c4d2c","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":81,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"d1b09901-3d97-4770-b064-512876a8dbb5","block_type":"box","text":"foreign banks and other financial institutions.","page_number":81,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"f5c8b47c-273a-4e9f-b6ad-47c8b9775802","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":81,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"dbbcae20-93da-4014-866f-38b17d153f07","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":81,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"8123dd60-048f-4f1b-8f96-fb563a9c62c1","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":81,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"cb05439c-3b8e-4482-b8d1-42dced47dc84","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":81,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"9e262863-aaa0-402e-b3a6-8dcfe905cb94","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":81,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"34549598-6d5a-487c-9987-d9b9fad9cdbd","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":81,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"c93d728d-d2af-4502-8961-cea399f7993e","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":81,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"cc5944ab-8172-412d-9ca0-79280f3c772a","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":81,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"9fe5917d-8e2c-4c72-b45c-00acb5a3e599","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":81,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"9f8d29a4-4cc4-415c-88f8-daa24e31ecdc","block_type":"box","text":"II-37","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d4d21238-a161-483c-93fb-23176cd87b0b","block_type":"box","text":"NM1026U-6033389-81/246","page_number":81,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"a71ccd10-2d9d-465f-a3e2-f7b2a1b79a24","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":82,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"d9d060cd-68fd-4d86-9c28-d26e286b9dd6","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":82,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"7a967689-2741-4a02-8173-5abaefbe3847","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":82,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"973cf0ff-78a6-4963-bb5e-546c36e30bb7","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":82,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"fde8f7db-2580-4b60-9b48-e0e25e657600","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":82,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"403360aa-bb24-4fd7-ab81-e227b518f61c","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":82,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"4a175d4c-d4a4-4c48-b785-efee39930c41","block_type":"box","text":"foreign securities.","page_number":82,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"0120f10b-6b8c-44ed-a9ca-e9e3fb580bb9","block_type":"box","text":"Risks of Investments in Russia.","page_number":82,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"e3d9f307-d6c2-4449-97a9-47a48144acc0","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":82,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"d756ce47-e61d-42d7-a77b-4bcee9984193","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":82,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"ee5c503e-5ff0-48e2-9030-b85defb75282","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":82,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"43ee5e34-2b41-4297-9d2c-e0ea629b09c1","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":82,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"5ce14e26-43cc-4447-b2a9-7606d5cbf8b1","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":82,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"9f1419a7-ffa8-4de5-a480-c98b485a3ced","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":82,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"fc5b380f-2da9-424f-b577-981120694748","block_type":"box","text":"developed markets.","page_number":82,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"e9f611fa-1b4e-4037-ac7b-e45f70ea6a84","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":82,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"50c19385-4d5e-4e82-bcaf-8e59f2a039b1","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":82,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"2ef1a406-ae59-4bfa-a910-f068a0d15baf","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":82,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"f4e8008a-55c9-4eeb-becd-0c5fbdad9fd1","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":82,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"21927352-7ff2-4a55-9487-0967f234d726","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":82,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"dfaf6987-a70a-4789-bc34-98828cf047c6","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":82,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"53ea4b68-c98f-4293-9bfa-13ff49c44199","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":82,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"22a871f5-dfb4-4c17-b3d0-574dff21ac40","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":82,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"94c9d974-ce14-42d1-8e36-f761852fa0f5","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":82,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"e194fb2d-2b0d-4be1-8672-b00373867ac9","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":82,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"ba72a569-ce44-4997-a130-9e99be79c253","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":82,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"9f412432-c2a2-4321-8651-1b7129fc1812","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":82,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"53e65c53-b10c-4cba-8c7c-f9b6eac3b9e9","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":82,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"204d7d63-fe3d-41f8-b833-e278ea258417","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":82,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"dde46b7f-e4bf-42ff-bcf5-9c5685e4908f","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":82,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"3842eab2-a5a6-4f5c-957c-adc85f74cdab","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":82,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"8a1c1235-6da3-4a50-9fa8-aaf7a35fdd79","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":82,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"5db8922e-b221-456b-a5d2-855c5a1d5fd8","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":82,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"72aef975-7576-4145-90ee-cd4fbf882f5c","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":82,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"182cb693-de05-47b3-ac05-a28731bfc339","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":82,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"2630a238-7f8c-4793-8573-443a0cecd7f0","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":82,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"3cef530d-cfe7-49e1-b59a-1a68220fdf97","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":82,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"9ed2aabd-fd44-4cb7-a71b-4e86916f9f99","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":82,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"d972f9d8-3f0c-48d0-ba47-2c7e1741d682","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":82,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"2c573e19-84d4-4512-8e9b-c2086cd6df4f","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":82,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"cceef9e9-4d84-4cac-9254-38146b405cb5","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":82,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"115ddccf-cf0c-40e1-90b0-bdf1669a8c7e","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":82,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"a1e6f3d9-75e9-4259-8d8b-a666277a2f8f","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":82,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"a092f9e3-145b-4003-a905-47c842a960a8","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":82,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"ed6a005b-05c6-4758-9c96-ae055dc65198","block_type":"box","text":"sectors globally.","page_number":82,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"ba2b09bf-588c-464b-bf07-212398b833d0","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":82,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"6d79b4a6-b705-4e61-8588-6132c3f0cadb","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":82,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"6a22f19f-b0ee-4b4e-8052-528f13cb520e","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":82,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"4dbbc9c9-ea12-451f-9bce-6abaca7cb85c","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":82,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"fb40eccf-7b14-4dce-bcb4-136ec6daa364","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":82,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"71c3fe4d-2b5f-47d0-8a22-a8df5aa933c3","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":82,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"7d041a77-fcb0-4b5d-8767-e28f1647996c","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":82,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"4d6a049a-dbbe-4cf3-9d07-8ea9a473d07f","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":82,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"54e332f4-9d44-44d8-bb10-8f7cbb11f018","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":82,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"3a0bd7a4-bd64-4441-87cf-9e707ba792a3","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":82,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"8d019f61-707d-4974-adab-ea095702b452","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":82,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"349f7133-243c-4a3b-ae0b-fd68526b2160","block_type":"box","text":"II-38","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"44d3f40d-81f8-45ce-a306-d12eb5e5c589","block_type":"box","text":"NM1026U-6033389-82/246","page_number":82,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"481ca3ea-820f-4a58-be43-9cb5107a20ef","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":83,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"489ffd29-eb0c-4239-9d55-ea118b9fe058","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":83,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"75ca5363-42db-4271-b08e-8e1b86610959","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":83,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"d6488fc1-ce25-467a-bf55-453e4081a777","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":83,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"1313cf72-4201-490c-b7cc-ce36409c3633","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":83,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"f1d20586-c1ee-4e07-99c8-aa8a86270c73","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":83,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"0c46c96b-e6cc-43fa-a4e0-4ca886867489","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":83,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"a50fe688-d963-41d6-a223-7f6d08fa65ea","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":83,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"977e0dcd-bb86-4625-b16c-01ee666505b7","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":83,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"96c78b5f-91de-40b7-bfb9-0b71b68da0bf","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":83,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"e915c222-d41d-4102-a73c-8c952b04ad02","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":83,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"c89c7536-bf3a-42d2-8f7b-28abdabd9630","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":83,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"1c74898f-d1af-436f-989b-4c0518b6c0ea","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":83,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"5721fa3b-7303-4724-8084-4ee8674e6af2","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":83,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"ba7b586a-eba6-411e-ac13-0a1ae03f58fb","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":83,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"f678a565-55c9-46e6-8491-047e2f9213d5","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":83,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"23a67348-ae4d-4def-b0be-06a0dcecd566","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":83,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"ead373c8-d057-42e9-a36b-cf5137c5f06e","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":83,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"65e1be92-8baf-4b8d-9a8a-f4287411e9a3","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":83,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"8004d0e3-4912-4958-bf64-6d3559b03981","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":83,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"b77adadf-aff3-4a15-830e-b21565b63ee8","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":83,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"4d416130-e968-43f1-865f-19c34bd7efea","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":83,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"186ed01e-e7b5-4a2a-81c3-a83ce7b34a11","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":83,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"ed4b28b0-5eeb-48cc-9c70-2f1d62acad8d","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":83,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"f035f838-b510-4dab-9997-32be809b6f81","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":83,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"1ed54d82-9950-473e-9d88-30bdb5035a28","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":83,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"adecc0b9-174e-4f35-9480-3be8b6e398c7","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":83,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"1bb87708-80a7-4cf7-b62e-9d3e99d47efa","block_type":"box","text":"impacted.","page_number":83,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"58b179df-723a-43d2-abc6-f7164f9b665e","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":83,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"3c3e11a5-0d68-4d00-8cf5-58844f4c59ed","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":83,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"2fb57a68-d904-4420-a7a8-7a4ff3f844b3","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":83,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"dfef5594-8265-43ce-a97e-ab2e2b7c8e19","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":83,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"d6b81a4e-974a-44c9-a633-64d955a51e53","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":83,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"8a5345d8-72b2-48de-8dc0-2542bd5ce3ee","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":83,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"350ecd0a-fd69-4f6a-9699-50e08b549ea5","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":83,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"ef90bc24-42db-40fe-9563-fd11d322e31a","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":83,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"7ede26bc-2cff-40f6-85b4-e28be11d6dfe","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":83,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"ac53d526-050b-45b2-b469-dfadcbad2ea6","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":83,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"29d659ca-d7bb-467c-b4b7-b737882326fb","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":83,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"0ff69757-9047-4ab4-86fd-6ac9dcfdb2bd","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":83,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"846094ea-0ca8-41a1-a966-1593fc80380e","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":83,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"30124a7e-bbc0-48c8-beb9-54d8cc1df888","block_type":"box","text":"economy.","page_number":83,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"d9b21452-1ac2-4cae-9f75-8b38f3a10837","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":83,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"64696cdf-c4e4-406c-a319-5eb7ac4bc029","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":83,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"697a477f-9b1c-47ee-8883-8169a9036f34","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":83,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"fb7cfd92-b052-4f63-9aca-83dcc51be5e6","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":83,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"bb2d6a6f-c28e-405d-9c27-60c2dc959edd","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":83,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"4225221a-7acf-4b95-a0df-3a80d0c8e3ef","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":83,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"92ff7194-7330-4d50-be2e-982fefb3422b","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":83,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"f31e8a30-42cf-4281-884f-bd52223a68d5","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":83,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"7643fcbf-e351-4995-b6b6-ba7067a34ca5","block_type":"box","text":"typically the case for investment managers.","page_number":83,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"badb4b22-376f-4834-aced-e58ba2e71127","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":83,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"47bda871-8759-4ed6-9a77-0a316b27900b","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":83,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"4ff47b3c-f5ff-41f9-a864-b5c6a6ab5460","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":83,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"6be44673-f424-4a57-a594-a878f4b623f7","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":83,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"23a8d09d-fc3b-472a-a3f3-7582ca4f6e03","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":83,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"faf8cc51-503b-471e-984c-8c71c2bf2dbf","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":83,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"b8122ca1-b971-4d07-a607-447fcbf5a072","block_type":"box","text":"II-39","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"436d4647-81dd-41dd-98ee-ce64757d5c1a","block_type":"box","text":"NM1026U-6033389-83/246","page_number":83,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"58baf99e-574d-406f-bdca-0833b68d1ff3","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":84,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"20307ec0-fa8f-4ff6-895f-22870aa3689b","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":84,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"ff591d28-b6eb-4101-a410-3b231d54288a","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":84,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"604e5fd2-4ecf-4464-8785-b71bcd0d6921","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":84,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"4845485c-0fbf-45d1-8b36-898e971c0082","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":84,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"0bbcc2d7-40fb-4608-acdc-c213b2d58507","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":84,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"f2d3665b-975c-4998-9561-f5559690978d","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":84,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"56d5ae59-1384-409a-a1d8-648d7ad4de24","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":84,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"1cfc29c1-167f-412b-8b57-ca6d9830a807","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":84,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"82f6fa75-e088-4c63-bd65-a183fae35c46","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":84,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"8624e5e3-7c49-4d1d-993f-00e854700784","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":84,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"734b59f3-0ea6-4de6-a462-37d9f8051bb8","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":84,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"72abb330-a2e1-4ed2-92d2-fe2636b47dd5","block_type":"box","text":"will be indirectly subject to those risks.","page_number":84,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"8a70f2d1-f934-411b-8221-e5c0ce5d2d6f","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":84,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"1471ac87-db02-47f7-99dc-4219e7cba023","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":84,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"adbd8dd7-328b-4a6b-a349-dfe19c6c479b","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":84,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"9ade3b80-0241-4c96-967f-9067b72d444b","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":84,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"64bc0c68-ae17-470f-9131-125c79f96f1a","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":84,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"61d44b70-f35c-49bc-b4e1-3c0df370d5f4","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":84,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"8514a616-c7c6-4e85-a94c-1361ac51ab01","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":84,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"85280d80-b899-43f9-9699-53f98b07e7c1","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":84,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"ec5f52ae-8ef3-42f8-8823-130d079f6fce","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":84,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"6900bfba-575e-4bfb-a490-3f148afea1ac","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":84,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"7a396ecb-7386-445e-a1f0-6ac728b72935","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":84,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"173bc4dd-f706-4a27-800f-3c49ddd9f3aa","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":84,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"38af60e1-40cd-4c7d-95f8-e5fe7c50c9da","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":84,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"43f34dc3-c3e2-4c59-9d63-b004877be7a2","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":84,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"01e8314b-83b4-403a-bed1-9663f695286c","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":84,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"a48dfe04-c222-469b-ab11-944adf59bf79","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":84,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"b78411bd-d635-498b-a8df-bba0a17e70e1","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":84,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"132c7330-47e7-4965-8d5a-ab7cd18fe16a","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":84,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"a872b862-cfb7-479e-b515-52e856dd9d34","block_type":"box","text":"impact on a Fund’s investments.","page_number":84,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"859a0366-e37c-41e2-b3c5-87e1249d90c7","block_type":"box","text":"Brady Bonds.","page_number":84,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"9442b790-edde-49ca-8102-6049bb3d9d67","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":84,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"9132ed13-24f8-42d4-875f-7fcaeefe0e95","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":84,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"6c8e94a3-1095-4ca6-a495-91afec1f3fd4","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":84,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"86ee872f-e017-4315-bc1f-84f62cc2832c","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":84,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"30b36191-fc54-4f22-8203-df946dc239cc","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":84,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"bf3d8e72-81b7-4cdc-9a91-735fa115234c","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":84,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"327425ed-88d8-47d9-beda-3d12271f443c","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":84,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"a058b352-0aa0-4525-b31f-f79c404a71fb","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":84,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"410e58bc-595d-4e44-8402-fe7d981b08ac","block_type":"box","text":"Venezuela.","page_number":84,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"75ff7a10-41d5-42ce-9885-c2ad89fa79b5","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":84,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"50430c02-cbfb-4637-bd94-71d2ec9b7258","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":84,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"4877e6a8-f8ce-40e0-a214-311e0eee86d7","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":84,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"38615f9c-8eda-4574-b2c2-db4df5e70728","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":84,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"d76241ba-1b4a-41e1-b308-303fb401ec6d","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":84,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"3ae15237-e649-4d48-bdbf-511174fd9fdd","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":84,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"4450adc6-3b02-47d2-99f5-7e99d05b24ab","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":84,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"af04cab6-a39b-4bef-ab7a-2b8cecd24dcb","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":84,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"a248422d-3711-42c7-a1bd-449e7abffad3","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":84,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"06595f5a-134e-45cd-b2ec-371ee9af09b0","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":84,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"005e8b01-4357-4713-a2ac-5fe87c20b500","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":84,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"fdcfdb9c-313c-43ae-adde-6042dd3c9ef4","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":84,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"07988580-4f04-40c3-9ffd-6d0cfed245dd","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":84,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"3f31cef2-a567-447f-add2-1949d6301964","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":84,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"f4a091db-17dc-49be-b71c-612b160c2c33","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":84,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"0ac1dd4c-c6e7-484c-997b-7b51acff336f","block_type":"box","text":"II-40","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c6f28bff-25e5-4562-997d-7bb35c358313","block_type":"box","text":"NM1026U-6033389-84/246","page_number":84,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"b0cb5903-3e6b-4496-afa9-de82c035966c","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":85,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"586f40f2-51f7-4b9a-b6d0-b6f8801b5d03","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":85,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"28627b47-954d-4c8c-a628-23429ac1ffc8","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":85,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"7daa6081-54e9-4690-91f8-2ebc33222e6f","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":85,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"3f1cbb91-a0a8-4d61-86d6-abcf999ec7ee","block_type":"box","text":"China Investments Risk.","page_number":85,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"25ad636a-9370-41d1-92eb-98d56324c60b","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":85,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"9831fae6-41e2-4ca6-8f22-c404d1b6adec","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":85,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"8e5cafd0-195b-4613-8955-d6e5648826b6","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":85,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"550ef383-6680-4623-8c53-de111ca42d77","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":85,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"0f392dd4-ff05-4e2d-9aa3-4915fa6c3070","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":85,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"a4cf6aba-66df-4626-a876-9dd16b27c6ed","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":85,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"8c982001-7c01-4233-a6e3-6102586f4c55","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":85,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"0afc0ccb-0806-4fda-998d-ddcde750c2c7","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":85,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"0203aa48-aa9b-4c3c-8c52-6045f1f45a48","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":85,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"6db6e7e3-7c4f-49ac-98d8-428af11a7062","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":85,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"177a6e81-61a8-44fa-bf7c-d874a3d3e689","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":85,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"687c8b50-71f2-47b6-9b0d-d46f096a930d","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":85,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"ac939094-9c1a-43c8-b949-47ffbf707a94","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":85,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"fcde652a-1668-47c6-a397-f565e6278073","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":85,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"4b14ca5c-8988-48fe-870d-2e74b3a8747e","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":85,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"72d5f1ab-98a1-4016-a83f-c9114ccdf017","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":85,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"c0d102c4-5b12-42ac-bcfb-919ce147196d","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":85,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"efee9b4d-f315-41e1-8816-538811be58ae","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":85,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"5802df00-fcd7-4732-8cfc-3a8702f14493","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":85,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"25f670af-8988-44d8-864d-538c627f8d34","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":85,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"24e118c0-79c1-4a01-9c24-57bbc10489e0","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":85,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"5cf4ded1-611e-438f-b816-cbe69bc14318","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":85,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"4c2514b2-cb12-4d00-b946-52a437524d31","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":85,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"03068a0b-7700-406f-870a-fa229f3c5c31","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":85,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"f6681827-5129-430a-a048-125f89d64e82","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":85,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"120ad873-115e-4c1c-967f-d8d700113f6b","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":85,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"239f1f9a-33c9-4d57-acc9-d3e122bd2bb9","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":85,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"1ed6438c-5ed4-4fc8-9f8c-ee978317b7f7","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":85,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"f1fa5ed7-704b-459c-b735-7031f1b67e69","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":85,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"d9e7d20a-bf94-4cad-9db6-837a6fbd62fb","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":85,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"f19ae5f4-b892-46ed-8ba5-53d8a6061c86","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":85,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"e2d1d555-26cc-424e-b10f-6e2978d72d98","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":85,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"349bc2da-9567-4b62-875c-cdc799cd3c4d","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":85,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"020df730-b6c1-4a5d-aae2-1bc435c5819f","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":85,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"b3b6f160-afc4-4598-b8bc-c6531218c9ac","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":85,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"d9bfe32d-9422-4ac5-8b96-372164e6fa4f","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":85,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"ea4190ea-cfac-4bf6-a47c-30ce0914b530","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":85,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"154309ca-ab4e-4dcb-8463-47e05f1fa992","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":85,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"59a621d2-4039-4fbd-ac87-a6670c783c25","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":85,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"3584995f-c7f3-4106-9405-5d0ebc802c6b","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":85,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"706ba2be-5212-494f-94cf-f43927a3d2b0","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":85,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"c7d958d7-f3d3-4dbf-8635-5f9020e16432","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":85,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"828c2304-67ce-4573-984c-33d30b9079a2","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":85,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"c86f7e6f-2c91-4549-980b-55c4d799d837","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":85,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"a311e2c9-0290-440a-b2c8-12e274b188bd","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":85,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"331a3c4e-d252-4191-9c79-a989e5976128","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":85,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"107de31d-c9a5-42c0-ac8b-421f0752f5ce","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":85,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"626a2351-cb3d-43cc-846f-e6abffdcf139","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":85,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"c32c3688-86fd-4274-ad2d-bc2465b433ed","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":85,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"d686036d-cbdd-47e6-97bb-35b5b37707c7","block_type":"box","text":"sub-custodian.","page_number":85,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"4cdb96a4-f951-48d7-ba29-1c97f73a306c","block_type":"box","text":"II-41","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8b9a8fe-1f49-4547-90b3-b4dbb3b78e4b","block_type":"box","text":"NM1026U-6033389-85/246","page_number":85,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"5a9b4ba6-6db2-470a-826a-f26dd7788cad","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":86,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"8756e27f-3e4a-405d-8c43-ab189a4c7a9c","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":86,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"73cb7236-8f5d-4820-931e-24a5c756c8ac","block_type":"box","text":"on investor protection considerations.","page_number":86,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"a188e05e-ad5c-4c92-8a77-c5625e5c4427","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":86,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"831e516d-600e-4659-b13d-dbe0e6ba9983","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":86,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"e3ee0abe-e5c9-4136-bed1-a508ebaf82f2","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":86,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"97dda6df-45fb-4fe0-80a4-3f5c31c16837","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":86,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"644e0d56-5973-4d8a-9d66-fde53fdf7e02","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":86,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"c7197a86-3267-4c54-a741-573173f11114","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":86,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"dffff1c6-ac50-4b02-bd8e-65a768b4f020","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":86,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"b999100c-7756-428d-a5aa-46dab6622440","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":86,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"537fb6a3-dd03-4d99-bdf5-6114bd2cb3d3","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":86,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"3994afdf-228e-4689-8bb7-78a92262a92b","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":86,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"19a78aba-12cc-4dd8-be7c-fb032b19db93","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":86,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"ef3c25f6-a205-4e6f-ae36-a524e93f03b5","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":86,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"12e0655b-0697-4a36-a6ad-52c6e092ec06","block_type":"box","text":"accounting firm.","page_number":86,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"4b4a9aa0-8730-4bec-b207-945414671ed7","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":86,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"e7fddea5-9ef8-4651-afbb-0b5199dad2cc","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":86,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"cd0b153e-ab4a-4927-95bb-fff892b6c715","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":86,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"eff756fd-e7e8-441e-8301-b07e8aa095da","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":86,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"7dedf029-8a3a-4557-9966-7943e948adeb","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":86,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"ceaa1d6f-660b-4030-8ba2-50fb69392b9f","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":86,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"d4a57f15-58bf-4c99-851f-e38534973318","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":86,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"4a1e5422-08f2-4b1c-99ff-0d06a4c5bc42","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":86,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"83c09ddf-9875-442a-b678-345fe7a75637","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":86,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"d856452d-66cf-4a38-91d3-ddaabf96b3d0","block_type":"box","text":"RMB (“CNH”).","page_number":86,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"e8033726-6c5b-47ab-8661-92508c572f9a","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":86,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"7e2cbdf9-cc19-488d-8129-9dc7655de082","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":86,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"03db8d98-02f3-4565-92da-53dbf45e3f1c","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":86,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"4a4cd82a-aa45-41b6-8c28-12ff6c559de2","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":86,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"3cab2c7a-73d1-4a29-9df5-36f6ba8d8daf","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":86,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"5ea2362c-7d6f-4041-be9e-16db07adb671","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":86,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"c37a47ce-3a59-4d26-90d2-fa7124be92ff","block_type":"box","text":"represent equity ownership in the operating company.","page_number":86,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"7f5828d6-bdf8-4873-91a8-322a8c6b1466","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":86,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"5bb4504d-576e-4917-bb0b-722ec35319d6","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":86,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"737f2073-ad7b-4070-9320-c207b493f615","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":86,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"7ea62b6e-aaf2-4ed1-b674-3fc247dc193d","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":86,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"414fd671-75e5-46ad-bfb4-ab9a3c9dfde3","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":86,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"92e6cce9-8ef2-41a3-aef9-760f074a914f","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":86,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"d30d6e70-ea2b-4e09-b485-68bdb17b1bd6","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":86,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"01a382f1-8bdb-4917-b810-84d0b657c90d","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":86,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"a3af2ae8-4971-4e41-8d42-3a7523e37425","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":86,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"c967499f-1a20-48ef-beea-cf8cab27ad1c","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":86,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"c8520364-807f-4b16-9e11-f19e8c510446","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":86,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"e4a6f77e-ea2d-4be2-b8ae-5b37fadfd1f7","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":86,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"b7c99cae-ff49-4b43-8c36-6f60d618deb9","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":86,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"e714cf32-f3b7-4073-b79f-e8bf6220e3c2","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":86,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"39e4dbb6-1480-45a2-9295-2836f0872619","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":86,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"4c6cff52-f962-4eb2-96fb-c38db53eb65f","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":86,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"57ca4979-80cf-44bb-aa20-2f4282cf1313","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":86,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"3ae0372d-81fa-4180-a84a-a97d64cf359b","block_type":"box","text":"losses to a Fund.","page_number":86,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"8c3cad8b-8588-4b00-a71e-6bc64eb44782","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":86,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"52d252b1-eac1-42aa-943c-a600e894bd74","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":86,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"ccf69ab0-ebb6-4112-8f29-aae3894e87a7","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":86,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"34a730a2-abc2-4ca3-a5b0-065a339d53a6","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":86,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"12691ea9-a285-4ce7-a9b0-e698b42516f2","block_type":"box","text":"II-42","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"86f72f1c-7725-4b79-b484-f9770efa552b","block_type":"box","text":"NM1026U-6033389-86/246","page_number":86,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"9434de4b-5d24-4fde-bbf2-87d4b8bf2f6d","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":87,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"c9d3f0eb-40ef-467b-8f58-8bc1e2ebc3a6","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":87,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"b5eb91c5-43b8-4e42-b736-30b627e811de","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":87,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"3fbee4e5-a2ea-480c-9e66-9e996bd25058","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":87,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"a14dff31-4100-4ef1-9725-e2e4561258cc","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":87,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"7f244f33-c75a-4042-9212-db2b1181b932","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":87,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"d486c4fd-3578-4aeb-bffd-272edbec7a57","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":87,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"4c7bb089-74c8-4b03-b387-daaf820ac9a2","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":87,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"406722be-cf0a-40de-9743-3437f2831058","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":87,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"7a41bc42-d420-4115-a9c1-efba97a8be81","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":87,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"342d5373-3b8b-4cd5-ab5c-1190e7066ec3","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":87,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"031eda5c-714a-41fd-997c-359d98bd7fcd","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":87,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"e5eda03a-29bf-407a-9ebb-e74f7750ad1e","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":87,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"57f43f53-83d6-4609-a0f8-23d7a52cdf8e","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":87,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"914660ea-2a28-437e-befc-1ee741ba2801","block_type":"box","text":"such companies.","page_number":87,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"1bfc795e-a0f6-4bb4-b840-00715fd149b9","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":87,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"b17a3856-dd89-4da2-9b10-f58bc015b978","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":87,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"1fead642-5978-4ea9-8369-8970069e0057","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":87,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"6734f1ed-ec23-4f03-8c87-f2f737df9bfe","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":87,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"3d22418d-08c8-462a-bfbe-074f637ce756","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":87,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"28a4deb3-2813-446f-8065-d7ffac43c6c2","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":87,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"950026b4-8ee5-4667-b5fb-3c4c55ab8471","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":87,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"ff06c7bf-1ff8-4061-b2c6-f7aa88d008c4","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":87,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"8ee786bf-0afb-4b37-82e2-f3df283ad7e6","block_type":"box","text":"standards.","page_number":87,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"c117a97d-aae6-4f5c-9fff-952bb2d5ddac","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":87,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"a4e9917f-5dc1-489d-af4b-d3fd35878171","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":87,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"db3b9e9d-8099-407f-b07c-e81a19c18fe6","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":87,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"d9b20447-e114-4440-92c0-2a49cec941a0","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":87,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"17c4ac8a-38e8-4e4e-a959-803cfc2ec62e","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":87,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"0b5a456f-60b8-4eff-91a4-96a04115d44d","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":87,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"49d5dc2c-d9db-4be2-8a94-14317d54f47e","block_type":"box","text":"General","page_number":87,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"2df5480e-413a-413f-b761-1d1e1600d8ff","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":87,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"c77ec04e-d6c3-474f-89ca-78d434eced1f","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":87,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"8a33f293-a166-47e5-a5cb-1df32277f46d","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":87,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"4a11f145-e6f2-4ed0-a149-43fb792ef3f5","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":87,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"24a208c1-cba6-46ad-9dbf-8eb694c9dcdb","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":87,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"478f293c-19a4-4a6a-a961-7500b21ce1c2","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":87,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"3e3c9c3a-aa7b-4ea2-84d2-9ab466486210","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":87,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"266c0815-c46b-4a94-914c-3a1b3fd4ac25","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":87,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"644f6417-6ec5-44c9-95c9-d516c279837a","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":87,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"18ecd1dc-428e-4114-8823-905221f1a95a","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":87,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"6c803869-be8e-48ce-b16f-0ae59dfc7bbc","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":87,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"f9f0ea96-7759-4593-80d1-062c805e2386","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":87,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"9d4392d1-151c-472e-8e36-5dbc6f5bb4b2","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":87,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"4d9840fd-13cc-4ea7-98c7-8bfe87264180","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":87,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"61848c4b-edfe-486c-a73c-ec2bccd248df","block_type":"box","text":"company established by SEHK.","page_number":87,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"b112679d-6512-4fb2-ac3f-1481e6d654a4","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":87,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"48904410-6c71-4d32-8834-81f5854509bd","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":87,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"93ee381b-f44d-40ad-a195-d1e721d4987d","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":87,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"852be261-293f-4fc4-91a8-ecb0ba90364a","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":87,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"42315783-a2f9-4034-be3f-53e50cf87fd0","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":87,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"0b1e3a20-ca54-448c-93ce-454ae6073ecc","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":87,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"18da7e6b-d1c0-4d90-a126-cd37c125a5e6","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":87,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"be093554-e7db-4c72-a5b1-a4d8306f72d9","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":87,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"1d5e8cfd-8803-42e6-a594-bc165816ebe0","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":87,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"eb770b95-bf5a-4a91-9b25-191b6e29dd66","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":87,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"510aede7-9a73-494e-9b98-bbce6a7c2e92","block_type":"box","text":"II-43","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6f0aea32-12ac-4c94-b22e-eaa37e67f848","block_type":"box","text":"NM1026U-6033389-87/246","page_number":87,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"3a82c572-5ae5-4758-9178-a4555d56ccec","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":88,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"019198ec-c085-4b43-b7c7-6e2db4395203","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":88,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"639e6617-7e02-4c86-9490-5a33689f3cc3","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":88,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"638f1d11-1107-4618-a528-fb82b64121ff","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":88,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"54ce5c87-1e9d-4bf5-9409-d6812e9755f3","block_type":"box","text":"i.e.","page_number":88,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"e16041cb-b547-4a88-b688-95ff8944e3b5","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":88,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"dd82a16e-e1c5-46d3-ad74-cc9a5e3c1980","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":88,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"7978b381-cc71-4ea8-8670-7fc3c58cf67b","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":88,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"3f0c8f06-6f11-48ec-84f2-44efbe125245","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":88,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"7745303a-ebf3-4b82-ae9e-0701ec09bead","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":88,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"835270b7-35d9-4267-96e0-1fbb19a8403a","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":88,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"b81da414-2ca7-4a1f-8fb5-9c8f156d550c","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":88,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"4a07066c-f86e-40d6-b43a-6c87491fe20d","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":88,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"1c5cb12e-a3fa-46df-ad5d-ed7389497241","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":88,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"f8cbc3c1-78ff-4824-8ce6-bc0a81845f5b","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":88,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"7cca76b2-3afa-43fc-9568-ee3c0cec9870","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":88,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"85dcdaa2-ad53-4e3d-a1ae-4c0f7d0283e0","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":88,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"1693f39a-1ee5-43ce-9c56-c7f56b02fff5","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":88,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"4fc3548c-99d4-492d-bac9-50458d27eba0","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":88,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"519723ed-0e0e-4d6b-9c6a-1d41d0af80e2","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":88,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"6e03e738-1b66-40d2-90fa-627059714a98","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":88,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"985a10d6-3d6a-476a-b240-2f49c5372158","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":88,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"5f493754-dd94-462e-8f60-4b02e39e71dd","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":88,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"1b44cbe7-7873-4b6c-8b98-3edcefc5e5b9","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":88,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"916a379e-c1ee-45a1-9b77-81ee29395a7a","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":88,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"56bba7ef-156a-458b-b97c-dc74a2e95d1e","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":88,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"6278ebad-9cbe-404c-ad16-f10d9439d5d8","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":88,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"7d9b2086-0dcb-4ff3-9de6-748b7e53844a","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":88,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"3c8e293c-4745-4d1b-a371-fe8216b4fd12","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":88,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"ea1b190d-398a-456f-8761-29901e97ce20","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":88,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"98db4222-68b8-4d93-8322-cbd601a0698e","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":88,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"9a5a4b05-526f-42f2-8fb4-8c1b28f56f02","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":88,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"c10acf47-031f-495e-8538-a99e15675e18","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":88,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"4adb90dc-55b0-42f9-92fa-0b5715218954","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":88,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"6162d69f-b816-47c3-ab7b-c921c134e7d3","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":88,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"c1e256ff-a4f9-436e-a852-97c62aacda63","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":88,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"5ae152a1-ea13-4ef1-8aab-7ec09764a9c2","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":88,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"430e5bb8-6307-49c3-b8cb-5d8e333a0c39","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":88,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"3e4b243b-e7f0-4c94-a7d6-96f8c59c16ab","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":88,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"a2554ccc-f8ef-47c9-a0a4-f0d676e7084a","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":88,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"02b10bf1-8456-4dd7-b4d7-83fb09101a17","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":88,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"a42e1e07-660e-467f-9612-f04577b24934","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":88,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"7290205f-b01b-42c7-9cff-82af834b7417","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":88,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"9946b02e-9711-483e-a551-9e83ae5b1016","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":88,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"3dc6c6f0-c68a-451d-b69e-47e449d5a148","block_type":"box","text":"PRC.","page_number":88,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"4abefa1b-ac92-45f0-8bb0-298ea86d2654","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":88,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"d814a155-52f4-4cc3-a0e4-c20b2bfe138c","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":88,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"42742877-575a-4a83-b009-89b121d985c4","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":88,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"14a33d52-e3d4-48a0-8e16-8223bebdca9e","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":88,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"c882e2ed-63c5-4551-9820-fcbbe8357e77","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":88,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"e9266118-544f-440b-b72e-2e3e89381d1f","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":88,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"22d06828-6a76-46d2-b734-a37560f0b1db","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":88,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"bde6f60e-ab63-4d40-940b-867237b1f2b4","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":88,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"15dac69d-0584-47e7-bbfe-f18c5f5f4153","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":88,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"88bb42bb-9727-49d0-8d04-f4607ff6a74f","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":88,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"6bb0fef0-4196-4f29-92e8-7e4632ab8c0e","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":88,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"ded66829-2f6f-466d-8c09-e40e27d84d22","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":88,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"13ca3cd8-cb02-4509-aef9-3adab66a34f4","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":88,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"93cadcb4-61b9-4f6a-92cc-8a042887d0ce","block_type":"box","text":"II-44","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f888aed1-1bec-4a67-8c41-26da7305a851","block_type":"box","text":"NM1026U-6033389-88/246","page_number":88,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"1fe369f1-b4a5-4622-afb5-8582037bacfe","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":89,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"7bbdb9dc-c1b0-4c5d-aa81-2591fccb2cd9","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":89,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"a56b61da-5c0d-4d9c-8665-57ae17fe6905","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":89,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"24cca754-205c-41da-b29d-0cd2c11ea221","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":89,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"b32c4f41-2194-4595-8da0-965ddb27ae4b","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":89,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"38c6aac8-a8ad-4b03-bc39-cfb0dcb46963","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":89,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"48cc57bc-df76-4b57-9c92-14d82305c71e","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":89,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"1ed261a3-b02d-4c13-979c-8981c20b5587","block_type":"box","text":"Suspension Risk.","page_number":89,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"d7eebf2b-f124-4788-8759-1d167eccc10e","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":89,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"0d978c68-98af-47fa-bfac-a03a11274890","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":89,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"a23090b5-100d-4dec-871f-ca42f25a99a9","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":89,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"db1434b3-deed-4c74-a1c5-24663827f854","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":89,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"9a33e4a6-0674-40ce-b2f5-d9e564f4a8ae","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":89,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"bd660986-d347-4114-b186-b4b96d799fb9","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":89,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"191bd308-5807-4297-86c0-e32fd24a3d46","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":89,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"02b91838-563e-4b3c-b47e-e846ce7477bd","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":89,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"3df93940-e860-4e35-a6d2-65bac6cfb285","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":89,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"8c94b55d-9b10-447d-a44d-a3e25a5ffc49","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":89,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"cd8327bb-8454-414f-9666-09280f86f121","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":89,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"5dc2e90c-c0a5-420a-9c7b-a6af853fba78","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":89,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"fa2b7ee9-5fc5-478e-bba5-9cb6ba9e69b8","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":89,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"96fd039b-2e46-411c-9cc1-ce4e7ff0cf4f","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":89,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"eeace688-fc5e-4858-9dea-38fd1160e685","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":89,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"7f217138-f718-4e2e-83fb-2f53acd08663","block_type":"box","text":"A Fund may invest directly in the","page_number":89,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"e434cf64-928d-4a9b-b1b3-56906a2a6fc3","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":89,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"315cd9cc-05e1-4024-a57e-c195f328f794","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":89,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"8ac86c85-68af-48e6-90fd-e198c00e3cf9","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":89,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"16acdf67-ff13-4f66-9d67-16b534a802ed","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":89,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"716dcd1a-f4ea-4eb0-9dbc-a068a10e5a8e","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":89,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"ee5ba2e2-5085-4c76-9310-8b0c679a7b4a","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":89,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"d77a8378-1d1c-4d15-a8c4-7b019a572c82","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":89,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"2e55ec70-d3ce-4a20-8950-327b9b01c54a","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":89,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"b53c780a-9dac-460b-bfbc-b745eb37fc2c","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":89,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"c97b757a-beab-4f85-b5ee-4d79bc895006","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":89,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"163973f0-e4c4-441f-9cd7-87295a0d1e35","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":89,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"abb6dee0-6874-4a3c-b9f0-366593eeab16","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":89,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"30017308-af19-4244-b719-3e08924b8392","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":89,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"2bce2437-a4dc-4205-8088-b102178512aa","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":89,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"8e535ee7-39a6-4ee9-93a2-ff8de258aead","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":89,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"328388d5-353e-4f02-baa9-9f603e7e08ba","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":89,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"89813c9f-9992-4543-beb6-8e3082c5c0e5","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":89,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"0b697d76-8388-4c79-a0a5-55f770165228","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":89,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"6e80f1a3-a557-430e-9842-5e861eb9cbee","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":89,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"803f55b4-3fd8-4183-a87b-71fce7ecc73b","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":89,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"64fd663c-4c47-46df-94c5-6a81578d3d43","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":89,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"237c280d-ae2d-4a44-bee3-19635bf7c980","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":89,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"64fae773-0762-4b99-aa4e-89a7718f9c02","block_type":"box","text":"i.e.","page_number":89,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"008b29c9-6589-47de-a632-290ef55aacaf","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":89,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"5580c2a4-d8c0-4e2e-9f30-43eae50775b2","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":89,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"9113b6a3-805c-4390-9f46-3706ffdc13dd","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":89,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"a2d79b87-ce8b-458e-bde3-0b119af03c59","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":89,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"42c3bb0e-edb3-49aa-a28c-e255ea991d36","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":89,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"63e8d8cc-8b2f-41c5-ac05-f12f123bb3ab","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":89,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"5240ee2c-b2d4-4f4f-8cc0-9035593d7914","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":89,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"b8bb03b7-fe2b-43d2-a701-a1344e41961f","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":89,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"4b156da4-a394-4757-9e59-84d895862d26","block_type":"box","text":"par ties.","page_number":89,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"4bc6e956-82c3-400a-8de4-0ac2f24b6382","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":89,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"f76eb039-4e2d-46d8-9ad4-f669abd3890f","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":89,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"ceca20b5-9dc3-4f98-a12b-b2bec4dda833","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":89,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"6aae2c80-fe35-4d4b-ae40-6bff7ccfbf95","block_type":"box","text":"II-45","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2bf067d8-fbf3-4ede-b70e-4e2c8bcffffa","block_type":"box","text":"NM1026U-6033389-89/246","page_number":89,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"5d651ca2-fea8-47bb-b615-c3746e80b37d","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":90,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"4b8c499d-70a9-4411-bebf-885db50365e6","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":90,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"c7759eda-fef1-4291-aa79-caa73f8a3c73","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":90,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"f9c2a677-01c3-4909-bf32-7a9a1405c6c7","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":90,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"0755c5cb-d4e4-4d44-aabe-c05cc60ea3db","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":90,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"747527d9-3784-4207-835d-3c35c605f7f6","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":90,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"e2f841cf-9138-49f6-9458-776d9fa83b52","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":90,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"2d736822-f4d7-4719-bad9-7647c2537b67","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":90,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"47968da4-688d-4c23-a451-f0b4014fb132","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":90,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"d1d98cc5-da85-45ad-b5f0-f4072e8daac0","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":90,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"acedbd82-f9cc-4421-ba8d-d32aaa1181cc","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":90,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"fe574f67-dbeb-4c2c-a55a-6740b77a143a","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":90,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"d18ea095-82c4-4091-8462-f1a3977e04c1","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":90,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"7c62460d-748f-4807-8f0d-1cd416ca0ef6","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":90,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"92e5bd72-d24d-44ae-acb5-052b460b1dd5","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":90,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"a6d43248-dada-4541-bb16-2097201a0f4c","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":90,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"9d175a0d-799c-47cb-8baa-5e8c3056b895","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":90,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"27be6d11-8bd0-4597-b5c2-9a224341a4ff","block_type":"box","text":"per formance.","page_number":90,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"823457cb-0558-4a0d-90a3-404c8fb6b094","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":90,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"2bbc5598-77c8-428f-a275-8027b6c3d3f1","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":90,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"c1148a18-7787-4a1c-9701-c3a735f47140","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":90,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"14a29076-d086-482c-8459-dbc5f4dfc9c5","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":90,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"35627b0a-b6c1-4d8e-818f-56e1d20d92ae","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":90,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"31e21b81-685b-4e61-9941-e04d238bda53","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":90,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"325fd8a6-ffa4-4fce-91d3-7583f100c854","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":90,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"975d5c72-6317-4691-a147-5ad9e8b41bbc","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":90,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"84bf619e-e246-4694-9623-dac0ae35c6c8","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":90,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"af84f000-6a44-4f92-a3d3-8ed48867dee9","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":90,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"0b15137b-2d28-4960-a628-42b7bf90343b","block_type":"box","text":".","page_number":90,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"d8ad5765-901b-4190-8458-89797cef0ade","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":90,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"60c03db4-3d6f-4206-9e6e-43e005a0b022","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":90,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"4cb44586-3467-48d5-8e5d-b61ba054ff31","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":90,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"cdfe4192-1fb8-4307-a448-945e86e65575","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":90,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"cfa08023-7297-44a9-a4e6-4395af5846ab","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":90,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"f90973dd-703d-4e9c-9cf2-16603a6f57ae","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":90,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"d79dd612-7667-42a9-b1d4-70e04ca1e8ed","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":90,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"726bc6c0-ec98-42b3-8443-389e090c6812","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":90,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"dd5e623d-42cc-4379-af29-056c2b5200d5","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":90,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"d79ede50-b4ac-430d-a37c-827ee0a232a6","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":90,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"bac68b3e-505a-4141-a005-edffd527ff80","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":90,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"6bae7b58-2ea5-4f27-9a11-b7b024d204ea","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":90,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"6e805abe-8630-4256-8054-067d0703e759","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":90,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"75fd65ee-64c0-4cb4-a6a1-430f160b7189","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":90,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"f9a6ea61-c9ad-4fa8-9ee2-ad5947897a1f","block_type":"box","text":"without notice.","page_number":90,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"f6ce5445-bb52-4d50-844a-d3daed133f9e","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":90,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"a8bdb8fa-b029-46cb-bd94-d37539ec86cf","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":90,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"a4b69435-007b-4687-8da2-4ff935d5ff79","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":90,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"b8478eb0-39d3-4bdc-9b28-e7c147fa5f86","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":90,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"38906e40-17e1-4f81-8ada-e0ebbf8e7232","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":90,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"22d704e2-4e71-4329-aa5e-7cc6fbaba977","block_type":"box","text":"December 31, 2027.","page_number":90,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"52ee216c-d297-44cb-8c1a-2053ed8a6c14","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":90,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"30cf89c7-a0f0-4491-846f-e0c198908d6c","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":90,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"8c25632b-c639-4544-bde9-2ae905962a60","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":90,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"d8db7de3-e082-4494-a37c-092cdeef0837","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":90,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"d5f5eebc-80c5-4a8b-a3b3-a1b344c241dd","block_type":"box","text":"II-46","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0942bd0d-b83f-43f9-ba54-b3c7e9eebd98","block_type":"box","text":"NM1026U-6033389-90/246","page_number":90,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"afdabda1-9e45-4f0e-8c18-4243dfdffad5","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":91,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"a28f892f-662c-45e0-bfdc-94b03fbc594b","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":91,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"0ff05111-d639-4cc6-9ebb-9649715fc8b1","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":91,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"9c2a7b8c-0c19-48eb-bee6-fdb6449ece5d","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":91,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"6cfd099b-c986-44cf-bf59-091604da6783","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":91,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"acecbe16-1b8e-43c5-8a97-346ed80d7d77","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":91,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"e36d74a3-a3f7-4b0d-a918-6bea2827b176","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":91,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"2187b822-64f1-48ac-8cfc-1494233fc60d","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":91,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"0bed34c6-bb18-461e-825c-d2bead4c9bb3","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":91,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"90437403-a9d0-4973-8531-cd3f5173cf4b","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":91,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"39857de3-ee60-4bb7-a051-3a31c284bda9","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":91,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"98970a86-39e6-445b-8116-fe4227a117e5","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":91,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"7a3dd3e2-0948-47db-adff-c36a0eff9a45","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":91,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"007e9fad-ddc0-45db-ad62-290a491ed9df","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":91,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"63126f19-8e28-4a2f-a12d-e91f97d1fb2e","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":91,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"f0e83ff5-830d-4abc-946c-6fd3078839e3","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":91,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"a05f03d8-6522-45d6-83b9-432caaad4942","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":91,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"42600c90-e092-4afa-8247-21427ba2a3ba","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":91,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"1497a0c8-317c-4e50-8c49-b6db165840fe","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":91,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"e5ce1c2c-815e-4d65-88a3-ed6c1ca3b1d5","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":91,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"d568e266-9403-43ec-b31f-a504f0c961ae","block_type":"box","text":"the PRC in notifications.","page_number":91,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"917a545f-348d-4c87-83af-e9e77d75e066","block_type":"box","text":"Investment in Other Investment Companies.","page_number":91,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"d0fad8ea-f899-4038-8f77-18370081359c","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":91,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"886030b6-2c2f-4ea1-8860-6a1d4f10ae23","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":91,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"bc3e78ac-b7df-4fe3-a91a-a4fc8ac38e38","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":91,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"112e5dca-39bc-4e94-81ef-1ff56e97b82e","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":91,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"d26488f5-7c90-49be-9a4e-e1bb5396cdcc","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":91,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"14ae2f08-8a89-4944-93cf-9976ea5fbbe2","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":91,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"8428fc41-5ff4-432a-9b6e-e785c2d7e936","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":91,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"253cc716-e73f-4353-92ed-2872a115bf79","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":91,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"a4ed9c57-ae91-435e-bbf4-7ae0d8f9433d","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":91,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"5dd5bcd0-6654-4fb8-892e-15193040b57a","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":91,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"f4568fc4-e910-4707-be2a-c36ef606e318","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":91,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"e7d2763e-f2ab-43dd-ac1d-ccd048cbe1f4","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":91,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"df74c695-23a1-4bcf-bda7-faca520fea3b","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":91,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"bbb30bc9-1772-4f47-81a2-926407ba836d","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":91,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"b67b551b-8083-4513-a7fe-e6907e6a8ba7","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":91,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"6d92bb69-9794-4aee-b143-4017da2bb6b2","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":91,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"57a18c88-dfc2-4fd2-aca0-b413b7947612","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":91,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"a85a1e5b-abbc-4624-b8d0-696ede6137ea","block_type":"box","text":"subject to cer tain conditions.","page_number":91,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"18136e3c-5956-4d81-9caa-1e0c3f715d6c","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":91,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"fa18ea37-b4db-4acf-9d09-96bd8429a462","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":91,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"17f8d40d-553f-4903-8879-13d367fe6e4b","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":91,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"c819d205-ab05-4403-b960-159933cc534a","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":91,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"63268d99-f5d0-4b94-b98d-0c202b359a67","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":91,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"df929bda-6092-4065-8869-3f9363a9378c","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":91,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"703a69fc-4807-4d89-9127-f967e39d5099","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":91,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"f2b04b30-808e-44d4-b8ae-4bbd20c236f4","block_type":"box","text":"loss.","page_number":91,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"3d984cfb-b346-46ce-be60-13241e072e15","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":91,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"0c3b017b-dfb1-40f3-a1df-ea63c45cdb80","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":91,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"4d6fe8a5-b072-41a3-953b-26ea78dd4fc0","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":91,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"15c0a107-e195-4d2e-884b-9a38dd4f1bec","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":91,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"acdd3b6f-e96d-4132-afd7-71e0ff66a957","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":91,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"7ec9bfd7-c2f9-482d-8003-2690157acc7d","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":91,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"45a0f3b9-e067-420f-8d50-2ea643fd7a6d","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":91,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"a611987a-9b98-4b08-a926-ff63dd1f13af","block_type":"box","text":"II-47","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9a56a31f-9efb-4424-82f4-d421e02546d1","block_type":"box","text":"NM1026U-6033389-91/246","page_number":91,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"01d10f12-228a-4a8b-85e9-4b9bacad281f","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":92,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"e92639df-c4f5-4029-9418-fa3b7231837c","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":92,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"e1cdbb1f-3d17-4d29-807f-572ebf772a6e","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":92,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"30376386-bfc6-482b-b24a-69722da2acaf","block_type":"box","text":"assets.","page_number":92,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"0ba67a0c-d502-4046-92be-25e7843b193d","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":92,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"a569af8c-8a6f-49b4-a897-919ecea8c0ab","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":92,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"61113237-c5d8-4d39-af28-6a8584caeef5","block_type":"box","text":"e.g.","page_number":92,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"81ab05bd-b8d7-4bf1-9859-f7a3b78875f5","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":92,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"df89cd38-b077-469e-8dee-2a4be58ac88d","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":92,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"a98c1e32-f997-4fb9-a7ba-2de2cd2ac024","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":92,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"1eb90fd3-42e4-40a5-9e91-c57c43c355a6","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":92,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"58187852-1a49-4f03-8cc4-82823f9fb995","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":92,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"2734851b-b6f1-4a1e-acc9-b03b56840b70","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":92,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"b496c6f5-b514-4b96-8ad2-a24d9d6f4d8f","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":92,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"403db7b6-0da5-499e-9c74-6bf80cbe97b4","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":92,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"a26d680a-4668-49d5-a7e8-af25f7a05f84","block_type":"box","text":"countries.","page_number":92,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"56325941-fcd2-48dd-b988-63d3f30d8bfb","block_type":"box","text":"Issuer Insolvency Risk.","page_number":92,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"fb14edfd-0396-4068-80a3-f9ab4200fd5e","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":92,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"6b89a379-a00c-4bac-9641-e27bb0e89c5c","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":92,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"4d8c5a0a-21b2-4e40-9488-bd572b76dc92","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":92,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"6a625e7a-ce6c-4bb9-af5f-faa91a894ddd","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":92,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"802940f5-12d6-4e84-9b28-e48017811527","block_type":"box","text":"issuer uncer tain.","page_number":92,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"9e3bc595-70cb-4263-ae57-9585a03580b2","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":92,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"846c7d47-7916-43fb-9072-aa2144e19cf3","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":92,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"650c017d-6bfc-47f5-a3ff-9ea09c504a79","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":92,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"4932faec-edfa-458e-85f4-3db1c7b96048","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":92,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"046e5e2b-e8ff-4e09-b3bd-1def2d9e806d","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":92,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"dc3036c8-df41-431a-aa7b-7aad58780dbd","block_type":"box","text":"eventually be satisfied.","page_number":92,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"262d7c00-485e-4346-a33d-ed30cb4f80bf","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":92,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"6743adcd-352d-4790-9d2b-07123e8d107e","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":92,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"99930280-bb09-4d14-aa5b-0e1c3018b126","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":92,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"703478c0-94cd-4e73-985e-cdae08aaef4b","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":92,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"95473693-1993-43ab-b637-bfdc76eb6d2c","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":92,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"d7d841a6-975e-4f56-8855-18760904d05d","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":92,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"c359362c-5f18-4fd9-9004-f6ed92e2c6e8","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":92,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"e1b8b543-79b6-4c41-b9a4-8a958f68c858","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":92,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"2945e111-8dc9-4ce1-813a-f45c706402fe","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":92,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"8114d95b-03c8-4c74-a8c4-3e8b05ae5cbc","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":92,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"11f89b03-fe38-40a4-8fcd-d97b83470a8d","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":92,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"1c51aec1-5d5f-4060-b817-16e9a800b9ca","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":92,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"1e40bab0-a0df-4e0c-9536-cdc3d983c133","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":92,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"7d068ef8-2a2a-4d33-b5dd-46fc4755979e","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":92,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"7f73ec4a-fd67-4ad1-840a-abf5caf83e4f","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":92,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"7fa929ed-10d3-4d7c-9d3e-1b61202947dc","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":92,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"b3a5b3f5-d5ae-4450-8c95-b98ab4f9eacf","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":92,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"76b1f12b-3365-4593-9cd5-e403e9cf346b","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":92,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"cef2966a-b300-4fab-afc5-96bc6d1c9cf7","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":92,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"4979179a-f743-42e5-8718-b15ba55bf913","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":92,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"5b33e8d3-93e6-4885-80db-688f0d9ddbb1","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":92,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"a0686e29-7b8e-43eb-933b-f0fb022ce063","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":92,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"d9b61bc3-4aab-4724-9bd1-49229fbf7be8","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":92,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"30ac2e34-a10b-47cf-83c3-13d1b447d4bc","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":92,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"ca2a283d-3094-4133-9126-da1bc3cc4c9b","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":92,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"8690f7e6-90fa-4102-b91e-4fd2948a8299","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":92,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"72f3db3e-7bc5-4760-8127-69c37168979f","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":92,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"95c590ef-2bec-41d3-96bd-64d3d1b16223","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":92,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"0bed60dc-326e-41fe-8388-21016aa44c43","block_type":"box","text":"that assumed generally by an investor.","page_number":92,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"3bd8df33-64cf-40e3-af7f-0f58e5b0c0b6","block_type":"box","text":"II-48","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"17a5a78a-b1c9-4707-8347-d735ca375a3d","block_type":"box","text":"NM1026U-6033389-92/246","page_number":92,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"70a0c398-dc07-4d9b-b853-5d710cc9a5a8","block_type":"box","text":"Lease Obligations.","page_number":93,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"df360950-bee9-46ea-8171-069cd2007e6a","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":93,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"72bed21a-664d-4dc5-a78e-3554247f9a52","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":93,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"e6415fff-f4f9-4b28-968c-ab1dc6d9ef87","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":93,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"72b85f71-c72b-4e79-8d13-faebf7f6ff89","block_type":"box","text":"Life Settlement Investments.","page_number":93,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"526f7666-4398-4f37-9e8b-af187594a3fd","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":93,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"dcd9b873-ac0a-41ee-85dc-665e9ae52ba3","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":93,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"5d7ef1b3-7075-4855-8116-0fa644b74440","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":93,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"56615613-3d4f-4d90-be36-0d1390f7cd0c","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":93,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"505da476-93a5-4def-8cc1-9828b334b9d5","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":93,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"c1c06511-8fc8-481f-8416-7fb2f70718cf","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":93,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"cdc51506-d982-4239-9d31-f6ccb9242731","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":93,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"b005dee8-70e6-42d4-9089-f7235bb424e0","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":93,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"36ca1495-7133-44ca-bbad-a0ac3d0a2b78","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":93,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"79fabb1a-95e8-41ed-b7d2-867c146ea429","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":93,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"0f38b8d3-77ec-498d-ae32-b431512e22eb","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":93,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"8d647fc1-3ed8-4638-9f55-ff27faf9a782","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":93,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"59fc6070-e912-4012-ba14-a166a6ba0c7b","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":93,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"c3e05242-7310-469e-8303-bf2ae759cda4","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":93,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"da6be1a9-f4ce-48c5-b42c-e0feb0d2fc81","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":93,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"3cbb6185-10b8-4e88-a325-234acbe4151f","block_type":"box","text":"Liquidity Risk Management.","page_number":93,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"b40cdbd8-ffd7-4ef8-82e8-cbeb9b3aae49","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":93,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"e24fba37-9584-406b-81df-1f0e05159703","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":93,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"43d67d21-9bfb-4417-b108-c44ddb19a1e2","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":93,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"5f340b25-89f1-4940-9b34-6ce3dc006053","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":93,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"b5873bf7-44a5-4a14-b461-6f18f8c2f64e","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":93,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"0ebbdbe9-51d7-428e-a27b-b16f90b68fa3","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":93,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"9a2ec770-580d-4b47-968b-d73e039c08f4","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":93,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"6af61dad-1429-4b94-9dbc-66f71e01b968","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":93,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"4d94e270-0800-477e-ba95-be97adbec1bd","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":93,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"1964459e-3391-4437-b04c-7480dbbb4db6","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":93,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"884b3abb-90f7-4322-81c5-b8c84cee1b01","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":93,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"121d77ec-fcbd-4e08-a64c-897727c59210","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":93,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"6a73aaa6-5f6b-41d1-9ad7-53ff3ba1df7c","block_type":"box","text":"Master Limited Partnerships.","page_number":93,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"43c43d72-da5b-469b-85ae-fe1e6b72be44","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":93,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"bd498b62-0529-4057-8f68-ece8638f4068","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":93,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"6a8c641b-7d20-4827-963a-3c42e3f35e36","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":93,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"d2b29134-c9c0-480b-a560-aafc3ace99be","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":93,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"528f5893-e020-491d-b8c7-11d72a7ac7a0","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":93,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"34afc1a2-fb0c-4f80-8916-0aaf5a42907b","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":93,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"ded2fe53-0901-486c-b418-b1303e3633bc","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":93,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"ff308969-5849-4653-aab3-098ef33b8b9b","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":93,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"0eec87d1-e7e0-4044-b49f-d49a5c6a263b","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":93,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"1b0ce506-d90c-4357-888b-2c76c8532359","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":93,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"bf51779c-904c-428e-994a-16f1aa66f07e","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":93,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"714fe02e-391b-4772-ab9f-0080de4aba7c","block_type":"box","text":"in the par tnership’s operations and management.","page_number":93,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"3f49242d-85ff-49bc-b5e9-28348891e11c","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":93,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"8c42ea36-c59f-4e02-b606-7d02c5d9a803","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":93,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"ea8d155d-87d6-43fa-a16b-88c99408c262","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":93,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"36e9e1a2-bd8c-4d37-958c-8c25bd2525c7","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":93,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"59652b0a-d422-4522-8df6-799ac859b2d4","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":93,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"e940a36c-2b07-4be9-8b68-63e5e7527e77","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":93,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"a6518819-287c-4783-8c1b-5218ce0dc049","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":93,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"147d4564-28ba-4603-a0e4-d0da97cad436","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":93,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"0ca34483-bfb5-425c-be3b-566ff356f165","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":93,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"3f79d9fd-3122-4187-b18d-8daa4d562976","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":93,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"09b013b9-a59d-4f73-9d54-4b3878948b0e","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":93,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"2877af55-8027-4c14-8052-cb51829edc6f","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":93,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"479086ad-192d-4339-912d-a456276026f2","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":93,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"4d01b5b2-d0ff-4bae-a22f-853df08c3c6f","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":93,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"fbc26036-115a-4c46-9b37-eed4d0f8cf17","block_type":"box","text":"II-49","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3dc86810-6c21-4389-8601-47087564a63d","block_type":"box","text":"NM1026U-6033389-93/246","page_number":93,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"046bf3b0-9b38-4963-a913-7ee5eab648f5","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":94,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"8fe0239e-4fba-4c28-9ed6-e54e4282216c","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":94,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"129c7c80-b49a-4158-b385-28c6d33505d0","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":94,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"a7d026b6-c192-4abb-b4b0-e15f594dc687","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":94,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"a8707798-7e49-4708-9151-3040b3852ce6","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":94,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"8df3293b-ae40-477b-b83e-0ee4a322860f","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":94,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"c7661e9b-1798-4aba-9f10-e2d85a182c47","block_type":"box","text":"Merger Transaction Risk.","page_number":94,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"449ee0c6-ee00-45e3-9f8e-dabf00214c14","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":94,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"2c50add0-d7b5-4734-9543-fba2cb7bbe47","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":94,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"4d3bc9ff-57d5-49e5-a8a6-605a72cb4073","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":94,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"729a293e-0bac-4207-a222-303867cc1a77","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":94,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"9c625cf8-6e9c-4a8e-ad6a-12241bee65fd","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":94,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"f22388c6-6b8d-46b5-855a-101e2258b9bd","block_type":"box","text":"the Fund and may lose significant value.","page_number":94,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"ea5c4d22-a29a-441e-9a36-df82e1eb66c9","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":94,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"74c03e00-abde-4e96-8f08-e082af01623e","block_type":"box","text":"Cer tain","page_number":94,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"499f7938-7d10-4dc4-8b8a-8f36c8122939","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":94,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"05e79602-cc94-44ad-9d63-9b8bd3567501","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":94,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"36e085b9-9267-4271-857c-81584f2e0f2f","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":94,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"b6ed2073-dbe5-4681-843a-9333eb7b0791","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":94,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"3df07052-e7b2-4760-a26a-cd7d9c42ed80","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":94,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"e08585c4-8d92-4c68-8d72-7d00d9dfaec5","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":94,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"a99f2400-4ece-40b6-99eb-802740eecc24","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":94,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"ae6d2d88-d760-4a17-a956-6bc817be544a","block_type":"box","text":"branches of domestic banks.","page_number":94,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"8c9c282e-22d7-4c14-a7db-ad6c6d6188a0","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":94,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"6403f88b-faf8-45a5-adbe-ea10677dd37c","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":94,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"4e3a846c-a648-43ab-9b0d-43503ea5b6d8","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":94,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"aa3af2c1-77a1-421d-aab2-d3d1972afb69","block_type":"box","text":"paper of a foreign issuer.","page_number":94,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"0974bd45-6ee6-40c3-95bd-44fc37fac386","block_type":"box","text":"Money Market Securities.","page_number":94,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"9d2d1924-f3db-4f56-a118-8b316d0e3112","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":94,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"09c67a0c-51ea-4434-b7c3-343c36fbcf62","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":94,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"07de9bd6-d8e2-4e28-bcdc-34681e07bd08","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":94,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"2e7f43b1-0a1d-49ab-8451-71668e483f5a","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":94,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"8374c508-c698-4e73-b5a8-9731973b3c24","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":94,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"2dfb1c14-97c2-4ca6-8d27-40905ae0a3fb","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":94,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"d9fe7bda-046f-40b5-b7bd-13e3260998ab","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":94,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"36d0b85f-ed6a-4ec7-ba02-7d9e340f782c","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":94,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"a1b9643f-d28b-46ed-b6bf-61e74c4c1307","block_type":"box","text":"agencies;","page_number":94,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"a6f27d21-2805-4242-b098-d1ef2052460f","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":94,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"dcc4c7fe-ca70-49e9-bcff-41ef4026213c","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":94,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"bf67b14b-9fd9-4b84-9ea3-9089bb41980b","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":94,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"cea252a1-5676-4b75-b427-d78e0f249b6d","block_type":"box","text":"obligations and credit card receivables);","page_number":94,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"648e049e-816e-4506-9f2c-a94423576c46","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":94,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"4b5c44ff-ca18-40bb-8956-76484b73c2ba","block_type":"box","text":"authorities and related custodial receipts;","page_number":94,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"b5bb228a-57b8-4768-84c4-ada682baed75","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":94,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"90f8fe33-9029-463e-897e-8eb3cba1a1ab","block_type":"box","text":"agencies or authorities;","page_number":94,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"c8ccd265-a52c-4b1c-9990-b0ec78092ec7","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":94,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"3761d242-178f-415f-a483-37ac84a581f8","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":94,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"f59edb93-00dc-410c-8618-8a55737e8c77","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":94,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"f868d5c1-2b06-4f33-bc11-070c096a8676","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":94,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"885cd666-e805-4ff9-b1cc-5859b2960a85","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":94,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"bedf4aad-fdfc-43fa-877e-6a1eaf418616","block_type":"box","text":"States;","page_number":94,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"72a42e3d-defd-476b-bd00-dcd86663a274","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":94,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"737ce850-32bf-447d-93ae-2c7178091470","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":94,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"d36fe996-4dc3-48a7-911e-28bb3787a726","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":94,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"d7b0c294-ddd3-4dbc-8bda-3cf1524a1f60","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":94,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"dc5fd081-b4be-42d7-a647-ec977cd84999","block_type":"box","text":"II-50","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d90e22d2-24ef-48ad-adad-db92fd0736c9","block_type":"box","text":"NM1026U-6033389-94/246","page_number":94,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"bcb5bb8a-5acd-4e31-b31b-969727bbac20","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":95,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"33e32683-c21e-4dae-938d-5897f6a946e2","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":95,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"d9f5c011-f77a-45e5-857f-c22d998500e5","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":95,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"23bb902b-0fbb-43b9-ad3e-d6c59d862d1f","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":95,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"d52d74f4-2318-42fd-9512-90d0e125bd14","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":95,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"b742021c-a146-415f-8559-ab0cc9cf9da3","block_type":"box","text":"States.","page_number":95,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"ab6e3de0-237a-4011-904b-ad0f24ce5d37","block_type":"box","text":"Mortgage-Related Securities.","page_number":95,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"c4873bd0-8263-4c4e-ae28-ea623733e1c0","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":95,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"f1a22862-ada7-420c-b800-dac15837b1f9","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":95,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"c1a0a25c-d6f4-4fa8-9ba9-0128e6866c1c","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":95,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"3dc855b1-abf5-40f5-b427-b81cfc8784b3","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":95,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"0a469d60-eac9-420f-b83c-fc396d70e880","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":95,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"d53a0b33-ef91-4880-97e3-a7339232dd4c","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":95,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"036bc008-8387-46da-b34a-0c239e9a411c","block_type":"box","text":"maturity or specified call dates.","page_number":95,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"3616552e-fce9-4c1e-a40f-bf58381f86cb","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":95,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"386c2aaa-8dbc-43a2-b023-017ec5f1ba58","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":95,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"81133f1e-a0e8-4c09-ad12-afe38b42fdd2","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":95,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"890ef11f-8f12-4b30-9795-191ec05b7f78","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":95,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"72250541-3f7e-40ef-beb3-6f554f248a2f","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":95,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"b463a3e2-e5bf-4c41-b552-cee5f3182597","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":95,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"e96ab3b6-7b8a-45a7-9b4b-2f8c260a8a25","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":95,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"41ccdc58-bee6-4f62-a97b-12dcd65bb772","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":95,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"fa874fca-a17b-43e4-98b5-c73bff2f894f","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":95,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"6592ca50-6113-4e47-9273-2adc11b6fe34","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":95,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"f5265386-64b1-415d-a638-40dadf0cbd87","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":95,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"7e2477e0-7ac5-47ef-8873-a3ec4f326d67","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":95,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"cc1c2de1-a344-4cc9-80a0-cdd4f0fee0f9","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":95,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"4f64965f-a7ef-45c7-a5a2-c0504b01175f","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":95,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"044d6c13-5d93-4da3-826b-b7e3c2298373","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":95,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"e3e550bd-8cf2-4726-bd16-3d62b6a73256","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":95,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"d60347d7-8c96-4ae2-a66e-d4c22ccda424","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":95,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"7235e118-2546-48e5-ad6d-2fe086f91639","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":95,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"0762407e-5bd3-40bb-814b-37ea2942f5f7","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":95,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"89c105c6-f3f2-443b-a246-66e9cf8c7d76","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":95,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"f00dbd95-2887-4ee4-a4bf-865557fc8509","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":95,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"e7cff88a-0aa7-49af-883b-dfcdfe430908","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":95,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"a7d67775-9d39-4136-bbbd-b1ba0aa73483","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":95,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"5b9c07b2-b9b8-4a0a-990b-0b8459813cfe","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":95,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"f0a96e65-fbb2-47ba-8405-884d0dd02c7d","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":95,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"0a309df9-d581-453d-8149-66e888b65d83","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":95,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"e8460ac0-d1cc-4c42-8bda-20dd95dc6f84","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":95,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"ad47e180-b810-403a-92ba-f3a5b5d5bc0a","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":95,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"2eb5f1e2-7351-4663-a7c6-db19b24b4347","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":95,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"415fce76-ba6d-4d35-a5ad-9fb18ed57205","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":95,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"94aeed6c-233d-435f-8033-00b9b3595da6","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":95,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"8248a8ae-c51b-4576-842e-8fe8f68bc89b","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":95,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"21d36910-08a5-41d2-883d-af649fa9bbbf","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":95,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"8d216c19-b3dc-4904-8d49-dadf77538551","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":95,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"b1834ccd-1a57-49f9-aac0-dbf4e924fc48","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":95,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"34b482aa-2941-4515-82e4-eb1a7a4d3143","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":95,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"00c15911-ed21-4548-a5fa-d9dcb0379ccb","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":95,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"283b5ddb-8464-4dea-a45e-3fac68fd4af3","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":95,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"49fecd3a-880b-45e9-b9fb-02aa0460762d","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":95,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"aa6759ec-9ea8-4512-b289-99cab2ae3a20","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":95,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"ccb51151-4585-45ce-ba6b-396f057b6a78","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":95,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"6004fb8c-4dc9-43c3-a696-03bb7cb3015c","block_type":"box","text":"II-51","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b01bdea-9998-4813-9715-01da16aacd0c","block_type":"box","text":"NM1026U-6033389-95/246","page_number":95,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"62ff7337-77f8-4f97-9c7e-08380fab347d","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":96,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"523fe71a-42d2-4152-86ac-f462260e6208","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":96,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"4f136c4e-3ee3-4dff-9206-51a107a5b8bd","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":96,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"919feee9-2092-475a-9bf4-08d497b1fecd","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":96,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"0cd73648-caae-4fb0-9b49-f81315189c32","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":96,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"696d4ece-4fee-40a1-8726-7f19e7f10006","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":96,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"b70951bd-509a-456c-9767-01ab4ee8abc0","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":96,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"f1855b5f-44b4-4ae4-8572-94de17ef6015","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":96,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"406faf65-0ac0-4182-9394-406e87bb10cb","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":96,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"899df371-d154-427e-9b26-23076b7697f0","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":96,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"51ba6198-7377-4e7c-ac02-0029ed70cda3","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":96,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"290ce9b2-4ae4-451a-a6c9-8f59f7b20b00","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":96,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"004b6c66-b39a-4845-a299-b57f62da41af","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":96,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"50113c54-2c0c-4c7d-9974-b474949e4a98","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":96,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"4c1b4318-bb05-4c3b-8db5-884826d0417d","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":96,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"08278f8c-9328-429f-9322-5cfb4b3c90b8","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":96,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"a37d9e9d-bf5e-4d9a-9b31-6fc1b7ab4b86","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":96,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"f4407d82-3593-4d83-abe9-d74165f9cc3b","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":96,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"68f9909a-4623-40b8-a16a-d744002ad69f","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":96,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"fa0dc052-a347-4163-a1e4-baaf2424f5e3","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":96,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"a664277e-3671-42dc-a7c0-3b001b265f35","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":96,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"062fdc99-410c-4e5c-b32c-a27d4f13b2ca","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":96,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"e504c0af-60d0-4f61-91f6-10985a204c1b","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":96,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"918c6baf-caa8-41af-baf1-2812a596c4ed","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":96,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"23f6127e-ffc5-4247-a1fd-cf56d0426270","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":96,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"9fce124a-74c6-4596-b9b0-1d12ae612034","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":96,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"d4966c7e-160d-4db8-9bb9-6e678cb454b7","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":96,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"ffd6d51e-67ba-4473-9884-bd036c601c91","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":96,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"67ce7ced-405f-424a-bff0-977eeb96a4e1","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":96,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"9cf54bd6-6f1a-4127-9d88-8150e510f015","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":96,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"797a9be2-a0da-437d-bbd3-391b2a2a8a41","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":96,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"b1dc5dd1-20f8-4370-a995-397110cc3415","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":96,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"5ddedef4-0a29-4960-ab21-91b0cd723a1c","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":96,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"4db99709-faf2-4845-8506-f914fce083ec","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":96,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"2bed7a1f-791d-452c-b6f0-eb810c59aab6","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":96,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"f6f3df95-fed2-4da6-ad83-ce039ac9f98a","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":96,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"603e0ec7-6c56-45b8-9d9a-a920868b42be","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":96,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"488ae1ec-a812-4f0c-9709-23752b9b4db7","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":96,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"8b76487f-b636-41f6-836b-596f2778cc9e","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":96,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"27a59429-7eb7-45e1-873e-1b7807c9c2a4","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":96,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"363d8cb6-2160-45d3-9756-90432e8eeeab","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":96,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"cce50486-6ad8-4356-b8c3-9ec06335ddfb","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":96,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"c8bd1432-7f9f-4a5b-b5bf-577bc650c60d","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":96,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"f7b3adce-acbd-49f1-ab4a-c6bb853cb029","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":96,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"55269713-63ea-46b3-aea2-693c64775e95","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":96,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"601eab82-d19e-4f35-b931-bfa93b7c5887","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":96,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"c4a313f5-16ec-4a22-9066-cfe47fbc58ba","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":96,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"53425c49-53ab-4a2f-943d-6f0a73f5bec1","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":96,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"f42fa7a4-bc37-4b3d-8fcf-4185dd51c806","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":96,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"da4f473a-5ed5-4d36-a11f-f09a32a1fd4a","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":96,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"b306f9d9-9be3-4778-90cd-1a1eabe6a60a","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":96,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"723d7a6c-2541-423a-ac6b-f81b1b52bcd9","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":96,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"2b073874-b292-43e4-8af6-c8de14976016","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":96,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"522aecf5-6444-4c99-8031-cac2c7c8ee9c","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":96,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"842e49d9-e659-4901-a059-caa377b41cb4","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":96,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"a2ade556-a11f-4400-be2d-a042c145ad14","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":96,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"3af8b0da-d15e-4608-bb1b-59ace6f005b8","block_type":"box","text":"II-52","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1d7eb37-e151-4694-b3fe-1640ab6e180f","block_type":"box","text":"NM1026U-6033389-96/246","page_number":96,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"ea2dab7b-a840-4c93-853d-8f2a54be4e69","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":97,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"2a3c8f92-af88-4908-b37d-4f2455512e1a","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":97,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"ed7ef311-5c39-45ad-8b01-11dc7e2d6e0d","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":97,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"f41bd43b-4181-484a-a328-c02ae9f02567","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":97,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"a4c6f51b-5adf-4401-aaef-e6cb3dba4ae0","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":97,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"75b4b94d-6209-48c4-b957-bc9ad54cda1e","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":97,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"487c8f8f-532c-4fcf-9c8e-76dfc70bad24","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":97,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"86a44868-58c5-47bc-85d7-9dc6ed04b4b9","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":97,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"a4bdb34a-f18b-4024-8dc3-d11102c7692b","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":97,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"58f330a6-2ac3-497e-8927-2c9f102cc25c","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":97,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"aeb80a7a-06c7-4535-83da-22f8a6157fa7","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":97,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"34636372-95b4-4d16-a31a-39958b65e195","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":97,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"a124478e-66f6-41fe-b869-0ad810ed8285","block_type":"box","text":"of principal because of the sequential payments.","page_number":97,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"6acf2a1e-d320-4118-a6ce-9e24c3cbe63a","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":97,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"a58b8edf-06f5-463d-8e9f-142906f6a617","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":97,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"46f9fb7d-f599-4cd6-a059-c8ac0b15c91e","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":97,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"6b0a2e37-692c-4c43-8c2d-749e6aa19d5e","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":97,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"8ae76c50-bd84-44a4-8ed2-39229cf23017","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":97,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"95aee83d-79d5-4b44-9aee-c031e8366f4f","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":97,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"4d39fcb3-b09b-40e7-9530-5457b10567f6","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":97,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"4fdfb60b-b4ae-4b16-bffe-d27c9b4ca425","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":97,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"a9031905-119f-4cf7-9663-38a3f8988caa","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":97,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"927aa0a5-b28f-4434-a463-e6406811849d","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":97,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"524b544b-dd57-4021-bce8-5afb2f6bf626","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":97,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"61004008-dabe-4132-90ec-90356af4be75","block_type":"box","text":"securities of any single such entity.","page_number":97,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"8546e024-ac17-4fd6-bf08-4034f41e4617","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":97,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"9f7e4629-97d5-4d47-9569-758515e0bf3a","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":97,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"44538a85-164e-40a8-b3f0-9c28df35b18a","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":97,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"6b532962-6086-42b3-94aa-c768142220b6","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":97,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"27b8cc04-ccb7-463e-a8c3-06d3fe6fe68a","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":97,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"f82d6098-317f-4604-b432-2526f1717938","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":97,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"99db5132-b24e-4230-a49d-3bfb0714501b","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":97,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"16df7a07-4cd3-4479-84c1-aacee575049c","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":97,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"7cace3b6-1ae3-406b-bb44-32f691d50b93","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":97,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"6c0fb264-919e-4d30-bf79-25392f04baad","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":97,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"c792e5d5-8cf2-439e-be22-0a10fab2f7c7","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":97,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"fdc7afe1-70df-4c51-8d82-f0937bbeda4f","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":97,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"57e951c3-02fa-4660-a290-22a180dfe53b","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":97,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"46b2b14c-b19d-4018-9a3f-2e65b52b686f","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":97,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"10bb4bb1-ffb1-41f6-9a85-2f023269ea5c","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":97,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"305a39a7-09f4-4b1d-9c7f-6575772c7bef","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":97,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"e6a46da6-f1e0-45af-8e2d-19e16bf138d6","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":97,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"3668af9a-94b6-40ba-96a7-e83db736e419","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":97,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"ecc0bbcb-cab2-4bf5-9fe4-0524c174d6cc","block_type":"box","text":"classes.","page_number":97,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"710e1754-e373-4d08-8004-3a20caf1d902","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":97,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"3b204256-9b11-4a98-8493-477ccd8a4ca4","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":97,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"32b18f53-1408-4a70-88e4-690368b4fe33","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":97,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"cfcb2e84-9617-4f06-bae2-3c48c99fbcd7","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":97,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"50ec48d5-32a5-4b9b-9fe1-ea2ed05950fc","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":97,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"c793e294-a69b-4098-9018-7297e9e89bc4","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":97,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"197471d5-4cb2-433f-846d-70e06100abcc","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":97,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"a368418a-5e9f-43d5-8c61-b828d6af7a33","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":97,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"1abf8cda-6ec2-4324-b07d-9ba186199ee0","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":97,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"b804a743-7e66-4df4-98d0-e49ae339ef1e","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":97,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"2280e725-6fc8-48f4-8279-2f3c325fd9d2","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":97,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"a5ecfa25-8051-4f6f-9a99-62a5998a0b91","block_type":"box","text":"to a designated benchmark index.","page_number":97,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"e329337d-2e7d-412a-920c-0aaeb27e901e","block_type":"box","text":"II-53","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d0b065bf-6f61-43fc-ae00-a9b26d00b0a9","block_type":"box","text":"NM1026U-6033389-97/246","page_number":97,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"13c227aa-8dd5-4e60-96ac-00e062a286f7","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":98,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"205cf708-f74a-4f42-a606-15a0cea5647e","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":98,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"4231701b-cdcf-4aba-8365-fb15ee1cbc70","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":98,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"b13c8c76-f8e2-4545-90dc-e6ffa6ba642f","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":98,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"7bde2955-1c47-4f11-9d53-55cc6a236806","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":98,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"1d7774ba-8a5a-4bc0-930b-f1ed0f0b2e61","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":98,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"c6f2127a-0b30-4e53-bd9a-6b5118822eac","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":98,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"a7df8b01-b38b-45f2-9eaf-0d3c25febbea","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":98,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"af053c10-380d-4871-8294-aec4e6159ede","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":98,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"76771578-c4c0-440c-8f9d-dc827ed7460b","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":98,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"bdf115f5-a4f6-4560-a8f6-b3533e7a26d5","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":98,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"4e86ade2-4fef-4955-a227-4986b15dfd3c","block_type":"box","text":"CMO Residuals.","page_number":98,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"22fcb638-467e-49a4-96cc-7320dbd6ea70","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":98,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"b5c5dbe1-3d8f-4257-b908-489aa937cff9","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":98,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"40e44692-5f27-4d94-ba93-63e46d06c65b","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":98,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"d9b58cdc-98f5-4b88-b8d7-fb61a7acfafa","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":98,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"6dc612f1-b98a-4a45-a432-95ecfb251ea5","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":98,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"f89986e6-1a98-46dd-9fe7-f0a032133635","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":98,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"47e8eedf-8463-43ad-bf92-d7a7a1b561e3","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":98,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"d293ea6c-37bb-49dd-a9cf-cf167922cbdf","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":98,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"b40de0ad-cf8a-408d-a4e5-8c0f3aac41af","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":98,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"d318ee36-8fd4-4721-bb6a-bc373b9181f5","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":98,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"ad656986-e226-49e9-bbfe-90c2b5de248f","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":98,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"9da07130-74a9-4b0a-b1c1-70316f9e35be","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":98,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"e1ebea6d-6fa2-42e6-9905-23d32eb9635e","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":98,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"1f932783-283a-479c-96b1-aeb36b60ab4c","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":98,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"61caa820-4905-43b2-80c1-57b01218682f","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":98,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"544eb379-29be-46ab-a26d-2cc253b57dc3","block_type":"box","text":"a CMO residual.","page_number":98,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"7431244c-b43d-487e-9a53-2346e0e9dd91","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":98,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"ae68ec21-44c4-450b-9e89-3538c2281db5","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":98,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"91834efd-0d24-4fa4-a5ad-f658cc2dfbc8","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":98,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"a3073c4e-6fc2-4f8e-86af-e44a0f0c9491","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":98,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"d7bb8cc5-e1fc-458c-bfb4-5bfaa800a108","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":98,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"60f8d111-0df1-425f-bc29-a57e7ede655b","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":98,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"88220f5c-72c0-4780-9824-f7f2a610ebd5","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":98,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"0180c296-9931-4f2d-9758-bde9662be25c","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":98,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"e071dcad-6720-49a7-8383-fb7bdfed9626","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":98,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"da2cec1f-b3b1-4918-89ea-c667596c7cb2","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":98,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"ce0af987-a79f-4d4a-87dc-50593dd700d2","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":98,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"10ba5454-b71d-452e-9148-427b22db92b3","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":98,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"3c3bbf46-f1ed-4412-89b8-eb41b7b8f242","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":98,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"0bcc97dd-f405-4cca-9d8d-d4fb88ab1b9a","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":98,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"f17b9c49-ca3f-44db-9992-5bedd8fa37be","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":98,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"00173290-223a-474b-a328-40ee3a50b49f","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":98,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"62f1b2d8-963b-43eb-8094-a2aa83d25022","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":98,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"af6675ea-c4ad-45ee-8aca-3caed11c142c","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":98,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"3d7dedb2-ce37-4164-bdaa-387208b603b7","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":98,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"73efed4d-7955-40f5-a558-862717148293","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":98,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"6696f3cf-ca8a-4fd7-a16e-183d7005fe85","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":98,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"420e6010-d4f0-45f7-82a1-f30653453beb","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":98,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"5cffc7a1-4840-4530-b136-307961807ada","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":98,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"b00b6c12-a68b-4436-aa3e-992cf179c45c","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":98,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"2320ac5e-8162-40cf-b9c7-780bfc8eae68","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":98,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"1c68f46e-b850-406b-a2b6-d06ea3bff2c6","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":98,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"4003afd6-7b43-45df-b301-b3c030db944d","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":98,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"1353dd00-c6cd-4d65-9c44-0d245b6d5d44","block_type":"box","text":"Tiered Index Bonds.","page_number":98,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"90394037-6967-4b7b-8d9d-0007c6f3eb07","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":98,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"4ff8dad7-ac0d-49bd-8eaa-ef94a1979060","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":98,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"220e5727-7514-4f0c-8ca5-f0540f9c914e","block_type":"box","text":"II-54","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5be4ee8d-3774-4a0c-8b39-be0d754ba051","block_type":"box","text":"NM1026U-6033389-98/246","page_number":98,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"34139848-7b5d-454d-96ec-19bf6f9fac41","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":99,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"452fa91c-b0ba-41b7-bfcb-add54735ccbf","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":99,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"27c07391-fe9e-409d-8252-8b51335bc466","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":99,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"b893148c-1ca8-4ac7-b39f-08178a6e90bd","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":99,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"a2c699fb-f717-4e9f-8c6e-451da6c4e37d","block_type":"box","text":"that of a fixed-rate bond.","page_number":99,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"34fe8ae8-c45f-401a-b288-014624daa956","block_type":"box","text":"TBA Commitments.","page_number":99,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"a5436cea-57c6-47fd-8ce2-a442331ab579","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":99,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"77a5b69a-4d8f-47e1-8620-c18cf6e123fd","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":99,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"b926ecda-2ee1-4af2-ae76-b84cac8be07a","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":99,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"559b706f-ca53-4ce7-a163-a70915d5df28","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":99,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"295c7068-a476-4ef8-b128-c40467a4729c","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":99,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"ebc15b4b-2810-4372-b319-ebe12ab6d646","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":99,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"30b1589d-1b51-4650-8f49-982e30ad9ec7","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":99,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"8652ce25-145a-40a2-bcfc-ca292b837086","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":99,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"a7d3f9f5-1468-402f-8754-2e173fcc1bdb","block_type":"box","text":"below.","page_number":99,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"42007656-8a9c-4d2e-8ea7-a995053b04d5","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":99,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"3ade698b-65f3-48fd-a80c-e70d0b0179ed","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":99,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"685fd9ec-f34f-455c-a65c-8f8b292c3abf","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":99,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"daa8b897-1e88-4ce1-a9df-974803f66d42","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":99,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"db0ccb2f-eb99-4079-bde7-df753d3fdef2","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":99,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"49e3d9a0-e097-4a08-9876-4538a9f61eb7","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":99,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"767ba9f4-85f5-415a-a7e6-cb4a4c9cac0b","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":99,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"c5b5b976-31d9-4b3e-a533-023bd831d4a3","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":99,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"399cef0d-7d32-4d0e-8f5b-af52acab0d43","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":99,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"868eb4c8-ec1c-486f-8855-79360a5f5752","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":99,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"e5f684d6-796d-4c13-867f-0195c78a7532","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":99,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"b8cd3bf0-6fb9-4ecf-a58a-80942d467b58","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":99,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"a1a64fe7-0046-46d7-8b72-4b5351f300da","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":99,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"0db5bffe-1f16-45ca-90e3-78bf98154a20","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":99,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"0477268c-8759-4baf-89af-cc4bdaf8a54c","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":99,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"fa102b5f-fe22-4dcd-8916-f65f2e99e513","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":99,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"1fd2457f-db25-4cd1-ad2f-6f1853298e74","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":99,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"816c1744-c2f8-4d5e-960c-618269daed7a","block_type":"box","text":"securities in the forward transaction.","page_number":99,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"c637a1df-dc01-420b-aa41-af16406b387c","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":99,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"25077942-4063-4104-91b1-d1726b04e1d6","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":99,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"330aae0c-1213-45ef-b8b5-7eed3130889b","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":99,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"9ceab82c-dc80-4715-9c8b-9bc409cc4028","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":99,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"aeee8e9e-356f-4efd-a5c9-6d153a02d879","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":99,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"cda35245-c445-43df-9efd-9fcc2a1dc5a6","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":99,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"4dc0dda6-1738-4ccc-b7b3-52377d5a76eb","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":99,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"79b4fa96-e209-4804-960e-1c07b6cb1806","block_type":"box","text":"securities (","page_number":99,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"86818bc0-d906-4724-b6f9-2b452c7a8216","block_type":"box","text":"e.g.","page_number":99,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"db654625-d1cc-47fe-8d76-81acfc121752","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":99,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"df2c1f63-d0bc-41f0-8be5-d462d17f016c","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":99,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"a4aade39-1896-4b3d-b642-86881079960f","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":99,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"82aee5d2-218b-4897-bad7-0d0bae28eb80","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":99,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"89ec6fda-287e-4c4f-9312-e7935bb00b48","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":99,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"047492ae-7c51-4900-b1bb-f3425fc7b73d","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":99,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"01c2f040-1d4c-42bf-a4b1-b1ceb57c13f7","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":99,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"b5901d91-1663-4d99-9fb8-8e6b25631e3c","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":99,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"9eff6dd7-2d65-420d-ba74-33d3f7f7d139","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":99,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"d65b5eae-02bd-46b7-86fc-e213c0fa0f47","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":99,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"f0e228fe-32d5-4dd7-a8a1-8aa217489e69","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":99,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"58e414e8-f113-422f-9f62-a958bf51d0e4","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":99,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"e73701a0-963e-45db-af56-019dc3d27046","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":99,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"2bd2ca6b-01e8-4d54-aa8b-e8ec8c554bc7","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":99,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"d1164086-9336-49c7-bfd8-2a8c219fc81b","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":99,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"2473f2fc-978c-4686-b738-da47e3c5362c","block_type":"box","text":"Municipal Investments.","page_number":99,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"79ac37f3-a315-4d64-99b5-bae3021d0421","block_type":"box","text":"II-55","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"80775062-2c0c-4bae-afb0-028cc423ad27","block_type":"box","text":"NM1026U-6033389-99/246","page_number":99,"box":{"x":764,"y":970,"width":147,"height":7}},{"id":"ee0df3b3-3dde-41e1-8c83-b90c5ac44abb","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":100,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"00c081d0-1718-4ce7-8e0d-6e3e26766197","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":100,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"dab65f3b-b073-48bb-824f-1573554ca694","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":100,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"2d6ab81a-9cfd-41a7-91fb-5ceda2d5389f","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":100,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"c1f86d3c-405b-4af8-8fa9-cad47cf4ce05","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":100,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"74961fbf-5566-415a-978f-ca7e9c1f030b","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":100,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"98bfd86c-864d-4dc2-8b42-52bf4627c0f3","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":100,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"88be80dc-22d7-4b54-afae-eedccf929abf","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":100,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"e11e53c4-137c-42ee-b1f3-b81e918cfe96","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":100,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"98ac1242-c1d3-40d3-8463-2087c0e3f81c","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":100,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"a1c6b8b5-2c1e-4ffd-bb8f-7c2e71058005","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":100,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"a111c093-78ca-4667-93c3-e46805786445","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":100,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"158f463a-6846-4e96-9b43-cb1cdd86738b","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":100,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"f0323b13-dfd9-4fed-9859-2af4b67633c9","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":100,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"0721fae0-97ef-46b6-841d-0fd83c321886","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":100,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"1da5c6a0-36ea-40e9-8c76-dcf8617d84ba","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":100,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"3c222f9c-7a77-4453-8414-708a523a57b1","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":100,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"ebc3abf1-c247-499c-9495-a67b10296c0e","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":100,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"6770286e-b13f-4177-9bf8-e04d1239714a","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":100,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"1b3a88e0-24ce-420b-aba8-799c91795f24","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":100,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"0455dcc7-be06-4255-945e-72e7a753f60f","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":100,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"db343fd5-bada-42c1-a95d-9eb2e9b91c56","block_type":"box","text":"The risks and special considerations","page_number":100,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"7074e936-5f9e-4437-9cf4-3bacd9488882","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":100,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"be29bef1-89de-474b-a6fe-f1525be1a7ba","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":100,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"81538f0e-1d33-442c-8701-0935d434f0d9","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":100,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"6fcafb23-d519-426c-b7c8-41d82a452d8a","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":100,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"b89dd7c1-8cfa-4f2a-8468-c11d3ae43129","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":100,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"c0eb3c57-30c7-4c49-aef2-fd036018b355","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":100,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"24bf0c32-c73f-42bd-9cef-f35969fe323c","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":100,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"9a500e71-99a6-4de8-bb97-daf9f105c07b","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":100,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"23c92a15-0144-4429-8bfc-ea43b268a484","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":100,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"4e13dddd-b1d4-4f3b-b0e9-d5afda4c3b2e","block_type":"box","text":"II-56","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"df40892e-04df-4f07-9a31-4be1e6c23b1b","block_type":"box","text":"NM1026U-6033389-100/246","page_number":100,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"cbf708bf-6d7e-431b-9372-b17251e98150","block_type":"box","text":"Description of Municipal Bonds.","page_number":101,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"499c4e0a-afe7-4ecc-8abf-63267c9de2cd","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":101,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"8da7b8ea-4bc0-4b1b-a3a1-30e6d63a81fc","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":101,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"77636808-608b-4694-8422-75e551233178","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":101,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"7bcc6202-9897-43c3-ad13-a0c7ef601a03","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":101,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"dc3cfce1-ff70-4e28-a296-2ce8f0968988","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":101,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"c6ecf4df-0ba7-4b15-9809-5a96cd44b024","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":101,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"9a4f0b2d-3666-4507-9762-0ade9f4bb9b4","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":101,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"6daa293f-508e-4d84-9aab-8d7c65038787","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":101,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"3695d186-f5f2-4996-9f37-9f685ad7cf43","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":101,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"9573b157-6a2f-46d6-af92-12a0d2a3580d","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":101,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"09565e8b-987d-45d1-a75a-e4c50568da77","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":101,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"8d8510c8-f57b-4e6c-a9e0-47a255a0fe47","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":101,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"d44145df-ebf4-4eb9-a7a3-7d77fc445886","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":101,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"dd792311-a683-4e06-83e1-61aae3d50a82","block_type":"box","text":"General Obligation Bonds.","page_number":101,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"352dfadb-7c9c-45c9-aa28-15fc1a30916d","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":101,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"848a791f-0ec3-4627-82a4-1e1afc15c58d","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":101,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"8eaaa7e5-bb7e-4094-abee-0fb5d4f18add","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":101,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"7f418fc8-3d10-4d76-8607-482729c15181","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":101,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"b3cf4e41-cc85-4d60-a54e-992e3557698e","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":101,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"2b99b072-ee6f-4741-910a-2de7d67ee2be","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":101,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"1aa3f5d5-910d-4154-94e5-a1ef92004300","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":101,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"f58e596b-dc0e-468e-b212-415af740a65e","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":101,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"ed8b9e35-e4a8-4fa9-91f0-f6ec5c7ba4bf","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":101,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"c98bf1e1-5b79-409d-8a95-36a4e7d7ca76","block_type":"box","text":"Revenue Bonds.","page_number":101,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"cf7044d6-ef02-4ed1-be51-f4c27e715831","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":101,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"0be64815-1458-4bcc-bd4c-7c9083d429e0","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":101,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"a6e0f742-755f-40c2-adf9-537aaad7931b","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":101,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"fe87fe8e-c3a6-4ed1-975e-bbcd18d18d49","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":101,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"340122a4-a045-4a53-beee-774417d5c2db","block_type":"box","text":"viability of such facility or such revenue source.","page_number":101,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"178283d0-ac0d-4126-a64f-5747d8b7dc5a","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":101,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"f2c67485-adbb-41ed-aa48-5dfdba7d5919","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":101,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"710c4fe9-c980-4989-aafb-c987504e533b","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":101,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"8b541d3f-f8e0-46c7-98ab-c62581f3b7da","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":101,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"68e2823d-191a-4feb-85c1-822db75ee61e","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":101,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"6fcbb565-c17a-46bc-ac71-6c87bf764db0","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":101,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"ae447efb-21c0-4b8e-8f0c-ac0a3bb3a94d","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":101,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"edc97bee-1b66-413d-8dcf-d68f74e8aa5e","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":101,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"1acb01b6-bc62-4c6d-b32c-e284b7186cd3","block_type":"box","text":"PABs.","page_number":101,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"f7d70b50-fa30-4cd0-9e02-ef1a1d6f7a8a","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":101,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"0fd74d02-3d1e-429a-8bc9-d06f0dc1a4b1","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":101,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"17a5ddaa-9a91-4d11-a5a7-8a2f79fd159c","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":101,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"a7378fc2-6e24-478b-9c3e-e2ef92f9d991","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":101,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"deea0e82-d9b3-4f68-ad15-b8ceb5d224b8","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":101,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"66abd495-78a6-4f0b-a6bf-4acb2a5f2c2d","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":101,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"056549e5-ec29-492e-862b-2ac2f0c58142","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":101,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"ca3de18b-3963-41b2-ae88-45ccaa1f2207","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":101,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"cdd9db0e-d416-4bcc-b9fd-a59a7b69e167","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":101,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"04b09ba1-7e51-4cc4-9277-627ec7169791","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":101,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"18394b4d-ce83-46e1-97e2-f8300ed706f5","block_type":"box","text":"the par ticular facility being financed.","page_number":101,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"f9befdc4-30c6-424e-b64e-9c3ccce3eca2","block_type":"box","text":"Moral Obligation Bonds.","page_number":101,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"79365889-2275-45c2-8fb1-c27dd84879c9","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":101,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"05f8ffa2-69f5-437d-a092-c67c44cb756d","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":101,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"8133e208-c5f3-4168-ad2b-f3cfeca1948b","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":101,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"10c8e03b-2f09-4530-b9e8-e34056c6d4a3","block_type":"box","text":"that issued the bonds.","page_number":101,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"640dc663-8385-4ca0-89b3-9c404dedae21","block_type":"box","text":"Municipal Notes.","page_number":101,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"eaf1bfcc-66a5-406e-b902-b8a510e4296a","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":101,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"79bf8993-bf1d-4072-856c-354aa732ef7f","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":101,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"47a2e576-b460-41c1-9d5d-ff8f862cbfc7","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":101,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"ce5ab4c1-bcb6-4a9c-895c-1a3dc511bd33","block_type":"box","text":"II-57","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b213559a-a5ca-4ada-adc5-22ca69d505da","block_type":"box","text":"NM1026U-6033389-101/246","page_number":101,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"62a62867-6f62-4417-b43d-cb5f956321fb","block_type":"box","text":"Municipal Commercial Paper.","page_number":102,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"eec4f56b-e315-41fc-8209-631c2f49369b","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":102,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"126db70d-758e-40f4-b199-2c97fa941814","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":102,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"cd88941e-03aa-40b2-b89c-e319858d123b","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":102,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"4fccf699-f273-4080-8f4c-5a3cf6447b73","block_type":"box","text":"Municipal Lease Obligations.","page_number":102,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"a3890c4d-c720-4082-b276-9215671074a4","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":102,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"a1bedc68-4940-4a00-acd1-abb48db7512d","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":102,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"986e0d1e-d79c-42a8-b402-92aebf6abebc","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":102,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"9c240256-dc69-445a-a94a-557a9afcdff1","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":102,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"5e07b96d-bd78-421d-b3dc-81da448df9ae","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":102,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"fe32426c-571e-4b45-894e-246ccee0a981","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":102,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"ad7f7827-f58c-449b-8455-0b8d50df88b8","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":102,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"cd2bc88b-7ee6-4698-80cb-eff0585cece7","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":102,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"e7c228c9-6c43-4a96-bec0-4c8cfef150cb","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":102,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"317a0eae-cc21-4f38-91eb-e27962e29d2d","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":102,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"d55ae305-4c45-44cc-8fdc-4c6eafcfa78b","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":102,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"389b29a1-9901-4020-88a7-69b611a4ff28","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":102,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"65c1f966-e57b-48fe-b90d-0cc4315dd5d0","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":102,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"4f932cdf-fdfe-4e6e-819a-4885dc9d6bc0","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":102,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"23913258-c837-433d-b3b6-2e8a6e0c87a0","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":102,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"7680d862-6676-4637-9b53-5a28381d48dc","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":102,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"db8c2160-a3c6-4afb-9db7-258efbbcbbcf","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":102,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"caa3d161-3414-47fe-9290-a58d1af9135e","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":102,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"c095e68b-3a76-4a6c-99d4-d2aac9041cec","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":102,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"696b9fac-0191-404b-9866-7dcf3bdc22c0","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":102,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"84390650-a542-44b3-a9c3-33608e33ee1d","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":102,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"f2eef19e-2f0a-435a-87f3-33bb5408cef4","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":102,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"b28500c5-76e6-41c0-8301-67ea56791835","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":102,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"d92aa412-2217-42f4-b1ce-3f5c02459cf7","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":102,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"00163328-337c-4c3e-a418-e2c13fcfc2d6","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":102,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"55b2ae2e-b81b-4b7c-b396-420cc6f2165c","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":102,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"413a58b3-93cc-4eec-868e-f94dde9a44d0","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":102,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"163f2b72-8ddf-4355-a5ec-865fce205941","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":102,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"a75d5297-b816-464b-87b1-e6d2bdc649b8","block_type":"box","text":"Tender Option Bonds.","page_number":102,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"8ab9cb82-5c6d-43fe-b765-98e808da9792","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":102,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"0f08091b-d5e3-4f21-bb21-957141f567b8","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":102,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"0c137fdf-29a8-4cf3-bec0-f9c23ef1e26d","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":102,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"690c13d8-f1d5-4e00-8480-090121b5f1af","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":102,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"5371ef97-f7f5-4fea-8ffa-dd055d69faaa","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":102,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"749a344d-25df-4dc1-828c-df521b6fc896","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":102,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"81c44399-25f8-44c5-b0c2-db6b68d59eca","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":102,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"f5044cd9-46bf-4ab7-a524-dafe0dc9fa87","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":102,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"10d1f926-bc19-4217-991b-9c4da4ce101e","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":102,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"06ea6626-9607-42dc-bf37-10ff248119e5","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":102,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"8822afcf-3997-43e0-b5d5-0bec32ea2cdc","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":102,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"132d6025-7030-4ba7-8991-fd8fe6a5abd4","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":102,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"fccfc124-7cbc-436c-9ce8-1ea1d0944ca9","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":102,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"d93f2c1e-47e0-4506-ab9f-d282904fa5a0","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":102,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"e11adc17-dd8d-493a-93fb-37c2a0b70a9c","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":102,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"e73c3b20-77ea-4fbc-abfc-7f79e1c46558","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":102,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"981ab865-156e-44a5-a9c4-d926409f96bd","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":102,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"5c86c758-ede1-4727-aae0-2b67eee120b0","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":102,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"c1a4a697-b9df-40c6-9e87-0cde04ab6ab4","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":102,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"10740f27-c612-4299-88a6-6122002fca57","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":102,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"c6a8ba6a-3495-4350-ab7c-939956988339","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":102,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"1b446322-eeab-41dc-b363-af9d33d558b5","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":102,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"07523afd-8cc7-4e4a-a33b-98b191e915b5","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":102,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"2cfa054a-6363-4a23-aca0-fcc6f3b9de33","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":102,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"01642138-ed06-467b-b22d-c555a23da04b","block_type":"box","text":"II-58","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b2e4ff94-8dda-44ea-b644-0e6bf6a0f340","block_type":"box","text":"NM1026U-6033389-102/246","page_number":102,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"1c0440ab-4ec1-4cce-a611-059ab520ec02","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":103,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"c9d1f5b0-159d-472b-987e-205c32b110bb","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":103,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"a42c821f-eefb-4690-b8d3-6373e1205459","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":103,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"2d820f4b-b83a-47fb-85d2-c127a05af2b5","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":103,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"d544a623-ca21-43a4-9ed0-ba9e2fe33526","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":103,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"e313e28b-b58f-4205-9137-766988a68495","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":103,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"00938e49-5547-48f7-9e9a-b847454733d4","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":103,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"fdc4142e-30b0-458b-ba27-0ebffcaa10ea","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":103,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"b078b223-4afe-4c0f-91b2-ee00d8f7a9bd","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":103,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"262e0877-5f7a-4442-81a3-b20117f34d6c","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":103,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"28faa9dc-f252-4b8b-ae4b-9fe80cebc743","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":103,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"37da027f-f6d9-405a-92a8-825e197cae27","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":103,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"5592fe05-e7a1-44e7-bf06-3c2acf4bb8ab","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":103,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"51747ac1-bfb6-49b6-8386-1d34ed8a6078","block_type":"box","text":"issues.","page_number":103,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"d8687f17-cb25-43b0-87bc-afbaf46c7f7a","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":103,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"ff5741a1-ea18-4e18-9b36-950b70c80858","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":103,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"40acf769-3dd0-4e16-aef8-60bf06bb2d97","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":103,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"5dc2c877-0762-4f7a-aeef-ce931e39fe3c","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":103,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"5079ed7b-e175-449a-9be0-7e96f90702e0","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":103,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"7045ebaf-35e2-41ce-ace4-72f033c6bbcd","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":103,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"02794767-71a2-4c44-9550-f265b6134dd9","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":103,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"f46e8933-4db6-4274-858e-201fc3c2703f","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":103,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"a8ac7f88-664b-4442-b34b-151f4c961cc6","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":103,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"f15be6a0-56cb-49c3-ae1b-6de12977ef63","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":103,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"398c4c76-931d-473f-82e5-5b3b5f00b003","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":103,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"3734cda6-1156-4671-bb33-4bdb53db66c9","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":103,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"0476ea89-2e23-46d8-b1da-95ec3f844f45","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":103,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"97f265f2-bec7-4def-93a1-40fa7f479c8b","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":103,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"e7acc66a-376f-411a-9a54-a003099aa4ab","block_type":"box","text":"i.e.","page_number":103,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"b20548d0-4b23-4457-92d5-e86db9bcee6c","block_type":"box","text":", the Fund). In contrast, in the","page_number":103,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"75979c09-0eaa-4b21-8012-6640a11da1e2","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":103,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"bae41026-7aa2-4762-8c07-f060247a83db","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":103,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"5f7b0f7a-9ff2-413e-a15b-8daf239a8946","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":103,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"388befd5-b8f7-460d-8660-1e7005cedd44","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":103,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"06f44f5f-ea7e-44b7-8c24-e6fc6ad4f5cd","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":103,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"cf6d4f02-e179-4449-8299-d6dfd5678ee0","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":103,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"4bbcb3e9-795b-44fa-9574-9871cd3c5ab4","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":103,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"40e99af0-73a3-4893-820c-b58beaf5cc28","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":103,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"09723c7e-7c99-451b-9a14-bfe24665d525","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":103,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"c3139297-8f44-4326-8328-4d509f31141c","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":103,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"30852647-9316-485a-a2b6-922e8aa4c8d9","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":103,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"427738c7-b5a7-4a48-a3a7-801e2dd570dc","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":103,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"03f7a1ae-0e0b-416d-bb92-46dccb40c96b","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":103,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"da1eb1a0-6be3-4314-bd8d-bfe870678ae1","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":103,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"7174edd0-5f4c-43eb-b7b1-8c4700adcbc6","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":103,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"e15891b2-c738-4d14-b87c-18c4b7971192","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":103,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"667e6c35-1c09-45f9-8b88-eb2806236066","block_type":"box","text":"Trust.","page_number":103,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"ccd8bb5c-4ee5-4651-b33c-1ada5693d7b1","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":103,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"c3aa16bb-acf9-44a4-a421-2b3d84b12e4c","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":103,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"4802b5ab-2fa2-4ee1-844a-77a2a3dff026","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":103,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"514d2603-6c76-4bdd-8a0b-5c17c28e1914","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":103,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"6b1a0dd1-16c0-4fca-b22b-6a14e1474b91","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":103,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"e1348642-17e5-475e-8c06-dc05f7d50323","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":103,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"f3c71cf4-e187-41a2-8dcb-8ef38bee512e","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":103,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"f9dc6f4e-b1a2-45bd-9a30-4c2a9b22fea3","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":103,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"be6240e2-f6e1-42cd-a51c-ed58a725aa75","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":103,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"dda78218-e60d-434a-a4ed-af9c09266952","block_type":"box","text":"II-59","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ba0042a6-03ba-42d8-8f77-15ad4377d8f9","block_type":"box","text":"NM1026U-6033389-103/246","page_number":103,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"51deab3b-17a8-438a-a601-4b2366b4ae10","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":104,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"5a4f0e2f-feea-46a8-9f1a-50d9f97b8eab","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":104,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"6ef04be2-6f73-40e5-8bde-397edd080d5c","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":104,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"6502d1bf-dfcb-402e-b325-fc233a40ba10","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":104,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"61db6a37-55cf-4ba3-b384-ed1b885066ff","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":104,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"e5fcbba0-0b60-4573-8ea9-c9375f2ad1d5","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":104,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"d57a730e-2c73-49a5-8337-0c39fdfdb769","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":104,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"8d35f738-db54-496d-bc71-227847ce7dd8","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":104,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"a760f649-9024-448a-80fc-ec6f43f1acfa","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":104,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"44d0f9ff-e848-4b41-916f-81a1369e3081","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":104,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"7f475fb6-f5d7-4124-8a1b-4d8136705bb2","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":104,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"1998ec85-a350-476d-bede-303dcb46a88b","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":104,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"a561b2a5-025a-4bfb-bb0a-f2993457f7e9","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":104,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"807fcece-0192-4055-89b2-1116537bcd81","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":104,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"da38e233-78a9-45f4-a176-cf47f9d5d2a3","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":104,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"8fa1d853-4d6b-4526-ae31-5b8077ae311e","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":104,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"dc50b187-5b20-409f-a28d-c7a719b1d7f1","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":104,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"d3758768-050e-4520-a0dd-4eff4a91712a","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":104,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"00f811d7-72b3-40f2-a155-4f32f984c095","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":104,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"0ca3e834-2657-4f90-b60f-686fa8ccfd82","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":104,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"a122e309-6d3a-466b-942f-19beddb1cc2a","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":104,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"30b0fee2-e813-4b5c-a3f2-cc5100151dd6","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":104,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"21549809-efb9-4795-abb4-a4ae00df0eee","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":104,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"d793b9f1-db6e-459b-bd31-915ac5929d59","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":104,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"8a8fc218-41c1-4a3c-9d56-12281439e2f7","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":104,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"56535e2a-4c55-4738-9ee9-45fd9e1390ee","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":104,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"da8aaec8-ef4d-4015-a6a0-9847593ce4c9","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":104,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"920a5d71-ddc1-4c97-9d91-0a2f3a8779e0","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":104,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"00c1d276-998d-4dce-9588-1c54b65d8e6f","block_type":"box","text":"i.e.","page_number":104,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"fc8af3a5-08c9-4421-a7ab-91e04be3a389","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":104,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"27e81b18-79b3-4ae3-bcef-0eccf6b69482","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":104,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"40a07783-6a4f-4907-88f0-51a5cd9b43bc","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":104,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"4768f76d-fe1b-45b4-bb40-f2839111e909","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":104,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"6b2d3676-1ac4-4ce2-b78c-8d7e8b69759d","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":104,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"40ac0615-4718-4d11-ae54-daea4021d9df","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":104,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"2dac1d11-bf53-4ccc-95e0-ef71528f30ca","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":104,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"1baf47ca-dc52-4f9e-9ab1-da8b550eb02f","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":104,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"54283a66-23a5-4d4a-97ef-00b0d42623b3","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":104,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"815f1e8f-f0a6-4a19-80e9-f63bd9241de1","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":104,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"44c0ee23-6456-40ac-b21d-037dab611f66","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":104,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"83393d8c-2ffb-45b0-9915-efaf1ba4e4b1","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":104,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"97d8011e-538c-4b88-a0c9-6809c1c2f828","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":104,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"dd9041ee-c51f-4d3b-ac97-670bf7aec726","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":104,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"8c319c53-57ef-4761-81fd-aed7a955083d","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":104,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"572ff5cf-8702-4a97-bbe2-74135b82dea8","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":104,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"706f7da4-f64d-4315-aad7-b5b950fda436","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":104,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"fda56198-48f9-4378-a057-1417d14a7eca","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":104,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"05c7421e-3c39-4dd6-a967-72f173677c08","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":104,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"53292d96-f6ce-4934-8f3e-6954ec304b82","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":104,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"f368c1c5-f3e5-42c3-8ca7-2d8b7bc51649","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":104,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"e5c3090f-0287-46c9-9090-0450002980fb","block_type":"box","text":"market is not yet cer tain.","page_number":104,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"bffe820b-a58a-4ddd-8ced-f1222c732514","block_type":"box","text":"Yields.","page_number":104,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"b2ef70ff-ee62-49e4-b9d6-20b8c2274ec9","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":104,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"79086e5e-160f-4802-b9dd-8365917203b0","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":104,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"f62a1d1b-3b6d-40c4-8d7b-a520152d7194","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":104,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"f9758959-41f0-46d5-97cb-e6acf8df3161","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":104,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"2d22b5e7-6e44-4b28-bb02-734174dfa106","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":104,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"6096ce70-e40c-46ca-9e98-04e5711f7919","block_type":"box","text":"II-60","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4389743b-ea35-498a-83ce-86ca0e361a1f","block_type":"box","text":"NM1026U-6033389-104/246","page_number":104,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"22a93793-df16-4ee6-9b65-6e636e7853f7","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":105,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"fc3f024e-bb69-4a89-9881-832914348ae0","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":105,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"f4ee80b0-2c14-4c79-bebd-95cf96335efc","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":105,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"0bb06dfb-4fc2-4787-9b93-74a00acc92de","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":105,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"90392303-69ca-4bcc-bfbc-1969906afa15","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":105,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"9cad0fda-b744-408d-b1da-c8da2d0e4a17","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":105,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"c2bec17a-f23a-4fdd-bfb5-c9d1f16d89e2","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":105,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"7beaa088-39bd-4438-8d62-90ec47c0780b","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":105,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"42d84357-036c-481c-930a-e7cd2ed35c31","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":105,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"196cfa09-c2a5-4a91-a7f3-30ac0d609270","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":105,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"180ccad6-643d-4bdf-8a66-aafc5797871e","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":105,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"ab64c54f-8bed-4f48-b619-d1a2f302c168","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":105,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"be3a5847-1586-41a8-879d-d28e3b0dfe6c","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":105,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"197ef02e-d125-4370-a6fb-d26b84f1692e","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":105,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"266412a2-1e45-4e4e-b3ce-b07f43a2b17d","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":105,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"055710d0-1011-4d4b-8a1e-bb502a857757","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":105,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"6aea55d9-d619-4a96-a200-67d000e270a7","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":105,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"e17fe030-cb0b-4862-b21d-6f2354fcfe9f","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":105,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"9ae359e1-8619-4a9e-96ea-650784bd5970","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":105,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"0c34703e-bbbe-4f4b-871a-3ed28d2abb1d","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":105,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"9d368ddc-7453-4faf-a109-3c423bc74b69","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":105,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"261853ba-2e66-4084-9c9e-ac3add8a8785","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":105,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"1d565111-749e-428c-856f-e4c549ee99c1","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":105,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"2c48a541-096f-43db-a197-9f7ad8a5e32c","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":105,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"01fe9d89-c8cd-4f9a-bcbf-0797edb42e6f","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":105,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"75073d14-b7e8-466f-b6c1-82018866abfc","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":105,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"db3c5bea-ee32-4aea-8716-e7318e4817fa","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":105,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"576d8d29-0a66-41a5-8e73-1e1914b7a2b2","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":105,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"2c732d4f-9edb-4d85-9d56-950ebb751408","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":105,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"ed0b44f5-4f1d-4fc0-b8d0-708e3c52e8e8","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":105,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"d4382598-10ad-4b17-8010-f5ba26e5b698","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":105,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"a4c53308-193d-4d16-acb4-3fd6412f9ce4","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":105,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"142a8a40-3958-4e75-b4f1-cec25ca571df","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":105,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"27f77a6e-182e-47d2-ae77-cb09a1bc35a2","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":105,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"c0b460ba-f3cb-4e5f-93ae-065de0192cc8","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":105,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"001cdba1-0456-4cb7-abc3-d29a4798f513","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":105,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"97582e0f-a90b-4a23-9bb6-819569631369","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":105,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"d8905277-d6c0-48d1-a978-8ac202a5fb4b","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":105,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"0bcb0c65-6e2b-4357-8de5-77e3a0f58dca","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":105,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"7f7f5648-7d2e-41ab-b258-ae99cf11837c","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":105,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"aea0e26e-68b7-46f0-a5d2-f16b09d23e1e","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":105,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"140a54d1-a12f-4609-a4f4-969d21b47ec2","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":105,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"81c4b9de-84cf-44b4-97af-7b2c38ab58c8","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":105,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"a0c2136b-01bd-4a4f-b2ad-6678820f17ff","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":105,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"6b1d953a-1fcc-4a69-9afc-dd510b334425","block_type":"box","text":"Call Rights.","page_number":105,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"0deef148-0a4d-444e-b85a-727a4f6e3a7b","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":105,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"0162f413-e7f9-486d-a512-e00fef50c1fb","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":105,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"5788604b-7753-4ac5-93c9-b682958c4f94","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":105,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"e7f0ee24-0181-4589-8c7c-44ad1f214303","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":105,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"cc192590-4b05-40ab-bf57-d5f02ff9dee5","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":105,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"ef6a1887-5846-431f-8972-8a9e9b96aba5","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":105,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"50cc6688-0855-486c-88ae-3efe6bc52464","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":105,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"0dd92156-109c-4517-8d33-289596acc14a","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":105,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"bcba66e4-50a1-4a43-a799-0dded3e65e6b","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":105,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"d4a0b644-f6f0-4d48-bca0-5836f6187364","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":105,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"2302037b-a85a-4a94-8d01-f40d2d3cf4b1","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":105,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"6efec7cd-1765-4685-bfcc-099965cb9a37","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":105,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"3239d5d1-278e-466d-9af6-6b9ace49abac","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":105,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"e5f6f460-b629-4748-8073-65c63c4d0c1e","block_type":"box","text":"II-61","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8a4406b9-cbb6-4c5e-a9bc-586a09351be2","block_type":"box","text":"NM1026U-6033389-105/246","page_number":105,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"bde1f60f-0e43-40b0-adbd-fb5c9110c047","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":106,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"3eec9321-faed-4221-9c15-95aaa45aa9bb","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":106,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"0ec6ed51-c55c-4f45-9b64-db744cc2b072","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":106,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"f8c453a8-8e65-4c26-8fc5-d05d79483444","block_type":"box","text":"i.e.","page_number":106,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"6aa532d1-d019-465f-9a7f-69f07176b66c","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":106,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"d690ca60-ce31-4e01-91d9-6674b4637267","block_type":"box","text":"rates).","page_number":106,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"556badce-0021-4cac-98d5-12ee6b7e49d0","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":106,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"49baabd0-ff83-4d9d-971d-9603b21b58ac","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":106,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"d619b888-90a7-431e-842f-c71e363dc869","block_type":"box","text":"e.g.","page_number":106,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"bad13819-7d5a-492b-aeb7-142595ea68aa","block_type":"box","text":", an exchange of fixed rate payments for","page_number":106,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"401c5023-8a15-42ed-8176-c111c6883925","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":106,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"36728cec-4906-4341-ace7-bcb50b5618d1","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":106,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"840dac3e-aa2f-4dc1-ba87-4034f28c3a81","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":106,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"9f0ad977-c18e-4ad8-89c1-26fad877bfcf","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":106,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"e50c80b8-54df-4215-bf0d-8e3c471e65ed","block_type":"box","text":"with the same attributes as the swap (","page_number":106,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"6cd67f23-61ee-4c60-aae0-4bf30d7fb276","block_type":"box","text":"e.g.","page_number":106,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"834c32d2-d3b6-4d54-b71e-dbe879671c53","block_type":"box","text":", coupon, maturity, call feature).","page_number":106,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"93b3ad9e-567f-4031-b8ee-2970e02bac1c","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":106,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"6fe7b182-0b75-4cef-a7fb-4de000ac6114","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":106,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"c28226f9-47ad-42fc-82a8-d71208aad3f3","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":106,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"a4e4578b-c0bc-406c-b841-d534d7bbfa4c","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":106,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"f5df557c-acd1-4b88-8f1b-22da2a9a37d0","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":106,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"3022fe29-a4a8-4353-80fc-dd2f478f1e31","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":106,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"07829952-2ced-471d-9980-d535534c05ac","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":106,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"ba679ad2-59d6-4b2a-8eed-cb5e3df3d903","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":106,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"c52bf094-8ee3-432b-93de-9a50477e5b33","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":106,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"3a8e1a0e-bd33-4744-a076-75e7886d02b7","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":106,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"9b4f33e8-5545-4cfd-ae1a-30d16d68b121","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":106,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"2651f116-89b9-4ac4-9120-89b53232041b","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":106,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"4b2d17aa-7196-44fc-96e9-f12635e1e332","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":106,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"4eeaf958-95a0-4271-9e08-651c8e177e21","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":106,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"1a49e32d-10d7-4588-93c3-c035c995c310","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":106,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"38eab89f-4454-4077-8de4-7230db72de92","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":106,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"62a53a67-082f-47d9-aedd-39ae7a9cb9fa","block_type":"box","text":"Insured Municipal Bonds.","page_number":106,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"d8f4b638-7d17-426c-b418-8f99bca16f08","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":106,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"f7146464-a866-4eb8-b3e5-bfa9605f1624","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":106,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"475805a3-80c0-432d-975b-51fd51c87283","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":106,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"36a40666-1593-488f-9d0f-8a59091a7aa6","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":106,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"ad3a3b8b-c4d4-458d-a2a1-c100946ec6cf","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":106,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"521d9d14-0b24-4b5a-9a65-d355769fa7fd","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":106,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"06ab6cd3-a5f2-46df-a158-74603cc30bac","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":106,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"bd3c8bc6-f2da-4c4c-901e-7fc461b1b7c9","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":106,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"1fd28e54-16fb-4f48-95a0-6fe4a81807e3","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":106,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"c1e81b56-7bd8-4677-811c-72323a8da908","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":106,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"ebfabbb0-546c-4d6a-bdcc-7987a65047c0","block_type":"box","text":"bond could drop.","page_number":106,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"899521a7-bcb1-44a2-b53d-a58fe427bc97","block_type":"box","text":"Build America Bonds.","page_number":106,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"ef2966aa-120e-4795-8045-1d59bcae1868","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":106,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"c4345eb3-f0bc-476e-8106-8a5197fcce2f","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":106,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"387f0720-81ac-4291-ae37-51e10d23af3d","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":106,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"913b5ca5-6f09-41d0-adfc-851b6d57dc52","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":106,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"3b506960-773e-4efb-8b50-ece7237b5897","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":106,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"4956d63a-c9d2-4009-b4d0-327985f9a1a1","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":106,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"89266ab2-4a1c-4448-b866-4608eff2cac8","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":106,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"463eefb1-fe05-4404-b1f6-04f2f4953250","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":106,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"20c7af77-9216-4ce8-b5ef-48f1e89c4a84","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":106,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"2942b8d6-a442-4b90-aeea-abbe428fa109","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":106,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"02fd510c-c7f4-443c-a715-03b64c38d59b","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":106,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"752eea1d-6417-4227-bfd0-a97a879d2c8b","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":106,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"914f6e6e-ad61-447f-918a-ea3485df280b","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":106,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"53072df2-ac4f-4132-a589-8ba58e381a3b","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":106,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"45baadab-a960-40f7-a767-b603b1c9eab0","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":106,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"1d284d71-9a7d-4838-a268-11a0485973bd","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":106,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"b73c7658-010b-426c-a1b3-c26be79c2b10","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":106,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"3a1f777a-df86-466b-88d6-843dabf2d800","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":106,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"45ec626e-7270-4baf-ae3b-0fb6a8856cff","block_type":"box","text":"II-62","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c32ad223-fd23-4a16-8338-d9905642c36b","block_type":"box","text":"NM1026U-6033389-106/246","page_number":106,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"a59ab05f-15be-44cb-9713-90b52a11119d","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":107,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"3d0f1723-8d3f-4852-8c20-53184522afd9","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":107,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"6782d4a0-66fa-4ac5-9f63-21d18d19163e","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":107,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"a7301cfb-189f-4ef2-96da-3f16bfdac299","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":107,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"6cf73631-3bfa-45e0-ab4e-4014744a24e8","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":107,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"203e116e-5e04-4b3a-a645-5d71478f4b6f","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":107,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"f442905b-74c5-4664-9ee4-2253e0f262c3","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":107,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"8bc2d680-61b9-4ee3-b4cd-946fb82fc54d","block_type":"box","text":"their face value to the sponsor (","page_number":107,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"0d18cecf-3f07-48fd-b66e-56d24a2681f6","block_type":"box","text":"e.g.","page_number":107,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"c555e768-2b4a-41ba-b28e-e748dd1842df","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":107,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"a0e74c2b-5130-444b-8c62-ff3995e4a18a","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":107,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"830b9422-bde6-455d-9df4-4a26efa0df90","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":107,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"6debe2f3-4a00-4a9b-bc22-3555270fad1b","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":107,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"4b72200c-e875-46e7-99f3-5379d6997110","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":107,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"83e53a46-bcb9-491b-934b-3aa3eac93f41","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":107,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"5e39cd74-f3ef-41bc-a729-46fcd184e94e","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":107,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"e786f868-e3be-4001-a50f-8fc336194297","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":107,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"0ee99b0d-f081-4bfa-bb25-18d663b84113","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":107,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"165d14d6-1b23-441d-a32e-d120c8ac38c4","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":107,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"7a9d5654-8f0b-4efd-a2fa-f3def5c4042f","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":107,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"850edbc6-9eba-44de-b8df-0000fe1add62","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":107,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"fc37a4ce-4e79-4af4-98fe-0912b5b0b951","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":107,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"462182e1-1a17-4682-9a46-2dfffd30231c","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":107,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"831bad58-7a58-491b-9c22-ab5032ae50c3","block_type":"box","text":"such opinions.","page_number":107,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"4a171692-a742-49c3-8e74-357c8d3f000d","block_type":"box","text":"Operational and Technology Risks.","page_number":107,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"dea90d1b-83ca-4e12-a119-2eefdb3a445b","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":107,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"27d90449-983a-4bf5-9999-81db6b67d0eb","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":107,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"dd60493e-0e8a-4def-9595-2cb2fd2a642a","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":107,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"19144ba1-0b26-4f16-9031-7fe4ef9b2242","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":107,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"3cfa6390-7c92-48b1-bbbd-6eb800ba81e5","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":107,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"39a4086a-a6e8-4afe-ab94-d25ae4e2306e","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":107,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"0722b62e-6a9f-4f6f-9eb6-a8134069f5c2","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":107,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"c3759cc3-e3f7-4e37-9c23-d35f208492ae","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":107,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"290a0820-bd9d-480f-9b59-5c78f755778e","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":107,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"824c1dfd-257b-48ad-95d0-7b5af58c1b00","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":107,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"242859a6-7471-48c5-bbc5-9608c816882f","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":107,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"c92acd88-b2d8-4c16-80e0-9425bb86d343","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":107,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"7b2d2f0b-bb98-42e2-b75f-0ee0ac554fde","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":107,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"4cf8343e-4b8a-4ea5-96e4-6cba336c00b4","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":107,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"fb07932e-d1e4-4a97-b045-cfeb9b83ee5c","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":107,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"953c14f8-127c-46ab-9d1b-55096e42ebee","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":107,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"e135a526-1c1d-413c-8863-408b1b443a47","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":107,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"f26154a9-6f7b-4b1b-9cda-4f1121818b9d","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":107,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"637be4aa-8c0d-4546-b22a-814c5f34cbab","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":107,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"ef66be00-2e15-45f1-98c8-9f5417b22c4a","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":107,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"7df729f1-841f-4b03-82b9-83028183a35d","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":107,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"6b9868aa-b3ec-41bc-8c5c-9d00b099b331","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":107,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"19674160-f163-4a67-923d-aee2568ea4b1","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":107,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"01ddcf29-733c-4a50-abcc-e9a0b0b5d65b","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":107,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"81edd250-2eeb-4a9b-bbee-4f942ccc389a","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":107,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"a92ce3fb-440b-44a2-b836-5aa402b05e18","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":107,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"cad93e7b-55f7-4bb5-a287-e6b881d3b929","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":107,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"5f725eb3-5758-45ef-a4d1-5e2922594a9c","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":107,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"ffc22952-b4f6-490d-9d86-19f2583aadba","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":107,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"a5495ee5-6c1f-42bf-9111-abe72fedffb5","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":107,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"c5f4b535-86e6-48e3-afef-29c84f11d3e3","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":107,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"e9135146-135c-4e49-ac7d-2d974ff1c2fa","block_type":"box","text":"infrastructure assets.","page_number":107,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"eaa83696-bdc9-414f-8682-6527918268bc","block_type":"box","text":"II-63","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"42a016b9-6f59-47c3-8d83-ea04499f9dd3","block_type":"box","text":"NM1026U-6033389-107/246","page_number":107,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"570b2601-1874-43b8-8d1f-4de278ff8a0f","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":108,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"d985c9f2-847f-40bf-9602-ba1be7f2d640","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":108,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"fedc699f-91ce-4d9d-8cc5-01ec38691585","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":108,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"c7385c83-1a64-4028-9021-f40bdd32a640","block_type":"box","text":"or services.","page_number":108,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"344db521-c6b3-4dc0-9469-cc72cbefded4","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":108,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"15d83461-2267-40ed-874d-1b8d73b3a8b3","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":108,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"6192f9a5-adf5-4063-9e93-dd6857a12cc8","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":108,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"f5a78632-8132-48ba-91e4-1f16d9190198","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":108,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"c3cbfda4-6cf7-47aa-8c91-c191fc12e0a7","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":108,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"71f2d95a-32f3-4930-8da9-51235b944a0b","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":108,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"8c1379e3-ff68-49be-823e-e7bc6feaec05","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":108,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"af7a810a-fde6-4a3f-a97a-930f36a836cf","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":108,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"a006a848-d4ba-490a-81b6-e3f16e6da5ee","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":108,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"18a14d2c-4c63-4137-82c4-ff1f5d547f63","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":108,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"b59bff97-3169-478d-9a54-f8e808bb77bb","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":108,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"d90aa79e-1766-4b49-b4f6-2c71d3bd3ffb","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":108,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"3ef27f7d-0697-4092-bb50-9ab52e600484","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":108,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"b10675d0-bd89-419d-8058-9fed2da96033","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":108,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"0f9ab85d-28ad-4ecc-9cfc-93ddaf806247","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":108,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"056d8ed9-5244-42cf-a7be-7d8529126392","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":108,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"71715eea-e18c-44dd-9b67-4a3a584e334b","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":108,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"574f8259-4cac-4758-b58b-c7a06194e7e1","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":108,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"68dd288e-d841-48a6-a551-195f5ca93423","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":108,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"dc16b5af-2d88-4473-8368-2edf1790c19b","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":108,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"8d9b8d4a-83d6-4efa-8889-36b7fe3bbbab","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":108,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"d90a0582-b1c3-4eeb-b44a-e855da1eb0e9","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":108,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"91fc75cf-e261-4e7b-a2db-bcf59fd2843e","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":108,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"a6cfacd7-b853-4cc7-acfb-ff936cc2d538","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":108,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"2ed2ed94-1660-44d9-a57a-f67dfcab6600","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":108,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"95a7c2a1-4766-41e8-8df0-99567d2f040b","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":108,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"1548d067-a813-4cd1-9635-8f1c5260d53b","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":108,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"d2c14294-70f5-4dfa-a698-0d7396046bd8","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":108,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"a8196477-cf01-4ffb-bfdd-b55bb0e7cb5b","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":108,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"37736a87-df33-4580-b137-e2fb95c40d0c","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":108,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"e48170c3-447d-44d5-9b5f-87b622a6a0e5","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":108,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"2e33a370-f14d-433f-86df-c2040022b66b","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":108,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"23d6871e-ac56-44cb-a904-233cd78610ff","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":108,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"bcda82a4-208a-42c7-b1ba-33d663f4771c","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":108,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"0e262308-3741-479a-985e-a2ed7a3ac65a","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":108,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"badcdd89-e15c-47c6-9474-a4f85b13d0dd","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":108,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"0dc32e8f-7bf5-471b-a498-2c3ee3c0e7c8","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":108,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"20082955-dfdd-4eb7-b187-5de9b235a3a7","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":108,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"7616c419-85cc-4715-944e-6958194aeb13","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":108,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"9acaa8d4-15aa-497d-b0d1-cf9be1c13877","block_type":"box","text":"resources to monitor and implement required changes.","page_number":108,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"c895e0f1-b25b-4ad4-8d13-2810ee51c318","block_type":"box","text":"Participation Notes.","page_number":108,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"f5ab951a-4e24-4ae8-a050-e86cb76143a1","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":108,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"5e80152d-f80e-42b3-a988-2d0031bd11f7","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":108,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"4e786cde-2d43-496e-97ec-a997e5ab0e95","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":108,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"780fba53-318a-4b61-8c47-4a4e068be0b3","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":108,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"68c5b885-4945-4f21-bbe6-3aad2258af7f","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":108,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"0a205119-ec68-4cf6-849a-4fa10ac166af","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":108,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"84e2f1dc-76c6-4cc8-8e29-650b16f94d88","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":108,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"44f8cde0-cdbe-49f4-978e-e21a194e8545","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":108,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"3596fc23-b481-4186-a619-e632020ef0f2","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":108,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"c54c7a5d-fbee-49d3-ab1b-c40b642e1cc7","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":108,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"92584624-9429-481e-9f93-e6187d5f9ebc","block_type":"box","text":"II-64","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e960af71-dc5a-4501-810d-9b9242598455","block_type":"box","text":"NM1026U-6033389-108/246","page_number":108,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"fdf45b6c-0343-4d60-bf6a-a6d73584a4e2","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":109,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"ea3f04ee-4a05-4968-85c2-d5331cb77dc2","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":109,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"d03624cd-fe2e-4677-b542-1e7521353631","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":109,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"98e4d5e2-ed5c-44ba-ab8d-8c1893301e03","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":109,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"8d86383b-c5bd-4569-8d0b-84b6394040e0","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":109,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"322b4f52-9c71-468e-b98c-b6d72c139f1e","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":109,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"afb1b2ae-df74-4720-9e47-a2fe45c931b6","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":109,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"90f0a752-ceab-4a43-870c-78a624f1b52e","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":109,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"f712506a-ecf1-4739-a2c0-ba9319646c71","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":109,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"270fdf63-d321-4856-a139-9142d6185fe8","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":109,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"b0a58d46-bde3-4168-8be3-dd6765c3fc69","block_type":"box","text":"Portfolio Turnover Rates.","page_number":109,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"c8941b42-a348-40e2-acb7-1d3152cab00d","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":109,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"38991238-e5e2-43f6-8065-86d1e326eca1","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":109,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"574fc686-04a8-400e-84b0-8321a7481fd3","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":109,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"2db37509-4953-4a4b-8c6b-e7aafa1b139e","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":109,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"4fcb9661-6926-49b8-a089-889f3a3975bc","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":109,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"45d17ef5-27ac-40f9-a84d-9974ca635eff","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":109,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"66f15101-2510-4a91-83a2-221b9b58e53f","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":109,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"d6d552b7-747b-4e6b-87d4-35b0c60fe92b","block_type":"box","text":"i.e.","page_number":109,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"e6d4a36c-ec83-45c8-820e-9bdcbbe913b3","block_type":"box","text":", 100% or more) may result in","page_number":109,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"428859fd-32d0-4178-b71a-fd294d7e408f","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":109,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"c4f70d98-2181-48ac-9095-53863515c414","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":109,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"8721d447-e5e6-4c51-9f44-f6679f144bfc","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":109,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"da44468e-32ab-4d1d-9212-3a078441aae9","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":109,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"d55723ad-0e36-46c4-9fc6-5a92b12add70","block_type":"box","text":"Preferred Stock.","page_number":109,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"37755db2-1283-42fc-ba9e-a0b675efc82a","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":109,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"52bfb0a7-d8f1-4f37-87fe-28d2160fea6f","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":109,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"da9c66b0-60a7-4571-bf36-a7230e5bf4f7","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":109,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"1d1ea5c5-5a99-4c76-ad8d-7dbd7fcc38cd","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":109,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"a085ac33-2800-45b7-ac7b-abe5190100cd","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":109,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"f3d1e09b-7a94-46bd-b585-96bc0ae373ca","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":109,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"fb2adf19-a2e8-41e4-b427-a37a60c94cc6","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":109,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"d3dae515-76cb-44d7-9008-7853868924dd","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":109,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"0da3fb7b-c13d-4f6d-8dc9-eca7af336edd","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":109,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"bc9609a1-850f-427e-86a6-b9d348c19529","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":109,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"2933dc47-96a0-46e6-b8a2-bd77644295d1","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":109,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"e951c535-652d-4a96-9596-cc4cd91c2802","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":109,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"42aea626-c934-4c90-8dae-978300685723","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":109,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"249d378a-9412-4447-9362-75be1367d41b","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":109,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"d3d254f8-0d2b-45b5-a594-7bec4f93a85e","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":109,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"d355d29a-8a7f-4bc0-8c0c-4ee084fbceef","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":109,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"845b632c-fe79-4001-ac0e-f20c4f052167","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":109,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"e7eba00f-2a50-4980-a2b4-6f98730c31b8","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":109,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"b2c59dfa-d415-43a4-b622-866ad975c632","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":109,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"26725093-45a9-42b2-b2cf-2e4be4d599cd","block_type":"box","text":"Trust Preferred Securities.","page_number":109,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"2ee31b64-53fc-42ef-b606-1da7ea03b3c9","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":109,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"5b35344e-faf3-46b9-a67b-64f67b3bd6e7","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":109,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"1460fa4c-cf5c-4774-8a32-f5af6f4ff839","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":109,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"7f688e9f-1e3e-47ea-b56e-510468fba4e4","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":109,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"3dd3f750-9301-48c5-9006-54795a5089e5","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":109,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"8cc7cb0a-84b7-456b-979e-eb948879f44d","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":109,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"41bea035-254d-4f9e-8e09-17f847d46031","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":109,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"52995046-7adb-4ee6-9b3c-b88eedffd74b","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":109,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"b6fa7fa0-1da2-4341-88e1-d9f55ec41e47","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":109,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"97e122e5-c30f-4b54-8ce8-bea7036d9190","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":109,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"7144c4e3-261b-4f84-adde-f46e08610ccf","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":109,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"a81aa148-0107-44b7-bf2a-a5738b40b5cf","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":109,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"00036a79-e9dd-45e6-a23b-43b95f30dcdd","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":109,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"28450554-7766-4596-974f-11ee1eb41d7d","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":109,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"4cdfa51b-aaad-443e-8cd8-15790e73cdd4","block_type":"box","text":"®","page_number":109,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"4225a87d-9ba1-428e-93bc-8b26475ed4ae","block_type":"box","text":"”); monthly","page_number":109,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"fc562600-6638-4b9f-ac4c-02366aa457fe","block_type":"box","text":"income preferred securities (“MIPS","page_number":109,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"a9ccabff-2cf1-4ff9-9915-ff9535816433","block_type":"box","text":"®","page_number":109,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"0d4a03a3-aeb4-4993-bba2-fff49b0d15ed","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":109,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"d3190ba9-7e92-49a3-8209-a2c581d8ca8a","block_type":"box","text":"®","page_number":109,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"a8234ead-f045-4c9f-b74d-e217e2910b6f","block_type":"box","text":"” ); quar terly income debt securities","page_number":109,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"4b3acda2-486c-48cd-8366-4c94165f4d3f","block_type":"box","text":"II-65","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a53d9b18-062c-484d-aadc-0c1aa8e99d74","block_type":"box","text":"NM1026U-6033389-109/246","page_number":109,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"34e5f076-74a3-4d35-8cb7-e7319657d896","block_type":"box","text":"(“QUIDS","page_number":110,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"fefcb3f2-7bfe-4f66-a943-c6f3e54abf05","block_type":"box","text":"®","page_number":110,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"e73b542d-7df2-4972-be9e-66749c929bc0","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":110,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"2139d182-81f6-4f71-9fa0-e5fad00c3692","block_type":"box","text":"SM","page_number":110,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"a3b2350f-7333-4b71-b408-ec1682d0538c","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":110,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"42bf2645-e537-4f6e-9a6a-4b1eecaffab9","block_type":"box","text":"®","page_number":110,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"ee96f88c-1ba1-44ce-b45e-d74320829424","block_type":"box","text":"”); public income","page_number":110,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"3e6a04b6-be0f-42d7-9830-184b91a4df2f","block_type":"box","text":"notes (“PINES","page_number":110,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"2e11277a-5e1d-4030-8c04-7f6614f29dd6","block_type":"box","text":"®","page_number":110,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"4ab83cf0-1ce0-4142-93c1-f46805e332f7","block_type":"box","text":"”); and other trust preferred securities.","page_number":110,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"6191eeaa-4e60-4468-b67f-c7c344c53f06","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":110,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"ed4db743-41bf-42f3-91c4-5b864dfae27d","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":110,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"3106d8f0-8e71-4a65-b346-dcfa20da3b11","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":110,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"0337f51a-982b-4282-b698-c20d66353eb6","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":110,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"7cc938a3-8148-46f9-967f-b0e5ad183f33","block_type":"box","text":"regard to whether all payments have been paid.","page_number":110,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"94abc9e4-3531-4dbd-a973-e0684adef08e","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":110,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"a147bb8a-b2f7-411d-bdad-02a1b0ee9401","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":110,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"16d1557d-3ebf-4756-aeb0-20a5ed9c27c8","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":110,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"2017610e-6f35-453e-bd08-cf257d46bcb1","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":110,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"246936cc-87ef-40f5-84a0-d80f763f353c","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":110,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"391cd16f-73b6-4169-904f-acfe0192c60e","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":110,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"c2bdb4a4-7f61-4efb-bfc8-4f286c282d42","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":110,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"eab84fda-2837-4b31-b6de-6ce466918a7e","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":110,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"739449ca-707c-4e29-ae2f-40c22fec41bd","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":110,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"4e4879c7-9211-4fc3-a3a0-49d0bc2922ad","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":110,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"33a7049a-7d08-44a3-9f8a-656f42c2da3e","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":110,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"0011be76-ebc6-46b5-83b5-b1ced33afea8","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":110,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"89e3069d-b1dc-4f20-8b12-62e070c79646","block_type":"box","text":"debt securities.","page_number":110,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"a239e6e3-2acc-49ed-b89d-6daa158080af","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":110,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"4b3ff974-198c-488f-81ef-35abf9113c7f","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":110,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"f3347d0c-c8a7-4237-9546-36e777eb6bb5","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":110,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"0a36c798-f97b-4035-bde0-11c0d58f9459","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":110,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"63b23a09-d6a0-4745-8c4f-faf1fa85eb7b","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":110,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"bbf8dea4-d18b-4dbf-b532-13b9b10252a7","block_type":"box","text":"i.e.","page_number":110,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"99ffa400-e0f4-4261-9639-2e5897c77446","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":110,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"0a0376db-fac2-4d5c-95f9-a8ff6dea6ea6","block_type":"box","text":"buildings.","page_number":110,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"7a5ca023-4322-4bfd-a7fd-265b535ab897","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":110,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"d2967b28-8bde-4441-8d89-6f1107e85b4f","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":110,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"b4471d4d-a0e7-4965-bd3d-db622ad388e1","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":110,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"1aaa67ad-3d79-4f7b-808d-13869f9d48e1","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":110,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"98b6d2a1-1e57-4ee0-b85c-b781a312894c","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":110,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"1dfeb8fb-a262-4045-9e01-d490f6358a4b","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":110,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"8ed6614a-981a-4615-b8da-a4fdfbfdb32c","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":110,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"77f7853a-1ab7-43a5-8bc7-0cfe2b35b6d5","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":110,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"c2c88eb6-45eb-475a-aad0-20d6d142c1e9","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":110,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"bae2d511-80b3-4f7f-81b1-22285c754408","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":110,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"1dfbe5c9-5490-421d-af8e-0a0df391f8bb","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":110,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"84f7e361-585a-49dc-b206-6a825d84061a","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":110,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"28b330e8-fab4-4d0f-91c0-697aa5c5717a","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":110,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"f12ef1a2-1334-42a6-8255-4cb9465df039","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":110,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"b5dbe4b5-8228-4abf-a62c-0f6bcee20787","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":110,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"1c888c2e-01a4-4d7b-988d-9b9ab5a6520b","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":110,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"f618bcba-f311-4b4e-9a79-a752def1d166","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":110,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"ed17479f-450f-423e-a614-8f00fbb85281","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":110,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"5cb7a443-a627-4c6c-bc60-a28572c613d8","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":110,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"0f3ef848-b362-4630-bf4d-2146167a5067","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":110,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"15d3bae1-f599-45dd-9e9b-61c2f7970c2e","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":110,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"ba555d5f-f43b-4ed5-8718-f2b9134f13f6","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":110,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"dcd8a765-d682-49e1-92af-9cc1529c4bda","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":110,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"f61c4c34-4cb7-4a10-979f-c9150330cbe4","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":110,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"871948ae-9a06-4218-9acf-2648702778ca","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":110,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"4c949906-5db4-437b-adac-97ce9d407459","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":110,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"cdbfe6de-8379-419d-857d-3202094bbbef","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":110,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"1379fbb0-39e7-4833-80f5-f8826a0f7712","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":110,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"8ed0f0f2-44d1-4dd7-82ff-f770cf16c25b","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":110,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"22ebca88-2798-42fe-ac49-b1f9c8365ef1","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":110,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"7875fce4-02ce-487b-a399-8d000fb22734","block_type":"box","text":"II-66","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2ac04cd3-f480-433b-8ee9-ed36dd7f447f","block_type":"box","text":"NM1026U-6033389-110/246","page_number":110,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"6d5da736-df0f-4501-aa15-6d2579549926","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":111,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"d0bab1e9-af4e-4443-b2dc-45e9d2c69e44","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":111,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"d29d01bf-dd98-4642-81ec-d557cf680cbc","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":111,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"8c688cf4-9349-4c82-957a-69ac0bf186fd","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":111,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"570177e5-95ea-4b9c-a4e5-fdf1518b21ee","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":111,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"5a9f8fff-6dbf-4df8-a1f7-09321ab88ee1","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":111,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"39edfce5-cf13-4c57-bfc4-1b72f177da8e","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":111,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"ba0bf174-59da-45ec-8bbf-5447153c5df2","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":111,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"3748265b-f0bc-454d-b0cb-0e4b4b895654","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":111,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"7a131960-048b-4422-bff1-6f909ccfd86f","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":111,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"7447319c-21d5-4db4-aae4-f1f574804e9b","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":111,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"703903e3-4cde-47de-87d0-a65771372648","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":111,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"07c9eb80-0788-477e-b5ba-612b820c5a62","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":111,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"7d03db16-a917-4564-bec0-69d8b1ce1df1","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":111,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"7d8e3cf4-0870-47bd-a5ec-4928e703bf0a","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":111,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"5dd2c880-cde9-465e-87ea-1c7f6f43136b","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":111,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"1ea35af3-1381-477b-a757-427d93e8d145","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":111,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"beca2966-a85b-4f79-b77a-35dfbdfd5fc6","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":111,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"c74cdf3f-e1e6-49f8-9493-92ede21feb13","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":111,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"0eee53a5-6552-46c8-b700-19a23f88a594","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":111,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"f6be2dff-013d-42d0-9acd-1b3ddfc2cf76","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":111,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"cbd13dcc-3ebf-4fc0-a2e4-ffd636c24573","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":111,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"1e90d06d-d25e-4aa4-977d-b2dec35382d0","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":111,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"ee7a9c69-2c2a-4d75-a808-ebca9dbfe830","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":111,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"c511f593-e853-4f13-8587-31865283bc7b","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":111,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"9546a23f-d826-48ed-965e-fcd887f9d751","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":111,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"46fc7e84-06fa-4661-a398-fd98c3011764","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":111,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"f10bf1cb-0cfd-466b-8513-86e7ae91f11c","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":111,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"704790d1-ab25-4867-88d7-ca46617d3a60","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":111,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"261ace90-01d3-40a3-8ee9-b7786c23b16c","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":111,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"99b934fd-9a48-490b-92e6-23fbfd754295","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":111,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"dc6403e4-2d3d-4487-868a-789106860518","block_type":"box","text":"conditions.","page_number":111,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"e83f5ac4-1cf6-4b96-8e6f-fc60441f70bf","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":111,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"262dda07-2ee5-4b92-95a6-a62e5294f00a","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":111,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"830e43ff-b222-4035-be72-8f4efe068cfc","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":111,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"cc08772e-4b5a-44bd-892f-65bfbe13ad02","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":111,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"bd1e9f83-d040-4f3c-82c8-cb2fa694e784","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":111,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"d60350b8-0b2b-4f00-a34c-24383f72e358","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":111,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"0334e055-2b95-43ef-aa3c-ad45bae3d824","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":111,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"d722838f-77b4-49b0-b74c-d9bc213d3f9f","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":111,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"dd908f9d-c432-40d4-8eb0-571721272082","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":111,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"1d87f1f8-7fc3-42f0-ab50-a3c65e57ea95","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":111,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"f7edc80c-b2dd-4b64-b0e9-f8a92f4f39ec","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":111,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"ca6d3565-cea6-4907-99f5-78f3b518ae99","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":111,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"9dd3e2e2-671c-4dfd-8136-c0d5427234fb","block_type":"box","text":"affected by such events.","page_number":111,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"9395fd6b-a8de-4286-b275-d29bab495f14","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":111,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"20e3fb39-81a3-4645-9a4a-10d855e092d8","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":111,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"7948e175-60be-4bfe-bc32-85d8fc660a2c","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":111,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"d887ab9e-c115-4f61-88a3-728ae9660cea","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":111,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"d59f4c6c-3c63-4aef-8f19-e2d0861625fd","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":111,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"22c72d6b-962a-40d9-9be6-6bbeadad85fa","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":111,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"09a88ce1-051d-4d8b-873d-d564599eea42","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":111,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"f1d90e07-083f-496c-a3cb-d323d2875786","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":111,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"52b4a2b9-0c35-4fde-85f3-e4556e23d109","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":111,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"86397622-059d-48ae-a89b-e3f4f7d6919a","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":111,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"7e5ea3f8-cb0c-47d2-84a7-9078eb9354f1","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":111,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"7f9f853f-9b27-4c2d-980a-42b1451ea52c","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":111,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"1af0c7a7-32c5-43ff-b4fd-f8156d8a06e9","block_type":"box","text":"II-67","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3eb9aeb4-7b79-44d4-b2ab-334f6273a16a","block_type":"box","text":"NM1026U-6033389-111/246","page_number":111,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"2608cafa-1535-4caf-ae6b-394853a34bad","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":112,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"b972c553-86e0-45cc-8c53-4a616d8ff34e","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":112,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"dffafcc9-c7be-41f3-8554-8cff5001f99c","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":112,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"5ee8f1b0-0663-4360-b5fe-3e5e5c745430","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":112,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"fed6971f-ee67-49a4-af1d-de5f66dbd8e5","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":112,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"96d26609-5bb2-4d82-a378-51637d440046","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":112,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"16586cb3-967a-490b-bff9-e9150e5bfc50","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":112,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"0ddd95b9-4c6f-4d3a-888e-9733d68a87c8","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":112,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"27bdb788-52ef-421c-9879-8ddc61230ec7","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":112,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"9d5b75c7-2c64-4e50-b660-f75882c3fb9a","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":112,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"561834b0-2c58-4f9d-b83b-2137f347cd98","block_type":"box","text":"investments.","page_number":112,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"c89117e1-e7e1-46b0-980c-16ee0d30d188","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":112,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"ac5350f5-6ee7-47a3-ae44-22a420773cbe","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":112,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"5ca13dab-fe29-49aa-8d1e-3d101d25c644","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":112,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"c164235e-8a1b-4ba7-a6e6-46eaae7431b6","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":112,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"be040721-b079-485f-8df3-baee2d7660f7","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":112,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"e5278b48-d039-4f3f-ab90-29734a7c9b0c","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":112,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"16b0bb1c-b377-45a5-a3f7-268c12aa7fe7","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":112,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"7287b163-1de0-4291-aabd-ee5244deb120","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":112,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"888dc76c-0956-4623-9869-335deb98d082","block_type":"box","text":"Legal and Regulatory Risks.","page_number":112,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"3bd6961c-3fc6-4ea4-bfd7-e9125eaa5e87","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":112,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"af991644-a701-410a-a7fe-eadfd2141598","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":112,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"8919859d-d182-4901-93f9-a51ebdcc3d31","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":112,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"6f99045e-7647-4062-bf8e-9cc845d2d9c2","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":112,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"3c57e67e-19d4-401a-a4dc-ad689df3ff72","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":112,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"80c833ad-7b64-4551-b54c-a708f23ce5d9","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":112,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"9e3d3945-0d5a-40e5-8b74-6e8b2efcae68","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":112,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"b61b0002-8514-4bad-9d7d-0f455b174381","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":112,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"134b3aa6-fbb7-4afe-8774-6442584eccaf","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":112,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"b227f345-41c6-406f-b5aa-5d528cde5614","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":112,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"60e54bc1-10e2-472c-af67-2f993fa5b8f4","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":112,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"4756524c-a8c2-47a6-a550-227622b2d783","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":112,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"ada95020-1076-48c1-a140-fb4d512e5dfe","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":112,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"0f919c9a-e036-4492-a62b-ee2699285a8c","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":112,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"74db0d64-6909-450c-a5f4-be4e79d22520","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":112,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"b3d0ca8d-ea58-4dca-97cd-0b1e107bb74e","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":112,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"6911151e-e5e7-440a-b0d5-ea7dc62bf18f","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":112,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"f44f8c3c-c71c-422f-b9e4-ba24ed1aada4","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":112,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"595c673f-d143-44df-b439-3f42736aedbc","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":112,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"b5bb974d-ed6b-452f-ad81-be6701cd8e74","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":112,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"8efd1f86-48bc-44f7-ab12-bbc19808fe2a","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":112,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"db137cb6-993a-4247-91d5-e41a4375fc47","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":112,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"3a3ccbbf-80e3-4c86-9a25-7d3d6d8b83e5","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":112,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"82447ff5-f603-4580-b486-e5435c6fda94","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":112,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"c23efaae-c6d3-44df-a21f-532c835f27f2","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":112,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"bd92f33d-01b3-4750-a49e-1a59a0b6d807","block_type":"box","text":"Geographic Risks","page_number":112,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"b864bfa2-52e5-4cee-a39c-cf82a2a4bccd","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":112,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"8fa08878-9d53-479e-81f8-e7bc23dcec1b","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":112,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"bc2f7e60-088c-489e-aa59-3b5eebebdab9","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":112,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"f28da071-dbab-44be-8602-dd7ed9f5c8b6","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":112,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"e2ee0785-9ca5-4047-a0b2-75f0cb254d99","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":112,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"01e994de-f3b9-4228-b481-21e73b6609d6","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":112,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"cf8d6365-1998-4782-8c2a-bcf9a683444d","block_type":"box","text":"Fund.","page_number":112,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"36a82b15-8a94-40cb-9759-7e0b6a414b7c","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":112,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"0731c68d-97cf-43b6-aedb-3fbbb0712652","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":112,"box":{"x":363,"y":846,"width":514,"height":11}},{"id":"07dd8c03-5dad-4250-a252-b68837065172","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":112,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"8aa91b08-8d50-468c-a6a2-4b96165707d7","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":112,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"aa85eb46-ae8f-4479-a1a6-5a108002641b","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":112,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"bd334d59-53b9-41a8-8e74-e095f213e345","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":112,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"4f3130c6-4168-4cff-84e9-980328280a86","block_type":"box","text":"II-68","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e26a53aa-048b-40e3-b0dc-f16f71b7ce5d","block_type":"box","text":"NM1026U-6033389-112/246","page_number":112,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"57835eea-392d-472f-9e58-d287a6be25e4","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":113,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"91b81b47-f3b5-4a2b-bc3d-a3744d476e0c","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":113,"box":{"x":69,"y":60,"width":783,"height":11}},{"id":"43df8e94-d018-4248-9eb8-d02ad5f3e2e4","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":113,"box":{"x":69,"y":75,"width":779,"height":11}},{"id":"bf5c5f50-3512-48fb-9b1e-95969345298e","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":113,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"794f4bcc-3aca-49f9-bc68-7b7b42f7343c","block_type":"box","text":"continuing to develop (","page_number":113,"box":{"x":69,"y":105,"width":160,"height":11}},{"id":"5d1ed203-c8ce-4dae-842a-0c75d71b6b84","block_type":"box","text":"e.g.","page_number":113,"box":{"x":231,"y":107,"width":25,"height":9}},{"id":"a458ec35-29f3-4cb9-871c-1cd053dbc126","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":113,"box":{"x":258,"y":105,"width":641,"height":11}},{"id":"8c4f5ac3-0cde-4ff8-b270-da7d09b7cbfe","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":113,"box":{"x":70,"y":120,"width":777,"height":12}},{"id":"09c8f3a4-5d36-4c31-a075-1e8ee509a7c2","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":113,"box":{"x":69,"y":135,"width":776,"height":11}},{"id":"5b50a4c7-af06-4d1c-b912-863cc0c7018a","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":113,"box":{"x":70,"y":150,"width":493,"height":12}},{"id":"be5fc5ea-acad-4556-9acf-495640706c1f","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":113,"box":{"x":102,"y":173,"width":750,"height":11}},{"id":"3df0d0b6-16ae-495e-a998-9b88d557478a","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":113,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"62f96e75-c5ca-4118-a084-11728bfc1829","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":113,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"43f08485-ee61-447c-9a7d-814607c4c8d0","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":113,"box":{"x":70,"y":218,"width":801,"height":12}},{"id":"70a82f04-7a17-48f5-8e2d-33f10a94f0f4","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":113,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"030225cc-d5df-446a-a0ba-b15920a6d94d","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":113,"box":{"x":69,"y":249,"width":803,"height":11}},{"id":"ea21cdc7-42db-4730-9dfa-ec9ba61c9efe","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":113,"box":{"x":68,"y":264,"width":825,"height":11}},{"id":"f4ee39ac-fbc7-4e10-bda0-8f2ddb66b669","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":113,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"15c551ea-408d-4c13-9883-16f77f40bc2a","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":113,"box":{"x":70,"y":294,"width":838,"height":11}},{"id":"9a8ace02-9b09-49b4-a320-08014486036c","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":113,"box":{"x":69,"y":309,"width":796,"height":11}},{"id":"6dc1c7f6-e8ef-4036-8849-ab4cc909acfa","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":113,"box":{"x":70,"y":324,"width":836,"height":12}},{"id":"ac8f0030-f2c8-4ae6-bf0c-e862f396b087","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":113,"box":{"x":70,"y":339,"width":824,"height":12}},{"id":"160740f7-7bbf-40b7-97d9-3c3bd6b71b34","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":113,"box":{"x":69,"y":355,"width":830,"height":11}},{"id":"b638641c-caed-45dd-9df3-e7016ee555c9","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":113,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"b116e0ae-d453-42ec-955c-5452c3f3a323","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":113,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"c78724df-4a1d-4146-98cf-33ad5c184f84","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":113,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"657b349c-96eb-43d8-b7df-e952d192f690","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":113,"box":{"x":68,"y":415,"width":384,"height":11}},{"id":"725957bb-c17f-4de7-9b10-87759771ad7b","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":113,"box":{"x":102,"y":438,"width":782,"height":11}},{"id":"79c248f8-dedf-4876-af2c-1bea64c894fd","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":113,"box":{"x":68,"y":453,"width":786,"height":11}},{"id":"37dac0cd-12b8-47a9-b2dd-98245bafa44c","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":113,"box":{"x":69,"y":468,"width":746,"height":11}},{"id":"bc8c840f-0302-4ca7-b961-5ad0775ccf4e","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":113,"box":{"x":70,"y":483,"width":822,"height":11}},{"id":"cc532cf1-c0ea-4feb-88bd-585bf15c7ede","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":113,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"3eba8ca2-3037-4b01-bbbf-7bf36092bb4d","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":113,"box":{"x":68,"y":513,"width":799,"height":12}},{"id":"7528706a-7ea6-4217-8679-f4538756e1e3","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":113,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"ca14203c-1fce-4b6e-90d3-f39dabfe6e81","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":113,"box":{"x":70,"y":543,"width":757,"height":12}},{"id":"2865b5ae-68da-4ed0-a631-2d147f7d1b82","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":113,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"2e3d3b87-880d-4780-8c6b-166a1509a3c4","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":113,"box":{"x":69,"y":574,"width":840,"height":11}},{"id":"150cd1d3-2cc5-4e6a-bf66-363418b42db5","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":113,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"d12e2b0b-abd9-46ac-b963-4f749c789811","block_type":"box","text":"consequences which cannot be predicted.","page_number":113,"box":{"x":69,"y":604,"width":298,"height":11}},{"id":"35cd8b7f-7590-4908-b401-b7fc50ab512d","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":113,"box":{"x":102,"y":627,"width":432,"height":11}},{"id":"dbc493b9-cdff-4d9a-8819-0ed4c024ddba","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":113,"box":{"x":541,"y":627,"width":347,"height":11}},{"id":"344f5d0d-f08f-4399-8945-389b9a0e8fd9","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":113,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"1d6d4ece-933a-45d6-b1f8-56e8e6e2d5de","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":113,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"734e16b1-d32d-43d7-99e0-6e49e3990a4d","block_type":"box","text":"term of the agreement.","page_number":113,"box":{"x":68,"y":672,"width":164,"height":11}},{"id":"cd3a8e70-0acf-4a47-83f9-08f680a1472d","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":113,"box":{"x":101,"y":695,"width":788,"height":11}},{"id":"b3c7133f-2dad-454d-ac8f-4aab0b51c21d","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":113,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"3e73bb7d-3639-496e-b357-4232daf4cd84","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":113,"box":{"x":70,"y":725,"width":821,"height":11}},{"id":"6d496c8b-18ab-4abb-91b9-0969b84ec4e1","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":113,"box":{"x":69,"y":740,"width":790,"height":11}},{"id":"c737c5c8-a11b-4354-9b3d-3fe38a1666b0","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":113,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"adf43c47-c559-4958-81e4-2a0056d8024b","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":113,"box":{"x":69,"y":770,"width":788,"height":11}},{"id":"3da57090-4c72-40e4-9683-ed2b5356c010","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":113,"box":{"x":68,"y":785,"width":522,"height":12}},{"id":"3f7c3be1-ab38-4a12-84af-dd8eac392d28","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":113,"box":{"x":102,"y":808,"width":792,"height":11}},{"id":"c9d1c924-c091-4ba3-a457-b86f6afe618c","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":113,"box":{"x":70,"y":823,"width":784,"height":12}},{"id":"1d8d374f-8367-435a-a0bb-6686828a7be8","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":113,"box":{"x":69,"y":838,"width":837,"height":12}},{"id":"d340b7cb-fe30-43ba-b62e-772d9a3488d6","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":113,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"c788f097-c429-44a2-95f1-5501c5793798","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":113,"box":{"x":68,"y":869,"width":770,"height":11}},{"id":"f6f6a353-027b-4abe-8949-d1a78e48142b","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":113,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"a0547213-a745-4c1f-b045-e55f8e6b5636","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":113,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"58648887-3dfb-4676-a57d-6447fc1cf830","block_type":"box","text":"II-69","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"37891e99-1da9-467c-91e1-951e7fd06845","block_type":"box","text":"NM1026U-6033389-113/246","page_number":113,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"c646c0bd-9c4b-4db5-bbdf-a89e39711554","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":114,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"f1eafb81-ab54-4dbe-aeec-fe0b7a655caf","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":114,"box":{"x":70,"y":60,"width":765,"height":11}},{"id":"f39af33d-4d31-40fe-a3bf-2fb9f04222ae","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":114,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"ce800931-c3c2-49ea-a102-5d4b084ca83a","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":114,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"19ddf87d-07bf-4290-81a5-04f639d7c7fb","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":114,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"0edcb302-bcfa-4879-a8df-7985b66d0cb1","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":114,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"0ca2e388-4765-4cdd-875c-01068381d56c","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":114,"box":{"x":70,"y":135,"width":831,"height":12}},{"id":"cf7ababa-6932-426b-9289-ec3e7f1b9d85","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":114,"box":{"x":69,"y":151,"width":810,"height":11}},{"id":"9a44d4d6-2b83-4622-b50f-a4113ce384af","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":114,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"eb3393fe-89da-47ce-91ae-d0651ca184eb","block_type":"box","text":"or by another authorized securities depository.","page_number":114,"box":{"x":69,"y":181,"width":329,"height":11}},{"id":"789bbdfe-841c-4da2-9fc3-094770bb7315","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":114,"box":{"x":102,"y":203,"width":770,"height":12}},{"id":"57d23b7e-30c4-4bf7-8816-90ce9503dccd","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":114,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"c082023e-11c3-46fa-8166-641016918048","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":114,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"bb8c550f-34bf-4d11-8a72-f8321a6341fd","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":114,"box":{"x":69,"y":249,"width":778,"height":11}},{"id":"76110c0c-c449-4e84-bbb4-3865e26e8376","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":114,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"0a7f3c38-fe12-4ca8-802a-7a6665eef3af","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":114,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"fb11b593-4357-4995-beed-ad9bea42b383","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":114,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"841512ca-db41-4c86-b01d-3eeaddb6345f","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":114,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"714e2460-4929-4835-9526-72e7e2cc263f","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":114,"box":{"x":69,"y":324,"width":817,"height":12}},{"id":"e6123efc-e10f-473b-9bf1-330e042d4f44","block_type":"box","text":"the repurchase price.","page_number":114,"box":{"x":68,"y":340,"width":151,"height":10}},{"id":"78aaba26-65d4-4617-9335-cc3ca33cf70b","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":114,"box":{"x":102,"y":362,"width":805,"height":11}},{"id":"72421bac-28ca-49b5-9b71-8f81eb9a90bb","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":114,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"ffe6bf7d-3416-4a9b-bbb7-c135b86a6c23","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":114,"box":{"x":69,"y":392,"width":788,"height":12}},{"id":"41f9042e-367a-407c-9249-d16662991ea5","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":114,"box":{"x":69,"y":408,"width":767,"height":11}},{"id":"52328a5a-aad7-40ad-9c2a-f0b3cc35b095","block_type":"box","text":"strategies without the repurchase obligation.","page_number":114,"box":{"x":69,"y":423,"width":317,"height":11}},{"id":"f4b63dde-d928-40da-b2b3-1c9384be030c","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":114,"box":{"x":101,"y":445,"width":782,"height":12}},{"id":"28250ffe-ffd4-4aea-9677-885c3200bff0","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":114,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"6001b8ea-1b03-4b8d-a05e-59471dd051bf","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":114,"box":{"x":69,"y":475,"width":799,"height":12}},{"id":"08725a47-9241-463f-bd40-9cee983e7647","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":114,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"a4e54385-1ff6-4a53-a1d3-f1453fac0db6","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":114,"box":{"x":68,"y":506,"width":825,"height":11}},{"id":"d0451845-c5a5-4776-9360-d9561165004b","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":114,"box":{"x":69,"y":521,"width":374,"height":11}},{"id":"c225de97-3840-4106-9d86-be3fdb9b183b","block_type":"box","text":"i.e.","page_number":114,"box":{"x":445,"y":521,"width":20,"height":9}},{"id":"7140320c-9a8c-49bf-b5e0-72f399c3293e","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":114,"box":{"x":468,"y":521,"width":434,"height":11}},{"id":"2f1313a6-5483-498b-ba39-026b4a2d65f9","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":114,"box":{"x":70,"y":536,"width":813,"height":11}},{"id":"8687b8ed-9590-40b3-988e-7aa73f18acba","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":114,"box":{"x":68,"y":551,"width":816,"height":11}},{"id":"f0a174f5-bcc7-4513-bf50-7417c7cecd88","block_type":"box","text":"and income involved in the transaction.","page_number":114,"box":{"x":69,"y":566,"width":278,"height":9}},{"id":"1ca5ff15-d8f7-4818-9f06-7fa237ad2b38","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":114,"box":{"x":102,"y":589,"width":800,"height":11}},{"id":"dabecfb1-ba62-492a-9d7e-4d75098b0a34","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":114,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"d573fe68-ad9a-4a9f-874e-876ea7e73910","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":114,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"fc43f095-15f4-43e7-aaff-2718348ad596","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":114,"box":{"x":68,"y":634,"width":790,"height":12}},{"id":"15f442d1-b82b-4f7a-8d5e-dd4fd55f73b6","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":114,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"ad5903cf-f4dc-4df6-89af-777ef191d0ab","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":114,"box":{"x":68,"y":665,"width":783,"height":11}},{"id":"cf30aa94-e410-4de9-b257-dbadc962dd80","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":114,"box":{"x":69,"y":680,"width":821,"height":11}},{"id":"20fec1b7-707f-4d12-8bd7-05b5c297e357","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":114,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"5c058ea0-438f-4116-9346-896c8c32fd47","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":114,"box":{"x":69,"y":710,"width":796,"height":11}},{"id":"34eb972a-2646-4caa-9f49-f503dd043c5e","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":114,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"35bc9e1b-a676-41f9-87d7-d985add68100","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":114,"box":{"x":68,"y":740,"width":824,"height":11}},{"id":"221de546-dae1-4bec-a0b6-d9d31a6b3798","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":114,"box":{"x":69,"y":755,"width":279,"height":11}},{"id":"76be8e73-3a95-4baf-8c42-3bbb0d868767","block_type":"box","text":"Restricted Securities.","page_number":114,"box":{"x":102,"y":778,"width":157,"height":9}},{"id":"60261619-a214-4307-bb36-4b11d50e2ddc","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":114,"box":{"x":265,"y":778,"width":617,"height":11}},{"id":"d150d211-76be-4a29-b316-462110bada71","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":114,"box":{"x":69,"y":793,"width":801,"height":11}},{"id":"45e13c3c-ee1d-40ea-8f6b-816f214ec843","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":114,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"da25d19b-8033-44a8-ade9-7a31ce36712f","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":114,"box":{"x":70,"y":823,"width":802,"height":12}},{"id":"3d89d101-e6e2-48ed-8b8a-2a9888032442","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":114,"box":{"x":70,"y":839,"width":834,"height":11}},{"id":"76aa7ade-b86e-43a4-981e-8ba03031b298","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":114,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"07ca5a32-f490-4168-8e31-ff51fc59ec14","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":114,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"9cc81cc3-ea9c-4335-80f4-3b42aa6953cf","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":114,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"adf5814a-0769-4755-b672-85ab4a9b8957","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":114,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"438c511b-6725-400e-846f-83ae45f19e20","block_type":"box","text":"II-70","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"89d3424a-2ada-4780-9afc-21fd24b92868","block_type":"box","text":"NM1026U-6033389-114/246","page_number":114,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"acfd6e83-1fe1-40c8-83dc-625950071d09","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":115,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"46c392e3-8d87-4c96-9010-45fdb3f27289","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":115,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"060a8864-7da2-430b-a406-0ff560770e02","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":115,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"d31c7162-4d3a-4fac-a579-60c86c4b5355","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":115,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"f38d42cc-4ac9-42f8-a4b7-5004494cd021","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":115,"box":{"x":68,"y":105,"width":805,"height":11}},{"id":"ca2c5532-a8b9-43fa-a776-caf1f97f3349","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":115,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"9144459e-6131-4254-96a4-a752d6cfcec1","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":115,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"069f4d2d-7266-4fbd-a475-2f6912344800","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":115,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"85cdbae8-2605-41e1-8272-bb1f48adc06f","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":115,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"a61bdb47-8f47-4aeb-a624-75164335633f","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":115,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"abe66c6b-2e71-48dc-b1f3-4bce9168a0dd","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":115,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"3536da7d-5035-462c-9c99-c6ea36deeda2","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":115,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"be739c96-89b0-4ce9-a61a-deae6ff7d7df","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":115,"box":{"x":69,"y":226,"width":777,"height":11}},{"id":"4b65b650-5734-4655-96df-bde5562c8452","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":115,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"17eeef3f-c2cc-4343-934a-202ed804eadf","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":115,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"01f60df0-012d-4ca8-bf8e-0f1659479a9b","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":115,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"07997cbc-6539-4202-b24a-69533bd95e9a","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":115,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"6c658ce4-b479-4c90-88c2-380b268ddf9c","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":115,"box":{"x":68,"y":302,"width":819,"height":11}},{"id":"1f6271ef-65aa-4fdb-b290-2ae764027153","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":115,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"2b4d183e-6a2b-4f0a-9467-10d601cc9819","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":115,"box":{"x":69,"y":332,"width":798,"height":11}},{"id":"5b8d3534-62da-4d1f-b970-36f5442498d0","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":115,"box":{"x":70,"y":347,"width":780,"height":11}},{"id":"ec753f5b-ca4f-4b83-81bd-f4ee962921cf","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":115,"box":{"x":70,"y":362,"width":773,"height":11}},{"id":"ed745ffe-36bf-4b77-829c-039e36828f50","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":115,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"8abf28c7-b04b-4fe0-b833-b7e33acf021a","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":115,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"a60305a0-464f-4bd7-bbd2-0aedae4a8c8c","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":115,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"cef21744-7596-4238-97fb-2108aff6796a","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":115,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"c586ccd0-85e3-46b2-bce3-c295f0dfd74e","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":115,"box":{"x":68,"y":438,"width":804,"height":11}},{"id":"c88b6622-550e-42db-933f-6a593ea95bba","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":115,"box":{"x":69,"y":453,"width":647,"height":11}},{"id":"741a13a4-3507-4a95-b497-17fe85a8186d","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":115,"box":{"x":102,"y":476,"width":714,"height":11}},{"id":"aa8cd790-2317-4bb4-aca3-562683586126","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":115,"box":{"x":70,"y":491,"width":823,"height":11}},{"id":"c00867de-8f20-4e20-a4e0-d039c1039514","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":115,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"8b689e57-448e-4808-a638-80876a1c7ae6","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":115,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"6fa5905c-94a3-48f8-8fd6-86fd5036e32c","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":115,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"76a13fe3-93ee-497b-81f2-f852c6d4ce99","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":115,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"5b9cd027-26ff-4250-92ef-0a32b01747e2","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":115,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"de80b471-1bba-447e-975c-eb3000c2be4e","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":115,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"6d52d9b9-a4c5-4d9a-8fd6-c63a08144dbb","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":115,"box":{"x":70,"y":596,"width":833,"height":12}},{"id":"ad8e8269-1c40-4c76-afed-8cc1b3ed357f","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":115,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"76bd84ba-1f97-46e2-bc0b-8037a4d9bdcb","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":115,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"a489f990-2341-469b-aa5e-5f23f6ff9130","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":115,"box":{"x":70,"y":642,"width":804,"height":11}},{"id":"033ee1c0-d806-4d1c-862a-48b2762a2430","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":115,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"72c540cb-d538-424e-bc84-23c5f70c20d0","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":115,"box":{"x":70,"y":672,"width":835,"height":11}},{"id":"58af4780-8d5e-4b08-834b-8545cf7d2d1e","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":115,"box":{"x":69,"y":687,"width":768,"height":11}},{"id":"184f4eff-799d-4984-9f15-b7ecc37c6acd","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":115,"box":{"x":70,"y":702,"width":815,"height":12}},{"id":"205184e0-ce20-47fc-a249-0d5732e36fda","block_type":"box","text":"especially as that Fund grows in size.","page_number":115,"box":{"x":69,"y":718,"width":264,"height":11}},{"id":"fdbf8967-ca08-4e1a-8c54-8bc8928129bd","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":115,"box":{"x":101,"y":740,"width":762,"height":11}},{"id":"2810a1f8-8568-4901-8159-d5a6001ca23e","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":115,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"a88208f1-d529-41da-9493-556c75be7281","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":115,"box":{"x":69,"y":771,"width":751,"height":11}},{"id":"393b23f3-1d83-4537-9958-680c7722e1a3","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":115,"box":{"x":70,"y":785,"width":755,"height":12}},{"id":"e0fc7300-73c1-4062-baa2-b54cfbd747f8","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":115,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"bb020401-9d7d-4b70-a74e-cf2e0bc8548a","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":115,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"5cbe6bda-b0ea-4804-894c-8f9935e63647","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":115,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"35860c0a-344f-4271-9c08-b8e9060664e0","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":115,"box":{"x":69,"y":846,"width":792,"height":11}},{"id":"92e000a2-6b2d-4bd6-a398-d362b36ee2dc","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":115,"box":{"x":70,"y":861,"width":821,"height":11}},{"id":"0d4c1992-ce76-4ebb-b04e-3cd936f63187","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":115,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"b69134eb-b1cc-446f-b3fb-63d197ec5f08","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":115,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"72218b97-1e52-4e06-a733-ca5c82d37c20","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":115,"box":{"x":69,"y":906,"width":790,"height":12}},{"id":"7eea8b0f-c7e7-4513-9fb8-a9b81b3a433c","block_type":"box","text":"II-71","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e0ae2c35-20c3-462b-819c-536d15aaf47c","block_type":"box","text":"NM1026U-6033389-115/246","page_number":115,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"957e3012-33e6-42a0-b42d-d2248cb0222c","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":116,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"7abe3659-4804-4fa3-a1ee-edf2181b281a","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":116,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"341b2130-c611-4993-a046-5e086b6fe543","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":116,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"083e2dae-dac0-4a4f-b854-55397a64e66a","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":116,"box":{"x":68,"y":90,"width":839,"height":11}},{"id":"692e16ca-fd03-42e5-9b35-941f3b7731b0","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":116,"box":{"x":68,"y":105,"width":514,"height":11}},{"id":"55d4e4e4-4794-4ad4-bfd2-f40e52e71072","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":116,"box":{"x":102,"y":128,"width":385,"height":11}},{"id":"49a50260-514f-4207-a9dd-ca05b6a8eed6","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":116,"box":{"x":102,"y":151,"width":246,"height":11}},{"id":"8f2faaed-ec63-446b-83e9-1df98472b577","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":116,"box":{"x":354,"y":151,"width":548,"height":11}},{"id":"5dd66f15-f2a1-498c-8c7e-56577da3c116","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":116,"box":{"x":68,"y":166,"width":830,"height":11}},{"id":"bdd8569f-e22e-4fc5-aa1e-3dbbfd34a917","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":116,"box":{"x":68,"y":181,"width":793,"height":11}},{"id":"30ae240f-2e5c-4f98-837f-bce9d3c1081b","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":116,"box":{"x":69,"y":196,"width":784,"height":11}},{"id":"102f7c4a-71e2-4c19-9a9d-119d26fcf83f","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":116,"box":{"x":70,"y":211,"width":591,"height":11}},{"id":"14e793bc-f0d5-4869-84bd-09c80f802a16","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":116,"box":{"x":101,"y":234,"width":730,"height":11}},{"id":"ae50a0b8-0617-4945-b868-c9730a34776f","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":116,"box":{"x":70,"y":249,"width":822,"height":11}},{"id":"2112baf4-d3cd-4070-ab18-71c16607cfa8","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":116,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"c99b0793-d59d-426a-be36-9ccb31f74bea","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":116,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"3a4e1170-dbcd-4fc8-a6f4-92d004c09a10","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":116,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"1a0461b5-1763-43ac-b46f-035017a2a9f0","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":116,"box":{"x":69,"y":309,"width":354,"height":11}},{"id":"5c8279d1-c38c-418e-ac7d-aff635867409","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":116,"box":{"x":102,"y":332,"width":769,"height":11}},{"id":"ed711aae-64b8-4ea2-8010-048dc75e478b","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":116,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"ba898a14-f14e-42fb-8528-0966bc956f39","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":116,"box":{"x":70,"y":362,"width":782,"height":11}},{"id":"6a331e8e-af36-4bfb-a464-7e57d05ec4f7","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":116,"box":{"x":69,"y":377,"width":449,"height":12}},{"id":"79c39a43-0c4c-45a2-a56f-87ef4691cc81","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":116,"box":{"x":102,"y":400,"width":794,"height":11}},{"id":"2fea86b7-316d-4ee0-b835-ccf199e9fbbd","block_type":"box","text":"similar financing transactions (","page_number":116,"box":{"x":69,"y":415,"width":218,"height":11}},{"id":"df8a6978-9558-4403-a9d9-0f4a552f5c66","block_type":"box","text":"e.g.","page_number":116,"box":{"x":289,"y":417,"width":24,"height":9}},{"id":"ac99e099-875b-444f-b1d7-69b483bcd629","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":116,"box":{"x":316,"y":415,"width":594,"height":11}},{"id":"00159017-1ce1-4ae2-9117-d5832b90bb3c","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":116,"box":{"x":68,"y":430,"width":813,"height":11}},{"id":"d35cd682-81ec-458a-a3d7-f14d024d29b4","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":116,"box":{"x":70,"y":445,"width":789,"height":12}},{"id":"bc0e4b99-3a29-4f1b-a7c3-3b091f03673a","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":116,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"26d8b9f2-d82b-4fd6-8145-bddf54c09160","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":116,"box":{"x":70,"y":475,"width":824,"height":12}},{"id":"ac11e8f1-df99-4bd8-a391-aec5ca840631","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":116,"box":{"x":68,"y":491,"width":758,"height":11}},{"id":"ff389be7-71b0-47ac-8443-aefb9012dc83","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":116,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"f8948173-8904-4717-8a49-763935a69ba6","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":116,"box":{"x":68,"y":521,"width":838,"height":11}},{"id":"77cd317c-f914-41b8-bcf9-aa66c6981d65","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":116,"box":{"x":69,"y":536,"width":538,"height":11}},{"id":"9fb807d0-6d93-45e9-8524-d6e9601b2a63","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":116,"box":{"x":101,"y":559,"width":780,"height":11}},{"id":"678f9645-0847-4366-a260-008e7d3e6fe8","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":116,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"ac55cbeb-45fe-4869-a31a-5515853a944d","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":116,"box":{"x":68,"y":589,"width":775,"height":11}},{"id":"7e49322b-ade5-454a-a89a-acbf529eebc4","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":116,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"6efdb445-de82-4d20-b95c-495ab7644a4b","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":116,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"c7ebb3c9-51f4-4b39-bd6e-92cef1cc9598","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":116,"box":{"x":68,"y":634,"width":783,"height":12}},{"id":"2317f455-967d-41dd-b924-027b7f0518d8","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":116,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"5e71ebe5-716d-4c2e-b29d-dcd4cac075f4","block_type":"box","text":"amounts to be received under such agreements.","page_number":116,"box":{"x":69,"y":665,"width":345,"height":11}},{"id":"9d697995-5ad3-42f6-ae25-090b8d14f714","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":116,"box":{"x":102,"y":687,"width":316,"height":11}},{"id":"98bb5448-8c1c-460a-85a1-1951fd14ce86","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":116,"box":{"x":424,"y":687,"width":481,"height":11}},{"id":"bd738699-5e7c-43b8-aaf1-b4a484b42c05","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":116,"box":{"x":68,"y":702,"width":822,"height":12}},{"id":"847f34e4-4a21-4569-84d6-11112d2461db","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":116,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"ff782c96-28b6-49dd-b915-a32bcd20b7eb","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":116,"box":{"x":69,"y":732,"width":817,"height":12}},{"id":"131c2b27-2795-4ff0-b31d-6598e3c8884f","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":116,"box":{"x":70,"y":748,"width":833,"height":11}},{"id":"61b2452b-1173-4468-ab3d-ffd13e8f9909","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":116,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"df6747de-b9da-4c19-abb0-3dd0e735d892","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":116,"box":{"x":70,"y":778,"width":821,"height":11}},{"id":"2dbb0a61-1e9c-4784-8cee-24f7bee7a855","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":116,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"3b387673-9ad8-4add-91c1-58957d936d44","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":116,"box":{"x":69,"y":808,"width":777,"height":11}},{"id":"8deb3988-b17f-4bcb-8a13-675c7a9e9fda","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":116,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"68f6a548-9105-4941-b135-3a66980c24be","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":116,"box":{"x":68,"y":839,"width":708,"height":10}},{"id":"184bb802-b957-4e06-95c8-3a82d272b7bc","block_type":"box","text":"Rule 144A Securities.","page_number":116,"box":{"x":102,"y":861,"width":159,"height":9}},{"id":"0dc0e832-fb00-49c7-a0bc-7e8d552620cc","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":116,"box":{"x":266,"y":861,"width":560,"height":11}},{"id":"2c867e2e-82e4-4f65-b513-56bf45ee5bee","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":116,"box":{"x":70,"y":876,"width":741,"height":11}},{"id":"436acc91-f7b5-48af-b9c0-f5bd6a6f4773","block_type":"box","text":"II-72","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9e17e494-698f-4534-8d24-e3f35b1ff974","block_type":"box","text":"NM1026U-6033389-116/246","page_number":116,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"22e07bbd-6c4a-4150-8b83-6ba126d399c7","block_type":"box","text":"Securities Lending.","page_number":117,"box":{"x":101,"y":45,"width":139,"height":11}},{"id":"e97d3efa-2f94-4f0e-8e0c-42dc8c07b573","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":117,"box":{"x":247,"y":45,"width":645,"height":11}},{"id":"79f85c06-a639-40c9-9fab-b1bf9e1051d2","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":117,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"581b3b3d-d515-43ea-93c0-539bbcf6385b","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":117,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"9977f9a0-19ae-4d2c-9bd6-cc5bcf789630","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":117,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"72e503a2-1c1e-4b97-bc85-487eabdf7bca","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":117,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"23d720a3-cfc9-4788-9470-aa38bd708ebd","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":117,"box":{"x":69,"y":120,"width":829,"height":11}},{"id":"7acd76a1-50cb-45e2-8518-032650bd35f7","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":117,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"25b1573e-66da-4ccd-9799-408ff5196140","block_type":"box","text":"the securities were not on loan.","page_number":117,"box":{"x":68,"y":151,"width":225,"height":8}},{"id":"a734b6b5-04a9-447d-9429-ea91106ffbf5","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":117,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"c8591087-03ca-4884-9989-a4469f156734","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":117,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"91a8c004-94d2-4963-8b91-32e540ab6051","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":117,"box":{"x":69,"y":203,"width":824,"height":11}},{"id":"18e387dd-e64c-4731-8341-333fa958a929","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":117,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"f3970db7-6350-4648-a5e2-2403c694243c","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":117,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"dd8c4d4c-fb0b-4682-a059-255598272b44","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":117,"box":{"x":70,"y":249,"width":789,"height":11}},{"id":"e6e13d53-030d-40ff-9737-2035574efc1f","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":117,"box":{"x":70,"y":264,"width":643,"height":11}},{"id":"d11df110-7e06-42ce-8a30-2f7009c6bd3f","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":117,"box":{"x":102,"y":287,"width":568,"height":11}},{"id":"5e1bd065-c3bb-4a3c-9872-01536a1ccf96","block_type":"box","text":"i.e.","page_number":117,"box":{"x":672,"y":287,"width":20,"height":9}},{"id":"e000fd2e-f4a8-46d2-9c88-ded2e8652391","block_type":"box","text":", the risk of losses resulting","page_number":117,"box":{"x":695,"y":286,"width":198,"height":12}},{"id":"6eb687c0-5812-4557-bb91-2754c12eefbe","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":117,"box":{"x":68,"y":302,"width":501,"height":11}},{"id":"1304c2e5-531e-4d69-b662-391df68baf74","block_type":"box","text":"i.e.","page_number":117,"box":{"x":571,"y":302,"width":20,"height":9}},{"id":"1683e73a-ee4e-4df3-a87c-9a87476f6acc","block_type":"box","text":", the risk of a mismatch between the return","page_number":117,"box":{"x":594,"y":302,"width":307,"height":10}},{"id":"de7155f1-758a-4fd6-a1eb-0d7bd7abdfe8","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":117,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"1414d6bc-e89b-4996-b329-4aa0a3e6892c","block_type":"box","text":"i.e.","page_number":117,"box":{"x":865,"y":317,"width":20,"height":9}},{"id":"15d47b52-5034-4267-bc6b-55fb1d309e5e","block_type":"box","text":",","page_number":117,"box":{"x":888,"y":324,"width":2,"height":3}},{"id":"95bda347-5265-400e-8958-7fc3fe3a3776","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":117,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"ea66695c-e954-40ba-8fe5-19e5fc06c93f","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":117,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"5edab7b9-fb20-4830-818b-75111efbaed7","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":117,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"64dacc13-4fb7-4814-b782-cb5a4bd9a6b9","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":117,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"4e3ac9e8-3118-4579-96c9-1fb2dd1d9796","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":117,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"53e02303-7646-4179-86a9-f53e0fc02e69","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":117,"box":{"x":69,"y":408,"width":790,"height":11}},{"id":"7cf8d44d-20f7-404c-8c1b-b38f184cfce5","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":117,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"ec689311-1afa-41b8-ba9c-24ad9c9bb6f5","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":117,"box":{"x":70,"y":438,"width":805,"height":11}},{"id":"3afdb5d3-5b97-48bf-9337-cd28cd5a269e","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":117,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"db6bae53-e175-4170-b42c-1ad4b9eba3f4","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":117,"box":{"x":69,"y":468,"width":775,"height":11}},{"id":"680c598d-d14f-4dbf-82e4-d8b777023b86","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":117,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"a0b3d8fc-a185-48b2-b857-f2a4c3cf59c0","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":117,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"baa502a5-59c5-410a-b9b3-e7395a63996e","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":117,"box":{"x":70,"y":513,"width":837,"height":11}},{"id":"4dea4e37-0a9f-4b96-aab2-73169302e74c","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":117,"box":{"x":70,"y":528,"width":808,"height":12}},{"id":"b241806d-5924-4e71-a37c-05eba1c51370","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":117,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"810a1796-0563-4233-afaf-c493f6cd15fc","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":117,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"f806afa4-f906-45ce-a983-c0ed93f5c0a4","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":117,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"0a610c29-d741-4c62-a8e0-330630750629","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":117,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"a485fdb0-af57-404a-9781-fedac0fe640e","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":117,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"19830e80-8420-4721-b48c-79da5d76ea60","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":117,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"b257dee1-2e31-47ff-8e41-3fe15f711d9c","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":117,"box":{"x":70,"y":634,"width":814,"height":12}},{"id":"3d5c8dcf-c110-42c8-9a0d-aa40560a77f1","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":117,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"07808e93-99d0-4476-869a-3ae8f281990d","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":117,"box":{"x":69,"y":665,"width":828,"height":11}},{"id":"982a0541-7557-4b6d-a7ae-74084cbdd8f0","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":117,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"379abe2f-4a09-4440-9efc-fe93f125758f","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":117,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"a194a216-a976-48ec-9040-4085464333a1","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":117,"box":{"x":69,"y":710,"width":731,"height":11}},{"id":"e193042c-0941-4b32-bb24-187576ee1c86","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":117,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"5193636b-6f0f-43ea-b485-8ca80e3791f9","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":117,"box":{"x":68,"y":748,"width":802,"height":11}},{"id":"e0d9e137-5fde-4a2b-88a7-71bd402cdb42","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":117,"box":{"x":69,"y":763,"width":783,"height":11}},{"id":"26c40fee-e213-4dae-aa8c-1ec9fd03af05","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":117,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"73706990-416a-4c37-9c75-63fd375ecf10","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":117,"box":{"x":70,"y":793,"width":747,"height":11}},{"id":"82346a4d-8803-4ad2-a9bb-0969a9af5244","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":117,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"6e39b138-3390-4219-bf09-614ce0d431fe","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":117,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"c71326ae-26d4-4aa8-b308-867bfe68ee4f","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":117,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"9dd0957f-b598-46cb-8c68-56b3799c86c1","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":117,"box":{"x":69,"y":853,"width":827,"height":11}},{"id":"e6ac0ed6-47a7-42f1-8c96-e1d6a8e41cca","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":117,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"9169c441-d585-4ac3-91ce-3bca0b9d3f41","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":117,"box":{"x":69,"y":884,"width":371,"height":11}},{"id":"29af8240-a4c2-4cb2-8c84-beec0d26fe3d","block_type":"box","text":"II-73","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91fdb2d5-441b-4ffa-b536-520455a1bd3d","block_type":"box","text":"NM1026U-6033389-117/246","page_number":117,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"c85ebd1b-7ff0-42ac-8157-54988ad7c91c","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":118,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"4c4f4c49-6492-44d9-ae70-d17dc7908d42","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":118,"box":{"x":70,"y":60,"width":808,"height":11}},{"id":"64a9ebb7-e8d0-4f92-b5a0-f78a1839e3df","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":118,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"8e5edb6b-d6d6-4d3e-98ee-d148007aa119","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":118,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"562c36ad-2df2-4434-a616-46adb670cf84","block_type":"box","text":"the current expected compliance date.","page_number":118,"box":{"x":68,"y":105,"width":273,"height":11}},{"id":"1f890c26-1904-4bac-b03f-5bd328fbe4f1","block_type":"box","text":"Short Sales.","page_number":118,"box":{"x":101,"y":128,"width":89,"height":9}},{"id":"ddf2844c-d5a3-4412-a633-02397448cfff","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":118,"box":{"x":196,"y":128,"width":696,"height":11}},{"id":"cfcfe728-0c0d-4f31-8fec-c2f828dd93cc","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":118,"box":{"x":68,"y":143,"width":821,"height":11}},{"id":"bae8183a-2517-43b8-a0be-924388442d2d","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":118,"box":{"x":69,"y":158,"width":778,"height":11}},{"id":"84e1e19f-3a5e-4c23-ba75-f2bcd1e3dc73","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":118,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"7cd91e83-17b7-404d-90aa-7079dfc4269a","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":118,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"38733347-a70d-41f4-bc94-2acc2f6b86dc","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":118,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"20236cd2-7ccd-48fb-818f-d9330989b723","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":118,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"f9fa895c-4d05-4285-a69c-5297a8e4a768","block_type":"box","text":"securities to the lender of the securities.","page_number":118,"box":{"x":69,"y":234,"width":289,"height":9}},{"id":"6744f0d9-7122-4c19-a51f-73ae12ecaf6b","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":118,"box":{"x":101,"y":257,"width":772,"height":11}},{"id":"869add2b-8b7a-47ff-95c9-e6e48f55da04","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":118,"box":{"x":69,"y":272,"width":795,"height":11}},{"id":"1cc1a5fe-a3d1-4117-97a3-ebbc38f53f94","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":118,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"9178d079-a3de-4a62-8d04-608728db4a14","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":118,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"6c23cad2-5514-46d7-9c1a-f679f1c114f5","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":118,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"c3381646-b919-4879-8792-36c53aeb59fc","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":118,"box":{"x":69,"y":332,"width":770,"height":11}},{"id":"711b15bc-760f-4b04-b453-b05872682874","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":118,"box":{"x":70,"y":347,"width":568,"height":11}},{"id":"ef7f4a9a-cbf2-4149-aac1-2a6add6f9ea2","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":118,"box":{"x":102,"y":370,"width":806,"height":11}},{"id":"235624f8-fdb9-4844-80ac-940005bea608","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":118,"box":{"x":69,"y":385,"width":817,"height":11}},{"id":"30fa7068-c8cc-421b-bae8-44e53ab6531e","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":118,"box":{"x":68,"y":400,"width":819,"height":11}},{"id":"e305fff1-94db-4e38-90ba-37cf900642fc","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":118,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"58b5848a-2dd8-4a98-9c0a-916a32300cc1","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":118,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"7d96733c-311f-49bb-8a85-e8b73f108055","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":118,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"56257816-08aa-4285-a92b-2ff297d8c712","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":118,"box":{"x":69,"y":461,"width":818,"height":11}},{"id":"ab0931e8-abbe-423e-a597-af416d497a8f","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":118,"box":{"x":68,"y":475,"width":821,"height":12}},{"id":"f6655bd5-7e35-4cad-9b77-ec0dd62ff742","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":118,"box":{"x":69,"y":491,"width":640,"height":11}},{"id":"f1343638-1aac-41b0-94ad-387829ef6abf","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":118,"box":{"x":101,"y":514,"width":673,"height":11}},{"id":"4cab9bf9-c5c3-4f6f-91d7-e84942e12b17","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":118,"box":{"x":101,"y":536,"width":721,"height":11}},{"id":"bc3a1a75-369c-4d6b-bd0b-486b6544a255","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":118,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"c64c8162-47d8-4c88-96ab-17c863ec9a8d","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":118,"box":{"x":70,"y":566,"width":489,"height":11}},{"id":"0023d773-299f-43d6-854d-b2638af8881c","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":118,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"9cac61cd-551a-43f1-86ad-4aaf5213ad38","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":118,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"99362775-792b-44b9-abe1-9afd61cdc829","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":118,"box":{"x":69,"y":619,"width":796,"height":11}},{"id":"31ea9b20-2c36-4f92-b368-8596015a11d6","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":118,"box":{"x":70,"y":634,"width":766,"height":12}},{"id":"4e7c547e-f12f-4ad9-91ce-3790231a8a8e","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":118,"box":{"x":70,"y":649,"width":754,"height":12}},{"id":"b65d2e26-0313-47a6-a77e-9a19efffbab7","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":118,"box":{"x":67,"y":664,"width":800,"height":12}},{"id":"efb11ae9-5083-4285-8dc6-6f965a61673c","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":118,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"e09930b2-9987-4cc9-aa18-bc0e431fd60f","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":118,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"d78792a9-b42d-4c44-9da5-491a0b770fc6","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":118,"box":{"x":69,"y":710,"width":460,"height":11}},{"id":"f032e880-5c31-45c9-9496-23efbcb2963e","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":118,"box":{"x":101,"y":733,"width":293,"height":11}},{"id":"9da1d230-7978-4741-80ed-2f3bd6e56cd4","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":118,"box":{"x":400,"y":733,"width":504,"height":11}},{"id":"6e9714de-3b26-4676-a40e-325d8485e971","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":118,"box":{"x":69,"y":748,"width":791,"height":11}},{"id":"381264e2-fda0-432e-b003-9f3cd744f8f8","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":118,"box":{"x":70,"y":763,"width":793,"height":11}},{"id":"85c0f74d-01df-4747-a7db-ca3a3ffc3d73","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":118,"box":{"x":70,"y":778,"width":824,"height":11}},{"id":"7c458cf6-5540-4302-a75e-cc305a3dddab","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":118,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"837833d1-2b05-41ec-9b85-28e2ca1fc5cf","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":118,"box":{"x":69,"y":808,"width":768,"height":11}},{"id":"cd8dfc77-08a7-47e5-b020-bfc7e0d12d22","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":118,"box":{"x":70,"y":823,"width":826,"height":12}},{"id":"e1d079e2-c334-4fcf-93ab-4601a3473963","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":118,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"9e32cb4c-b00b-47fc-a106-70a1e58c3eae","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":118,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"f0120646-3e6b-4cff-85de-e716a3cf59d8","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":118,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"8a252370-2b33-4f7a-a01a-defcef32ff95","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":118,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"433043f9-e38e-40ca-acc9-0dd0a5c48fa3","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":118,"box":{"x":68,"y":899,"width":794,"height":11}},{"id":"52d595ec-79c8-43df-b22f-6fe399a3819a","block_type":"box","text":"II-74","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2e782113-3fa0-4ada-90dd-18c604aa5eec","block_type":"box","text":"NM1026U-6033389-118/246","page_number":118,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"3140eb37-eae5-4671-80f3-89a5efdfe888","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":119,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"22d4cc30-4344-4d98-97e5-b36e4f2098e4","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":119,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"73ae842a-0d18-4096-b887-e35186ab3494","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":119,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"c24eb418-baa2-4a12-b7cc-d8db4204994e","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":119,"box":{"x":68,"y":90,"width":812,"height":11}},{"id":"35a75119-87b6-4074-9291-c16ceb49573b","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":119,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"2a14e678-c1d9-4630-8aff-6e9b02c27436","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":119,"box":{"x":69,"y":120,"width":806,"height":12}},{"id":"03347045-f72e-4e27-a6bc-5812cac356ad","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":119,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"3254881b-52f8-4953-b12e-35b5e67da888","block_type":"box","text":"Standby Commitment Agreements.","page_number":119,"box":{"x":101,"y":158,"width":255,"height":11}},{"id":"602e5341-1a75-4bbb-a0a3-93f1eec6a096","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":119,"box":{"x":362,"y":158,"width":511,"height":11}},{"id":"5c646cdc-3b38-432b-9110-623b5b349016","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":119,"box":{"x":68,"y":173,"width":834,"height":11}},{"id":"c33d08eb-c6be-4ee6-b5a5-06a31159d4f2","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":119,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"8f7ea2f8-6325-460f-bdd7-f02d752d8d9c","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":119,"box":{"x":70,"y":203,"width":802,"height":12}},{"id":"6d07928d-d309-4f14-8338-e341f03ca9a2","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":119,"box":{"x":69,"y":218,"width":793,"height":12}},{"id":"b9b0eedf-1c36-4512-b68a-e099b0522a75","block_type":"box","text":"advantageous to the Fund.","page_number":119,"box":{"x":69,"y":234,"width":188,"height":11}},{"id":"676c76ed-7c23-4d56-961e-1949e8c99b95","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":119,"box":{"x":101,"y":256,"width":800,"height":11}},{"id":"b92b5bdc-491b-405d-8f89-9d0f9d182bc8","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":119,"box":{"x":68,"y":271,"width":816,"height":12}},{"id":"b1330fc0-e768-4e15-9083-5f24453442aa","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":119,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"0f9daccf-5c5b-4086-8a04-acfd3ff440f2","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":119,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"eda55437-513e-49c1-9afb-03c54fd13443","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":119,"box":{"x":101,"y":324,"width":785,"height":12}},{"id":"fb335f02-0435-4348-9a6c-29342015e274","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":119,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"510bd615-8794-460c-8fc5-b0631686bf89","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":119,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"75012a89-88c5-411d-bd09-43b7d0b4dab5","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":119,"box":{"x":69,"y":370,"width":792,"height":11}},{"id":"a50cc9a0-3a51-4ad1-9232-61a3388f7e61","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":119,"box":{"x":70,"y":385,"width":415,"height":11}},{"id":"f65a02bf-9d44-46d2-aac1-dc56ff4911fc","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":119,"box":{"x":102,"y":408,"width":789,"height":11}},{"id":"eea9e56f-eded-4f65-b35b-783f629ca44c","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":119,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"243079fc-e8b8-4a5f-aa58-52f1a9538737","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":119,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"8cee0c0f-ba7a-42fb-b3b3-cf2c9edd5c0a","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":119,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"4e0d82a5-7510-43b7-becb-18c7fd4d03e1","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":119,"box":{"x":68,"y":468,"width":817,"height":11}},{"id":"eac7c715-70db-4f8f-a6fd-0bcc13a485d1","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":119,"box":{"x":69,"y":483,"width":578,"height":11}},{"id":"b6f4da72-69ae-4a5a-95a2-5b36cbf5c6e0","block_type":"box","text":"Stripped Securities.","page_number":119,"box":{"x":101,"y":506,"width":143,"height":11}},{"id":"8f8e7b22-91ad-4ad4-a4a5-c23db6abf111","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":119,"box":{"x":251,"y":506,"width":596,"height":11}},{"id":"0146c0f8-5b21-4874-8be7-a09ce0d5eec9","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":119,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"e0bfd623-d134-4fbe-ae82-b0b73d795f65","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":119,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"03a69754-8e65-4be7-9cf0-fdc6937b8e0e","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":119,"box":{"x":70,"y":551,"width":813,"height":11}},{"id":"0115f907-0b87-4b0e-af97-33ce0f6457c6","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":119,"box":{"x":70,"y":566,"width":777,"height":11}},{"id":"d9d5146a-1ba8-4c9d-867f-c6556d76b867","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":119,"box":{"x":70,"y":582,"width":802,"height":11}},{"id":"f4a21ede-63f0-4bb4-9ff1-e4e0dc6c47bb","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":119,"box":{"x":69,"y":596,"width":794,"height":12}},{"id":"78f1e189-44e0-49e2-9b56-2a33c1d1f517","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":119,"box":{"x":70,"y":612,"width":837,"height":11}},{"id":"231469eb-bf4b-45bd-ab78-68810bf621ad","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":119,"box":{"x":68,"y":627,"width":823,"height":11}},{"id":"25ff5807-8f04-41f7-9d31-9f43a7a2907e","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":119,"box":{"x":69,"y":642,"width":494,"height":11}},{"id":"79630c3e-0272-48ef-9529-0caf1a8cda24","block_type":"box","text":"Structured Notes.","page_number":119,"box":{"x":101,"y":665,"width":130,"height":8}},{"id":"b1439834-5271-42fa-ad53-c975ee7be027","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":119,"box":{"x":237,"y":665,"width":650,"height":11}},{"id":"67f16177-d47c-41b6-87ac-a6813a6dd755","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":119,"box":{"x":69,"y":680,"width":818,"height":11}},{"id":"e73375ad-be5f-45a5-a821-a8100bad9a1e","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":119,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"20555756-120a-431f-a6a3-a63bfe2eb2d0","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":119,"box":{"x":70,"y":710,"width":821,"height":11}},{"id":"eea88871-d0d3-4699-a409-eb94dc7bd074","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":119,"box":{"x":70,"y":725,"width":839,"height":11}},{"id":"21d443f2-4ce9-4c7e-948c-838cbaee41c1","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":119,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"d0fb8680-ec9e-4749-9cb9-d69b017e0b4e","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":119,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"471c50e3-97c7-430b-b2dd-1dc984f26f49","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":119,"box":{"x":68,"y":770,"width":673,"height":12}},{"id":"54eb5b53-15bf-4d1b-b0a4-73c76613b515","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":119,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"f189b939-88e9-4630-9722-1fcbd64f532b","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":119,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"649cb3f2-3eca-4524-93a7-f70806ce5ab0","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":119,"box":{"x":69,"y":823,"width":787,"height":12}},{"id":"56fee58b-cf78-4e02-b419-a3d4f0588a80","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":119,"box":{"x":69,"y":838,"width":827,"height":12}},{"id":"f111d730-7d5c-4fe8-81de-c28d487c2558","block_type":"box","text":"the risk of loss.","page_number":119,"box":{"x":68,"y":853,"width":110,"height":9}},{"id":"83476675-51b6-4ac0-bde5-bc0648bc1e86","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":119,"box":{"x":101,"y":876,"width":759,"height":11}},{"id":"901301e3-54fa-4603-874b-d443f532584f","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":119,"box":{"x":69,"y":891,"width":795,"height":11}},{"id":"1353cac9-553b-4ad6-9eab-1c531a7870a3","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":119,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"984ec917-0cbf-46f9-a8a3-a5b4fcf068b3","block_type":"box","text":"II-75","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c52b4c0b-6d34-4ff7-a39e-55ade190027a","block_type":"box","text":"NM1026U-6033389-119/246","page_number":119,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"1f5bf722-38c3-4904-92e5-352037611c13","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":120,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"760a6eca-43ee-4ecb-bc8d-b61fe2f5b878","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":120,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"8368a740-1d31-4b71-aada-35ce3b67f281","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":120,"box":{"x":70,"y":75,"width":618,"height":11}},{"id":"3f4303d1-3d7c-4da3-86cd-75dccfa30f80","block_type":"box","text":"Taxability Risk.","page_number":120,"box":{"x":103,"y":98,"width":109,"height":11}},{"id":"26faaac0-2b51-4d90-bfba-afe589e76aa3","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":120,"box":{"x":218,"y":98,"width":644,"height":11}},{"id":"edc62889-5331-496e-9624-42568499775b","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":120,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"ce71b580-3970-4582-ba80-bfa8fcb050ce","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":120,"box":{"x":68,"y":128,"width":827,"height":11}},{"id":"49022a39-54c7-4cf1-8040-073c495a1e7e","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":120,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"df42a484-3e07-4abe-a27f-7cbffc2aacb3","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":120,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"251f3aad-9f3f-4343-8aea-244175f47390","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":120,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"932a30dc-7bb6-4a8a-a31c-2b1890084d0b","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":120,"box":{"x":69,"y":188,"width":816,"height":11}},{"id":"987c4adf-1c50-48e4-be3f-f5a91e74c185","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":120,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"1493c4eb-8d74-471d-ba15-354b9811fa36","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":120,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"90829522-3234-4e22-a39f-f354cee2fbaf","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":120,"box":{"x":70,"y":234,"width":771,"height":11}},{"id":"e1edec63-a008-42d8-b01b-3f340b4e2b95","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":120,"box":{"x":70,"y":249,"width":765,"height":11}},{"id":"bce5c9db-35de-4262-abdc-900502e5ecc7","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":120,"box":{"x":69,"y":264,"width":834,"height":11}},{"id":"3fbb1185-b5c0-4c1d-add9-7cb9f47fc9e4","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":120,"box":{"x":68,"y":279,"width":807,"height":11}},{"id":"abb11a65-f565-42e5-8d16-09ac32edae5e","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":120,"box":{"x":70,"y":294,"width":830,"height":11}},{"id":"b38e0456-2078-4a23-a041-0a28a161587f","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":120,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"b0868af4-cfbf-428d-869f-ec68c5e9d2b0","block_type":"box","text":"the value of an investment in the Fund.","page_number":120,"box":{"x":68,"y":324,"width":278,"height":9}},{"id":"9f40ff03-530c-4d93-b223-a2c8fc4c6c8d","block_type":"box","text":"Temporary Defensive Measures.","page_number":120,"box":{"x":103,"y":347,"width":230,"height":11}},{"id":"3f606e8b-b71c-401b-9560-794743524f32","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":120,"box":{"x":339,"y":347,"width":542,"height":11}},{"id":"f95cd41f-f24a-4ce2-9ae9-73d23366e959","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":120,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"5a9989aa-6801-4336-9675-0bc3992943c2","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":120,"box":{"x":68,"y":377,"width":813,"height":12}},{"id":"f471bfb2-cf01-4d87-ab53-1e74a8cc0c87","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":120,"box":{"x":69,"y":393,"width":833,"height":11}},{"id":"0c465601-6d50-4a5e-904f-daf4978e00c2","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":120,"box":{"x":70,"y":408,"width":813,"height":11}},{"id":"b3f2991d-aa58-4cd6-8c0b-1d604700da1c","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":120,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"d4b0edab-f48f-467e-a249-c6d757cffa35","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":120,"box":{"x":68,"y":438,"width":806,"height":11}},{"id":"6b99abad-181e-4d07-b13e-ec3f7a72f5cf","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":120,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"dd6a46a8-2fd7-42e3-b26d-f3fa97be08b6","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":120,"box":{"x":68,"y":468,"width":820,"height":11}},{"id":"7cfb69cd-709e-4bf1-a5e3-61966f86f4b0","block_type":"box","text":"its investment objective.","page_number":120,"box":{"x":70,"y":483,"width":171,"height":11}},{"id":"a31fb5be-82a7-4ed4-b671-dae7610e0e7c","block_type":"box","text":"U.S. Government Obligations.","page_number":120,"box":{"x":102,"y":506,"width":213,"height":11}},{"id":"3b0bb88a-baa7-47b9-b935-8b460ba1d7dd","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":120,"box":{"x":321,"y":506,"width":566,"height":11}},{"id":"af8ed483-1e96-4791-ac07-702b2d631dbb","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":120,"box":{"x":69,"y":521,"width":810,"height":11}},{"id":"58c47082-8ce7-47fc-986e-a119eac3eb1b","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":120,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"6f222e33-65f1-406c-af33-a785f6cf7034","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":120,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"0cd0c587-4604-4220-820a-4a1f7b48154b","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":120,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"5f3074f4-5110-492f-87c3-265abd3f02f7","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":120,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"dbf3a1cc-2c6a-4771-98e7-103c6c42006c","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":120,"box":{"x":69,"y":596,"width":809,"height":12}},{"id":"40a7b67e-5d8d-4b53-84ae-a939b5779fdd","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":120,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"14d91e3d-177f-4256-944f-89afe63cedfb","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":120,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"4900b182-5b9e-442d-a9d6-8b84711c698c","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":120,"box":{"x":70,"y":642,"width":832,"height":11}},{"id":"6f6203d2-be5d-4e01-954e-e8fec970890f","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":120,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"94f52e48-7a91-4ded-9775-1e38cb973576","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":120,"box":{"x":69,"y":672,"width":716,"height":11}},{"id":"23380416-8759-47d7-8ad4-850e7d4ba538","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":120,"box":{"x":102,"y":695,"width":800,"height":11}},{"id":"706dee4f-0bab-4671-ac81-4579a1e7cc6b","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":120,"box":{"x":68,"y":710,"width":785,"height":11}},{"id":"0f4b7aa5-57ca-4d2d-b376-74ec87886776","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":120,"box":{"x":68,"y":725,"width":813,"height":11}},{"id":"4c183772-91b7-4359-b5f7-bf1dc663c161","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":120,"box":{"x":70,"y":740,"width":794,"height":11}},{"id":"2e748d60-e041-4bc2-9152-de85989d6e88","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":120,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"2acfa22f-466c-4f09-9c09-da9dca416995","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":120,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"9424d0f2-a00b-4c4f-b1b4-c19e240bb450","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":120,"box":{"x":70,"y":786,"width":777,"height":11}},{"id":"57f0a6ea-1ff2-4940-bb61-fda2f7b8ad52","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":120,"box":{"x":70,"y":801,"width":749,"height":11}},{"id":"2358fcb8-c22a-405d-8010-7e908ff4de67","block_type":"box","text":"U.S. Treasury Obligations.","page_number":120,"box":{"x":103,"y":823,"width":183,"height":12}},{"id":"e0a6a404-6429-46e0-a1f4-8f6c61095405","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":120,"box":{"x":292,"y":823,"width":593,"height":12}},{"id":"77a80964-6adc-4f58-8187-2c19f60f9b6b","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":120,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"92998228-3773-4d55-b7f4-f1a1a482ae3f","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":120,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"23e32d7b-1ef5-4269-aeb4-c7050caeb592","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":120,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"3f09ac30-c748-48b5-8f9f-a00a7eb899af","block_type":"box","text":"do so.","page_number":120,"box":{"x":69,"y":884,"width":42,"height":9}},{"id":"bfbe003e-6c32-4f30-a236-1f5eb7894787","block_type":"box","text":"II-76","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5bb988a0-072d-4f51-b75a-b995516f65b4","block_type":"box","text":"NM1026U-6033389-120/246","page_number":120,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"592b0e12-94ff-4d0c-b3be-cb4393401ae4","block_type":"box","text":"U.S. Treasury Rolls","page_number":121,"box":{"x":102,"y":45,"width":139,"height":11}},{"id":"aa7ddfbf-1ef0-412a-8887-8503b690e1f0","block_type":"box","text":".","page_number":121,"box":{"x":241,"y":52,"width":3,"height":2}},{"id":"8c9b930e-6d90-4a65-9806-b7585a1084ef","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":121,"box":{"x":250,"y":45,"width":656,"height":11}},{"id":"c2005411-9500-4e08-a97d-231b2827bd65","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":121,"box":{"x":69,"y":60,"width":804,"height":11}},{"id":"ff9b6863-ea64-4e12-a6f3-28e1bc8ae372","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":121,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"9d4d80e1-84da-4905-bb42-91d52d4ef1d1","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":121,"box":{"x":69,"y":90,"width":840,"height":11}},{"id":"5f7b7b3f-3e83-48c6-a5dd-aa4d87ed7342","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":121,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"665f22c3-0adf-4a18-a764-44996e89bacf","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":121,"box":{"x":69,"y":120,"width":775,"height":12}},{"id":"bd5a0d8a-c7cb-41c8-8211-87b296e138f3","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":121,"box":{"x":69,"y":135,"width":829,"height":12}},{"id":"16d0a6e6-1fb0-45f0-8969-1b3d5260eb57","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":121,"box":{"x":68,"y":150,"width":657,"height":12}},{"id":"220a7ab9-5757-4b6a-92da-ebaac26103b4","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":121,"box":{"x":101,"y":173,"width":756,"height":11}},{"id":"aefc1204-7a84-40dd-8d1a-4b601f315bb2","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":121,"box":{"x":70,"y":188,"width":800,"height":11}},{"id":"0bbdfb86-5c01-42c1-b8d7-429eb8b9a862","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":121,"box":{"x":70,"y":203,"width":617,"height":12}},{"id":"7f141435-a9c6-49f8-a82f-7a48f9ce1163","block_type":"box","text":"Utility Industries.","page_number":121,"box":{"x":102,"y":226,"width":124,"height":11}},{"id":"d7f6a0c5-b918-489e-bfe7-6b3eb50cb808","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":121,"box":{"x":233,"y":226,"width":674,"height":11}},{"id":"feb6dd47-8914-470b-bf2b-cbd28b463b65","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":121,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"b9d2a0fc-4e4b-47c6-a32d-0c3b4573365f","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":121,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"abb9a62a-036e-4162-b36b-ef45f95b0053","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":121,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"9d03942f-7824-4a6a-b47c-1e782ffe4c33","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":121,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"b9a0be34-31e9-4877-8b86-99a8c8330815","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":121,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"bb1eaf99-1f4c-40f9-a08d-d374872d4194","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":121,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"a16917cd-b092-4bf8-bd5d-66b9938d0be3","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":121,"box":{"x":69,"y":332,"width":774,"height":11}},{"id":"a8c0e1bc-3c1d-4858-ab0a-1aa4f1532a44","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":121,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"5130be29-fda0-4617-ac2e-076a8b3c543d","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":121,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"be1a195a-d2ac-4f0f-b0da-c9515186706a","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":121,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"593ff905-3635-41d9-9300-5a88d8d15cf7","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":121,"box":{"x":69,"y":392,"width":761,"height":12}},{"id":"717ab560-7628-4850-a9fc-1a7de2a433fd","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":121,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"c9e30139-b9b0-43c4-b6b1-060b30911f79","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":121,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"f361d02b-41ef-4e63-abb6-9e871fa9a887","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":121,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"4691fe3e-6dfe-45f9-9fb5-dc2fbebc1e47","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":121,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"4fdc2db6-a319-407b-bc66-53550b05dc48","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":121,"box":{"x":68,"y":468,"width":778,"height":11}},{"id":"5fae72cd-da5f-4e25-a48e-2eab062d23e8","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":121,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"068b9085-9b5c-4502-b4a4-4994ebd800ed","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":121,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"2789a95d-a3c3-47b7-a972-7b0237776602","block_type":"box","text":"utility.","page_number":121,"box":{"x":69,"y":514,"width":39,"height":10}},{"id":"27443346-6f9b-4aa6-b819-f4bba38243cb","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":121,"box":{"x":102,"y":536,"width":744,"height":11}},{"id":"2d3f0197-c671-47f2-8e0c-0a68fd5b0c62","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":121,"box":{"x":70,"y":551,"width":828,"height":11}},{"id":"73c8eb06-1f7f-4fad-b736-ba899205ee18","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":121,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"b488ead7-ad19-48a2-8780-d9a94e198fe5","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":121,"box":{"x":70,"y":581,"width":464,"height":11}},{"id":"da6cc366-27fc-4d5a-8115-184eec5ba563","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":121,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"75fe3fd4-de9e-42c3-a512-e807858ae7d9","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":121,"box":{"x":69,"y":619,"width":790,"height":11}},{"id":"81dfd0a2-c76e-4f20-aaa1-733b566bf21e","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":121,"box":{"x":69,"y":634,"width":811,"height":11}},{"id":"05a21d10-516c-4163-af41-9333ae068cf0","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":121,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"eb88c658-8929-4f72-8b72-8e3d1a1f36c6","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":121,"box":{"x":68,"y":664,"width":781,"height":12}},{"id":"dfa84c73-a7f8-475b-a9c2-4231f81f43d0","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":121,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"c92bf023-e971-4d20-a88a-9d4cf0a41b52","block_type":"box","text":"continue in the future.","page_number":121,"box":{"x":69,"y":695,"width":156,"height":9}},{"id":"3ef39439-92de-4bcc-8ba8-eb5970542c93","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":121,"box":{"x":101,"y":717,"width":763,"height":12}},{"id":"d60171a7-0b48-4f2b-92e2-d4daa0997d60","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":121,"box":{"x":69,"y":733,"width":820,"height":11}},{"id":"8841fd3f-761b-4d61-8b47-1d450f477b46","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":121,"box":{"x":70,"y":748,"width":834,"height":11}},{"id":"9ebf8ff5-fe9d-44d8-9132-3d937f5b81e4","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":121,"box":{"x":69,"y":763,"width":784,"height":11}},{"id":"28df6f11-c841-48fe-a830-f5f0902b71f1","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":121,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"354c6b81-6c8a-46ef-b14c-eb83ebc5993a","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":121,"box":{"x":68,"y":793,"width":809,"height":11}},{"id":"3de9cc1d-a729-4aa2-affe-0a9398c0d500","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":121,"box":{"x":69,"y":808,"width":834,"height":11}},{"id":"3154e6d7-7080-4546-9fa5-2935bde0defc","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":121,"box":{"x":69,"y":823,"width":825,"height":12}},{"id":"e3950bb0-3dcf-4435-a83d-1e11b30fbb12","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":121,"box":{"x":68,"y":838,"width":840,"height":11}},{"id":"6a2eba91-5e30-4250-92ea-f0c268f7760c","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":121,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"19a4f179-5176-4a92-b11b-4a0b0252df83","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":121,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"bea0d575-f655-4434-b26d-abfc04b3486c","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":121,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"b4ac4386-a4c8-4dd3-9e64-24dcba92d231","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":121,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"b0a80e40-87fd-4edd-891a-68c542e3f5e1","block_type":"box","text":"II-77","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3c8a47cf-1761-4f0d-b230-2fefcde73d9b","block_type":"box","text":"NM1026U-6033389-121/246","page_number":121,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"99f1c009-70b5-4d02-8b71-4d7f97221c9b","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":122,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"542f68ba-90ba-4482-a93c-fcd0bdc8cba3","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":122,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"fd7d217b-5da2-49c2-b522-a27c0876043c","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":122,"box":{"x":102,"y":83,"width":720,"height":11}},{"id":"a5acc147-ae84-46ee-8440-ecd50e4d6b37","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":122,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"adc93784-1ff0-490a-8816-928db16819ae","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":122,"box":{"x":68,"y":113,"width":762,"height":11}},{"id":"2b3fbb62-e29d-4c24-9270-7499649714be","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":122,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"dd8288ec-e2fd-4456-8ef8-89beee4feee2","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":122,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"bb6437ca-c9ca-4dbb-9620-60b8fc9c08bb","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":122,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"96c61bd0-ca98-4fc7-8acc-da5ba3c7eb3a","block_type":"box","text":"ways different from regulation in the United States.","page_number":122,"box":{"x":68,"y":173,"width":365,"height":11}},{"id":"528c99cf-990d-4f93-843d-485fcb1fcd5c","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":122,"box":{"x":101,"y":196,"width":745,"height":11}},{"id":"3cf3ecd4-0f48-40c4-a3f1-c158a6ed485a","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":122,"box":{"x":68,"y":211,"width":790,"height":11}},{"id":"e9128e3d-858b-404b-85d8-07eea9afd3ff","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":122,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"194774d3-2f46-44de-b646-0fa791216987","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":122,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"a3e36e83-fe79-4a92-856a-89a99dbb14e0","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":122,"box":{"x":69,"y":256,"width":831,"height":12}},{"id":"262ac98b-904f-401f-8ec6-56c886249ea7","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":122,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"38d18379-f14e-47e4-b178-a83a5f5014de","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":122,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"83643a97-ff5b-493c-b247-fbfc914834ef","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":122,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"fa835417-cf73-4da0-afe5-633c2cf883f7","block_type":"box","text":"increase.","page_number":122,"box":{"x":70,"y":317,"width":63,"height":9}},{"id":"dcb93628-d595-464a-aca5-8f7fbef7cdcf","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":122,"box":{"x":101,"y":339,"width":793,"height":12}},{"id":"bc944f7a-bc3f-4886-b241-4e37ba23aeaf","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":122,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"67b7d0b8-fafd-4d4e-b46f-93f687d62b12","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":122,"box":{"x":69,"y":370,"width":619,"height":11}},{"id":"85d99821-71ea-4fcb-a5f3-8991f188e57e","block_type":"box","text":"Electric.","page_number":122,"box":{"x":102,"y":393,"width":54,"height":8}},{"id":"3c9c661e-9a0b-4b25-a95d-7575df7bbba3","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":122,"box":{"x":163,"y":392,"width":684,"height":12}},{"id":"c8a91e7c-b43b-447b-8513-fc44cf38831f","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":122,"box":{"x":68,"y":407,"width":793,"height":12}},{"id":"b6f16824-8af4-4638-baa3-aaa0de5f44d3","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":122,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"fe0ad19f-af0d-4782-aafb-1228f002d19f","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":122,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"6f4aa6b3-3652-4ef3-8cc0-79f879ddfb6c","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":122,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"f507f664-7852-478f-af01-5462a3c0f8be","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":122,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"073dfe1f-b8b5-433b-ac41-0542016b820f","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":122,"box":{"x":68,"y":483,"width":803,"height":11}},{"id":"2af5da42-f97b-4a93-91e0-8a10ee32e71f","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":122,"box":{"x":70,"y":498,"width":778,"height":11}},{"id":"11b25f4d-190e-4e32-a19a-b5ca52e5ae94","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":122,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"976260dd-286f-404f-bc9f-3a877fb31482","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":122,"box":{"x":69,"y":528,"width":793,"height":12}},{"id":"96a91336-85cb-4991-8c24-97ba4dec0fec","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":122,"box":{"x":69,"y":543,"width":786,"height":12}},{"id":"c1c50186-b641-4eed-992e-6f485ac8f989","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":122,"box":{"x":69,"y":559,"width":819,"height":11}},{"id":"80b63ae2-7ead-4136-bf22-184d1aa31268","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":122,"box":{"x":69,"y":574,"width":775,"height":11}},{"id":"65c0dffc-7f96-46d6-9d3e-dff81b127ed8","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":122,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"e7beb544-14d8-4296-b2a2-cf92a274baf1","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":122,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"f29929fc-3218-41c3-91bc-7f8ec27decae","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":122,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"e9d10c5c-584e-4681-8cf0-7f748c5b5126","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":122,"box":{"x":69,"y":634,"width":836,"height":11}},{"id":"6363ab68-4334-4e99-903e-314fefe44dad","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":122,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"12638b1f-3649-433a-9e6c-19d0fb7d05b3","block_type":"box","text":"and for decommissioning such plants.","page_number":122,"box":{"x":69,"y":664,"width":270,"height":12}},{"id":"0d493986-3044-4650-adfc-d31c54bf30df","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":122,"box":{"x":101,"y":687,"width":776,"height":11}},{"id":"ac47ffe8-cac2-4475-8032-6a664997ff04","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":122,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"1e7c025a-82d6-4d94-bad9-ec2c76b6165f","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":122,"box":{"x":69,"y":717,"width":791,"height":12}},{"id":"5842b986-235a-4186-ad72-b7a9e686a916","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":122,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"460c1a5f-bff4-456c-916e-1bb97abff4b7","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":122,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"f61a1385-1b23-44c5-9751-5e9f3e3726c4","block_type":"box","text":"greater predictability of cash flow.","page_number":122,"box":{"x":68,"y":763,"width":239,"height":11}},{"id":"e1b85b41-45e9-4c04-b313-0725951c68a1","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":122,"box":{"x":101,"y":785,"width":801,"height":12}},{"id":"1f58ed0e-879b-49f5-86c5-e6f3b4299a55","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":122,"box":{"x":68,"y":801,"width":821,"height":11}},{"id":"22621bbe-c0a6-45a1-81e1-f0cee2a54a48","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":122,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"ada2c742-6d62-4b98-8fda-1f936ef1b886","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":122,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"70ac0169-116c-48d8-944b-3b7c70add15d","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":122,"box":{"x":68,"y":846,"width":803,"height":11}},{"id":"61ddea87-c898-4e59-8b65-f075848a6ae2","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":122,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"ee55cbd9-11ca-4e1b-a536-90fb9ac032b3","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":122,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"65440a18-e095-41ea-ab35-6711e0233e42","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":122,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"4ba181eb-ab84-4cb9-b8a0-7d5904460e9c","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":122,"box":{"x":69,"y":906,"width":700,"height":12}},{"id":"3c28d478-d910-4fdd-8011-3242521d5ebc","block_type":"box","text":"II-78","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a4b7324c-08a8-4b8b-a6b3-d9affe0a2ccb","block_type":"box","text":"NM1026U-6033389-122/246","page_number":122,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"940f525f-ab8a-4afa-8ea2-0fbe88d6eb6f","block_type":"box","text":"Telecommunications.","page_number":123,"box":{"x":103,"y":45,"width":147,"height":9}},{"id":"f78379da-4bd5-4368-877e-8abb341050e4","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":123,"box":{"x":256,"y":45,"width":652,"height":11}},{"id":"3dbf4341-a2d2-4411-9266-506a41ae55d3","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":123,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"ca4b1069-ba61-4ce0-bbdf-6161f65d0a74","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":123,"box":{"x":70,"y":75,"width":782,"height":11}},{"id":"f89621ec-59da-43a7-85ee-151118403c0c","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":123,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"4cbc0a58-0441-4fac-8f12-dcc75ffdedb1","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":123,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"2555dc0e-264d-417a-a8dc-d3245cd4bcf6","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":123,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"2cc102eb-78d7-4cab-8771-da86e875f6a3","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":123,"box":{"x":69,"y":135,"width":790,"height":12}},{"id":"b6871700-1ab4-44d9-ab27-681e7156943e","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":123,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"261e7101-713c-407c-a7bb-5fb5f48adab0","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":123,"box":{"x":68,"y":166,"width":825,"height":11}},{"id":"7f2ef67a-fb10-422b-b568-9872eab533e6","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":123,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"caa43737-5f2d-40cf-81c9-74b9c052136a","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":123,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"c58d44c4-ee23-446f-815f-92f3a9e41706","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":123,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"b36793ea-b422-45b6-8488-6eb51c6f5a64","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":123,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"6508a092-ad1e-474d-813a-952de56bc121","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":123,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"9eab6de4-1b67-4ec4-806b-9bb1096a7d26","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":123,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"e547ba9f-e2e5-41f8-9395-b7a38e805a34","block_type":"box","text":"residential, corporate and governmental customers.","page_number":123,"box":{"x":69,"y":272,"width":367,"height":11}},{"id":"4eaf9119-bcf0-41c6-9793-2b6d8b6e0895","block_type":"box","text":"Gas.","page_number":123,"box":{"x":102,"y":294,"width":31,"height":9}},{"id":"5332eced-0c1e-48ed-b1aa-b8e61da8791e","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":123,"box":{"x":139,"y":294,"width":740,"height":11}},{"id":"4e358873-8c5d-4f6d-a92c-6b957170af1d","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":123,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"b354d910-bc52-4842-a78d-9ea6980236a1","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":123,"box":{"x":70,"y":324,"width":756,"height":12}},{"id":"ecf47372-d3cb-4e70-8a78-21ea3dbf7597","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":123,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"c494bbcd-250e-440e-9b52-16880f950d2e","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":123,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"38b2a74d-8af1-47a6-bac9-6181cda396cb","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":123,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"e78f2042-131f-41c3-a8a5-53e7fb5cef7e","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":123,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"bfcb1227-c19f-4e77-b14f-109892ee38fa","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":123,"box":{"x":70,"y":400,"width":829,"height":11}},{"id":"6740b854-14b4-4d64-8918-16b0582b2b8e","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":123,"box":{"x":70,"y":415,"width":691,"height":11}},{"id":"a4da4047-60c1-436d-9e50-748f9a80d19a","block_type":"box","text":"Water.","page_number":123,"box":{"x":103,"y":438,"width":42,"height":9}},{"id":"1bd5dd40-17d3-44d5-a60f-d72846a5f8eb","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":123,"box":{"x":151,"y":438,"width":754,"height":11}},{"id":"ac378db5-1c6c-4de1-9109-57eec103101d","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":123,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"64b89694-f247-405b-a668-dacac1f2bff9","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":123,"box":{"x":69,"y":468,"width":806,"height":11}},{"id":"72f8c45b-e0cf-4600-8298-90e06ec5acb4","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":123,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"75f56b76-975f-4940-95e5-a726ba341ac2","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":123,"box":{"x":69,"y":498,"width":808,"height":11}},{"id":"2e2d2799-6476-45e1-aa6f-24172130efda","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":123,"box":{"x":69,"y":513,"width":832,"height":12}},{"id":"a6f2f3a4-d516-4744-8405-3843843eb11f","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":123,"box":{"x":69,"y":528,"width":662,"height":12}},{"id":"79ac3f47-f274-4460-90b5-cbb2a8e470ed","block_type":"box","text":"Utility Industries Generally.","page_number":123,"box":{"x":103,"y":551,"width":186,"height":11}},{"id":"25e98e50-633c-4458-851d-c7cfd18756a3","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":123,"box":{"x":296,"y":551,"width":584,"height":11}},{"id":"dfb5f03e-17ad-40e6-ba14-6a08903bb07b","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":123,"box":{"x":68,"y":566,"width":837,"height":11}},{"id":"cbda101c-a992-496f-b57c-51ae7e540b12","block_type":"box","text":"not develop in the future.","page_number":123,"box":{"x":69,"y":581,"width":178,"height":11}},{"id":"4dd4167f-e7e5-453b-8d0a-79197792c6f5","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":123,"box":{"x":103,"y":604,"width":585,"height":11}},{"id":"7ed15894-7e44-4416-8f02-b6020e62637d","block_type":"box","text":"A Fund may purchase or sell","page_number":123,"box":{"x":694,"y":604,"width":200,"height":11}},{"id":"ab739398-0073-468f-88c7-80f3f02a320b","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":123,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"074c2905-b7fc-4cec-a2ba-956d47fd7994","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":123,"box":{"x":69,"y":634,"width":777,"height":12}},{"id":"798f82c5-d095-4248-b18c-33310304e3f7","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":123,"box":{"x":68,"y":649,"width":820,"height":12}},{"id":"6cfee871-61df-4a7b-8ab7-2813de2db03e","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":123,"box":{"x":68,"y":664,"width":807,"height":12}},{"id":"712caa57-aa0a-4190-a4e8-94b8f35e4b37","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":123,"box":{"x":70,"y":680,"width":430,"height":11}},{"id":"5dddf5b8-fb26-40ff-9a78-bf150619a045","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":123,"box":{"x":102,"y":702,"width":750,"height":11}},{"id":"28f8b22c-121c-4703-a7fd-3cf4ad34057b","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":123,"box":{"x":70,"y":717,"width":823,"height":12}},{"id":"04c4e328-1d88-4e81-8c5b-ee24ce24f138","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":123,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"1122659b-7d47-425b-8295-03c099f10c30","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":123,"box":{"x":70,"y":748,"width":755,"height":11}},{"id":"079b9ba4-090d-4f6a-aa8f-8d34a9593eed","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":123,"box":{"x":69,"y":763,"width":799,"height":11}},{"id":"e4c9bb9d-ee4f-43c4-a590-973738691d03","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":123,"box":{"x":69,"y":778,"width":614,"height":11}},{"id":"f3b00a8f-79ab-4dfa-a7e1-3fb3f8c0f8e1","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":123,"box":{"x":101,"y":801,"width":780,"height":11}},{"id":"c5753106-90dc-44ef-ad71-408d886f703c","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":123,"box":{"x":70,"y":816,"width":823,"height":11}},{"id":"721a54f3-3273-41e9-afd6-6ee1e9fd8495","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":123,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"01592ce6-11f5-465f-904e-4346a878b277","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":123,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"2cb9065d-6db1-4cbd-ae3e-c43dac0f8557","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":123,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"3964c977-3ef2-4780-8ea8-2c7475ac3284","block_type":"box","text":"II-79","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ddcfa459-2d80-44bc-862a-62bfc0e8bc77","block_type":"box","text":"NM1026U-6033389-123/246","page_number":123,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"e2780dd4-4d5d-4bdd-adcb-f03942556732","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":124,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"ac99156c-d601-47ab-8389-23a5298632f8","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":124,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"9d629940-e13c-4feb-b77e-f76cdaf61fb2","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":124,"box":{"x":69,"y":75,"width":799,"height":11}},{"id":"53128d62-c28a-4a6e-adfd-81617c286563","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":124,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"41393852-9b31-4ca5-a50c-d5ecb91286b2","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":124,"box":{"x":69,"y":113,"width":772,"height":11}},{"id":"b9258da4-b404-4d35-80aa-00e8ddedf542","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":124,"box":{"x":69,"y":128,"width":434,"height":11}},{"id":"fdfceebe-eae0-4353-ba47-b1a3ee4c1102","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":124,"box":{"x":101,"y":150,"width":745,"height":12}},{"id":"acad28a3-1fcc-49c4-a0e9-daa49a44b6d4","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":124,"box":{"x":68,"y":166,"width":831,"height":11}},{"id":"8f92be51-90e6-41f5-bd30-1afe40e19b98","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":124,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"3d629d6d-c497-4078-bdcc-d23d7545fc44","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":124,"box":{"x":68,"y":196,"width":514,"height":11}},{"id":"bfaab51b-0aee-4ee2-8c26-a0a26588e97d","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":124,"box":{"x":102,"y":218,"width":759,"height":12}},{"id":"66fa38cf-7c97-4965-820e-c73da43fd483","block_type":"box","text":"securities (","page_number":124,"box":{"x":69,"y":234,"width":78,"height":11}},{"id":"229acd24-c2da-4b73-896d-a69937012b9d","block_type":"box","text":"e.g.","page_number":124,"box":{"x":148,"y":235,"width":25,"height":10}},{"id":"a956c0dd-257e-4351-b01a-ff53eceb37df","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":124,"box":{"x":176,"y":234,"width":686,"height":11}},{"id":"84295fe7-be82-4b5e-a3f7-a544c10b825b","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":124,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"febb50ca-8e7d-4cb0-a78f-88b14ee2704d","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":124,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"5296e665-b10f-4aa0-bc73-c487e780af93","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":124,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"2276cce9-60b2-4d6f-a95f-d7ed61293ae3","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":124,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"a9864598-8d80-4cad-94e2-a4c5eabd5532","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":124,"box":{"x":70,"y":309,"width":816,"height":11}},{"id":"ac9bcfb9-430e-4262-991e-12956f4186b1","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":124,"box":{"x":70,"y":324,"width":349,"height":11}},{"id":"6892df9b-203d-4ff3-8a23-c3ceccdb75e2","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":124,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"e0c46517-613e-4bd6-a3e7-8d7c74de7c03","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":124,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"1c0d9826-b941-4bb3-9f89-ff786cff1c50","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":124,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"f70bc9bf-13c1-4e68-a74a-aef3726a2221","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":124,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"5cc73a04-5c57-468c-8d29-0fbb4ac823a7","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":124,"box":{"x":69,"y":407,"width":836,"height":12}},{"id":"609c0e8a-bc07-4227-ac05-13d22c0dceb4","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":124,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"390ce212-5864-415c-a963-206f313dc49e","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":124,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"0aa4f810-8d08-45d5-baa7-ef69d9b423fc","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":124,"box":{"x":68,"y":453,"width":573,"height":11}},{"id":"ece3086e-2b70-43db-8b8c-8c766e444705","block_type":"box","text":"Yields and Ratings.","page_number":124,"box":{"x":103,"y":476,"width":139,"height":11}},{"id":"4c28184d-f310-46c9-851a-08c58a644e0c","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":124,"box":{"x":247,"y":475,"width":628,"height":12}},{"id":"fea33359-70cc-4552-946b-b830f04b19b7","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":124,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"665e06fb-ffb5-4a80-a4cd-b548b49f71b5","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":124,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"b1f9b690-466d-4ef1-be89-4ecdaa88cbd7","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":124,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"c57ca05f-6b08-4776-b8a4-8c7f59112b7e","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":124,"box":{"x":68,"y":536,"width":792,"height":11}},{"id":"12930f07-8479-43d8-9f5c-59235a5a1f47","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":124,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"a0b43cac-1626-43cb-b1b0-4a3b07cb1630","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":124,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"a2d94caa-227d-4de3-aff3-e2e1574809ae","block_type":"box","text":"continue to hold the security.","page_number":124,"box":{"x":69,"y":582,"width":204,"height":10}},{"id":"ac29dd39-fe0b-4935-b5b5-04f91437e2c9","block_type":"box","text":"Zero Coupon Securities.","page_number":124,"box":{"x":102,"y":604,"width":175,"height":11}},{"id":"bea82e9c-3d32-43ce-aec3-5163d9fda3a2","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":124,"box":{"x":283,"y":604,"width":601,"height":11}},{"id":"70563df0-66ac-41ea-ab8c-cb6fc8057db3","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":124,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"3c1ebcd8-42d2-41ac-96de-37829f04e09a","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":124,"box":{"x":69,"y":634,"width":822,"height":12}},{"id":"ffe0f36a-db66-4f65-b8a2-e6b8803cbbf2","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":124,"box":{"x":68,"y":649,"width":814,"height":12}},{"id":"b22832b1-caea-4aba-92e4-e22281776082","block_type":"box","text":"security.","page_number":124,"box":{"x":69,"y":665,"width":57,"height":11}},{"id":"f5fb028f-9886-45f6-af35-1e71c4c77133","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":124,"box":{"x":101,"y":687,"width":749,"height":11}},{"id":"1306a47d-b83d-498c-8bc0-0bfa3ddcc481","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":124,"box":{"x":69,"y":702,"width":835,"height":12}},{"id":"adcc0a18-d3f3-43d5-b74a-a55c284a8fcd","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":124,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"588b3d54-759a-4494-9050-5bce9680962a","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":124,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"f18331d8-269e-4bb5-a502-7d6a549bedf2","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":124,"box":{"x":69,"y":748,"width":804,"height":11}},{"id":"f6931d56-c28b-43ba-b217-820be3424569","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":124,"box":{"x":68,"y":763,"width":824,"height":11}},{"id":"71970144-eca7-4d8c-8dda-b715ee172e8d","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":124,"box":{"x":68,"y":778,"width":805,"height":11}},{"id":"0bdc19a8-d472-44eb-802e-9c6c05d672c8","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":124,"box":{"x":70,"y":793,"width":837,"height":11}},{"id":"924d42e8-51f8-4eb4-92db-5e73134dc100","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":124,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"a8aeb9e7-ed06-4157-abce-1f8a5d50fdb8","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":124,"box":{"x":69,"y":823,"width":800,"height":12}},{"id":"10358168-16a6-4a40-a00f-09b7ff081d5d","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":124,"box":{"x":69,"y":838,"width":400,"height":12}},{"id":"7c654b5d-05d5-4e39-8a1c-d5a3a3b6eb35","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":124,"box":{"x":101,"y":861,"width":775,"height":11}},{"id":"f2426996-d0cd-4717-8b2a-bb374501d011","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":124,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"c1bc2bc7-44f3-4b37-98af-157835271f81","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":124,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"87a4fb5d-48a7-457d-8754-d493ce6d3d88","block_type":"box","text":"intervals.","page_number":124,"box":{"x":70,"y":907,"width":64,"height":8}},{"id":"ed2eb9c9-03c3-4317-b060-3a093a0ce41d","block_type":"box","text":"II-80","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f925664-caab-417f-9072-3ac38580e828","block_type":"box","text":"NM1026U-6033389-124/246","page_number":124,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"b5e18e72-b4a3-4c7f-9ec2-866e561f1a00","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":125,"box":{"x":102,"y":45,"width":749,"height":11}},{"id":"edd5880f-de4c-469c-8834-1ce20147a6df","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":125,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"e3f60875-fedf-4316-98c6-7c002a3d3346","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":125,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"de1e31d8-8d6d-4566-9063-7c3f0e9194d4","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":125,"box":{"x":68,"y":90,"width":799,"height":11}},{"id":"9ec7f9b5-083e-46db-8263-03bbdaee0f9e","block_type":"box","text":"exposure to zero coupon securities.","page_number":125,"box":{"x":69,"y":105,"width":253,"height":11}},{"id":"6ed989ce-5390-4473-a0ce-2ad4b6545009","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":125,"box":{"x":102,"y":128,"width":740,"height":11}},{"id":"ab656acf-580a-4cd7-a9af-5849b0fbf527","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":125,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"7e0c2504-0538-4706-b041-5aa5845a3675","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":125,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"efe606c4-2a23-45b4-a026-5a971b128736","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":125,"box":{"x":69,"y":173,"width":741,"height":11}},{"id":"fc55fd1f-54d9-446f-b167-0ad28018260c","block_type":"box","text":"Suitability. (All Funds)","page_number":125,"box":{"x":101,"y":196,"width":161,"height":11}},{"id":"5ffaf97e-0221-4937-92e6-36ad6dd5b284","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":125,"box":{"x":101,"y":218,"width":793,"height":12}},{"id":"44d38135-cc04-41b6-aa69-80df2f258d1a","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":125,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"bf2180bf-16a6-4e23-9c8d-bc9a57723135","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":125,"box":{"x":70,"y":249,"width":810,"height":11}},{"id":"69cf306e-b04f-4944-b9e2-b633739f68fb","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":125,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"28dc9d57-0277-4516-b47a-d40cbcd19ce2","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":125,"box":{"x":68,"y":279,"width":460,"height":11}},{"id":"54f1cf43-7d04-4a89-aab9-82fa9216f76b","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":125,"box":{"x":102,"y":302,"width":264,"height":11}},{"id":"a59daf47-037f-446e-8429-95b104929850","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":125,"box":{"x":102,"y":324,"width":745,"height":11}},{"id":"3bb77694-2ebf-4f56-90fa-38db7c58fa8a","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":125,"box":{"x":68,"y":339,"width":807,"height":12}},{"id":"d406ff1b-b912-4a68-aa7f-e0c54d17849f","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":125,"box":{"x":69,"y":355,"width":528,"height":11}},{"id":"c26dfcae-4aa0-43d9-a00b-129df8183312","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":125,"box":{"x":102,"y":377,"width":735,"height":12}},{"id":"85c1439c-690f-493e-b286-249d472bc9c9","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":125,"box":{"x":69,"y":392,"width":775,"height":12}},{"id":"b1c05073-b4dc-42b0-9bc9-31bd4f88d8cb","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":125,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"7f1b7a2b-184b-4891-9b71-d112b2a8cd8a","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":125,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"c89b424d-9d4d-4669-a83b-7663a54c4f0b","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":125,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"d29f39db-1744-4a3f-96b0-3f04ca1bd5a1","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":125,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"4973bf00-3c33-46ee-bfdc-9be4b2cacde0","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":125,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"689d6d83-8c86-4587-b636-497bb9565bde","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":125,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"697f7d5e-1f53-4f0d-a757-e1f471c75bfa","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":125,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"f4ae187e-3442-40a2-b60a-b37d03a844c8","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":125,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"868dfcb5-757b-45f5-8e06-1e04150470c3","block_type":"box","text":"(","page_number":125,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"41125574-dd2d-40a4-8d70-25e4c5c7b21d","block_type":"box","text":"i.e.","page_number":125,"box":{"x":74,"y":529,"width":21,"height":8}},{"id":"4505c3d3-dfc9-43d4-ac56-212f30a0ba81","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":125,"box":{"x":97,"y":529,"width":806,"height":11}},{"id":"babad372-cabc-4373-930e-e9678f24acca","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":125,"box":{"x":70,"y":543,"width":824,"height":12}},{"id":"a1babd15-af05-4449-a1c5-abe0a8b1910a","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":125,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"f0d908ac-52af-4fbf-81c6-cc333d8bc6db","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":125,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"20101073-003e-4d20-bb73-49e96fa11466","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":125,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"d7d1a09f-5136-4104-8b8d-23a6b6ff6b7b","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":125,"box":{"x":69,"y":604,"width":781,"height":11}},{"id":"93b37335-56e7-4272-af27-f63ecb7dd199","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":125,"box":{"x":68,"y":619,"width":810,"height":11}},{"id":"9dd8e96a-d04d-4677-80bb-1b4814661f10","block_type":"box","text":"regarded as the sole issuer.","page_number":125,"box":{"x":69,"y":634,"width":198,"height":12}},{"id":"b22664f1-596d-4240-97f7-928e48267e92","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":125,"box":{"x":102,"y":657,"width":784,"height":11}},{"id":"8e174d91-b7e3-4495-8dff-772db209c968","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":125,"box":{"x":69,"y":672,"width":819,"height":11}},{"id":"fe15de3f-9669-47ab-8b2d-b956520f86ae","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":125,"box":{"x":69,"y":687,"width":811,"height":11}},{"id":"72445c37-7e79-4e7b-add4-084069e7e5de","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":125,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"66e15b0a-d90e-46f1-816f-dc193cfc8be8","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":125,"box":{"x":70,"y":717,"width":834,"height":12}},{"id":"631699ad-0e91-4fe8-a8b8-8406411f79ca","block_type":"box","text":"75% of its total assets.","page_number":125,"box":{"x":69,"y":732,"width":165,"height":10}},{"id":"60625c40-6a60-44e2-b80a-5c305259aed8","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":125,"box":{"x":268,"y":762,"width":442,"height":10}},{"id":"593896cf-b1e2-44e9-9946-35bd3d760ad8","block_type":"box","text":"Directors and Officers","page_number":125,"box":{"x":69,"y":792,"width":159,"height":9}},{"id":"69df9680-c81f-4edd-9715-297019d05250","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":125,"box":{"x":102,"y":815,"width":733,"height":11}},{"id":"6df46010-9d7f-4a34-b345-d1fdf067dddb","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":125,"box":{"x":69,"y":830,"width":783,"height":11}},{"id":"63066f4a-4225-4ee1-aaf8-c62dbde11f44","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":125,"box":{"x":69,"y":845,"width":795,"height":12}},{"id":"44d800f4-ef58-4c2b-88e1-75269ce6d0fd","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":125,"box":{"x":69,"y":860,"width":789,"height":12}},{"id":"3ee71483-3865-4774-aeb4-1d8fa4497011","block_type":"box","text":"II-81","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b771c7bb-9dc6-4be3-a78c-9193c938a1f4","block_type":"box","text":"NM1026U-6033389-125/246","page_number":125,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"a32525ea-f5e7-46ad-a014-59d8e8a1f4b9","block_type":"box","text":"Management Arrangements","page_number":126,"box":{"x":69,"y":45,"width":202,"height":11}},{"id":"87c1a788-157a-44c0-a2a5-c557da2e4942","block_type":"box","text":"Management Services.","page_number":126,"box":{"x":102,"y":67,"width":162,"height":12}},{"id":"26907af5-f917-4d5c-8f04-0402e992ef40","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":126,"box":{"x":270,"y":68,"width":615,"height":11}},{"id":"00255b58-d95e-4331-a7a7-cbe0a9811a4b","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":126,"box":{"x":69,"y":82,"width":836,"height":12}},{"id":"c88e970c-0ea0-452c-a79f-770aff5414c8","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":126,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"85dac369-923b-49df-9cf1-2edb30bfb1b1","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":126,"box":{"x":68,"y":113,"width":832,"height":11}},{"id":"e23570fa-33a7-4ce4-b508-2b6b4bf971de","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":126,"box":{"x":70,"y":128,"width":801,"height":11}},{"id":"d4842c5f-0326-42fc-bb34-7e672cb74e2e","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":126,"box":{"x":69,"y":143,"width":370,"height":11}},{"id":"3dce3a04-ba67-4925-bc42-997f70885a64","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":126,"box":{"x":102,"y":166,"width":778,"height":11}},{"id":"253699fa-c354-4ce7-8b78-63c1e1c98b4d","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":126,"box":{"x":70,"y":181,"width":800,"height":11}},{"id":"643cf0f3-7e7e-41e4-9773-411d63e39334","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":126,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"5f6b0e8e-1257-4fd2-984f-19f04316237e","block_type":"box","text":"Management Fee.","page_number":126,"box":{"x":102,"y":219,"width":126,"height":11}},{"id":"8b16a2a5-66eb-4267-88a6-e751bf6dd955","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":126,"box":{"x":235,"y":219,"width":646,"height":11}},{"id":"3e3e8e1b-bd93-47e9-9234-6cb15a3644ae","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":126,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"530d90f1-928e-46d7-bbd1-c7fac43d1d8e","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":126,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"bd1360b3-f547-4a88-b3de-4286089f29db","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":126,"box":{"x":68,"y":264,"width":746,"height":11}},{"id":"3d43ca88-a460-4c8e-bdd2-410013053ceb","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":126,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"227c45fa-970c-47b2-ab26-b129fefb2ace","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":126,"box":{"x":102,"y":302,"width":774,"height":11}},{"id":"fe0c2e0e-7ee5-4afb-9875-7b2bd7855a0a","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":126,"box":{"x":69,"y":317,"width":826,"height":11}},{"id":"021f3de7-4ab8-4c87-9749-626d9df8c139","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":126,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"0850fd4a-29a8-4180-aa6b-dadc5d4d9e55","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":126,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"9087d1ef-b87b-479f-9e1c-4f2ba95321a7","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":126,"box":{"x":70,"y":362,"width":830,"height":11}},{"id":"fd6524f3-91c8-40eb-9d86-d16e50b7be7c","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":126,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"1cba5235-14da-41fa-8ebb-fc0947275e2f","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":126,"box":{"x":70,"y":392,"width":809,"height":12}},{"id":"3c1f468e-f09b-42bc-9173-4bc9e810e50c","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":126,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"9022e226-91b5-4991-b6b5-5101d28426b9","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":126,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"2cd289ad-7e0b-457a-acfd-abde5cae063f","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":126,"box":{"x":70,"y":438,"width":784,"height":11}},{"id":"595e4cdf-084f-4544-81b2-fc41334ac691","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":126,"box":{"x":69,"y":453,"width":767,"height":11}},{"id":"b4456be3-49b4-4a83-98ca-bcc7a53f60e2","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":126,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"ac70b6ec-0b29-4089-afc2-8e7515b51e3d","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":126,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"57fe3ee3-cb2f-4c0a-a580-f077f47866d1","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":126,"box":{"x":69,"y":498,"width":794,"height":11}},{"id":"0c4e5454-8cf5-44fd-8fb5-d8cb8acafeb4","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":126,"box":{"x":69,"y":513,"width":786,"height":12}},{"id":"fba868ad-b33e-4fff-bd28-199a57ea6b9d","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":126,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"29beb5ac-4a1a-4bdd-947c-d4dc89fc53e6","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":126,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"965e19c7-7e6b-4f07-afb3-8f4de4ce1e2b","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":126,"box":{"x":69,"y":559,"width":767,"height":11}},{"id":"a63c0263-8131-46e6-abcd-89ed3af115f8","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":126,"box":{"x":70,"y":574,"width":743,"height":11}},{"id":"421f5900-17ef-49f6-bf13-9d7231bee646","block_type":"box","text":"Sub-Advisory Fee.","page_number":126,"box":{"x":102,"y":597,"width":124,"height":11}},{"id":"a1ef7b78-2c26-4742-83b1-034c93746b54","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":126,"box":{"x":232,"y":596,"width":643,"height":12}},{"id":"1501caa5-5780-4cc9-a9ee-168e713d27a7","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":126,"box":{"x":70,"y":612,"width":839,"height":11}},{"id":"adb0484f-2799-434b-86ab-bcec47a39db9","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":126,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"7c6414a8-058b-4d3a-83f5-523d3d1631eb","block_type":"box","text":"Organization of the Manager.","page_number":126,"box":{"x":102,"y":649,"width":204,"height":12}},{"id":"54e5406e-8ffc-4579-899b-864a5f5d8a9a","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":126,"box":{"x":313,"y":649,"width":560,"height":12}},{"id":"1a3ab7ce-7071-460c-a768-284d84aeb83d","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":126,"box":{"x":70,"y":664,"width":819,"height":12}},{"id":"2dd2ea8c-8fc3-44c1-b223-93e764af0335","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":126,"box":{"x":70,"y":680,"width":817,"height":11}},{"id":"eac9b2bb-54bc-4b37-9ff2-62acca503341","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":126,"box":{"x":69,"y":695,"width":768,"height":11}},{"id":"9b86f9f5-b155-4c5a-a0b5-0ceef26d53a6","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":126,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"e1632b12-1887-4cf9-91d0-6a42d865b57e","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":126,"box":{"x":69,"y":725,"width":517,"height":11}},{"id":"f31ad37d-a69d-43e3-8408-59d92876492d","block_type":"box","text":"Duration and Termination.","page_number":126,"box":{"x":102,"y":748,"width":182,"height":9}},{"id":"16e49964-d0d5-49f9-8923-eaa23b72a618","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":126,"box":{"x":292,"y":748,"width":613,"height":11}},{"id":"b79d5027-0dee-4415-a4ea-486c98dbb309","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":126,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"b630260b-7d66-49c1-b2c9-8a4a31bec9f7","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":126,"box":{"x":69,"y":778,"width":803,"height":11}},{"id":"7298c28f-ceca-4761-ac8c-c3c38718c488","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":126,"box":{"x":69,"y":793,"width":839,"height":11}},{"id":"0a7a5a6a-44ec-4df0-a90b-02500cdcec47","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":126,"box":{"x":70,"y":808,"width":778,"height":11}},{"id":"563e6d42-50f9-4221-b7a8-ac0e3eae85f6","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":126,"box":{"x":69,"y":823,"width":832,"height":12}},{"id":"40c3ac38-4eaa-4d84-a80c-ca14787e181a","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":126,"box":{"x":69,"y":838,"width":388,"height":11}},{"id":"067c5c92-43dd-4653-9b3d-a19473f055ff","block_type":"box","text":"II-82","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8c14f24a-df60-47ac-acff-fa67e2f658d3","block_type":"box","text":"NM1026U-6033389-126/246","page_number":126,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"6c52ee0a-f3fa-4156-b618-eb29ce669e6a","block_type":"box","text":"Other Service Arrangements","page_number":127,"box":{"x":69,"y":45,"width":205,"height":11}},{"id":"95b831ba-f710-42a1-879e-c5fb2e785f2d","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":127,"box":{"x":101,"y":67,"width":338,"height":9}},{"id":"b46d5c99-a575-4225-932a-d943c98cb950","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":127,"box":{"x":446,"y":67,"width":439,"height":12}},{"id":"d38cdc89-97d9-4d80-bcff-291f7a11e49f","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":127,"box":{"x":69,"y":82,"width":818,"height":12}},{"id":"9b2e3940-0b65-4218-bc98-799bbad13791","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":127,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"1a8f4aa9-44ea-4705-946c-234c62b056d2","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":127,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"cd48a9d2-5811-413e-8a68-b87af02dc08f","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":127,"box":{"x":68,"y":128,"width":738,"height":11}},{"id":"eaae7ad1-06d7-406d-9382-4f7df10a1787","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":127,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"183fcc0e-093d-41f8-bc46-148e3622694f","block_type":"box","text":"that Fund’s SAI.","page_number":127,"box":{"x":68,"y":158,"width":113,"height":9}},{"id":"46479eda-9e00-4b35-ba8a-862330b29ebb","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":127,"box":{"x":102,"y":181,"width":755,"height":11}},{"id":"0d4676c9-845b-4589-93a1-18678bade4cc","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":127,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"8de3fa52-5005-4463-9828-ba7c8dc2b444","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":127,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"b92158f4-e505-4b37-a25a-373e44bdbd46","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":127,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"c497e737-4968-4dfe-8785-25104a30359f","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":127,"box":{"x":70,"y":241,"width":362,"height":11}},{"id":"cc69c761-e1ab-4ba3-8828-5312e9b209e1","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":127,"box":{"x":102,"y":264,"width":390,"height":11}},{"id":"9c754d2b-3676-4554-bd48-d2d84e028ff4","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":127,"box":{"x":499,"y":264,"width":364,"height":10}},{"id":"e636a7c8-7f29-40a8-92cf-0f056876a471","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":127,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"5b28a96e-7950-4582-9425-4be10d72195f","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":127,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"22ab74c1-1acf-46cd-8a1a-7eeecedbe8f8","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":127,"box":{"x":69,"y":309,"width":800,"height":11}},{"id":"a8831644-f2cf-4e77-b6a7-e0a40e2aa946","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":127,"box":{"x":70,"y":324,"width":810,"height":12}},{"id":"6992020c-c163-4a7d-81b2-593194eed409","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":127,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"a9c11259-13ba-4701-8369-f07b84338257","block_type":"box","text":"shareholders of the Fund.","page_number":127,"box":{"x":69,"y":355,"width":181,"height":9}},{"id":"94eb6614-9685-4216-a6ed-0417401e8405","block_type":"box","text":"Transfer Agency Services.","page_number":127,"box":{"x":103,"y":377,"width":180,"height":12}},{"id":"f7905050-967b-4c6a-82b4-df78e0e57683","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":127,"box":{"x":291,"y":377,"width":595,"height":12}},{"id":"6c5ae054-31e7-4e5b-a661-8c2c23ca120f","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":127,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"96c42bf2-1eb8-443d-a3fb-afd8471d47eb","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":127,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"1d5098c1-5836-4856-969e-3f04e1cb1d58","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":127,"box":{"x":68,"y":423,"width":792,"height":11}},{"id":"eab8e062-1a09-471e-af95-0e8b17142411","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":127,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"166e9b39-d8f4-4643-bf48-f4e13338ec72","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":127,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"687fbb49-1f14-4697-9f8e-53d181f389ba","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":127,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"184c932d-71c0-4ebf-ab06-1d2fbd8fb35c","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":127,"box":{"x":68,"y":483,"width":813,"height":11}},{"id":"14fcbacb-e348-44ca-8488-d958f05fa1b5","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":127,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"3b38561b-c9c8-4098-925a-acea0799b48d","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":127,"box":{"x":69,"y":513,"width":806,"height":12}},{"id":"6eb32039-3d80-4c16-be3b-a8d84a399e52","block_type":"box","text":"class on a recordkeeping system.","page_number":127,"box":{"x":69,"y":529,"width":238,"height":11}},{"id":"3f33383d-8fcc-46f9-ae2f-a2e910ea6712","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":127,"box":{"x":102,"y":551,"width":338,"height":11}},{"id":"64e470bc-243d-4db9-94e4-ec117c445fab","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":127,"box":{"x":446,"y":551,"width":441,"height":11}},{"id":"f788b800-474c-43ad-834c-b6427c1b1334","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":127,"box":{"x":69,"y":566,"width":840,"height":11}},{"id":"5633ed94-79b9-4df7-8e84-8e674b7a9181","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":127,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"09062e93-7360-491f-af29-4c89759b0884","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":127,"box":{"x":69,"y":596,"width":627,"height":12}},{"id":"4f4900a5-4e7d-4709-abc1-369596a5b096","block_type":"box","text":"Custodian Services.","page_number":127,"box":{"x":102,"y":619,"width":141,"height":9}},{"id":"5a89b582-b23e-42f8-951d-168c80ba9bf2","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":127,"box":{"x":249,"y":619,"width":654,"height":11}},{"id":"1bfaea7d-c47a-4ef9-bafe-d541ad47f30d","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":127,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"874f8177-33e3-4034-a6eb-70817beaac95","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":127,"box":{"x":70,"y":649,"width":814,"height":12}},{"id":"8132064b-136e-4093-acc1-9b4fb0c54d17","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":127,"box":{"x":68,"y":664,"width":802,"height":12}},{"id":"77fbfd92-71eb-41ff-8391-129f4ba348e7","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":127,"box":{"x":69,"y":680,"width":839,"height":11}},{"id":"4f76d2dc-ac8d-4f4d-b150-baecf576d53f","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":127,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"48d0893d-183c-464e-94e4-e7e9cb3bc3ae","block_type":"box","text":"cer tain assets.","page_number":127,"box":{"x":69,"y":710,"width":106,"height":9}},{"id":"c5f0fe48-cebe-430a-b56b-5b8cd216ed63","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":127,"box":{"x":102,"y":732,"width":716,"height":11}},{"id":"581edfff-4834-4d01-bf43-333533997358","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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There can be no assurance, however, that the Fund’s policies and procedures","page_number":133,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"bd10c5be-59a7-4609-9bb6-1e514a99a2c1","block_type":"box","text":"with respect to the selective disclosure of Por tfolio Holdings will prevent the misuse of such information by","page_number":133,"box":{"x":68,"y":203,"width":764,"height":12}},{"id":"cf370700-774a-4ab6-afc5-a5bc25c2f09f","block_type":"box","text":"individuals or firms that receive such information.","page_number":133,"box":{"x":70,"y":218,"width":351,"height":9}},{"id":"fba24c82-4aa6-43ee-a58d-1aac6f576873","block_type":"box","text":"Potential Conflicts of Interest","page_number":133,"box":{"x":69,"y":249,"width":216,"height":9}},{"id":"f3b2738c-8d22-449c-bb2d-58ccbf93399a","block_type":"box","text":"Cer tain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":133,"box":{"x":102,"y":271,"width":727,"height":11}},{"id":"af40f323-dd09-4310-b886-9d7fba58ac59","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":133,"box":{"x":69,"y":286,"width":829,"height":12}},{"id":"6036218f-8bf8-4089-9b15-83ea9cf5970c","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":133,"box":{"x":69,"y":302,"width":802,"height":11}},{"id":"f0a5b8bc-215d-4c7b-8222-2bcb8ad27239","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":133,"box":{"x":69,"y":317,"width":507,"height":11}},{"id":"58027181-9308-4231-9ce0-c17a3e3dcbf7","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":133,"box":{"x":102,"y":339,"width":731,"height":12}},{"id":"8a777376-56b7-49ac-9edf-a6c1a7392cb4","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":133,"box":{"x":69,"y":355,"width":799,"height":11}},{"id":"d7da0ef2-4928-4091-9a7b-d9b35921cc27","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":133,"box":{"x":70,"y":370,"width":786,"height":11}},{"id":"3bbdbe7c-08dd-483b-ba31-f4f7c48233ac","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":133,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"477f90e0-2c04-4609-b2d0-005c6323b2cf","block_type":"box","text":"and have interests other than that of managing the Funds. These are considerations of which investors in a Fund","page_number":133,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"3f8dcdbc-a9cc-41d2-97af-aac61eb6fcb0","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":133,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"8ee8132a-261f-4097-9304-93a293552f16","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":133,"box":{"x":101,"y":438,"width":722,"height":11}},{"id":"c1c952d7-4a0e-4c4b-9b91-e6aeb6b58e04","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":133,"box":{"x":69,"y":453,"width":827,"height":11}},{"id":"11d8e787-1d31-4b96-b0fd-c88698848d7c","block_type":"box","text":"or sold by a Fund.","page_number":133,"box":{"x":69,"y":468,"width":125,"height":11}},{"id":"ae220478-2d2d-441a-b553-9349d6405a4a","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":491,"width":762,"height":11}},{"id":"fff3a60b-b535-4d7e-8d4f-4621e00a287a","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":506,"width":806,"height":11}},{"id":"15339ca4-6a0a-4e68-b7ac-6b6e5a8af721","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":521,"width":828,"height":11}},{"id":"a5ec4e78-31f4-4079-b71e-5110c3014bca","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":536,"width":808,"height":11}},{"id":"8878c3df-3744-41c9-becd-4b77bd8ee1e1","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":551,"width":803,"height":11}},{"id":"b2dc9ab9-f631-4298-ba2d-2463976a6e6e","block_type":"box","text":"services provided by BlackRock","page_number":133,"box":{"x":69,"y":566,"width":224,"height":11}},{"id":"73eca5b8-b7ef-480a-a414-a809eb9f73ca","block_type":"box","text":".","page_number":133,"box":{"x":295,"y":574,"width":2,"height":1}},{"id":"772327b3-4620-47ef-9000-6e8cb8735c36","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":566,"width":603,"height":11}},{"id":"8943cbf7-8888-4fa4-8415-1991a8b2642c","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. 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Such transactions, par ticularly in","page_number":133,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"1615ae6f-0843-45bf-a375-ba1f32fb9081","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":664,"width":832,"height":12}},{"id":"0a8d2ed3-8cb6-4263-bcea-62bc6601ee7f","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":680,"width":652,"height":11}},{"id":"2f03b469-f87c-4790-bff6-3d5f252b93d3","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":702,"width":787,"height":12}},{"id":"c7973d1b-2179-4d38-8e88-a54cf1d9b813","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":718,"width":832,"height":11}},{"id":"70f007c7-1f06-49af-8a38-70ca0d6aec02","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":732,"width":816,"height":12}},{"id":"8b93c700-a95d-4b9c-917d-f565cb16947d","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":748,"width":831,"height":11}},{"id":"90e38e57-ed7b-4034-96a3-db11301da7c8","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":763,"width":813,"height":11}},{"id":"028996ec-6a7c-4ef9-b0cd-1a5e3d1065d4","block_type":"box","text":"based on the information received.","page_number":133,"box":{"x":69,"y":778,"width":247,"height":9}},{"id":"086bd1f0-73e3-4cc9-9d72-cf6bd2bad986","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":801,"width":777,"height":11}},{"id":"e73d96a1-ddb0-4667-bba2-8fa2d8612f7b","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":816,"width":838,"height":11}},{"id":"99c22f90-a64d-4f1b-92be-c85c34507008","block_type":"box","text":"be equitable. 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BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":134,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"0cce08aa-226c-4f05-9e66-91b528c9790f","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":134,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"03bac5cb-9538-4f6f-ae73-cb7b19a007b4","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":134,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"178369c8-8d96-4978-95cd-ec129852abab","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":134,"box":{"x":69,"y":135,"width":787,"height":12}},{"id":"a5a7d8c2-d7a9-4325-bb00-ef1e8df292ef","block_type":"box","text":"BlackRock. 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BlackRock may also determine to rely on the actions of similarly","page_number":134,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"e302b664-42fd-4900-9298-41082b4bf8ba","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":134,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"998b3879-eb54-43d7-90cd-ca7fbec4f488","block_type":"box","text":"Funds.","page_number":134,"box":{"x":70,"y":385,"width":44,"height":9}},{"id":"971f55b8-5d88-4878-a92b-218cdf08a67e","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":134,"box":{"x":102,"y":407,"width":755,"height":12}},{"id":"ac6fc957-08bd-415d-a489-21d33cdd66c3","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":134,"box":{"x":69,"y":423,"width":836,"height":11}},{"id":"aef876c0-6d28-4cb2-b2c3-9847cb23ca94","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":134,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"445442ab-5835-4459-9198-48e770ddb0a0","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":134,"box":{"x":69,"y":453,"width":679,"height":11}},{"id":"68650d77-8d48-423f-84f3-22ea743d07c0","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":476,"width":760,"height":11}},{"id":"f8c1bb52-3152-4630-9ea1-f260859e9663","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":134,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"0f502c75-e65a-4090-889f-ca765f791d9e","block_type":"box","text":"for registered representatives, other professionals and individual investors. 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BlackRock may (but is not required to) effect purchases and sales between","page_number":134,"box":{"x":68,"y":574,"width":817,"height":11}},{"id":"7d0aea0b-8296-4b37-b2a3-8e2045eb96b6","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":589,"width":797,"height":11}},{"id":"4c1d6582-556e-414d-aa65-d686968ec329","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. 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BlackRock may have a potentially conflicting division of","page_number":134,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"77332070-a590-4f1c-95fa-973db7994322","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":134,"box":{"x":70,"y":650,"width":457,"height":11}},{"id":"d7923a27-2dcf-4161-a2f9-42e1309f8dd5","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":672,"width":784,"height":11}},{"id":"8a68cbf1-79c5-4f9d-b9ee-5394bc4d4c87","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":687,"width":840,"height":11}},{"id":"a70bed6c-9969-4a6d-af4a-62d83b0d3fc8","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":702,"width":827,"height":12}},{"id":"9f38448c-04c6-435f-a2ea-d2305e8a3d7c","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":717,"width":828,"height":12}},{"id":"7ae0cede-6bac-4a64-995b-1c56865b6eec","block_type":"box","text":"case.","page_number":134,"box":{"x":69,"y":735,"width":37,"height":7}},{"id":"5dc93b45-bab3-45c2-8501-041ec627817b","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":755,"width":791,"height":11}},{"id":"3deffa15-c931-4fb7-a65b-96904a9e62bf","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":771,"width":824,"height":11}},{"id":"337bac61-ca40-475f-8896-9d9e8c2280d4","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":786,"width":798,"height":11}},{"id":"dd8dd864-aef7-41de-ad72-4c93146df080","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":801,"width":828,"height":11}},{"id":"33d60149-b816-40ab-91ed-03ccae2e869e","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":816,"width":835,"height":11}},{"id":"77355aa9-2168-4ef9-8987-15a01111ade5","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":831,"width":767,"height":11}},{"id":"f674da9f-ea25-442b-9902-6af8aed71e14","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":853,"width":766,"height":12}},{"id":"ec30793d-c377-443e-808c-610dd018ebd1","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":869,"width":786,"height":11}},{"id":"f05ddad1-fb29-4e87-8cc5-cd42a16954ea","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":884,"width":828,"height":11}},{"id":"737ff441-c059-4671-87c4-0f76966e08a8","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":899,"width":831,"height":11}},{"id":"dec3f6b2-476d-4ad5-8b7a-024d47916612","block_type":"box","text":"II-90","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"86686749-2d18-4c71-b1ca-20b8b30a7b45","block_type":"box","text":"NM1026U-6033389-134/246","page_number":134,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"62c528be-5780-4659-895b-64d15b98c3ab","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":135,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"e490c433-658e-4182-9903-74f76a208a64","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":135,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"43665623-c0a7-4fc9-9071-f7d8263bc7e8","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":135,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"74c2e30a-2a68-4400-bca5-07207564288d","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":135,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"dd4be670-5e1d-4bd5-890d-056cee1c6d41","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":135,"box":{"x":70,"y":105,"width":271,"height":11}},{"id":"bd295eb8-d514-461f-8ac4-8b239f35339a","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":135,"box":{"x":102,"y":128,"width":792,"height":11}},{"id":"6efdba44-9e23-4f26-878f-ac96e4d5cc78","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":135,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"74b50569-5635-4803-a693-749b271bcd1a","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":135,"box":{"x":68,"y":158,"width":821,"height":11}},{"id":"df826af6-f923-4fd4-a7da-81ca622be135","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":135,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"05189944-3a3b-4445-913a-ce25df5cf096","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":135,"box":{"x":69,"y":188,"width":793,"height":12}},{"id":"e0804f0b-fddd-498d-af73-3bf5dee6e888","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":135,"box":{"x":69,"y":203,"width":762,"height":12}},{"id":"d350f420-d527-46b3-844c-95a1d39b7387","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":135,"box":{"x":70,"y":218,"width":839,"height":12}},{"id":"45e9175a-8ecc-4bca-b496-0de512cf6284","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":135,"box":{"x":70,"y":234,"width":795,"height":11}},{"id":"4fa8a116-749e-499d-becd-772d7096fd19","block_type":"box","text":"managing a Fund.","page_number":135,"box":{"x":69,"y":249,"width":124,"height":11}},{"id":"3450201f-8dbf-45fb-8814-d8d2323d4a34","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":135,"box":{"x":101,"y":271,"width":751,"height":12}},{"id":"cfb856f6-79ec-4b38-ab53-c08507870584","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":135,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"9d033042-22d5-4be6-add8-93d4855b1379","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":135,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"7d7075ea-d1e5-4479-8888-a2aa5d43490d","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":135,"box":{"x":68,"y":317,"width":785,"height":11}},{"id":"45cf9907-e6a3-4001-a0aa-6b04a23fe359","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":135,"box":{"x":70,"y":332,"width":481,"height":11}},{"id":"918d219c-19a7-4c03-a18a-daefd18d97a9","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":135,"box":{"x":102,"y":355,"width":754,"height":11}},{"id":"a98e6f79-cf87-4330-9acc-5adbea3e2d4b","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":135,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"cb56e10f-093e-46de-8e5e-8973fa718e24","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":135,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"0cd562b1-6cb3-49f4-be0f-a1bfb864ed21","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":135,"box":{"x":69,"y":400,"width":680,"height":11}},{"id":"8a7de890-b894-4b74-8706-cc665d673f59","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":135,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"f6c224c3-4f77-476c-b45b-538acddfaf47","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":135,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"5159e12a-67c1-45bc-8f30-f68a416f5240","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":135,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"38c35dbd-ccae-4d5c-a15d-624198130904","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":135,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"a4866d96-133d-4df4-b2b1-6f1b43d0d854","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":483,"width":813,"height":11}},{"id":"35b8cc77-ccf6-41b9-961c-925a199c61e1","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":135,"box":{"x":70,"y":498,"width":344,"height":11}},{"id":"e17ecdbe-15e3-4090-b890-16e2474b0ae8","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":521,"width":741,"height":11}},{"id":"4dce963b-d1e7-480f-8ca8-4194767ad8d0","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":536,"width":824,"height":11}},{"id":"42234ddd-a31d-4972-9104-ed62b2c9c71e","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":551,"width":825,"height":11}},{"id":"fa4eea50-3894-49f8-b8e3-29af8356c5ff","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":566,"width":777,"height":11}},{"id":"3d2a0e07-603b-47e1-8713-5b8da4937ac6","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":581,"width":810,"height":12}},{"id":"ea73270a-40e5-4837-8d70-dbe48a89e72d","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":597,"width":784,"height":11}},{"id":"6e25ed7e-da6f-4275-8f7f-b0d8614669d3","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":612,"width":798,"height":11}},{"id":"ba849357-7f54-4989-9a54-06fb3efed2e3","block_type":"box","text":"under management for BlackRock.","page_number":135,"box":{"x":69,"y":627,"width":243,"height":11}},{"id":"81087706-ed2e-4391-8cbd-d2f03a186eab","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":649,"width":773,"height":12}},{"id":"407298a1-a60d-4fb9-bfef-e4e805cd3496","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":664,"width":797,"height":12}},{"id":"a3a7a3e5-2aa8-43d0-859c-0311c7533228","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":680,"width":817,"height":11}},{"id":"a17b68d9-1093-4f75-a263-ada021693ac8","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":695,"width":837,"height":11}},{"id":"0390c917-7f40-4908-85d9-8840802be108","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":710,"width":781,"height":11}},{"id":"95adec87-bc42-4191-b57b-1d6f2786b39d","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":733,"width":779,"height":11}},{"id":"b959328d-199b-4f1b-b9ff-031fb2f60d69","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":748,"width":795,"height":11}},{"id":"c1dbe4c3-7e4f-4a48-ba16-978ab919d8ab","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":763,"width":821,"height":11}},{"id":"8d1a9e44-10d0-4eae-9a38-4483e384c732","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":778,"width":802,"height":11}},{"id":"73372b8d-b134-4ab8-9980-1c24d91ca193","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":793,"width":792,"height":11}},{"id":"6deb7cc3-c622-4b2f-a6b0-72efc1331558","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":808,"width":832,"height":11}},{"id":"a4b844d7-bed2-42e8-a0b8-d7d85b1b772a","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":823,"width":833,"height":11}},{"id":"52ff392d-8ae1-4d4c-b2fd-ff6a463ba504","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":838,"width":726,"height":12}},{"id":"b031b315-3bcc-4f5d-b87b-e4803f875a04","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":861,"width":796,"height":11}},{"id":"cb6db174-7a03-4ade-bb8d-0c64c4fc9f20","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":876,"width":837,"height":11}},{"id":"b6e1b447-202a-48b6-8a1d-1f54cd7af9f4","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":891,"width":823,"height":12}},{"id":"0b80ad6b-0236-4a4e-b145-0f0509318d86","block_type":"box","text":"II-91","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"686688c3-a1f8-4422-bb9a-84d8db14cf8c","block_type":"box","text":"NM1026U-6033389-135/246","page_number":135,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"9c1cf8cc-5f80-417c-a82b-ff41aaadad63","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":136,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"164f0901-af80-4fa7-ac57-e9de52055f46","block_type":"box","text":"any such fees or other amounts.","page_number":136,"box":{"x":69,"y":60,"width":230,"height":11}},{"id":"a8846311-cee1-4bfc-b6ca-bd1a8e70f377","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":136,"box":{"x":101,"y":83,"width":805,"height":11}},{"id":"2c256a4c-57db-481d-bd9f-3eecd11ae2a4","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":136,"box":{"x":70,"y":98,"width":768,"height":11}},{"id":"412f11f5-a6b1-4d3d-9e61-a968573a689e","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":136,"box":{"x":101,"y":120,"width":766,"height":11}},{"id":"2fd91ffa-b7c5-4182-81fd-a757e2124cb0","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":136,"box":{"x":69,"y":136,"width":793,"height":11}},{"id":"5bfe8d3e-7d29-44ec-bb7a-73e74aa9014b","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":136,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"77b07f22-6244-43ef-9eb0-27af4a14cf1d","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":136,"box":{"x":70,"y":166,"width":374,"height":11}},{"id":"21e3b049-4deb-4f67-9521-bc95aaaa7ba7","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":136,"box":{"x":102,"y":188,"width":768,"height":12}},{"id":"f6efbf76-758b-4732-b0b2-a8c5f6421fbf","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":136,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"bea3bf12-04eb-46a1-a64b-ff1ae480afef","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":136,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"4d2fbf2f-4d9a-46d2-8b0d-17ecb40d0395","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":136,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"67df2387-08c7-497b-bac1-8f0208b16597","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":136,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"650bc220-a4e6-4783-b287-94c311361569","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":136,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"283f38f5-4758-4eb0-bcbe-3e608297e749","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":136,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"59c47ae6-6468-4363-8c53-72a276f89301","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":136,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"f911ff7f-9fac-4d86-9aef-ae5efb98e4ff","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":136,"box":{"x":70,"y":309,"width":814,"height":11}},{"id":"b3c4dd10-95a9-4b6f-9241-653860d75e0c","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":136,"box":{"x":69,"y":325,"width":660,"height":11}},{"id":"7d29f1ac-0d72-4241-8e49-580e907df4e5","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":136,"box":{"x":101,"y":347,"width":767,"height":11}},{"id":"6d5567b5-7cc8-4bb8-9f91-697c59b3ae9e","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. 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BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":136,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"2ecc3095-2615-4468-b6a5-0994ad3a35c4","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":136,"box":{"x":70,"y":423,"width":727,"height":11}},{"id":"54f216e6-a25a-402d-8c13-410a46fb63bb","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":136,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"28f0e87d-2e41-4b5b-b25a-4acb0b789f87","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":136,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"9196d96f-7ac0-47fa-bbb7-65156be656a8","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":136,"box":{"x":70,"y":468,"width":796,"height":11}},{"id":"948bf166-ddee-4a27-9e33-780cebd96143","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":483,"width":799,"height":11}},{"id":"90270c18-a028-47f9-82c7-85b581d0e168","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":136,"box":{"x":69,"y":498,"width":356,"height":11}},{"id":"2996c8d3-eae2-409e-b700-5261907fd5c6","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":521,"width":801,"height":11}},{"id":"9542a3a2-52ed-4e78-a844-36729aa19998","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":536,"width":817,"height":11}},{"id":"30248193-ea2e-4591-8148-0cddfe4b3de1","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":551,"width":784,"height":11}},{"id":"84fccb89-30b0-4e81-ab69-31260aa1af79","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":566,"width":789,"height":11}},{"id":"f7a136db-3eea-4e30-a483-b6b4878131aa","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":581,"width":783,"height":11}},{"id":"af8df37a-bc40-4018-ab16-381b5d445ac9","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":596,"width":790,"height":12}},{"id":"36373352-d88b-4d5f-a367-f20f5aa98f6f","block_type":"box","text":"regulation.","page_number":136,"box":{"x":69,"y":612,"width":73,"height":11}},{"id":"7866f0e1-27b2-43f7-ab69-13253a2d7d0d","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":634,"width":777,"height":11}},{"id":"c3f142cf-821d-4c0a-9332-e4b55fd14df4","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":649,"width":830,"height":12}},{"id":"1cbc2607-767b-45bd-ad4e-b434120c9bcc","block_type":"box","text":"various program limits (","page_number":136,"box":{"x":68,"y":665,"width":168,"height":11}},{"id":"f0e1e8aa-3bad-419c-92e9-35768da10ff6","block_type":"box","text":"i.e.","page_number":136,"box":{"x":238,"y":665,"width":20,"height":8}},{"id":"19a4e7de-aca2-42b2-a6b4-6451c42be1e7","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":136,"box":{"x":265,"y":664,"width":621,"height":12}},{"id":"1f0c1ae2-9b4e-4bdd-b13f-f2238d39adcc","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":680,"width":827,"height":11}},{"id":"21abd1d6-c90d-40a8-8a79-b7a5b21f3fad","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":695,"width":836,"height":11}},{"id":"ec9f8ded-0db9-4ef9-88f3-3e4e011b8f60","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":710,"width":780,"height":11}},{"id":"fdab43a1-8633-419f-8e9c-2571a8aa6709","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":725,"width":820,"height":11}},{"id":"9a35500c-52ad-40f2-808b-e3a1a983138c","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":740,"width":834,"height":11}},{"id":"b1178b01-df65-4ef0-a496-9ba933c74cec","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":136,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"f86e2364-835d-4e9b-9b91-3d91837b8367","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":778,"width":734,"height":11}},{"id":"3b71ac99-4895-4ca6-a1be-e5ec81138928","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":793,"width":840,"height":11}},{"id":"aa6f67db-4910-451f-bf07-acdeee8c46fc","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":808,"width":822,"height":11}},{"id":"8cdb859a-65c4-4341-9e78-8f596c90eae8","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":823,"width":788,"height":12}},{"id":"87e2fbe2-6a3b-4aff-a37c-6e8055f0d29c","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":136,"box":{"x":70,"y":839,"width":426,"height":11}},{"id":"dc75cb69-7a87-42ac-9f65-213dc14e47a4","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":861,"width":763,"height":11}},{"id":"7b741582-266a-4a82-b5f8-81404e51471c","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":876,"width":828,"height":11}},{"id":"f5ce871c-1e72-44fe-b2c2-701b48c51766","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":891,"width":767,"height":12}},{"id":"e9c28709-34e1-46fd-9ece-423fe4f50388","block_type":"box","text":"II-92","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c101c0f8-6dae-44dc-8238-af97f0fb1624","block_type":"box","text":"NM1026U-6033389-136/246","page_number":136,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"f97d9dc4-0fe8-451f-ada9-84be983b79fc","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":137,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"f649ae85-48af-4e82-944d-53fea0c4e903","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":137,"box":{"x":68,"y":60,"width":672,"height":11}},{"id":"3c379c54-c292-49c4-8789-06bf577e7d96","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":137,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"ef60d7e1-a998-455a-b607-9a8efb43e0d7","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":137,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"588ba024-9717-47ab-8043-fc66ad8150fe","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":137,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"5d503373-0d2e-4dcf-baed-e1eb06f54da1","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":137,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"8ad30601-632f-480b-b291-58fb96dfc0eb","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":137,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"30310eeb-f994-4cf7-929e-80c4fefa26eb","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":137,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"7600d90a-8e07-4cf7-9eac-0778fc81a7e5","block_type":"box","text":"than through client commissions.","page_number":137,"box":{"x":68,"y":173,"width":237,"height":11}},{"id":"3f228a3c-b6f3-4d62-8d64-f315fe17c590","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":137,"box":{"x":102,"y":196,"width":770,"height":11}},{"id":"26eee02e-78a0-4489-baee-c62a0d132898","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":137,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"23749b55-8d59-462e-b93e-895a89d1a8f2","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":137,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"f8b888a8-ee82-4a31-b1a1-99dd4ee5efa6","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":137,"box":{"x":70,"y":241,"width":780,"height":11}},{"id":"e1da8a46-b212-46cc-8faa-3e3256c1ad20","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":137,"box":{"x":69,"y":257,"width":795,"height":10}},{"id":"5ffd9874-8cfc-40cc-9cac-3c3437a1ce04","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":137,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"97998fd6-5b48-45f9-a6b0-f2b237cf0c4d","block_type":"box","text":"research-oriented software and other services and products.","page_number":137,"box":{"x":69,"y":286,"width":430,"height":11}},{"id":"02a50b35-5a59-4ed3-92c5-7b2db9f673ae","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":137,"box":{"x":102,"y":309,"width":785,"height":11}},{"id":"3b027baa-c1a6-4d50-8a81-97786952936b","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":137,"box":{"x":70,"y":325,"width":768,"height":11}},{"id":"ea8a7c6e-eb0f-4c2f-9a5c-320443663112","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":137,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"d141f01e-6082-4131-bbaa-cc1f6da56d2e","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":137,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"a7d84fa7-9f3b-41d0-ad3a-37cd7173e4a8","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":137,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"22a93ce8-dbd6-4cb7-bff8-e1cff759643c","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":137,"box":{"x":68,"y":385,"width":815,"height":11}},{"id":"24a0a251-43b1-433a-9c38-d267bafed668","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":137,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"8386e616-b747-41fa-9862-bdfe93e94b04","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":137,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"2034cb76-cd6a-4a5f-aa07-77be376fe3e7","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":137,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"c800069e-8ec8-45ac-ad77-f547d2a935e6","block_type":"box","text":"and services itself.","page_number":137,"box":{"x":69,"y":445,"width":134,"height":9}},{"id":"f4cdeb63-4f56-4fd4-b541-dfdf68a990bd","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":137,"box":{"x":102,"y":468,"width":793,"height":11}},{"id":"24b91179-2d9a-4d4b-8f8f-67196d04a6d8","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":137,"box":{"x":68,"y":483,"width":805,"height":11}},{"id":"e31ddb59-0f1c-45d6-934f-1e209b5fbdb0","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":498,"width":833,"height":11}},{"id":"84f9ce58-35d2-4305-ae25-c3a9d46a8efb","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":514,"width":836,"height":11}},{"id":"afea0bf9-284f-4f7d-bc84-421dc3f43f54","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":529,"width":760,"height":11}},{"id":"11dd01e6-03d3-43d3-a37d-409f7fdb0723","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":543,"width":803,"height":12}},{"id":"0124d555-4c6b-4cd8-8ed1-3d607a6e3cb9","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":559,"width":807,"height":11}},{"id":"b7fa5100-c345-4608-bf38-c57656e9e0bd","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":574,"width":760,"height":11}},{"id":"848b34f0-0de0-4ea5-9aef-a00c5451bb3c","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":597,"width":799,"height":11}},{"id":"68fb1bfa-c8bd-4773-ba2c-193bc1a03c94","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":612,"width":767,"height":11}},{"id":"34d4e954-98ff-43d3-9c9c-00a93ddb93c5","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":627,"width":794,"height":11}},{"id":"e51ca835-904a-4eb8-9d9c-528150feb11a","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":642,"width":825,"height":11}},{"id":"afc3680d-8f4e-4010-954b-2de621068bea","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":657,"width":821,"height":11}},{"id":"9b5b7faa-c5ad-4a00-a5b4-d8b5c1a13ef7","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":672,"width":833,"height":11}},{"id":"81215040-eb13-495f-9c13-798499e19165","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":687,"width":812,"height":11}},{"id":"1fa0d886-2d23-43a0-a46d-f028efdadc18","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":702,"width":809,"height":11}},{"id":"daae8aa7-e088-4793-b5b9-984945e87f6e","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":137,"box":{"x":68,"y":718,"width":519,"height":11}},{"id":"ed8bdf20-78e4-44dc-ac45-1664de954ba9","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":740,"width":793,"height":11}},{"id":"431585b3-f48e-4062-8e86-efa6094099d8","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":755,"width":782,"height":11}},{"id":"f1d70e4f-3cd2-4f67-91fc-07514d801a2f","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":770,"width":710,"height":11}},{"id":"33cb6022-b7a7-49cf-a7d1-e715ee64c4ef","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":793,"width":792,"height":11}},{"id":"f237de3d-9131-48ee-be8e-1ff948adc98f","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":808,"width":784,"height":11}},{"id":"a276cc2a-16a5-46ac-8a67-34b7e319f213","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":823,"width":837,"height":12}},{"id":"c018ffdb-5fa0-4439-9e80-27eecf45aa4b","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":838,"width":835,"height":12}},{"id":"f001050f-9c5b-4dce-ae41-4d34baea3b2d","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":853,"width":837,"height":11}},{"id":"8207f5e0-9b7c-440f-8606-a9c4951135e1","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":869,"width":795,"height":11}},{"id":"c2e0ebfa-3c89-42b1-b501-d53624f345aa","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":137,"box":{"x":70,"y":884,"width":490,"height":11}},{"id":"1a811cf1-c8eb-4533-ae58-5876cb0ed598","block_type":"box","text":"II-93","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d9d3a2da-a7a4-4679-aa10-8ca6c5561740","block_type":"box","text":"NM1026U-6033389-137/246","page_number":137,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"fc39790a-43cb-4b74-b992-6e3347296313","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":138,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"e64e3318-9994-460a-a2c4-e3d9bac11837","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":138,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"25ef9d27-6bc0-4384-b0c2-f88b2e7e2145","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":138,"box":{"x":70,"y":75,"width":837,"height":11}},{"id":"578d4854-c846-42cf-be31-db9f127747d7","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":138,"box":{"x":69,"y":90,"width":774,"height":11}},{"id":"3441118f-9db3-45ab-b81f-d99c401b36b5","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":138,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"26308f1a-73c1-4114-90ed-8ec1959abda7","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":138,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"1cdb5916-04e6-40f4-93af-af83c4f9a067","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":138,"box":{"x":69,"y":135,"width":831,"height":11}},{"id":"9bffe7e7-7cdb-4a5b-bd39-0839e8e8897d","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":138,"box":{"x":69,"y":150,"width":834,"height":12}},{"id":"b9cede11-e931-42ce-b692-c26c9f1b4daa","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":138,"box":{"x":69,"y":166,"width":355,"height":11}},{"id":"d6b58fb9-b073-485f-8531-cbf0c41708ce","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":138,"box":{"x":102,"y":188,"width":742,"height":12}},{"id":"64bf08c8-55a0-407c-ad05-a29345ca357c","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. 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In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":138,"box":{"x":68,"y":264,"width":822,"height":11}},{"id":"cbb82b27-e845-47dd-9dbc-ac9d518fea8f","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":138,"box":{"x":69,"y":279,"width":766,"height":11}},{"id":"b306baf9-72ba-407d-8654-3aaf0beb9d06","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":138,"box":{"x":70,"y":294,"width":533,"height":9}},{"id":"047f277f-b13c-4899-8f05-7bbd547f9081","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":138,"box":{"x":102,"y":317,"width":789,"height":11}},{"id":"140e2692-32ba-426c-addd-15f81786b8a8","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":138,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"1fb697a6-df8a-4424-9b95-79e76e5bc2c3","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":138,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"fdf9efbc-1cab-4a75-b3db-2ed48cbe3345","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":138,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"3fd29d8c-8535-4513-86ae-01d6d134b20f","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":138,"box":{"x":69,"y":377,"width":788,"height":12}},{"id":"49a1a77e-87eb-4832-867e-c1cee2bd3a6e","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":138,"box":{"x":70,"y":392,"width":745,"height":12}},{"id":"d4690d7e-19de-4d11-96ef-b6b34b70de2a","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":138,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"0871ef66-8ace-410a-9e78-eab345c6f46c","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":138,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"5c9ba2a4-3e2f-4e31-ad9b-5e4ddf926a74","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":138,"box":{"x":70,"y":438,"width":711,"height":11}},{"id":"121d3639-2eb9-4040-b6c2-1d094f89d3e5","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":138,"box":{"x":102,"y":461,"width":741,"height":11}},{"id":"f94b4bc4-5210-4282-b8db-964c865efb7c","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":138,"box":{"x":70,"y":475,"width":823,"height":12}},{"id":"de89df75-9c59-4215-9270-370fc4350828","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":138,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"08186c7b-efee-43d7-906c-b0b0a38e9929","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":506,"width":825,"height":11}},{"id":"6fdcc056-fa3b-4583-a97f-d346d38a592b","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":521,"width":830,"height":11}},{"id":"83298d6a-8773-44b3-87cc-2187779412a5","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":536,"width":824,"height":11}},{"id":"910b902e-4614-4e37-9f65-e86b08665b6c","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":551,"width":792,"height":11}},{"id":"5995b885-1466-410a-90a2-8132f367a23c","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":574,"width":784,"height":11}},{"id":"bec70344-ee8c-416f-a27b-0f8b0c8b18ea","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":589,"width":837,"height":11}},{"id":"e4484a1e-8aac-4ed0-800b-990e6db7af84","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":604,"width":803,"height":11}},{"id":"55504a11-b263-425f-a819-53d50d3bab89","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":619,"width":831,"height":11}},{"id":"7721b769-cdb0-4329-b7d8-96440122440d","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":634,"width":811,"height":12}},{"id":"6862ffae-c8a0-4aeb-8755-5284ed0690db","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":649,"width":802,"height":12}},{"id":"58e8cc73-e512-4952-8b3d-06211f03e3d2","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":664,"width":829,"height":12}},{"id":"44e60618-8f12-4835-8db6-607fefd75256","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":680,"width":832,"height":11}},{"id":"cb4b7b83-8bd0-41b8-aedd-79c8940a5134","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":695,"width":837,"height":11}},{"id":"7c1215b1-5fa4-40c8-8861-1f7b0113843f","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":710,"width":829,"height":11}},{"id":"b0249745-2183-49b9-848f-b77079ac1d7d","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":725,"width":796,"height":11}},{"id":"0d3800d3-d87f-4a0d-8f7d-b182101f7332","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":740,"width":839,"height":11}},{"id":"34c97e82-f1f5-4b11-b11d-047baceead77","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":755,"width":800,"height":11}},{"id":"aabc1116-d434-4c25-bf21-9aca9ea1cb40","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":770,"width":779,"height":12}},{"id":"30f7ee5c-2a5b-410c-9119-e332e0b343b9","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":785,"width":834,"height":12}},{"id":"be487485-8d8e-4665-94d0-ffaa0b9f1ac9","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":801,"width":788,"height":11}},{"id":"800f3f76-1f0d-439d-94d8-90a01fa0a8c8","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":816,"width":765,"height":11}},{"id":"a0864147-19a0-4f9f-b0b6-f54f245e84b4","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":838,"width":784,"height":11}},{"id":"330d25ba-582f-4ac0-ab3e-440dcba4cc92","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":853,"width":823,"height":12}},{"id":"47051b46-e7a9-4cf9-9f2c-b27cd762bd6c","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":869,"width":833,"height":11}},{"id":"c0cc8450-6662-4837-b35c-a17c2e25c9bf","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":884,"width":822,"height":11}},{"id":"bacf9756-6c95-4735-b0cc-02d436221810","block_type":"box","text":"some additional expenses.","page_number":138,"box":{"x":69,"y":899,"width":190,"height":11}},{"id":"912e9a91-6008-4695-b5f1-2e7e1ec22e93","block_type":"box","text":"II-94","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"847c3a36-76ce-4dd1-86aa-e6a60d64923a","block_type":"box","text":"NM1026U-6033389-138/246","page_number":138,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"20ecd214-cd98-47a2-bf5c-7f80114a6a03","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":139,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"0d72ae9f-c421-46b0-b075-7ee052b6dcb2","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":139,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"a50af03b-fe9e-473b-adeb-6057dbdd2f9d","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":139,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"9a78e8df-6408-4c25-92d6-927631699099","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":139,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"b52c500d-44ac-485e-869f-c65a44b2f6ce","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":139,"box":{"x":70,"y":105,"width":802,"height":11}},{"id":"c1c03ef4-f79d-46bb-8b9c-d0532d9b9ce5","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":139,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"8076e59f-6af2-4478-b176-efe8f5fd6220","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":139,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"d863a90c-52f0-4eb4-8ced-b210e51b32ff","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":139,"box":{"x":70,"y":150,"width":816,"height":12}},{"id":"30d5c5fa-45b0-4ef1-9e51-b9d9e9407042","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":139,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"2d47314e-2196-40ee-b694-73d47213958e","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":139,"box":{"x":69,"y":181,"width":352,"height":11}},{"id":"95873497-c7ac-460f-9b58-0e00b75a0c4b","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":139,"box":{"x":102,"y":203,"width":768,"height":12}},{"id":"41b1ab70-3112-4f32-b2d9-09a0130d76f9","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":139,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"5ee7eb37-3e3f-44df-bf95-0395d60be234","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":139,"box":{"x":68,"y":234,"width":839,"height":10}},{"id":"8fd6bb96-a9ba-43c3-9429-bd8bf5edbf3c","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":139,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"3f474db2-2a6a-4c82-b639-e60a4128f047","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":139,"box":{"x":68,"y":264,"width":824,"height":11}},{"id":"1e4ffd73-2f39-4d59-be07-962953b35f9f","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":139,"box":{"x":68,"y":279,"width":826,"height":11}},{"id":"add4a0e6-f324-4a9f-a530-8a63c1b4d7fb","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":139,"box":{"x":68,"y":294,"width":810,"height":11}},{"id":"b1a28603-b1a6-48c7-aa3e-17f5b4f38f2f","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":139,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"2a0e1d81-5710-4af0-9036-923b24cf4bb6","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":139,"box":{"x":68,"y":324,"width":782,"height":11}},{"id":"54c76d04-9278-445b-a800-1b2df48c5440","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":139,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"bd073b3b-1abc-484c-a5e9-39f45f0f46ac","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":139,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"2cba3609-edd5-4e74-b1c5-7f8d30c73e74","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":139,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"bfcac233-6049-434f-8982-7d3d7e74e9d2","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":139,"box":{"x":69,"y":385,"width":755,"height":11}},{"id":"3dffe92b-26cf-4a81-80ab-b3ceee4c30ef","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":139,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"8e8d7114-362b-4eca-88c7-9e5ed73f08d2","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":139,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"6487da45-ce78-4a33-8cf1-1dda493b8f9c","block_type":"box","text":"public information about the company (","page_number":139,"box":{"x":70,"y":430,"width":276,"height":11}},{"id":"49abef79-90f6-4bbd-98ec-c59137e2fe18","block_type":"box","text":"e.g.","page_number":139,"box":{"x":348,"y":432,"width":25,"height":9}},{"id":"0309ec6b-ee81-4097-8079-f3f5520d3703","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":139,"box":{"x":376,"y":430,"width":499,"height":11}},{"id":"27deda30-1c08-414d-8e34-49f6bbc6c061","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":139,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"a8ea1ad7-98ce-43da-9853-53708e177a7a","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":139,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"04abe339-56e3-4b6c-8722-097f1fd3520d","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":139,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"6a958cf4-f2d4-4266-a72f-5d7129d4912b","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":139,"box":{"x":68,"y":491,"width":773,"height":11}},{"id":"ad93500e-6d88-434c-8d37-0aff6aca5b1c","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":506,"width":832,"height":11}},{"id":"b8169fc4-1ebf-405c-829e-6b4ec6521ffe","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":139,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"4d254b56-bcd7-4105-a54b-b6a6150e73e8","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":536,"width":819,"height":11}},{"id":"4865447e-a093-4ca5-82a6-eff7ecc273aa","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":551,"width":832,"height":11}},{"id":"1a2c6443-cc9e-4841-8687-a9d245b35008","block_type":"box","text":"of the issuer.","page_number":139,"box":{"x":69,"y":566,"width":92,"height":9}},{"id":"744318bc-8281-4577-83e0-290e63f70171","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":589,"width":748,"height":11}},{"id":"58b8a566-7b52-47c4-a549-70ada2284552","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":604,"width":819,"height":11}},{"id":"b20f7f21-8a1f-4210-81a3-f588cc4ecaae","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":619,"width":817,"height":11}},{"id":"595930e7-8edc-416a-925b-2068b1a9695c","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":634,"width":818,"height":12}},{"id":"7411701d-9425-4946-bbd6-96d8bf0f8fb9","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":649,"width":827,"height":12}},{"id":"782dc76c-573d-4d33-a4f8-759c73c9b761","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":664,"width":835,"height":12}},{"id":"8cf84c25-2efd-4e40-a58a-aa0f54832054","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":680,"width":797,"height":11}},{"id":"7ae57b63-4eb6-4013-b7cd-154d83ebe091","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":695,"width":667,"height":11}},{"id":"b98af851-89f4-4347-9de5-30fc705e3b6e","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":717,"width":794,"height":12}},{"id":"d89a607b-177b-4b8c-9037-75c68bdd8718","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":139,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"80d91c8c-16ce-4272-9fae-4ce63e778f13","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":748,"width":812,"height":11}},{"id":"420de7d6-2e5a-47d5-897c-267507508d2b","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":763,"width":818,"height":11}},{"id":"5caea8a1-7194-449a-a088-05a42eef8d17","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":778,"width":830,"height":11}},{"id":"e3f4df78-adaa-4311-a7f9-70f9d905556f","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":793,"width":835,"height":11}},{"id":"583360c6-05c2-43d7-8119-6687f409450c","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":808,"width":824,"height":11}},{"id":"0c8c434c-8d36-44e9-9f39-58ad89c6e03e","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":139,"box":{"x":68,"y":823,"width":472,"height":11}},{"id":"8d8243f9-2afd-4d99-ac5a-e36495a6bf84","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":846,"width":744,"height":11}},{"id":"8b3e9cd3-e348-4513-b146-28bf72df9d51","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":861,"width":775,"height":11}},{"id":"c6a7be16-1003-40d1-8f8f-4b0b42baeea5","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":876,"width":818,"height":11}},{"id":"83ed5c97-db3a-4aae-8be7-6aef2c2efd7f","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":891,"width":779,"height":11}},{"id":"edef3dd7-ff53-4ee8-9728-5268224b9917","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":906,"width":771,"height":12}},{"id":"f43b5d7c-76e8-431e-9b63-2df4563621f2","block_type":"box","text":"II-95","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a192421c-cb31-43ae-bf3d-c11a4b7d5725","block_type":"box","text":"NM1026U-6033389-139/246","page_number":139,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"cf5cd15d-bbee-47e7-a8a1-fd033b4e7e0a","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":140,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"3afc65c8-a753-4f54-878e-346f831f67d1","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":140,"box":{"x":70,"y":60,"width":803,"height":11}},{"id":"2dd39b51-3db0-46be-9d70-96bcd48706be","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":140,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"c8ead9ab-45ac-4789-a6bb-b0913783cf7c","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":140,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"9924c766-5742-48c5-98c9-0545d00003aa","block_type":"box","text":"a barrier.","page_number":140,"box":{"x":69,"y":105,"width":62,"height":9}},{"id":"b538bff8-74b5-4396-8258-fb1fc0d228bf","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":140,"box":{"x":101,"y":128,"width":788,"height":11}},{"id":"5708690f-f2c8-42f8-b955-86140df595d9","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":140,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"bd7f21a7-6895-4894-84e9-11d659426017","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":140,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"d3cea858-18b9-43a5-9913-e94700036323","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":140,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"fb55dd6f-3b80-4a01-b7b9-9dcddc07623f","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":140,"box":{"x":69,"y":188,"width":806,"height":12}},{"id":"36e38599-8560-4320-b794-7c5db42a1f5e","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":140,"box":{"x":70,"y":204,"width":818,"height":11}},{"id":"4c1e3baf-2a23-49c3-96aa-76158b015092","block_type":"box","text":"that operate in cer tain industries (","page_number":140,"box":{"x":68,"y":219,"width":244,"height":11}},{"id":"d16bea98-5c5d-4dea-ac90-4a135dcf1961","block_type":"box","text":"e.g.","page_number":140,"box":{"x":314,"y":220,"width":25,"height":10}},{"id":"4b28a1f4-6073-454d-8a6e-cec5488bf9f2","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":140,"box":{"x":342,"y":219,"width":515,"height":11}},{"id":"969e7feb-fc75-445e-aab7-2d9657094ffc","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":140,"box":{"x":69,"y":234,"width":523,"height":11}},{"id":"ec96a0f5-568c-47c2-b9c3-a904fc691f03","block_type":"box","text":"e.g.","page_number":140,"box":{"x":594,"y":235,"width":25,"height":10}},{"id":"3ba7015d-79a0-40ec-8368-b4dc15a2d3c6","block_type":"box","text":", with mechanisms such as poison pills","page_number":140,"box":{"x":621,"y":234,"width":280,"height":11}},{"id":"7a3daaa6-ba93-4af8-bfe2-82ac67f704ba","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":140,"box":{"x":70,"y":249,"width":816,"height":11}},{"id":"cedbc292-c7f5-4ed7-bbf0-ab11d20e1574","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":140,"box":{"x":70,"y":264,"width":825,"height":11}},{"id":"3efda1f2-3b37-485d-be17-29892369fd59","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":140,"box":{"x":69,"y":279,"width":837,"height":11}},{"id":"5053f9c9-35ec-4013-b5c6-a99bc7900931","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":140,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"b779284c-1378-4593-a32f-0f7f02d0414d","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":140,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"854a0fe0-1404-43d5-885b-170a7adc10f2","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":140,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"ced541a7-75da-4330-beb4-babbbe9f3d82","block_type":"box","text":"seek to make indirect investments (","page_number":140,"box":{"x":69,"y":340,"width":255,"height":10}},{"id":"1f2ce16e-ea72-459a-97cd-ff8a3b1186b6","block_type":"box","text":"e.g.","page_number":140,"box":{"x":326,"y":341,"width":24,"height":10}},{"id":"710ed1f0-23c3-408a-90f9-b8444b40f920","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":140,"box":{"x":353,"y":339,"width":514,"height":12}},{"id":"e8ac82a6-6273-4560-8143-3c74c706f366","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":140,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"9d1f119a-03b9-4ac4-94d0-ce7c702258f0","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":140,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"4bee7525-352a-4798-b330-9de7c0bd613e","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":140,"box":{"x":68,"y":385,"width":799,"height":11}},{"id":"de8e0143-5e05-4326-9e10-c19865c1535d","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":140,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"d9eef5bd-947a-4655-8df8-5557afb120c0","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":140,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"4287727a-e0cc-485f-8822-ada0727491f1","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":140,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"5bd8c171-3524-4b50-b082-ac94a64c07d3","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":140,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"b51a8538-091d-4185-b083-06a773342632","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":140,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"a7c6552b-c9c2-41e0-947f-a6215849b431","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":140,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"3def18cd-5d5f-4a85-af79-91ebed0ae362","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":498,"width":818,"height":11}},{"id":"432b44a0-9a84-4bbd-94ee-f4240567dc4d","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":514,"width":821,"height":10}},{"id":"1ed21bbd-a34a-4e59-b3fb-3b24429e7f53","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":528,"width":806,"height":12}},{"id":"32655069-0d88-4a3f-a1dc-33dcd01d9e0d","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":543,"width":839,"height":12}},{"id":"a0964a61-86fe-495e-968c-23c21fdb1c26","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":559,"width":826,"height":11}},{"id":"68dd15c0-9a51-4660-be65-4f2d77529ac4","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":574,"width":807,"height":11}},{"id":"8dbe3211-fa39-40a8-b58e-dc15380fcea6","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":589,"width":830,"height":11}},{"id":"9d72c666-7101-4f0d-b583-8349dd7c39a9","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":604,"width":765,"height":11}},{"id":"aad91f11-e832-405f-b84c-40df584d139b","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":619,"width":781,"height":11}},{"id":"b55c6e42-69fc-482d-8341-d765b73c1b65","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":634,"width":796,"height":12}},{"id":"2f47580f-359c-4d91-be18-3211c9a7fb6b","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":649,"width":720,"height":12}},{"id":"a47c4733-9bd7-479c-863f-b2a07b75e757","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":672,"width":807,"height":11}},{"id":"1555f076-f627-402f-8e62-67188e0ccd61","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":687,"width":810,"height":11}},{"id":"db0714a0-e0e7-4374-bece-c598ca78c09e","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":702,"width":829,"height":12}},{"id":"7a583d08-f1be-4e20-a66b-de7f8c4a2541","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":717,"width":824,"height":12}},{"id":"5ada1210-f117-43f8-980f-f40f19eb89da","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":732,"width":841,"height":12}},{"id":"a0d28d8a-ab87-4cda-a65c-f98139701a6e","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":748,"width":770,"height":11}},{"id":"f06f226c-f323-44ed-952e-2a408fe34369","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":763,"width":769,"height":11}},{"id":"19885e23-4d17-467b-9a91-74b65fb331a4","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":778,"width":794,"height":11}},{"id":"e28bad53-bd9c-43a4-99a8-6f79fc557171","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":793,"width":757,"height":11}},{"id":"2504dcd6-411d-47c1-b041-1dbe34558423","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":808,"width":807,"height":11}},{"id":"02bd6006-1d09-4764-b3ce-72ee4c511efe","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":823,"width":833,"height":11}},{"id":"193fe86e-d084-404a-b599-bbaf672c1b72","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":838,"width":827,"height":11}},{"id":"e15fbb5a-be87-4736-a32a-f0b880ba34b8","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":853,"width":803,"height":12}},{"id":"da606e4d-c60b-40ec-a0ba-844dce6f30f1","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":869,"width":802,"height":11}},{"id":"2df2eb1f-2af3-44c9-b1bf-47cd6a792f04","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":884,"width":826,"height":11}},{"id":"ba6f21be-bd3c-45f8-be7d-bbcf9d04c626","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":899,"width":834,"height":11}},{"id":"cd9c0e0c-e07c-4b5f-b1bd-b0c465599d21","block_type":"box","text":"II-96","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9e7e0264-e40d-4d24-bd15-76bbd12c7efb","block_type":"box","text":"NM1026U-6033389-140/246","page_number":140,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"472dd806-6f4b-4c43-b183-34dd692cc221","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":141,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"e30b9cad-d744-4a93-bf6f-39efb057debe","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":141,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"e8d94d8d-6bad-475d-82d0-14ea9bc6bf9a","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":141,"box":{"x":69,"y":75,"width":566,"height":11}},{"id":"92a16f7b-ef47-4e2e-8865-f462b607dbc0","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":141,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"45ef85cc-a4a5-4233-bd22-d708a280246a","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":141,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"6c890020-3278-4ead-8cec-1dbe760268c7","block_type":"box","text":"strategy with respect to such security or asset.","page_number":141,"box":{"x":69,"y":128,"width":333,"height":11}},{"id":"313d3b06-f3bc-465e-ba9c-e4ad34bad74f","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":141,"box":{"x":102,"y":151,"width":785,"height":11}},{"id":"11a4faf7-8c22-4558-874c-595d14f49a6b","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":141,"box":{"x":70,"y":166,"width":760,"height":11}},{"id":"243f8357-3a99-4090-9bb1-864d2f586675","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":141,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"a8df0f37-5fd6-4ceb-8997-d83bb72961bf","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":141,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"663d0292-ed84-40f4-a512-6a6794f6393d","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":141,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"b1247344-b611-4fed-b771-1db6bdabb73b","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":141,"box":{"x":68,"y":226,"width":829,"height":11}},{"id":"9d9f9d90-00a5-4e10-8d1c-b195187aabf1","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":141,"box":{"x":69,"y":241,"width":784,"height":11}},{"id":"859b0c8c-9d59-4e8e-845a-925e24b71a09","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":141,"box":{"x":70,"y":257,"width":797,"height":11}},{"id":"040744c6-5e9e-4fd8-8358-05cde43dd8d1","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":141,"box":{"x":70,"y":271,"width":837,"height":12}},{"id":"32aab887-bfec-441b-9585-7f2d377ae541","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":141,"box":{"x":70,"y":286,"width":746,"height":12}},{"id":"9487defd-c59d-4535-b267-5e44ad14fddd","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":141,"box":{"x":102,"y":309,"width":686,"height":11}},{"id":"0bec6722-9d9a-4d58-a1be-7fdb5a46e997","block_type":"box","text":"e.g.","page_number":141,"box":{"x":790,"y":311,"width":25,"height":9}},{"id":"2141b1d5-2fb1-4643-86f3-a1416bf6e780","block_type":"box","text":", custodians,","page_number":141,"box":{"x":817,"y":309,"width":90,"height":11}},{"id":"1a9e471a-f757-4d92-8796-2942c5389eff","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":141,"box":{"x":69,"y":324,"width":756,"height":11}},{"id":"acf8c5f6-44e6-4156-a84a-fd7a4bdfc178","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":141,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"290f5d15-d821-436a-a2a0-e5a005384e9c","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":141,"box":{"x":69,"y":355,"width":772,"height":11}},{"id":"5e96a923-50dc-4a3f-8f9a-680653196a36","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":141,"box":{"x":70,"y":370,"width":800,"height":11}},{"id":"ee4e2746-f163-4eb7-b5a3-981be8123a11","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":141,"box":{"x":69,"y":385,"width":771,"height":11}},{"id":"6b5e5c76-1654-4a96-945c-df4137be73d1","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":141,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"06b48e2d-9a69-4d69-b72c-a422a49fef2a","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":141,"box":{"x":70,"y":415,"width":785,"height":11}},{"id":"1a6366f0-2a2a-4203-8e27-59b266c2ab9d","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":141,"box":{"x":70,"y":430,"width":786,"height":11}},{"id":"f364ad3f-07fb-4b3a-9c89-6ccca52696f9","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":141,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"6647dcc6-0891-42c7-b06e-fe5ef2212aa9","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":141,"box":{"x":69,"y":460,"width":809,"height":12}},{"id":"c4c5d776-2c62-4596-9e14-cccd7c8f47b5","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":483,"width":788,"height":11}},{"id":"d79f1934-0d41-40a0-8f92-158dd5a0782a","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":498,"width":795,"height":11}},{"id":"7103eacf-e8b5-45a0-ac99-84f2290c1625","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":513,"width":835,"height":11}},{"id":"62876a59-1985-49fb-a61c-c7cdf11e0f62","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":141,"box":{"x":70,"y":528,"width":363,"height":9}},{"id":"895a1091-a5c6-4aaf-a42b-acd06efbb388","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":551,"width":757,"height":11}},{"id":"c9c3e72f-bfdf-43ef-bc4a-4e46419a98b3","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":566,"width":826,"height":11}},{"id":"7461d1e8-0c18-47cf-bcc8-4078ae7290b9","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":581,"width":822,"height":12}},{"id":"16245154-5fc7-4719-9e9b-5d51ca9444d1","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":597,"width":782,"height":11}},{"id":"77330a23-157b-4915-9b9e-f03f2378d407","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":612,"width":835,"height":11}},{"id":"d3637cad-8dc3-41de-ae31-c7810f8719c9","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":141,"box":{"x":69,"y":627,"width":465,"height":11}},{"id":"bf257a3e-b822-4cf3-9637-c31642e05089","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":649,"width":804,"height":12}},{"id":"807e4073-acc5-4e75-9bc1-8915956fc5cf","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":664,"width":840,"height":12}},{"id":"f8d04419-10ca-4589-aee8-bc11b3d07952","block_type":"box","text":"provider.","page_number":141,"box":{"x":70,"y":680,"width":58,"height":11}},{"id":"7bf3bd83-1782-4b92-9d72-5afbf96d9c43","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":702,"width":778,"height":12}},{"id":"98ce1ffc-557c-4a71-8bc0-0a718cd66db9","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":717,"width":831,"height":12}},{"id":"ceaca091-8669-43f6-8791-34d9c611e352","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":141,"box":{"x":68,"y":732,"width":485,"height":11}},{"id":"2656dc8b-e68b-4e59-ae39-441d81dbd072","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":755,"width":742,"height":11}},{"id":"0f23465f-4050-40c2-9d02-b15a564edb02","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":141,"box":{"x":69,"y":770,"width":517,"height":12}},{"id":"7e6ebaa3-684f-4f6e-a47e-9a9d8f5d3cf8","block_type":"box","text":"PURCHASE OF SHARES","page_number":141,"box":{"x":395,"y":800,"width":188,"height":10}},{"id":"a0681621-ac81-441f-8bac-9be4c01c6841","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":823,"width":800,"height":11}},{"id":"cc61a675-ce71-4a7d-980e-d3262022d034","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":838,"width":771,"height":11}},{"id":"83eb070a-bbf8-4570-bd62-9b1faf64963c","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":853,"width":822,"height":11}},{"id":"e377b736-8e90-4c13-81e8-a9d6cf60a7db","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":868,"width":809,"height":11}},{"id":"ae074708-153b-41ed-ad40-18e6bb3068b3","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":883,"width":781,"height":11}},{"id":"9717c8c9-62f7-4c6f-9626-246b6d6953cc","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":898,"width":833,"height":11}},{"id":"f48f166c-3467-4c5f-ae1c-3fdaa4cecffd","block_type":"box","text":"II-97","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c40142ab-beb2-49c2-bcec-28976dc15d09","block_type":"box","text":"NM1026U-6033389-141/246","page_number":141,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"cec7d2ce-7a9a-465f-a9e9-a311b5fcb0b6","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":142,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"c45357cc-0afc-41fc-93e4-5efed2eacb3e","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":142,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"ca7aebd7-3199-4d97-abf4-76cc10d1b7c4","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":142,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"e839ee38-cbe0-4ce2-b98b-5281f5569560","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":142,"box":{"x":70,"y":90,"width":816,"height":11}},{"id":"a5768f96-a86b-441d-ae85-4b1ea31e3e92","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":142,"box":{"x":68,"y":104,"width":835,"height":12}},{"id":"a8fbd1b8-3d09-4368-8bd8-c00c28e654a8","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":142,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"d3789af4-e077-421b-bef0-764b57635c65","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":142,"box":{"x":69,"y":135,"width":757,"height":11}},{"id":"9fff5c48-3fd8-44b1-b87b-43f56e4750e5","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":142,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"dc0b2549-ffb3-4f47-a8a1-7b8af79ca9fa","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":142,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"03245fb0-a3ba-433b-8c65-dd54325afe8d","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":142,"box":{"x":68,"y":188,"width":798,"height":12}},{"id":"5a0decbd-88d4-4b42-bea0-f67abc967ed1","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":142,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"5c206edd-c102-4ef7-8821-abc6819dabf1","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":142,"box":{"x":68,"y":218,"width":786,"height":12}},{"id":"594cb272-5c5f-4b29-b535-1e1e24aac5db","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":142,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"d4a51428-8b3e-4538-9c61-7a33c408d0f7","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":142,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"1e28aec4-b4ed-4c8a-ba08-744a4981b3d2","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":142,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"c9c4613e-b669-4575-88b8-dcffe7415da1","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":142,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"d1bb7e37-5c93-4658-9590-ae63d3e7edb6","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":142,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"88045475-4e10-4d68-9187-2cbae93ef882","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":142,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"c14ca166-4d5c-40b6-9a56-db0275d02c61","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":142,"box":{"x":68,"y":324,"width":828,"height":11}},{"id":"399f1a45-2e7d-464a-83a7-be4deb57bbd9","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":142,"box":{"x":68,"y":339,"width":788,"height":12}},{"id":"adec68e5-f589-44bf-b447-e59dcd523252","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":142,"box":{"x":69,"y":355,"width":779,"height":11}},{"id":"84248eb8-5dad-4853-945e-a405bee6edc9","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":142,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"c89800f1-f2e6-48bf-8f2e-e1a2cb874d16","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":142,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"db2f6525-178d-480c-b8dc-069daa2ca56c","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":142,"box":{"x":68,"y":399,"width":762,"height":12}},{"id":"5a41d491-f12d-43c4-8528-55f49f8a5328","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":142,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"4c42cede-1c34-4d23-bf5e-bcb7c199bcf9","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":142,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"64cba723-09d5-45a8-916d-2ff3fd5dda3a","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":142,"box":{"x":69,"y":452,"width":769,"height":12}},{"id":"66639844-8ec1-4b45-8d62-cdfaa5a93bd2","block_type":"box","text":"investment is $25.","page_number":142,"box":{"x":70,"y":467,"width":132,"height":11}},{"id":"74c0b02f-bd65-4802-ae8b-7f015d4f3757","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":491,"width":802,"height":11}},{"id":"02e62bbf-2522-45f9-923b-f7788ae3d483","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":506,"width":833,"height":11}},{"id":"2796e7a3-5218-4b55-9f72-007d5808cecb","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":521,"width":806,"height":11}},{"id":"8f6e1041-6b65-473b-9241-14bd99835bfe","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":536,"width":751,"height":11}},{"id":"4f0a6a90-d129-43fe-a0ab-404db32efdc7","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":551,"width":826,"height":11}},{"id":"a9bf716d-4dc1-4897-93e9-bc114ea50295","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":574,"width":768,"height":11}},{"id":"1cbe82bf-63b8-443f-8e0a-7e73a82282f5","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":589,"width":807,"height":11}},{"id":"5c93d5c7-2c50-40c0-adf0-c33470608292","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":604,"width":836,"height":11}},{"id":"e4829c93-70ae-45d9-a648-92fadb91f251","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":619,"width":814,"height":11}},{"id":"c0226e64-c751-44d7-a25c-411cb95dba44","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":142,"box":{"x":68,"y":634,"width":740,"height":11}},{"id":"fcf01a1a-d0d8-4601-b026-631230f45022","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":657,"width":795,"height":11}},{"id":"4420466b-e42a-4333-8adf-3fdd2483138a","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":672,"width":813,"height":11}},{"id":"c0871810-1acf-4a90-aba3-2639966f26d6","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":687,"width":827,"height":11}},{"id":"810323d8-8468-4788-85cb-3bfb77da9a26","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":702,"width":750,"height":12}},{"id":"1aa2f0dd-25b1-42ba-bb91-3817c8ea33be","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":725,"width":776,"height":11}},{"id":"f83ee289-131d-47f5-b4e7-b278022de19b","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":740,"width":831,"height":11}},{"id":"ed7e12e8-5b09-4dcb-aa93-18ef95ec36d6","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":755,"width":822,"height":11}},{"id":"20339897-f700-46ee-be2a-c03df2a6d31e","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":770,"width":802,"height":12}},{"id":"0bb205ad-758f-4e53-906b-c556ba5da7ee","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":785,"width":839,"height":12}},{"id":"dfdbeb31-19ca-4e4a-aba9-b1d2e3546511","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":801,"width":819,"height":11}},{"id":"ff516e61-c377-4efe-a3ea-7c421262e8b0","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":816,"width":827,"height":11}},{"id":"f269f469-2df7-4426-9703-2f8add3496bb","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":831,"width":803,"height":11}},{"id":"fd621f14-0c60-4e55-9ab0-0b769464be66","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":846,"width":788,"height":11}},{"id":"81915b11-79e2-45f4-90e4-10778ef7e230","block_type":"box","text":"adviser.","page_number":142,"box":{"x":69,"y":861,"width":53,"height":9}},{"id":"e54decce-c378-49a1-a1f6-3305f53d0be4","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":884,"width":795,"height":11}},{"id":"78051f14-7709-49a5-a225-c100903a2a5a","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":899,"width":821,"height":11}},{"id":"b5771708-abfa-4350-a7b6-430318f86b51","block_type":"box","text":"II-98","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fc5ab23e-3d1c-499b-82e1-f3d5d4c22d8b","block_type":"box","text":"NM1026U-6033389-142/246","page_number":142,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"3c582baf-58f9-4341-a21e-f4a28ef86025","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":143,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"48b529b4-1a88-4c74-acc4-28d3cd587f0d","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":143,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"05dbcb70-6131-4ace-a3a9-b8ed1bbc8dd4","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":143,"box":{"x":68,"y":75,"width":747,"height":11}},{"id":"2391bf6d-96dd-4905-a97a-ef6d91ed45ea","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":143,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"a4658522-fd8c-4d36-93fd-35eeb201ca5e","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":143,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"26ad9973-9850-437d-a3c2-81e0489e228b","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":143,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"78a94672-43ed-4bce-b794-35881c617df3","block_type":"box","text":"also be restricted from making additional investments.","page_number":143,"box":{"x":69,"y":135,"width":388,"height":12}},{"id":"ffd7cb18-b715-4b9d-a977-b5afd70569f8","block_type":"box","text":"In-Kind Purchases","page_number":143,"box":{"x":102,"y":158,"width":127,"height":9}},{"id":"a62ded66-d66e-4a61-82f8-1913d8792dfd","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":143,"box":{"x":230,"y":158,"width":649,"height":11}},{"id":"eec72fe2-b0d1-440a-a6c9-d34db60dd6b4","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":143,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"2d58a2b7-d8ae-4073-b44b-f61da695ecb0","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":143,"box":{"x":70,"y":188,"width":820,"height":11}},{"id":"a6bd3936-cd7f-4c1b-ab0f-2aab44fcdc56","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":143,"box":{"x":69,"y":203,"width":827,"height":12}},{"id":"d0bb33d8-51f1-426c-aff8-f915fa14bd1b","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":143,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"4b9cb23c-df72-4843-9fdb-08bc8c386273","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":143,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"c3dad2d6-62b0-42f6-8fea-bbc9d2a597bd","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":143,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"10d6d9b9-08c2-4cd6-803a-8b90d52676a1","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":143,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"8ede065e-69dd-4c36-a228-f032a1786ac5","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":143,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"d139d77c-80dd-4366-82d1-0845cba095c7","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":143,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"50b03044-1de1-4073-8bf1-9f3962ceb4aa","block_type":"box","text":"has settled.","page_number":143,"box":{"x":69,"y":309,"width":83,"height":9}},{"id":"13bafcd2-f5a2-4b3e-878a-ee33f8217e65","block_type":"box","text":"Institutional Shares","page_number":143,"box":{"x":69,"y":340,"width":142,"height":8}},{"id":"7f0d15b5-a02a-432e-8cad-a4d7634550d2","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":143,"box":{"x":102,"y":362,"width":759,"height":11}},{"id":"6a18ab09-ee40-4335-9b42-66b87570be24","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":143,"box":{"x":70,"y":377,"width":756,"height":12}},{"id":"042b6fba-d7be-4f75-8d9f-3da2ef4494ba","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":143,"box":{"x":70,"y":392,"width":775,"height":12}},{"id":"cca1d1e4-0704-48cf-936d-9ecb7eab0cff","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":143,"box":{"x":70,"y":407,"width":839,"height":12}},{"id":"48443e84-7634-434e-aca0-5a32a0f97646","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":143,"box":{"x":69,"y":423,"width":807,"height":11}},{"id":"ce258835-f37e-4aef-b046-40b62c04c0ef","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":143,"box":{"x":69,"y":438,"width":276,"height":11}},{"id":"e0dd23d3-ad2c-4a28-8543-93a3b6468269","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":143,"box":{"x":102,"y":460,"width":259,"height":12}},{"id":"4c151818-6d27-408c-9bf8-ed87750f61ac","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":143,"box":{"x":369,"y":460,"width":540,"height":12}},{"id":"96c4748e-7dda-485d-96c7-7df6bd26e85b","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":143,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"ce546606-338e-49db-b986-954aa11a83f0","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":491,"width":796,"height":11}},{"id":"ba1fb3eb-5bdb-44cf-baa4-66a88f369e0d","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":506,"width":819,"height":11}},{"id":"4c5d5fa2-2996-4187-a439-d5589346bc4d","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":521,"width":840,"height":11}},{"id":"1401e7c4-77da-4635-8713-08cb3fbcce73","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":536,"width":833,"height":11}},{"id":"9075f797-2883-4b8e-993c-6f2b15572906","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":551,"width":802,"height":11}},{"id":"ec62b710-d5a1-4cab-a598-334eee2973a0","block_type":"box","text":"these fees and conditions.","page_number":143,"box":{"x":68,"y":566,"width":189,"height":9}},{"id":"5565a22d-eb22-4efb-8128-23d19cc9147a","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":589,"width":805,"height":11}},{"id":"15e0e147-300c-4307-9a6a-c9fc6d85ab48","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":604,"width":825,"height":11}},{"id":"9a682984-8d21-429a-a000-f9716fce279c","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":619,"width":817,"height":11}},{"id":"f1ef8654-7d2c-4fda-9f61-c301993de630","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":634,"width":831,"height":12}},{"id":"fc9f147b-bf2b-4416-a4f7-2eff45223a2e","block_type":"box","text":"incurred by the Fund.","page_number":143,"box":{"x":70,"y":650,"width":147,"height":11}},{"id":"b542bd06-432c-4ccf-a515-c61c84e27a28","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":672,"width":774,"height":11}},{"id":"fc70fc42-cb76-4ebb-8d70-d4a6fc774b8d","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":687,"width":834,"height":11}},{"id":"93311250-1d5e-481b-9243-4f38fd5fb0cc","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":702,"width":773,"height":11}},{"id":"ab530f6b-1f80-4d83-8427-384e46088d3f","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":717,"width":762,"height":12}},{"id":"0e038b60-1381-4c27-b1af-e617ad979b12","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":732,"width":821,"height":12}},{"id":"927476ca-637b-4cc3-8ba0-a0c57ec5a34f","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":748,"width":819,"height":11}},{"id":"7b6f4aed-7930-47ad-96d9-7503897112fa","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":143,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"0774da8f-89cf-4389-bdb5-c0b62dd4b996","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":778,"width":837,"height":11}},{"id":"351d6628-1fcb-4c98-a868-f891cc1f518d","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":793,"width":832,"height":11}},{"id":"ad5ad78a-627b-40b2-ba61-0e5f3bc450a1","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":808,"width":815,"height":11}},{"id":"e0f1f1cc-f1d9-462b-a842-bdb0e4aa2d75","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":823,"width":789,"height":12}},{"id":"57ca4f90-28b4-415e-b900-e91043aba7b9","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":838,"width":772,"height":12}},{"id":"20b8a9f1-9698-465d-ba49-e24e6394d88d","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":853,"width":822,"height":12}},{"id":"4d7e3873-5f6c-4f04-87f5-7c152c5fabfd","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":869,"width":783,"height":11}},{"id":"d17b780c-494f-446f-9089-89253a386a50","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":884,"width":785,"height":11}},{"id":"45141140-2e42-4ea7-bb6a-c1abfa45f7f9","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":899,"width":838,"height":11}},{"id":"bb2478b1-99b2-4db0-b081-8666c3356d18","block_type":"box","text":"II-99","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f3d156ab-a321-4e99-ae69-79e37671f70e","block_type":"box","text":"NM1026U-6033389-143/246","page_number":143,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"73b72489-3c73-4f96-abb5-c92580113b1b","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":144,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"6949dacd-cbee-4893-a75e-a35dcab5f1b0","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":144,"box":{"x":69,"y":60,"width":751,"height":11}},{"id":"b7c2c823-88b6-4d21-ab97-51a71f218140","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":144,"box":{"x":69,"y":74,"width":817,"height":12}},{"id":"a00dc459-7bf1-46d3-8709-37032e6e9c9c","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":144,"box":{"x":69,"y":90,"width":773,"height":11}},{"id":"7ef7679b-53c9-4271-b9fc-90621d12ec0c","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":144,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"b39675ae-118a-41e9-81b2-7d6dec2f0fee","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":144,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"7e17a1b2-3c58-43f7-a598-9f37ca1b1745","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":144,"box":{"x":68,"y":135,"width":771,"height":12}},{"id":"7c5b6128-43ec-4596-99f8-62c9bf68c9c7","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":144,"box":{"x":70,"y":150,"width":801,"height":11}},{"id":"d4411df1-e354-48c6-870e-f0197eed5a88","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":144,"box":{"x":69,"y":166,"width":770,"height":11}},{"id":"dea4395b-afc9-4fab-8d7f-07c4a474fbe6","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":144,"box":{"x":102,"y":188,"width":280,"height":12}},{"id":"f845a291-9461-42f8-8837-33594bfcaa72","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":144,"box":{"x":389,"y":188,"width":496,"height":11}},{"id":"b01d562e-d2e6-422b-a7a4-4bb056dc226e","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":144,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"8e9edf02-53a0-4d0c-bdce-586d961e59a1","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":144,"box":{"x":70,"y":219,"width":828,"height":11}},{"id":"a3ef2b7e-4271-4d3f-8696-056a3e843d94","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":144,"box":{"x":70,"y":234,"width":838,"height":11}},{"id":"be20a61b-0577-4713-ad12-9c4118aeb33e","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":144,"box":{"x":68,"y":249,"width":826,"height":11}},{"id":"edf2156e-9084-40c6-891d-20ad21d55b75","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":144,"box":{"x":69,"y":264,"width":279,"height":11}},{"id":"19b33536-d005-4e27-b89c-012a62a259dc","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":144,"box":{"x":69,"y":294,"width":382,"height":11}},{"id":"a382b83c-695c-4d5a-aa0c-0e1ea3020a1a","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":144,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"22ab93e0-8932-4337-a12f-e4cdaf2a9e17","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":144,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"6f671098-d9f0-498a-8438-13ba159d60fe","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":144,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"62bcc22b-68cd-4660-bf8a-0ca6cb43aafd","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":144,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"3942dcd8-ab85-4c43-a88e-0ac880761815","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":144,"box":{"x":69,"y":377,"width":815,"height":11}},{"id":"04d35097-c04e-473c-9fec-3de0844fb43b","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":144,"box":{"x":69,"y":392,"width":791,"height":11}},{"id":"3616d007-79ab-4822-a054-dedda6d9755a","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":144,"box":{"x":70,"y":407,"width":727,"height":12}},{"id":"ab9c0f45-f9b2-42b7-bd5d-5dca58ffec2d","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":144,"box":{"x":102,"y":430,"width":770,"height":11}},{"id":"6004d744-fc3a-4831-8a5f-16e2cd5f20c2","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":144,"box":{"x":70,"y":445,"width":812,"height":12}},{"id":"2ace0d0d-9d89-456b-ab37-4a9d8cc842f9","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":144,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"27a5186d-0be8-4ac8-87a0-3e4c5aa81d2f","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":144,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"8d0aa6cf-78a9-40e0-a245-d51fe1c5a8a2","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":491,"width":808,"height":11}},{"id":"3158726b-c336-48d4-9396-a4bdcfd170c5","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":506,"width":834,"height":11}},{"id":"72c5991a-ca0c-420e-ae89-b2b949048cdc","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":521,"width":798,"height":11}},{"id":"7250860e-8bc5-4292-aef0-38e5de0c2ab0","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":536,"width":789,"height":11}},{"id":"47366b7b-e9a1-4ac2-9845-84f164dca53e","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":551,"width":805,"height":11}},{"id":"127a2860-1b70-4559-a422-8e0d3063ce37","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":566,"width":792,"height":11}},{"id":"e605861a-fbf6-4057-92bc-f073876dc7fd","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":581,"width":826,"height":12}},{"id":"bded2026-fd71-4b50-95f7-960bb3b963a6","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":596,"width":802,"height":12}},{"id":"3435f702-7bb7-463a-8d44-8446f5b7953e","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":612,"width":834,"height":11}},{"id":"9ce60e23-4840-42b9-80f7-8325c028d1a8","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":144,"box":{"x":69,"y":627,"width":358,"height":9}},{"id":"256d5ab9-d3ec-42dc-ba44-2942d211a4f3","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":649,"width":734,"height":12}},{"id":"4dee1aa3-b6d0-4beb-96df-fdbaa247ae4f","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":664,"width":785,"height":11}},{"id":"138bd1ac-4412-42ea-83cb-4eab00f130fe","block_type":"box","text":"periods indicated.","page_number":144,"box":{"x":70,"y":680,"width":124,"height":11}},{"id":"b67d8d71-ed73-487f-b109-7232325a1ab1","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":702,"width":806,"height":11}},{"id":"d8970fa7-6d9b-44ac-a01f-bbc63b30968a","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":718,"width":830,"height":11}},{"id":"c52a0727-1287-47c8-bffc-36426f12f89c","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":732,"width":832,"height":12}},{"id":"aea7035a-3d63-4db1-9cce-ce039dc7e8ce","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":748,"width":714,"height":11}},{"id":"a3439d16-72bb-44e9-89c0-06601009148b","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":144,"box":{"x":69,"y":778,"width":297,"height":11}},{"id":"75c1420e-6bdc-4aa4-8254-7d422f258af0","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":801,"width":761,"height":11}},{"id":"068bb85e-d4d6-4265-8b8a-8fb7d0981491","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":816,"width":800,"height":11}},{"id":"63ef5daa-945c-44da-a152-1bd2e659ec76","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":831,"width":812,"height":11}},{"id":"a98d3b3c-1c79-4f5e-9965-dd0b5b8bf649","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":846,"width":813,"height":11}},{"id":"b61f15ef-df86-4813-972a-51e912da3d98","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":861,"width":578,"height":9}},{"id":"131a687c-3257-48d2-9e7c-76ffb526ad35","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":884,"width":734,"height":11}},{"id":"492b7afb-fa23-4f4b-82fc-84d8ee7c603f","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":899,"width":800,"height":11}},{"id":"d69e36c5-c06f-4b2b-81dc-effb92f476cf","block_type":"box","text":"II-100","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"73c5b939-825a-4230-9a6f-f4b4b78cd11e","block_type":"box","text":"NM1026U-6033389-144/246","page_number":144,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"fdaf89a3-06a6-4ad5-8125-005411202fb0","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":145,"box":{"x":101,"y":45,"width":806,"height":11}},{"id":"f822e238-b32c-49b8-aa30-491f404c8d0a","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":145,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"b9903a00-6d56-4d60-9fdd-1c5e5dbfaf56","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":145,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"4d5cbdbf-9576-411b-9a47-d60090aebc1d","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":145,"box":{"x":69,"y":90,"width":714,"height":11}},{"id":"433cef91-270f-4db7-b6e9-d751218975da","block_type":"box","text":"Reduced Initial Sales Charges","page_number":145,"box":{"x":69,"y":120,"width":219,"height":11}},{"id":"59e20250-18cc-4c6d-88ba-fb764239e04a","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":145,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"ad811703-3404-416a-b422-be50bb3b342c","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":145,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"424514bf-abc4-461d-adf4-9141f530a82d","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":145,"box":{"x":68,"y":173,"width":809,"height":11}},{"id":"7ba2b838-7b99-4151-82a4-58b25a8a9959","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":145,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"5ad35c52-6495-489d-a01a-fd98daa8dc4e","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":145,"box":{"x":69,"y":203,"width":812,"height":12}},{"id":"f0a83a6b-c888-4f1a-bf25-196f6e262c7f","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":145,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"45bed1e2-49e9-4e88-9e8f-cda29c18cebb","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":145,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"c8b0c3ac-4ebc-4add-8fa4-cfcb8b028cb9","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":145,"box":{"x":70,"y":249,"width":603,"height":11}},{"id":"00a80077-0b13-4317-874c-aa8f2d2ab895","block_type":"box","text":"Reinvested Dividends.","page_number":145,"box":{"x":102,"y":272,"width":156,"height":8}},{"id":"3a6f44a9-c583-46e2-a72c-f2f4abcb9762","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":145,"box":{"x":265,"y":271,"width":566,"height":12}},{"id":"b3e377a4-3102-4f36-be7c-4ac10a4df3b5","block_type":"box","text":"reinvestment of dividends.","page_number":145,"box":{"x":69,"y":286,"width":186,"height":10}},{"id":"6eaaf414-0d7c-442f-a345-b37feee6bfa4","block_type":"box","text":"Right of Accumulation.","page_number":145,"box":{"x":102,"y":309,"width":158,"height":11}},{"id":"ec3478e7-2e34-41e1-a9d4-4e0a0f0638d5","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":145,"box":{"x":267,"y":309,"width":574,"height":11}},{"id":"7761b2c9-fdda-4fe3-941d-9ff0ba7256f8","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":145,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"c864fb92-fa9b-40c5-b666-ddebb5814b57","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":145,"box":{"x":69,"y":339,"width":810,"height":12}},{"id":"23fb1015-6568-4204-9a7b-fb87be89c3dd","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":145,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"21611aa4-53fd-481b-9c9c-a85e49ed6344","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":145,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"5ea51784-d686-4867-9e33-d153dc545e96","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":145,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"94145020-2ab7-4e32-9653-1eabfaa5dc0f","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":145,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"318aa868-3599-4170-a17c-5d146df6b925","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":145,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"80e703c9-c7cf-4b2c-82a8-16c1c17f8ce3","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":145,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"f1f7a87e-dacd-428f-bd9b-09fa10dcc021","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":145,"box":{"x":70,"y":445,"width":828,"height":12}},{"id":"fed12140-204d-4d28-9732-128ef6094221","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":145,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"e0c9f74c-1100-4380-8b9e-561a1f79c54d","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":145,"box":{"x":70,"y":475,"width":776,"height":12}},{"id":"dce39d89-dbc1-4950-8847-571d26685f42","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":491,"width":835,"height":11}},{"id":"a24c6089-c8e3-4375-ac2b-be0e13b7c98e","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":506,"width":839,"height":11}},{"id":"cc0e5a8a-7780-4a1b-a864-89a9f2381b04","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":521,"width":829,"height":11}},{"id":"49a1280e-3886-4265-9776-8bca0c7607e4","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":536,"width":774,"height":11}},{"id":"14deeb57-212b-45b5-b827-7090f79c19b3","block_type":"box","text":"Letter of Intent.","page_number":145,"box":{"x":102,"y":559,"width":109,"height":9}},{"id":"71f576c9-668b-41eb-a04d-67056b8f88a7","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":559,"width":681,"height":11}},{"id":"878f0e28-1faf-4394-9df7-8a0c201c8784","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":574,"width":820,"height":11}},{"id":"a111a8e9-4e04-40f2-883d-57acace50361","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":589,"width":792,"height":11}},{"id":"bf2fb056-10d2-4f2d-a8f3-870ded5fb27d","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":604,"width":802,"height":11}},{"id":"54fce371-f25e-47a2-96e7-e9ed2980ed3a","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":619,"width":760,"height":11}},{"id":"fdf182c7-fd2a-43b8-9cc4-e54dfd6f2d43","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":634,"width":800,"height":12}},{"id":"9ead2303-b3d3-4ef6-bdc1-9965d9f2fc47","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":649,"width":826,"height":12}},{"id":"e84deecb-d3db-42e8-adc5-d046bf8da8bc","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":664,"width":822,"height":12}},{"id":"3cc1e0c6-0519-4dde-aee5-f6e444f315cb","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":680,"width":764,"height":11}},{"id":"cb35ae0c-9775-4c75-bfe1-c9c853101f2d","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":695,"width":800,"height":11}},{"id":"5da4d688-8704-47e4-9c51-5927f5e5e4e5","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":710,"width":838,"height":11}},{"id":"35bdb735-44ae-4e32-8e80-e25287520738","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":725,"width":835,"height":11}},{"id":"c6475e54-8a16-4329-a040-e56f0678663c","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":740,"width":811,"height":11}},{"id":"9e4bf599-dbbe-4c85-90dd-419d55afd95a","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":755,"width":814,"height":11}},{"id":"ddcee97e-42d2-4a35-8b0d-3549212d01ad","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":770,"width":827,"height":12}},{"id":"8433dafc-3c91-48cd-9bb9-34f030fa0cb0","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":785,"width":827,"height":12}},{"id":"b47c46f9-df31-4a1e-abb5-799617de3a64","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":801,"width":817,"height":11}},{"id":"affbb279-8e56-4b46-8a1b-3e94a92f7b52","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":816,"width":807,"height":11}},{"id":"97090771-6628-4ced-8e37-e2c91e64b2fd","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":145,"box":{"x":69,"y":831,"width":423,"height":11}},{"id":"880fc0d2-1963-409f-8f98-f2707c83e578","block_type":"box","text":"Placement Fees.","page_number":145,"box":{"x":102,"y":854,"width":116,"height":8}},{"id":"6fc35bf5-1901-4f8a-b0e3-ad8188a73854","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":876,"width":777,"height":11}},{"id":"d1629276-cfe6-4458-a24d-39846bdad88b","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":891,"width":704,"height":12}},{"id":"14550f76-658a-44d1-94e2-268009143317","block_type":"box","text":"II-101","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"eefa6850-5db5-4cb9-9d37-7104432c77bb","block_type":"box","text":"NM1026U-6033389-145/246","page_number":145,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"26f4f645-8099-4b51-b100-8d1718cec894","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":146,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"2455d2d8-9d0d-424c-a37f-b77e148019b8","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":72,"width":361,"height":10}},{"id":"f7dd51dd-0910-402b-877c-d73384b555d5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":535,"y":72,"width":288,"height":9}},{"id":"b2646832-2932-4f3b-bc87-b1991ea09f31","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":87,"width":361,"height":10}},{"id":"f9f08569-434d-4fe0-951e-c1a4d40454c6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":88,"width":288,"height":8}},{"id":"23fed394-a641-4345-a700-efb0f7846b46","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":102,"width":345,"height":10}},{"id":"425bd92c-e390-4b76-80f9-59e7a49d7ab3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":103,"width":305,"height":9}},{"id":"e446236d-1851-44d6-b500-86e91f517fab","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":146,"box":{"x":101,"y":126,"width":776,"height":12}},{"id":"bc7be01a-f8e0-4b3b-9afa-371d1be92f9d","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":146,"box":{"x":69,"y":142,"width":774,"height":11}},{"id":"32d48f5c-6797-420b-b59e-fde03bca928d","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":146,"box":{"x":70,"y":157,"width":824,"height":11}},{"id":"ff3524f2-8467-460c-866e-12c44358bb50","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":146,"box":{"x":69,"y":172,"width":695,"height":11}},{"id":"5eee323e-b33e-4c8c-b67a-014d7dbaada7","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":199,"width":410,"height":11}},{"id":"de98f275-ce67-4fbc-a254-ce42d10a15c6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":146,"box":{"x":583,"y":200,"width":240,"height":9}},{"id":"47c3d4fd-7785-4beb-8dd0-d1209b8b04f4","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":214,"width":361,"height":11}},{"id":"2a3ee96f-0df2-45ee-9441-ff11803cfd45","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":215,"width":288,"height":9}},{"id":"c416e469-1f84-43d5-b6a7-83f7a9b1af4f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":229,"width":345,"height":11}},{"id":"fbc8829e-8f4d-4987-8e3a-98689139f92a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":230,"width":305,"height":9}},{"id":"c52f9015-e087-4910-ad8e-f5c26097bfaa","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":146,"box":{"x":101,"y":254,"width":806,"height":11}},{"id":"13d46950-8f5d-48d4-945c-41059f30d96f","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":146,"box":{"x":68,"y":269,"width":821,"height":11}},{"id":"ef8a057b-5669-46c6-8890-e96f155c71a9","block_type":"box","text":"SM","page_number":146,"box":{"x":890,"y":269,"width":11,"height":5}},{"id":"3b017857-ff9c-45b0-aed7-32fa74d57ed9","block_type":"box","text":",","page_number":146,"box":{"x":903,"y":276,"width":2,"height":3}},{"id":"ad724312-b67a-4fe4-baee-91e8cb78f13b","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":146,"box":{"x":70,"y":284,"width":816,"height":11}},{"id":"874c3ab9-d8ca-41d3-b832-fe1d29877a01","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":146,"box":{"x":70,"y":299,"width":835,"height":11}},{"id":"9bcaa779-76fe-4588-bdef-062af0fa49bc","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":314,"width":520,"height":12}},{"id":"dfa7b8f6-71dc-4256-9173-30ed4083e4e3","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":341,"width":361,"height":11}},{"id":"80fe03f0-c126-4387-8e8c-0daf67d34ac0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":535,"y":342,"width":288,"height":9}},{"id":"10ca6c2a-2955-45f6-8c27-a79987fd3c12","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":356,"width":361,"height":11}},{"id":"c21a5467-05a8-4879-9f73-ce0487eb8045","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":357,"width":288,"height":9}},{"id":"88ef40e0-e204-4b37-be4d-84d66bbc43fa","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":372,"width":345,"height":10}},{"id":"d28e0204-560e-4f81-b659-59dc5f2b44e7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":372,"width":305,"height":9}},{"id":"1540753f-03a3-4ebf-8862-a52e3cab407a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":146,"box":{"x":101,"y":396,"width":743,"height":11}},{"id":"ec8df3d2-975d-480c-99f8-30ead98a357c","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":411,"width":674,"height":12}},{"id":"1b9efb15-2564-4631-908c-45f34609aedf","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":438,"width":361,"height":11}},{"id":"30830af8-bf11-4a34-84ce-e6134832aa67","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":439,"width":288,"height":9}},{"id":"54d6458c-266f-4897-8846-8d3bad75397e","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":453,"width":361,"height":11}},{"id":"5ad03c75-4509-4d72-a6b0-ded8958465db","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":535,"y":454,"width":288,"height":9}},{"id":"4b5b543c-07c9-49ce-8627-89fdbb8ceee4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":469,"width":345,"height":10}},{"id":"13f99217-cc5d-43cc-955e-1e3dab817bf1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":518,"y":469,"width":305,"height":9}},{"id":"9d7e9cd9-889b-4499-aa37-40b0addffd73","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":493,"width":808,"height":11}},{"id":"fdf35ead-4650-427a-b824-e551895ad731","block_type":"box","text":"may be up to the following amounts:","page_number":146,"box":{"x":69,"y":508,"width":257,"height":12}},{"id":"44ef29de-9979-40f3-98c9-a8e653011f2c","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":535,"width":410,"height":11}},{"id":"7296288b-87b7-44a3-938f-a6d6b312bd69","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":583,"y":536,"width":240,"height":9}},{"id":"c57d1b3b-9c89-4316-896d-dc5d1332b625","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":550,"width":361,"height":11}},{"id":"cdca931b-695b-41bf-b30a-0f8c8ad964fe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":535,"y":551,"width":288,"height":9}},{"id":"8284fe27-bcd7-4565-89e7-499d2bbb4e17","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":566,"width":345,"height":10}},{"id":"4a146fa7-cfde-47b1-b003-170ddf73edf4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":518,"y":566,"width":305,"height":9}},{"id":"0e1987ea-9a6c-4553-b442-0a6838de7758","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":590,"width":768,"height":11}},{"id":"d06d963e-df4d-4ce9-821c-53460e521a9e","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":605,"width":371,"height":12}},{"id":"aee6ac02-7555-4412-acc5-b7c0a8264eed","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":632,"width":361,"height":11}},{"id":"ed9f82a2-19ed-4d2c-b460-fe2a2e28c3f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":535,"y":633,"width":288,"height":9}},{"id":"45099333-65a6-4045-9ea7-2205e5eaee03","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":647,"width":361,"height":11}},{"id":"018b7b45-bfb0-40e1-9d1d-900c1ed33e98","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":146,"box":{"x":535,"y":648,"width":288,"height":9}},{"id":"99789ed0-e02c-4f26-a78d-1e5c4c8d2981","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":663,"width":345,"height":10}},{"id":"2184fff0-2fe6-4367-bb9f-e53fce9499eb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":146,"box":{"x":518,"y":663,"width":305,"height":9}},{"id":"994ffb80-4650-4a81-9cd6-7a2a6fa5f840","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":687,"width":778,"height":11}},{"id":"f788e84f-3812-4d92-b3bc-12e2cd4dbf60","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":702,"width":830,"height":12}},{"id":"1cfea926-3d3b-41e1-b968-12c257ae91e8","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":146,"box":{"x":70,"y":717,"width":371,"height":12}},{"id":"da910fb5-ff0d-4fb0-9829-1ae92a0e0314","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":744,"width":410,"height":12}},{"id":"4396ea62-e62d-4f2e-9c37-34c281d40ee2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":146,"box":{"x":583,"y":745,"width":240,"height":9}},{"id":"e93f81bd-df3c-4942-9e7e-2206f6f84570","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":760,"width":361,"height":10}},{"id":"c72ffd9c-d702-4bed-99ec-5cf23b051002","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":535,"y":760,"width":288,"height":9}},{"id":"f378aa20-3933-4128-a230-dcf07d72f5dd","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":146,"box":{"x":167,"y":775,"width":345,"height":10}},{"id":"a0dc2668-c266-43d6-b75e-51bdb4eb6563","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":146,"box":{"x":518,"y":775,"width":305,"height":9}},{"id":"884e6e26-4e18-40c8-bde6-a99a4fb3eadd","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":799,"width":779,"height":11}},{"id":"c76c8b91-6396-4bed-85ce-35d0f63b4be5","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":814,"width":780,"height":12}},{"id":"59da9ac6-44cf-4ad6-9e12-f49fcf7abf76","block_type":"box","text":"$250,000 and above . . . .","page_number":146,"box":{"x":167,"y":841,"width":182,"height":12}},{"id":"5266d768-f38e-45f2-961b-c1ab69754b63","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":146,"box":{"x":355,"y":842,"width":468,"height":9}},{"id":"4db5ea97-2d67-4ef9-9651-1a65e6cec47a","block_type":"box","text":"II-102","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a1f37412-a1b8-4787-9f57-3a4cc4caff78","block_type":"box","text":"NM1026U-6033389-146/246","page_number":146,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"da9a9f3f-4bed-4d1c-b969-2e9c133fa328","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":147,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"33337d66-b781-4d05-a909-6e8d13b21697","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":147,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"237dd205-b527-4124-900e-463d4d525cf7","block_type":"box","text":"the following amounts:","page_number":147,"box":{"x":68,"y":75,"width":161,"height":11}},{"id":"f4fe4ab4-957a-4755-a3be-93f65991882b","block_type":"box","text":"$100,000 and above . . . .","page_number":147,"box":{"x":167,"y":102,"width":182,"height":11}},{"id":"8835ac5b-3488-4be1-9ef1-d9b857f99e7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":355,"y":103,"width":468,"height":9}},{"id":"d3ab4cc9-da9e-4331-b723-1eaecbee23e8","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":147,"box":{"x":101,"y":126,"width":779,"height":11}},{"id":"9780b12e-390b-4b45-bb5e-00a0520a8da3","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":147,"box":{"x":70,"y":142,"width":775,"height":11}},{"id":"ea79b239-8348-458d-8299-1b4cbe4c25b8","block_type":"box","text":"$250,000 and above . . . .","page_number":147,"box":{"x":167,"y":169,"width":182,"height":11}},{"id":"236b0dfa-ed10-4450-b3b4-ee504a85a915","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":355,"y":169,"width":468,"height":9}},{"id":"47b92b7e-d762-4f21-be26-94546f85ea9c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":147,"box":{"x":101,"y":193,"width":788,"height":12}},{"id":"2c96d54c-4dac-43a5-bd3c-e4c1e6cd9943","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":147,"box":{"x":69,"y":208,"width":792,"height":11}},{"id":"a0100a57-88bb-469b-930e-26655756997f","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":147,"box":{"x":70,"y":224,"width":787,"height":11}},{"id":"cb6e6dfc-45a4-48dc-88b2-d4cb86fd8506","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":147,"box":{"x":69,"y":239,"width":834,"height":11}},{"id":"2472b52c-ae9b-4663-bc09-e4e65abd7cfd","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":147,"box":{"x":70,"y":254,"width":729,"height":11}},{"id":"71d18a6c-8296-49ca-8fee-b2fe2448b7b7","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":281,"width":410,"height":11}},{"id":"62aa79fc-7959-4f9a-8a4e-6cc2e0246c24","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":147,"box":{"x":583,"y":282,"width":240,"height":8}},{"id":"97347efb-d6be-4813-923f-3d706f0b2b5f","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":296,"width":361,"height":10}},{"id":"030db497-9fdc-4ddb-9569-45b1833d4472","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":297,"width":288,"height":9}},{"id":"f7bee483-4491-4896-a1f8-22df73c79daa","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":311,"width":345,"height":11}},{"id":"85b3773a-b74f-4216-b555-ec4678962256","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":312,"width":305,"height":9}},{"id":"10a09dcc-fb7e-4301-a72f-a85b14b8dff1","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":147,"box":{"x":101,"y":336,"width":801,"height":11}},{"id":"c7ddfa67-f9c5-4c88-b297-4aaba0d93335","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":147,"box":{"x":69,"y":351,"width":769,"height":11}},{"id":"d17fe16b-633a-4c74-85cd-2693b74f6695","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":147,"box":{"x":70,"y":366,"width":818,"height":10}},{"id":"a6903ea6-9e36-412e-9c7a-5a649248ccdc","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":381,"width":401,"height":11}},{"id":"c6d8fcec-a1a5-4e1a-b181-c62a1517d615","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":408,"width":410,"height":11}},{"id":"ebeb165b-1c00-4223-b6e3-5aef821c7a55","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":147,"box":{"x":583,"y":409,"width":240,"height":9}},{"id":"26a59bc5-911f-477f-aad4-4c38ddbd8b6d","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":423,"width":361,"height":11}},{"id":"7a890181-5649-4192-8b8f-7939847dc419","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":424,"width":288,"height":9}},{"id":"05eeb9ad-60b2-4444-99c5-fca2ff2be585","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":438,"width":345,"height":11}},{"id":"6385bf9f-1feb-4033-b9dc-86e93a3ced1e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":439,"width":305,"height":9}},{"id":"d7dad781-5ffb-4017-8c6d-6fdfb0159562","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":147,"box":{"x":101,"y":463,"width":398,"height":11}},{"id":"3d434663-3067-42c0-bee0-adc0ef19614e","block_type":"box","text":"®","page_number":147,"box":{"x":500,"y":463,"width":6,"height":5}},{"id":"fed42814-d1b9-409c-8071-a89f24ca8fd4","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":147,"box":{"x":513,"y":463,"width":264,"height":10}},{"id":"78307da5-6360-4511-88e9-b65c906f633a","block_type":"box","text":"®","page_number":147,"box":{"x":778,"y":463,"width":6,"height":5}},{"id":"d32ebdf7-ff70-4b00-9083-b2888545b762","block_type":"box","text":"Index 2035","page_number":147,"box":{"x":791,"y":463,"width":79,"height":9}},{"id":"e90c2f24-f53b-485b-9e93-049fd07a4232","block_type":"box","text":"Fund, BlackRock LifePath","page_number":147,"box":{"x":70,"y":478,"width":177,"height":11}},{"id":"1cb32cf9-6dd4-4112-9cf5-dc1defd3b236","block_type":"box","text":"®","page_number":147,"box":{"x":249,"y":478,"width":6,"height":5}},{"id":"3752d631-dd88-49ac-a0f6-147e8a2f761c","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":147,"box":{"x":261,"y":478,"width":265,"height":11}},{"id":"599041b5-71a6-4da6-bc9e-ef85661eacbb","block_type":"box","text":"®","page_number":147,"box":{"x":527,"y":478,"width":6,"height":5}},{"id":"a74f930f-a4cd-4945-9c5a-6977e55c4ef7","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":147,"box":{"x":539,"y":478,"width":265,"height":11}},{"id":"6b87316b-7591-420c-8786-a217d0f4af58","block_type":"box","text":"®","page_number":147,"box":{"x":805,"y":478,"width":6,"height":5}},{"id":"e8455ae3-1ec4-45d4-b03d-3a430c7a869d","block_type":"box","text":"Index 2050","page_number":147,"box":{"x":817,"y":478,"width":80,"height":9}},{"id":"2c10d99d-937d-4e44-8d13-9510822be857","block_type":"box","text":"Fund, BlackRock LifePath","page_number":147,"box":{"x":70,"y":493,"width":177,"height":11}},{"id":"d09f7bde-fb95-44f8-9d99-de76a0218723","block_type":"box","text":"®","page_number":147,"box":{"x":248,"y":494,"width":6,"height":4}},{"id":"40ae5e4c-49a2-436b-9b3b-6dc8b70fcefd","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":147,"box":{"x":261,"y":493,"width":263,"height":11}},{"id":"8c298691-010b-4b05-9894-04c1d51cf0c8","block_type":"box","text":"®","page_number":147,"box":{"x":526,"y":494,"width":6,"height":4}},{"id":"5d15ab5f-42ef-4bfd-bc08-f3903116cef8","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":147,"box":{"x":538,"y":493,"width":264,"height":11}},{"id":"f88a3202-14c2-4deb-937b-ee8acdc56332","block_type":"box","text":"®","page_number":147,"box":{"x":803,"y":494,"width":6,"height":4}},{"id":"ff92712f-4750-411c-8753-314cd3e0b410","block_type":"box","text":"Index 2065","page_number":147,"box":{"x":815,"y":493,"width":80,"height":9}},{"id":"4d6cfdc0-b6a0-4822-b1b9-baaf5722b996","block_type":"box","text":"Fund, BlackRock LifePath","page_number":147,"box":{"x":70,"y":508,"width":177,"height":11}},{"id":"c129990d-154d-4470-b7e8-7453fded4536","block_type":"box","text":"®","page_number":147,"box":{"x":248,"y":509,"width":6,"height":4}},{"id":"657e04f1-e353-4de1-aec1-7e163d4cc788","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":147,"box":{"x":261,"y":508,"width":290,"height":9}},{"id":"43dd9d6b-a724-43c4-9956-07028ebfc69c","block_type":"box","text":"®","page_number":147,"box":{"x":552,"y":509,"width":6,"height":4}},{"id":"3c3960e3-3f4a-4269-b0b7-88d374738b2e","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":147,"box":{"x":564,"y":508,"width":324,"height":11}},{"id":"af02521b-2666-4896-a170-9ed316f518ab","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":523,"width":401,"height":12}},{"id":"15878893-dd3e-4060-803d-fea0f69d2733","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":147,"box":{"x":167,"y":550,"width":206,"height":12}},{"id":"ace40a66-a6ae-4918-83c7-5412a8037813","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":147,"box":{"x":380,"y":551,"width":443,"height":9}},{"id":"9be9a54c-988a-4a5d-940c-f0792209cb56","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":575,"width":657,"height":11}},{"id":"cadbd701-6f1f-4976-92fc-105a35dce5e3","block_type":"box","text":"SM","page_number":147,"box":{"x":760,"y":575,"width":10,"height":5}},{"id":"13a2b74c-eb7d-4344-890f-09a4d0118062","block_type":"box","text":", the placement","page_number":147,"box":{"x":773,"y":575,"width":110,"height":11}},{"id":"7db5d5a5-dbae-4ed5-9104-efe3e4885610","block_type":"box","text":"fees may be up to the following amounts:","page_number":147,"box":{"x":68,"y":590,"width":294,"height":11}},{"id":"41bed508-5950-49d5-8d95-8748fe87f281","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":147,"box":{"x":167,"y":617,"width":206,"height":11}},{"id":"0ab3fb0f-8aa3-4f4e-a3a4-b4e621be88d5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":147,"box":{"x":380,"y":618,"width":443,"height":9}},{"id":"45e160c0-df41-4903-a3b2-e1f2370c8849","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":642,"width":787,"height":11}},{"id":"37ffc39d-2ee0-4e9b-84dc-6d94ddaf636a","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":657,"width":808,"height":11}},{"id":"e014b7a6-a24b-4e38-9f2e-c3cc26c88777","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":147,"box":{"x":70,"y":672,"width":393,"height":11}},{"id":"62942419-9b6e-4f0a-bc21-f60865db3c8d","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":695,"width":740,"height":11}},{"id":"b0e24404-6a3e-4b91-a229-907130f8e5ec","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":709,"width":823,"height":12}},{"id":"f4880f7f-10d6-4fdd-8b44-b46f8b02d6ba","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":724,"width":780,"height":12}},{"id":"449c18e8-5872-4151-b8a0-ce56de6c3f6e","block_type":"box","text":"$1 million).","page_number":147,"box":{"x":69,"y":739,"width":79,"height":12}},{"id":"47b45b59-b416-4f04-a761-b92374a15319","block_type":"box","text":"Other.","page_number":147,"box":{"x":102,"y":763,"width":41,"height":9}},{"id":"8d6ba661-9c3e-42ba-88db-e3ac8dc987e1","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":763,"width":698,"height":11}},{"id":"5a82199f-e14b-446a-802f-845e2d07ef62","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":778,"width":839,"height":11}},{"id":"6796955c-af81-4a7d-a183-e31179981a27","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":793,"width":790,"height":11}},{"id":"3a3e021f-81dd-44c8-adfc-f20cffb577ee","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":808,"width":825,"height":11}},{"id":"b920089e-d631-4f94-831e-581182b379b0","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":823,"width":773,"height":11}},{"id":"19753ab2-e021-4025-92c6-4aaeb9a4f53e","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":839,"width":838,"height":11}},{"id":"7d5d270a-03bd-41be-b432-f4dc2b2fc2bb","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":853,"width":837,"height":12}},{"id":"1895bae6-97cd-45cb-b961-5784d9926859","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":869,"width":836,"height":11}},{"id":"3640e416-1ce3-4419-8f8a-b3331abfb937","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":884,"width":793,"height":11}},{"id":"5fcf4f31-0369-4a22-b3ab-e90e49aace38","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":899,"width":811,"height":11}},{"id":"6983e479-5b83-4bcc-a486-dda4c0d7b4cb","block_type":"box","text":"II-103","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4e871329-6c54-4d50-a883-9e09567ee4a8","block_type":"box","text":"NM1026U-6033389-147/246","page_number":147,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"07071ec1-0464-4ca8-8ef2-8610c2fa3ef4","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":148,"box":{"x":68,"y":45,"width":827,"height":11}},{"id":"804f63bf-2749-45af-a72a-a08bb045e7b8","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":148,"box":{"x":70,"y":60,"width":782,"height":11}},{"id":"9dcec9ad-d731-421d-99d6-ac4835ca8b9b","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":148,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"21e9e858-0f75-4aed-b8f3-a4acb9d07bc7","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":148,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"8bcba47e-8f3c-4d1d-a748-d323397cba95","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":148,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"3256f77a-cd93-4499-90aa-c87d2eb5efe6","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":148,"box":{"x":69,"y":120,"width":752,"height":11}},{"id":"3620f41d-b95c-45a8-8b69-4ae382375ae5","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":148,"box":{"x":70,"y":135,"width":836,"height":11}},{"id":"3ab957f3-70ab-4909-8b81-44003570b261","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":148,"box":{"x":69,"y":150,"width":812,"height":12}},{"id":"7f86cd95-ad1f-4708-b7d2-510ef8cd323a","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":148,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"c1c6c6b9-3439-4f0d-8b4f-e578dd135564","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":148,"box":{"x":69,"y":181,"width":788,"height":11}},{"id":"47dfd271-8576-4934-ad10-fca37991f8b6","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":148,"box":{"x":70,"y":196,"width":838,"height":11}},{"id":"07d140b4-9727-43e1-a3a5-17c9c0788a7f","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":148,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"90c57d62-25d6-40cc-93a5-7ab50b6d4247","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":148,"box":{"x":68,"y":226,"width":787,"height":11}},{"id":"5e69bef8-b3d1-4e72-90fb-537398a003fc","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":148,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"8bfc4dff-a913-40ba-9cd9-3905d3dd668f","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":148,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"b775ff35-547f-4a02-aebb-b60949aef7d1","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":148,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"1e84b5e7-fb64-48f5-9e4f-a59a5b5885a5","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":148,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"185a825d-7914-4755-8c13-d9ea91e706ff","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":148,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"d801d93d-7f9f-4eed-a56a-03a91795bdaf","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":148,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"7ca33e2d-4205-4752-a2ba-a5cf3235c74e","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":148,"box":{"x":69,"y":332,"width":783,"height":11}},{"id":"22f9c22c-7f15-4b28-9a98-b09599371378","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":148,"box":{"x":70,"y":347,"width":668,"height":11}},{"id":"61054d82-9246-4a91-b170-ed167a8fd658","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":148,"box":{"x":102,"y":369,"width":754,"height":12}},{"id":"dbd2767e-e1e7-4dd3-a37e-34b6df5d73be","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":148,"box":{"x":70,"y":385,"width":823,"height":11}},{"id":"a8f0d947-1a94-4904-9884-9c600490efcd","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":148,"box":{"x":69,"y":400,"width":833,"height":10}},{"id":"3ab3bd1d-3108-4126-ad3f-b6216e1f132f","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":148,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"1fde5250-05a3-4e27-b288-ffdd25fc248c","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":148,"box":{"x":70,"y":430,"width":781,"height":11}},{"id":"fccc9400-2e70-4275-9190-0898057d627b","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":148,"box":{"x":70,"y":445,"width":819,"height":11}},{"id":"155db9d0-f348-4280-a574-d4cbfa1736c2","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":148,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"0575fc13-1885-402e-8851-fcdfe46b0b40","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":148,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"21ac6d54-740b-4708-8417-b62cf2ced296","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":148,"box":{"x":70,"y":490,"width":792,"height":11}},{"id":"d4885dda-c41e-4c54-9292-fddcf5d7cd36","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":148,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"09dee7c6-348e-4ab6-ac92-02fdc466142c","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":521,"width":837,"height":11}},{"id":"444f49d7-1d75-40a9-a145-0aa4638a054a","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":536,"width":790,"height":11}},{"id":"488de2fe-fb5c-48ac-bf2c-1d394cf95158","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":551,"width":736,"height":11}},{"id":"603897ff-520f-42cc-84a6-0ae8a75f4409","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":574,"width":763,"height":11}},{"id":"0300dd8a-83b5-4fb1-9a0b-1b2ce4538d78","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":589,"width":782,"height":11}},{"id":"513ad98d-7f66-4e81-86f7-c367a47fe746","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":604,"width":832,"height":11}},{"id":"39707602-cccd-4e62-8716-042ffc85f655","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":618,"width":839,"height":12}},{"id":"206e3d97-0c35-4780-b5a9-6832ba97f7f3","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":634,"width":817,"height":12}},{"id":"e5d6418c-8ebb-463c-8462-11ec1485f939","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":649,"width":811,"height":12}},{"id":"204f8231-fb28-46d2-b947-90015c9ee0cc","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":664,"width":818,"height":12}},{"id":"6da61e25-060f-4318-9f56-ce72f77cfd3b","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":680,"width":836,"height":11}},{"id":"9615f175-b34e-4045-b658-e295e478f7fb","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":695,"width":830,"height":11}},{"id":"ca4f4d24-3cb0-486c-96d8-5af4c7725d8b","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":710,"width":778,"height":11}},{"id":"84138d54-0176-443a-937c-5c36520202d4","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":148,"box":{"x":70,"y":725,"width":526,"height":11}},{"id":"415a6d07-781c-49b4-bf86-67514e4a595d","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":748,"width":788,"height":11}},{"id":"a38c32ae-6cb0-4fc0-87df-db305617c37f","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":763,"width":819,"height":11}},{"id":"77f8f03a-9478-4735-81de-17789354b983","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":778,"width":820,"height":11}},{"id":"4a5beef7-915a-4b4f-8b85-fe19744bad58","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":793,"width":837,"height":11}},{"id":"7c28137f-18e3-4c74-af6d-fae68929d491","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":808,"width":812,"height":11}},{"id":"6f1e5563-bd42-44a2-ae5e-50521486f5db","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":823,"width":803,"height":11}},{"id":"bd96d9e9-4e5b-4d74-a77d-d23c49ceb0a9","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":838,"width":772,"height":12}},{"id":"91333f29-6882-497d-9bbe-cadba66e450d","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":853,"width":835,"height":12}},{"id":"fb637de7-77cc-43eb-bc5d-e19a0ca11eed","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":869,"width":814,"height":11}},{"id":"2d807b26-2a46-4295-8883-25c54b38fd64","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":884,"width":772,"height":11}},{"id":"1b66fdcb-07a5-4fae-b99e-3447ad653ad3","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":899,"width":805,"height":11}},{"id":"086c5322-f236-44be-9bd4-84ef679570a3","block_type":"box","text":"II-104","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"da791f50-093e-4473-b29e-0c084ed01c76","block_type":"box","text":"NM1026U-6033389-148/246","page_number":148,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"6e501b47-fb26-4982-8ded-b05ddd412813","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":149,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"a35928bc-9902-43db-9d9d-1037f673e2e6","block_type":"box","text":"the absolute discretion of a Fund.","page_number":149,"box":{"x":68,"y":60,"width":239,"height":9}},{"id":"bad26a22-a870-47bd-bf04-3488ba804566","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":149,"box":{"x":101,"y":82,"width":794,"height":12}},{"id":"8bed8e1d-6871-4adc-8333-c15faf9de9e1","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":149,"box":{"x":68,"y":97,"width":776,"height":12}},{"id":"1d9d43f8-9774-4a13-81f1-b7b908f61cf6","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":149,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"1ab5df15-dabe-400c-8b60-a247a945ca01","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":149,"box":{"x":70,"y":128,"width":800,"height":10}},{"id":"bca8e0f2-829a-4cb2-8bb0-b217675bd3ba","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":149,"box":{"x":70,"y":143,"width":806,"height":11}},{"id":"0eb9af5c-f2a9-4dab-b14d-9f809485692f","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":149,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"66233d1e-6bf3-4925-ac83-bf310f58a6fc","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":149,"box":{"x":70,"y":173,"width":770,"height":11}},{"id":"dcecd00d-b2d7-4cec-ab81-ab90f299e87d","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":149,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"fa937e0e-17bf-457b-9ff2-28b66cac5346","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":149,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"ab2ee215-db68-4a49-b612-f3d00ea968c5","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":149,"box":{"x":70,"y":219,"width":805,"height":11}},{"id":"ee39e241-6eb9-4fd1-927e-e8f5214ca3ef","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":149,"box":{"x":70,"y":233,"width":832,"height":12}},{"id":"f05708a7-871c-4da7-80d5-2be799578e6c","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":149,"box":{"x":70,"y":249,"width":828,"height":11}},{"id":"b535665c-3039-472c-95f4-e7a232f970d6","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":149,"box":{"x":70,"y":264,"width":746,"height":11}},{"id":"f6be09b1-9afd-418e-9136-36f9d0caeacf","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":149,"box":{"x":70,"y":279,"width":307,"height":11}},{"id":"cc8c8bce-3a3a-4699-accb-df104b7957a9","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":149,"box":{"x":102,"y":302,"width":799,"height":11}},{"id":"e9988726-5b82-4e62-9f70-f69af6c7eef6","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":149,"box":{"x":68,"y":317,"width":829,"height":11}},{"id":"79e42996-9c8b-4c20-bfe3-acb1494b387b","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":149,"box":{"x":68,"y":332,"width":317,"height":11}},{"id":"79ddb5b1-f29d-45b9-9dcd-ffe0e0e15c80","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":149,"box":{"x":101,"y":355,"width":326,"height":11}},{"id":"d21a3063-7b4b-4877-b580-0201e8f29229","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":149,"box":{"x":434,"y":355,"width":413,"height":11}},{"id":"9181070c-684d-448c-9798-8a44176af97f","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":149,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"39fae815-ab19-4ed6-b415-8dfe613c3336","block_type":"box","text":"public or private investment company.","page_number":149,"box":{"x":70,"y":385,"width":266,"height":11}},{"id":"e1da3592-5a25-46e4-8795-9a8701b5ca31","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":149,"box":{"x":102,"y":408,"width":372,"height":11}},{"id":"939bd54f-0071-40f4-bb3a-b77547f75b14","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":149,"box":{"x":481,"y":407,"width":421,"height":12}},{"id":"0f35ecac-cb73-40ee-ae52-625e9c3522b7","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":149,"box":{"x":70,"y":423,"width":825,"height":11}},{"id":"62290f79-30ca-4c58-8013-7473e7999fe2","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":149,"box":{"x":69,"y":438,"width":830,"height":11}},{"id":"3c8e4772-63dc-43cb-b631-dc6156d811e1","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":149,"box":{"x":69,"y":468,"width":405,"height":11}},{"id":"605b18f2-85ed-48c9-a675-3015e9aa65f9","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":491,"width":799,"height":11}},{"id":"7cadeec7-d77e-4938-bbd6-7c8044797617","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":506,"width":828,"height":11}},{"id":"c03ad8d7-1c2d-4df9-b9f3-427e18ed7dab","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":520,"width":778,"height":12}},{"id":"0be14b71-4113-4de6-90e9-77b258dbff96","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":536,"width":826,"height":11}},{"id":"f8bcff95-570d-4f2c-8750-2019e29f9bdd","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":149,"box":{"x":69,"y":551,"width":311,"height":9}},{"id":"16d6cff2-1e38-4b58-b529-41f8170f3ca3","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":574,"width":789,"height":11}},{"id":"c6ce50b8-1e04-4697-b5f3-3e4f5b40860b","block_type":"box","text":"intermediary associated with the account.","page_number":149,"box":{"x":70,"y":589,"width":297,"height":11}},{"id":"9436a687-5f19-487a-ade4-48d1f8ed271a","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":612,"width":669,"height":11}},{"id":"4b986eac-49bd-41ab-82b0-22e81ab47d4a","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":634,"width":763,"height":12}},{"id":"739e1c05-b08c-4629-b975-eb1b9dad11f9","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":649,"width":815,"height":12}},{"id":"c982d042-3645-422b-8b32-a40ba8d75ccd","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":664,"width":813,"height":12}},{"id":"6cd414f7-7d7a-404e-99ba-46dea63b73ae","block_type":"box","text":"CDSC shares.","page_number":149,"box":{"x":69,"y":680,"width":97,"height":9}},{"id":"b313dd37-5fa7-4cad-a6d7-312a81df0f0e","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":702,"width":804,"height":12}},{"id":"99984aac-d8ae-4048-9d48-87950af639ba","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":717,"width":827,"height":11}},{"id":"5c7c5c30-c281-4733-9a5a-9467d9b8a041","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":732,"width":786,"height":12}},{"id":"aceb1cba-07a5-44a7-a2c7-97b3821b223e","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":748,"width":831,"height":11}},{"id":"59d9fd2f-2371-4aa7-b02b-5e6bc6c23a1a","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":763,"width":809,"height":11}},{"id":"ffa49f8d-aaf5-4e03-86b9-72d0a4728940","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":778,"width":824,"height":11}},{"id":"77cc57e1-5511-4feb-9fe5-f6f516607234","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":793,"width":822,"height":11}},{"id":"60cd2f3c-232b-46b0-bab9-1932827da95e","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":149,"box":{"x":69,"y":808,"width":618,"height":11}},{"id":"899fe1fb-629f-45c1-b37b-2fcacee38b6a","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":831,"width":782,"height":11}},{"id":"0405d62a-2d99-4fe2-91e1-7b7fc0597900","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":846,"width":764,"height":11}},{"id":"c8ed6da5-5379-430e-8324-326c5b0408f4","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":861,"width":820,"height":11}},{"id":"9c22514d-a396-4582-a479-617d62a0ef4e","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":876,"width":806,"height":11}},{"id":"6546c6c0-9ade-4dec-b746-8e38d25dd65f","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":891,"width":813,"height":11}},{"id":"50a1a193-970d-488a-8d77-a2f5f23b3731","block_type":"box","text":"II-105","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"413ddd96-7d5f-4956-9dd9-19ac9bed8724","block_type":"box","text":"NM1026U-6033389-149/246","page_number":149,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"f022965d-5802-4063-aa5a-9b6c219c1cc8","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":150,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"3c3d4282-3024-4454-89d2-6805b3b4cc2d","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":150,"box":{"x":68,"y":60,"width":554,"height":11}},{"id":"8b518f35-67e8-4ec0-984c-9c9f5590ecbd","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":150,"box":{"x":102,"y":82,"width":783,"height":11}},{"id":"d1c74e49-7930-4119-b3e0-a3cf92131c7c","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":150,"box":{"x":70,"y":98,"width":808,"height":11}},{"id":"e14a0b89-d6ab-4df0-852b-d0c6da2b8246","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":150,"box":{"x":70,"y":113,"width":797,"height":11}},{"id":"fe11c458-464f-42c6-a70c-5380fc750c9d","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":150,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"f946a953-7626-45f6-8bda-ed2ed99ea206","block_type":"box","text":"Investor A Shares.","page_number":150,"box":{"x":70,"y":143,"width":128,"height":9}},{"id":"20a0ca9a-5523-4fd6-93aa-024f5904f260","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":150,"box":{"x":102,"y":166,"width":378,"height":9}},{"id":"233b8308-6c33-4e18-96ef-c7dbe8d03d61","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":150,"box":{"x":102,"y":188,"width":804,"height":12}},{"id":"e996f212-00c3-459c-8d54-31ec15d01107","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":150,"box":{"x":69,"y":203,"width":794,"height":12}},{"id":"ef79b210-90ff-431a-827d-cb4a9a28859f","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":150,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"d0553789-668c-4abf-85d0-4d526d0776a9","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":150,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"1020ea4a-f72b-4f51-88cc-86a91ffce4b5","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":150,"box":{"x":70,"y":249,"width":793,"height":11}},{"id":"0ee61549-52e3-4efe-979a-eea9c221c2e2","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":150,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"6a1c9b18-cf97-44e0-a8b5-dcccdf3638fd","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":150,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"49fcdd62-2875-478d-badd-58a4064b5dca","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":150,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"67a9011c-0658-4ef7-8cda-49e6fe7ff080","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":150,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"953b1858-4507-4bf4-b6ff-ec2d9aaaf882","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":150,"box":{"x":68,"y":324,"width":814,"height":12}},{"id":"f2edce82-b82a-41f3-8e87-d7e77151ce66","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":150,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"733f3976-dfca-4e4d-b686-a0a071c76d5b","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":150,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"70a37780-e718-4ec9-a2b7-5f387078a09f","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":150,"box":{"x":69,"y":370,"width":718,"height":11}},{"id":"156edf1e-13c2-4613-9a43-42ab4ffdc4b4","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":150,"box":{"x":102,"y":392,"width":764,"height":12}},{"id":"aa5dcbb7-354b-4bd9-9a31-bf99947b48f7","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":150,"box":{"x":70,"y":408,"width":816,"height":11}},{"id":"dd60002c-7187-436c-ac25-6705b5ccc111","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":150,"box":{"x":69,"y":423,"width":772,"height":11}},{"id":"a6e732dd-8680-4ed7-b5de-dd3bd4232078","block_type":"box","text":"“Investor C Conversions”).","page_number":150,"box":{"x":70,"y":438,"width":186,"height":11}},{"id":"dc235763-5179-4422-9f42-c7f73006181e","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":460,"width":776,"height":11}},{"id":"2930d1a0-4954-4c97-bcb8-1a6332867040","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":475,"width":824,"height":11}},{"id":"53e4b52d-43ec-4659-9bf2-916f093b6140","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":491,"width":827,"height":11}},{"id":"ce8e81ed-3548-45ff-aef2-c91b87e8612e","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":506,"width":833,"height":11}},{"id":"6f9c140e-293c-478a-931b-a82ef00f923d","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":521,"width":818,"height":11}},{"id":"6bd0d594-d5d2-437d-81d3-75377e0d0856","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":536,"width":836,"height":11}},{"id":"52f59336-16ef-45c7-9a9a-c9ef56d4e045","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":150,"box":{"x":69,"y":551,"width":445,"height":11}},{"id":"5fccbe62-51d4-4759-aa82-1dbc883d289f","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":150,"box":{"x":102,"y":574,"width":396,"height":11}},{"id":"894ac2ed-8987-436c-add7-c21747f92213","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":596,"width":804,"height":12}},{"id":"b1cf4e39-d341-422a-9e61-8b281199ae84","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":612,"width":826,"height":11}},{"id":"c0142e3f-7a5a-496b-92bd-282782e307f3","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":627,"width":837,"height":11}},{"id":"1e8e7962-8fc0-486d-bf8e-42cb9e8b40fc","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":642,"width":795,"height":11}},{"id":"5157d2a9-560b-445b-bf74-70775dd7163a","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":657,"width":840,"height":11}},{"id":"70996469-25a1-4974-a061-d03d4f3236ba","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":672,"width":804,"height":11}},{"id":"82a5b44b-dacd-4632-9f93-257a827bca5b","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":687,"width":772,"height":11}},{"id":"3706da74-fa36-4f1a-8e3c-ec26dee58051","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":702,"width":790,"height":12}},{"id":"e5d447fb-a3c9-498e-a9f5-eaafd1ec93e4","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":717,"width":776,"height":9}},{"id":"17a7f12d-00a2-4af7-9856-4fd332222e08","block_type":"box","text":"redemption.","page_number":150,"box":{"x":69,"y":733,"width":83,"height":10}},{"id":"2dabff91-5824-44ce-91a6-d89236be7248","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":755,"width":734,"height":11}},{"id":"72fbe338-4d0c-49d4-aa22-86d0ac477f25","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":770,"width":769,"height":11}},{"id":"aaca63b0-8b1b-4016-a01f-f1ca8f27b894","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":150,"box":{"x":102,"y":793,"width":572,"height":11}},{"id":"8e28b1bb-4494-4f4e-a8db-2301931d984f","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":816,"width":740,"height":11}},{"id":"da581c5b-c4f9-4cec-8f24-13b93ab73c7c","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":831,"width":802,"height":11}},{"id":"9754e62f-e339-48ee-aab1-6d3c04abd612","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":846,"width":786,"height":11}},{"id":"2bffc333-649f-40dc-a0d3-7399a39fed03","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":861,"width":797,"height":11}},{"id":"f338f8d7-013a-49c9-84f7-bdba4b0e8d50","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":876,"width":776,"height":11}},{"id":"c1bc4260-aa33-46de-a9ef-f5606682ac1d","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":891,"width":747,"height":11}},{"id":"9be14fb3-e475-4a79-8fe7-e66ba900ce26","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":906,"width":822,"height":12}},{"id":"a6101085-feb2-4fc4-923d-59e274f7c823","block_type":"box","text":"II-106","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bffb4b33-d483-4611-9a74-58b96df11845","block_type":"box","text":"NM1026U-6033389-150/246","page_number":150,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"db4974ce-8f83-4dcc-a502-2d1d729c12c7","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":151,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"b550023b-46a9-4b56-8e38-2a30d0a48f95","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":151,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"88228a1e-933c-47c8-907e-d9e9ef386ab2","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":151,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"94d84566-8d92-4266-bcfa-90f004ae194a","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":151,"box":{"x":70,"y":90,"width":834,"height":11}},{"id":"5c7bb622-8cae-45a9-b4fa-1fbd18d2f4ca","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":151,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"bf0c6e7d-3ea4-447e-b792-5d4e4e94aa8e","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":151,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"4e27e0cc-1c84-4005-8117-ea6e7444993d","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":151,"box":{"x":70,"y":135,"width":784,"height":12}},{"id":"3acb526b-f5ec-4c2e-88a2-578e1f9b559d","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":151,"box":{"x":69,"y":150,"width":824,"height":12}},{"id":"ceaac8b9-11c8-400a-887f-9f0e1b9c7e79","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":151,"box":{"x":69,"y":166,"width":451,"height":11}},{"id":"fbde4614-2cfc-4415-9f07-646cfd9688b0","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":151,"box":{"x":102,"y":188,"width":781,"height":11}},{"id":"4ea84734-2207-41af-a69f-aee1ee4bc3aa","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":151,"box":{"x":70,"y":203,"width":813,"height":12}},{"id":"67208156-c7d6-4463-9cf5-f88c762083ed","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":151,"box":{"x":69,"y":218,"width":462,"height":12}},{"id":"bb7e376d-028d-42af-8a8f-2e1c3922656f","block_type":"box","text":"Class R Shares","page_number":151,"box":{"x":69,"y":249,"width":110,"height":9}},{"id":"d2ea9a69-d7f0-40c7-a232-4232b9840801","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":151,"box":{"x":102,"y":271,"width":775,"height":11}},{"id":"dcd35b2c-f733-428a-aecc-c57fe74a6d54","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":151,"box":{"x":69,"y":287,"width":799,"height":11}},{"id":"a81ff393-456c-4be1-91ef-e7f6124caeed","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":151,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"a3ef3b71-d107-4cce-bf08-8d24c2d8fb24","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":151,"box":{"x":69,"y":317,"width":772,"height":11}},{"id":"48e31d85-2801-403f-9820-5493c1950701","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":151,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"5b708569-2637-4522-a72b-30da81713426","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":151,"box":{"x":68,"y":347,"width":636,"height":11}},{"id":"450842e9-1aa8-4d34-8b75-85dd1294a658","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":151,"box":{"x":102,"y":370,"width":791,"height":11}},{"id":"e46d489c-3010-4dd9-9e1d-27acf4b17f07","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":151,"box":{"x":69,"y":385,"width":440,"height":11}},{"id":"4370452a-f90e-4fb0-96d3-b33c18229e4e","block_type":"box","text":"Class K Shares","page_number":151,"box":{"x":69,"y":415,"width":109,"height":9}},{"id":"5d889d88-65d8-48e7-a582-be062f3ba752","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":438,"width":797,"height":11}},{"id":"10ba3651-7297-4a47-8c67-4a6aaaf35968","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":453,"width":772,"height":11}},{"id":"7a76c7a1-8011-4c58-9f7c-401bebc1f7d4","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":468,"width":827,"height":11}},{"id":"c2fc401c-a4a7-45f2-85f3-f78075c28ff7","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":483,"width":817,"height":11}},{"id":"36aa9ffd-b4c8-416f-a5da-d45956f6a787","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":498,"width":834,"height":11}},{"id":"a0259d10-1a37-42cf-b0cd-54e97596918b","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":514,"width":748,"height":10}},{"id":"de722ae8-d1f3-458c-a0d7-d268df4c7e86","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":528,"width":828,"height":12}},{"id":"775e035c-b60c-480d-9a9d-e30641f300e6","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":543,"width":760,"height":12}},{"id":"4407e49a-8eb4-4246-97b1-e2e783ee0738","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":559,"width":823,"height":11}},{"id":"278be44a-b2b4-4712-ae4c-b3d47722941e","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":574,"width":836,"height":11}},{"id":"6c781836-f1df-443d-875d-b1ea16801519","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":589,"width":814,"height":11}},{"id":"c2ecf776-4830-4f06-a1ec-3ee0286883aa","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":604,"width":817,"height":11}},{"id":"4c3715b9-5296-4551-b844-5e1b0959789d","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":619,"width":823,"height":11}},{"id":"4e3d22ff-1cb8-4c66-abb9-722eb173ca1f","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":634,"width":818,"height":12}},{"id":"449327f9-f134-436d-8168-d3352010d15c","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":649,"width":833,"height":12}},{"id":"f343c604-0e17-4582-9523-cf1f032abc6e","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":664,"width":807,"height":12}},{"id":"c1cd89c2-01ea-4363-8de8-e9ff5343f86b","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":680,"width":817,"height":11}},{"id":"09b79d84-48df-4a11-bb38-c7ad0bad4bcf","block_type":"box","text":"distribution and marketing agreement.","page_number":151,"box":{"x":69,"y":695,"width":270,"height":11}},{"id":"b2c01ec7-1d15-4050-b3d7-6bda6b2a909c","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":717,"width":734,"height":12}},{"id":"c9ae7a13-6788-4118-a90c-7ce83206f8ef","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":732,"width":817,"height":12}},{"id":"74ce9850-eadb-48a6-be31-32368a7b3891","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":748,"width":753,"height":11}},{"id":"3aa3aed2-fb08-47cb-8ffc-8d8883bc999a","block_type":"box","text":"Class G Shares","page_number":151,"box":{"x":69,"y":778,"width":110,"height":9}},{"id":"ff2a208c-af43-4d4a-a21f-0d968dca34f5","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":801,"width":804,"height":11}},{"id":"fe090719-086e-4b2f-b55b-7a5bf6b64cca","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":816,"width":826,"height":11}},{"id":"c789aebd-1926-440a-9ad2-c95aa5bad7c7","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":830,"width":836,"height":12}},{"id":"7c82cd88-ccfa-4d9d-a2c5-aa19bdc65dba","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":846,"width":803,"height":11}},{"id":"7afea3da-360a-4169-86ea-3b67b0fa3414","block_type":"box","text":"eligibility requirements.","page_number":151,"box":{"x":69,"y":861,"width":164,"height":11}},{"id":"ffd1f8f7-0b08-4f07-82d1-d42200d8a5d7","block_type":"box","text":"II-107","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c69ff48c-cbb9-4bea-b026-3cbd10089158","block_type":"box","text":"NM1026U-6033389-151/246","page_number":151,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"75f8c3ee-2fa9-4c33-823b-d5be853012c1","block_type":"box","text":"Service Shares","page_number":152,"box":{"x":68,"y":45,"width":109,"height":9}},{"id":"153634bd-6777-4e2b-ac67-d2ee6f30e39e","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":152,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"b5c89236-aded-47ab-801c-02ecb7f1e198","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":152,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"221f48d5-7b29-4404-8551-ae4458743557","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":152,"box":{"x":69,"y":98,"width":693,"height":11}},{"id":"db27a3b5-ef96-46b0-9d0a-223a8676ee98","block_type":"box","text":"®","page_number":152,"box":{"x":763,"y":98,"width":6,"height":4}},{"id":"e6e9e0d1-30c5-4b57-8093-87815118a37a","block_type":"box","text":"Fund in 1996; and","page_number":152,"box":{"x":775,"y":98,"width":130,"height":10}},{"id":"6fa400a6-62e3-48b9-915b-01bb71a32e1e","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":152,"box":{"x":69,"y":113,"width":287,"height":11}},{"id":"91ebd7ad-d293-41d1-a4e9-99e09eed62eb","block_type":"box","text":"SM","page_number":152,"box":{"x":357,"y":113,"width":11,"height":5}},{"id":"fc73d9c6-6c30-4ea8-a142-ed910dba22ee","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":152,"box":{"x":374,"y":113,"width":534,"height":11}},{"id":"de4b5f79-69d3-4f4e-9304-b635978f6d7e","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":152,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"90e1679e-0b9a-40a5-8c3b-a85b037d7e0d","block_type":"box","text":"BlackRock Shares","page_number":152,"box":{"x":69,"y":158,"width":133,"height":9}},{"id":"7c14d5e6-9f9f-4e32-a443-a323d9cc808b","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":152,"box":{"x":102,"y":181,"width":760,"height":11}},{"id":"648f13b8-3a26-4285-aab6-366e46f0cd6b","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":152,"box":{"x":69,"y":196,"width":813,"height":11}},{"id":"0c537888-ee2a-4b2b-936f-42bf7a2f2dae","block_type":"box","text":"fee-based programs.","page_number":152,"box":{"x":68,"y":211,"width":145,"height":11}},{"id":"51ee62b3-01f2-4850-9b88-a786a06a58a1","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":152,"box":{"x":69,"y":241,"width":348,"height":11}},{"id":"5dfea30d-387e-4a05-b34f-ec27411bad73","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":152,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"a8ce84b5-50bd-4aee-b454-e50bffa423ac","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":152,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"433c3c4d-8c84-46b8-ac8b-8b43baeb4bed","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":152,"box":{"x":69,"y":294,"width":541,"height":11}},{"id":"39a4f883-17c5-47af-b6ba-861031894cd8","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":152,"box":{"x":102,"y":317,"width":803,"height":11}},{"id":"ae84e464-2332-47c3-a1e6-f28f3236cffb","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":152,"box":{"x":70,"y":332,"width":783,"height":11}},{"id":"78e41898-e62e-446d-ab2c-0e329ec9cfa1","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":152,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"8e045eb2-d50f-4b96-a3d7-f89d53e32ad4","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":152,"box":{"x":69,"y":362,"width":360,"height":11}},{"id":"ef4aa962-7f79-46e0-8256-5b12df0e898c","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":152,"box":{"x":102,"y":385,"width":770,"height":11}},{"id":"a353ae06-fd0b-47f1-9df9-5cb1fc22ed4b","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":152,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"6b06a75d-c101-4b08-a860-89e7dc36a9e8","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":152,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"e792ee44-f2b3-45f4-ad7d-86c02b0b73ed","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":152,"box":{"x":68,"y":430,"width":355,"height":11}},{"id":"42b0734c-3b3e-4163-94cf-2e0a2a9ef4f6","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":453,"width":727,"height":11}},{"id":"1666334d-711c-4467-a73a-db55c528c1d0","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":152,"box":{"x":69,"y":468,"width":799,"height":11}},{"id":"b38b9ab3-ce19-46bc-8a19-c1a41a226270","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":483,"width":813,"height":11}},{"id":"00abb073-ee74-45fe-8ec5-64ded11b2d8a","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":498,"width":809,"height":11}},{"id":"8f997a89-a26b-42cb-977c-4cb918d9f83c","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":513,"width":786,"height":11}},{"id":"10903b3e-c88f-4e33-ac3c-bcfa81648d59","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":528,"width":789,"height":12}},{"id":"f2acd0e6-6a37-4dd5-819a-16626ca16260","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":152,"box":{"x":70,"y":543,"width":562,"height":12}},{"id":"e63de1dd-229c-4ae1-8f84-9e558a4763b9","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":566,"width":798,"height":11}},{"id":"7afa6422-eb43-4af6-91c9-a3df44dc4708","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":581,"width":808,"height":12}},{"id":"a7a899de-cefc-44d8-9e84-30d87e83b5af","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":596,"width":776,"height":12}},{"id":"8a35b073-82b2-4ef2-8963-43de6d51d3e6","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":612,"width":835,"height":11}},{"id":"632a970f-c85d-4891-a944-8704ace3f3ee","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":627,"width":791,"height":11}},{"id":"5c014dc5-d732-4f81-b97f-754f9f0ab01c","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":642,"width":813,"height":11}},{"id":"8dbada30-a196-4b8b-879f-2443fdc86335","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":657,"width":501,"height":11}},{"id":"3785f1a0-562c-42d4-8a5b-2c5aa17e457c","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":680,"width":783,"height":11}},{"id":"fb3b01a7-0542-43c6-886f-236dfcbdc45f","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":695,"width":810,"height":11}},{"id":"e54aa6bb-39b6-4853-9ee9-a868b7810da1","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":710,"width":813,"height":11}},{"id":"66f2d73a-e232-40b6-8ec2-c07c5a77472c","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":725,"width":836,"height":11}},{"id":"04490b32-dd8f-4e58-9ca0-1d2d391b7c1e","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":740,"width":805,"height":11}},{"id":"fd83af4d-a8d6-44db-b969-2ad932bd7e1a","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":755,"width":832,"height":11}},{"id":"7fafb521-0f57-4d79-9c7d-1bb70cbf8462","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":770,"width":803,"height":12}},{"id":"e7cfe28c-39cd-4d23-87a8-1583e3a3c3e6","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":152,"box":{"x":68,"y":785,"width":788,"height":12}},{"id":"22eee8f8-3313-4788-97e6-4f43e06b68d9","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":801,"width":798,"height":11}},{"id":"5abf65d2-94b2-49bb-9eef-36654d2f7eba","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":816,"width":755,"height":11}},{"id":"daa71d48-a697-48f3-bf9c-c9f6a9307bef","block_type":"box","text":"compensation for selling different classes of shares.","page_number":152,"box":{"x":69,"y":831,"width":375,"height":11}},{"id":"b5ea4b5b-1834-4887-94a7-3b205a3c3002","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":853,"width":803,"height":12}},{"id":"e0d037d8-30f3-4f50-8796-69e4e82f5e1a","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":869,"width":839,"height":11}},{"id":"aa9a5101-abfd-4cdf-9f6b-0dad0c17037b","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":884,"width":788,"height":11}},{"id":"3085953e-2bb5-4554-9ef9-13a3545b453c","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":899,"width":818,"height":9}},{"id":"0fe6cd1f-f23b-47ff-8056-b1b0cf2f29bf","block_type":"box","text":"II-108","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7adf6159-3c2e-48e9-8cf7-cc957aa5dd68","block_type":"box","text":"NM1026U-6033389-152/246","page_number":152,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"2adff7e8-b735-42bd-b5e6-b34e6dbd5b68","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":153,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"00c83966-d0a0-4645-8c05-fb8355cc77f3","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":153,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"edbd7e02-98cf-4bd1-bba6-bf0be8ad6f61","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":153,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"ee54ce87-9d29-4215-8473-53e563839f7d","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":153,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"1968c541-8045-4a3b-8251-d154e1932d05","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":153,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"0202ee24-0dfa-4859-ad78-a0f270fd292e","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":153,"box":{"x":69,"y":120,"width":837,"height":12}},{"id":"c79df454-e572-4212-87e2-3815948d7df9","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":153,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"f8694b80-f654-47a6-b693-43b9d2a9d6b8","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":153,"box":{"x":69,"y":150,"width":787,"height":12}},{"id":"72dc8929-473c-4687-8f36-3e8bc333d475","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":153,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"674fa3aa-93c5-4744-aed9-30cf2b31b02c","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":153,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"a609f1de-c1f1-4861-9080-069fb3032491","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":153,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"d647b1b1-9465-42e8-bbb8-8e6be096d915","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":153,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"ab4ec7ed-ce91-44cf-b958-58c5d5e758bd","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":153,"box":{"x":68,"y":226,"width":792,"height":11}},{"id":"1d39a8b9-1e8d-4e94-91d1-d24ff103b002","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":153,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"662de18a-e7e6-49cf-ab74-e2e1e992af39","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":153,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"ba3789a6-3eaf-41f1-9697-c7bc7de73219","block_type":"box","text":"easily accessible place.","page_number":153,"box":{"x":69,"y":272,"width":167,"height":11}},{"id":"0dc304e7-22bf-4a3f-a377-f556fb4300ec","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":153,"box":{"x":102,"y":294,"width":804,"height":11}},{"id":"cf0ee17e-7e0b-4277-9cee-722289cb7999","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":153,"box":{"x":70,"y":309,"width":542,"height":11}},{"id":"f04a08c9-7106-4348-a31c-ed2b127394b7","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":153,"box":{"x":102,"y":332,"width":734,"height":11}},{"id":"cc8c7e8c-86da-46ce-a51e-428c782d7956","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":153,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"2e967aa5-0d17-4a86-b142-4ba85cb92451","block_type":"box","text":"fiscal year.","page_number":153,"box":{"x":68,"y":362,"width":75,"height":11}},{"id":"1f17a930-2209-44dd-94be-14b30cb3618b","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":153,"box":{"x":69,"y":392,"width":396,"height":11}},{"id":"5f3fdacc-71ac-4695-bf50-c2b928d5d7db","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":153,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"5b127025-ccf9-42ec-92da-1c53207edaba","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":153,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"a310898f-2daa-4386-8219-1f78ffc3bfd1","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":153,"box":{"x":68,"y":445,"width":822,"height":11}},{"id":"a10aed30-e92e-46ae-9626-e0f717a4e7ad","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":460,"width":778,"height":12}},{"id":"e5ab0da9-0750-49d6-8324-4cc0b830a9c3","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":475,"width":840,"height":12}},{"id":"1fc6b4be-0399-49ee-b702-7f23d34dbe92","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":153,"box":{"x":69,"y":491,"width":803,"height":11}},{"id":"b0c704f7-e68f-4558-9572-e50e5a51b31d","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":506,"width":794,"height":11}},{"id":"3f495da1-b589-4771-a382-1da17d61362f","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":521,"width":839,"height":11}},{"id":"2af63902-b81b-47de-a941-5a27fdf9ff8d","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":536,"width":824,"height":11}},{"id":"945a1f94-5100-4f10-9ab0-b15811bfc47c","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":551,"width":839,"height":11}},{"id":"0dbf29e6-08a3-4a55-b389-8204d3cdf396","block_type":"box","text":"and Class R Shares of your Fund.","page_number":153,"box":{"x":69,"y":566,"width":236,"height":11}},{"id":"a79dd65c-09e9-47a5-8ffc-01c28e42b80e","block_type":"box","text":"Other Payments by the Fund","page_number":153,"box":{"x":69,"y":597,"width":206,"height":11}},{"id":"d37ed115-0df9-4ac8-bcf2-ae6fb67fe20b","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":619,"width":800,"height":11}},{"id":"0885f581-249c-432d-8bc4-608da09789b5","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":634,"width":816,"height":12}},{"id":"8b78a6ab-3c8c-4b8d-9d6b-94358a03c0f8","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":649,"width":794,"height":12}},{"id":"15a55886-33b3-4474-b931-33d3b2f6c7f0","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":664,"width":792,"height":12}},{"id":"53634b5f-59a6-47be-949e-c5db73771a1d","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":680,"width":841,"height":11}},{"id":"c6aa7154-79d5-4a1b-a920-5fae35bca8ad","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":695,"width":831,"height":11}},{"id":"d473c845-cb5b-4975-96a8-4512eba65914","block_type":"box","text":"of these payments may be substantial.","page_number":153,"box":{"x":69,"y":710,"width":276,"height":11}},{"id":"92f17b46-9622-4f89-8210-0bb8eb61d6ba","block_type":"box","text":"Additional Payments by BlackRock","page_number":153,"box":{"x":68,"y":740,"width":256,"height":11}},{"id":"2bea08da-ae4d-4243-bda9-53645c7f3829","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":763,"width":803,"height":11}},{"id":"987272b6-8411-4ced-970a-8d1a15fea6ce","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":778,"width":823,"height":11}},{"id":"fe3e35d1-5b16-4b9c-b006-03816ff8d8fb","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":793,"width":768,"height":11}},{"id":"b86b3400-517e-4d2b-9459-d42d181aa75c","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":808,"width":830,"height":11}},{"id":"e473577c-5159-4511-8bae-7f3cf7b83627","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":823,"width":599,"height":11}},{"id":"fef03225-ae57-44b3-a8a9-a65a2a569770","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":846,"width":776,"height":11}},{"id":"f06d90f3-c897-495f-9c9d-e2ae1394b8c5","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":861,"width":832,"height":11}},{"id":"d8ae91e0-5ee2-4c0d-a8c4-46fa26d16951","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":876,"width":833,"height":11}},{"id":"42e96960-55ea-4987-a5b6-7af7481e3d10","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":891,"width":802,"height":11}},{"id":"8fb6f9f4-8267-473d-adf9-66f9c6afc7ce","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":906,"width":802,"height":12}},{"id":"9b8e3051-6338-47fc-9729-ae17363b9256","block_type":"box","text":"II-109","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0906ef55-5fce-437b-8296-46754838b555","block_type":"box","text":"NM1026U-6033389-153/246","page_number":153,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"4ff83bfe-26f2-482a-9691-d9300a9ecafb","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":154,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"281c0963-e1c7-493e-9bb1-2e38cd7c5ec5","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":154,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"69e8ef72-0a36-43cc-90cf-c472db467825","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":154,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"58f1ba9f-2b6f-48e4-94ed-b7495b55e0dd","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":154,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"0f20aef4-dd77-498f-9a0d-a7c5bddedbbc","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":154,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"0c2f8501-696a-450d-bebc-d6de1ce76701","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":154,"box":{"x":70,"y":120,"width":294,"height":11}},{"id":"d110b020-1e14-4238-9121-9a8631a14651","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":154,"box":{"x":101,"y":143,"width":803,"height":11}},{"id":"6101a8db-c55b-4a09-a1ce-09770ec36523","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":154,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"4fc5eced-98ca-4947-8c9d-810f02094371","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":154,"box":{"x":69,"y":173,"width":623,"height":11}},{"id":"311561ec-a6f1-4ec1-bd63-b39548007088","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":154,"box":{"x":102,"y":196,"width":765,"height":11}},{"id":"70e16d43-19de-48e2-ab5c-d06a6e2d9b8c","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":154,"box":{"x":69,"y":211,"width":841,"height":11}},{"id":"824e8e25-4efb-4280-bd39-22d4b64f899c","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":154,"box":{"x":68,"y":226,"width":806,"height":11}},{"id":"c02369a6-16bf-4b0e-b662-58ae803606ff","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":154,"box":{"x":69,"y":241,"width":776,"height":11}},{"id":"87235095-73df-4a43-b2e8-6b367c341300","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":154,"box":{"x":70,"y":256,"width":802,"height":11}},{"id":"224a823a-7e8e-4e92-9f4c-ed34d66d3984","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":154,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"18cfb723-f859-49af-a69d-3ff7a4f1229f","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":154,"box":{"x":69,"y":287,"width":538,"height":11}},{"id":"5950c57f-8814-4a82-a522-57a9f763efc5","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":154,"box":{"x":101,"y":309,"width":795,"height":11}},{"id":"f79f49a0-f2d0-423c-85b9-c762e95bf41b","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":154,"box":{"x":69,"y":324,"width":807,"height":12}},{"id":"3b65acfb-239e-4731-8aec-46541f3d5652","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":154,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"7d884796-1247-4eb4-b7ea-123db348b87e","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":154,"box":{"x":68,"y":355,"width":819,"height":11}},{"id":"6d5022dc-ec22-474a-9d92-c9ffcdd2b300","block_type":"box","text":"Funds.","page_number":154,"box":{"x":70,"y":370,"width":44,"height":9}},{"id":"b832a1c9-031a-4962-81f3-2ef209277028","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":154,"box":{"x":101,"y":392,"width":270,"height":12}},{"id":"17c11557-6783-4310-9408-c70f7aa78812","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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These payments","page_number":154,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"1350f33f-cfb5-424a-b6dd-b3b338bc16f3","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":154,"box":{"x":69,"y":581,"width":828,"height":12}},{"id":"5171cef7-4ada-4d3c-a346-ab855374214a","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":154,"box":{"x":69,"y":596,"width":523,"height":12}},{"id":"d9034f71-f21c-4c90-af25-af5343aac317","block_type":"box","text":"B. Shareholder Services","page_number":154,"box":{"x":102,"y":619,"width":172,"height":9}},{"id":"b173525b-d27d-43f7-b0cd-8cb810d3548d","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. 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Service Organizations Receiving Additional Payments","page_number":154,"box":{"x":102,"y":861,"width":397,"height":11}},{"id":"3ed92c9c-2bfc-461b-baa6-3828cdad686e","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, cer tain of the Service","page_number":154,"box":{"x":101,"y":884,"width":774,"height":11}},{"id":"2fd8d127-f8f3-4b5a-a70f-55ffe7a1425f","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. 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BlackRock","page_number":158,"box":{"x":70,"y":341,"width":833,"height":11}},{"id":"fd286ce8-bc69-4df8-a979-d12ae50a4159","block_type":"box","text":"configures these tools and calculators and localizes the content for Service Organizations as par t of its customary","page_number":158,"box":{"x":69,"y":356,"width":817,"height":11}},{"id":"b21e5dd7-af61-478b-b28b-7958527e9b02","block_type":"box","text":"digital marketing suppor t and promotion of the Funds or other BlackRock funds, iShares ETFs and other exchange","page_number":158,"box":{"x":69,"y":371,"width":815,"height":11}},{"id":"d94dd45e-3a14-40f1-b4c0-8db59537e81b","block_type":"box","text":"traded products.","page_number":158,"box":{"x":68,"y":386,"width":116,"height":11}},{"id":"3163ba9d-fd18-4fdb-abe1-1b451e0b660f","block_type":"box","text":"F. Conflicts","page_number":158,"box":{"x":102,"y":409,"width":78,"height":9}},{"id":"39458cc7-cc26-4a10-a523-13fdff9bc8c2","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":158,"box":{"x":101,"y":431,"width":710,"height":12}},{"id":"d8c1f00a-76e4-4b08-8c67-39ac460734a4","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":158,"box":{"x":69,"y":446,"width":803,"height":12}},{"id":"5f40f0bd-dbd1-4f98-b211-ae4288f68f35","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":462,"width":788,"height":11}},{"id":"fadb6b45-2059-4673-b550-9bc8eb5e69cf","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":477,"width":819,"height":11}},{"id":"a8b06e71-46e7-4b7f-aec6-a3709e7811ca","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":158,"box":{"x":68,"y":492,"width":473,"height":11}},{"id":"25f1cf11-1b91-4102-839b-90c31a86ef22","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":515,"width":793,"height":11}},{"id":"0d48ee95-f5d3-4143-bf63-da192957d80a","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":530,"width":835,"height":11}},{"id":"9b672346-3fac-4e28-91aa-fee31543e89b","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":545,"width":833,"height":11}},{"id":"0c6f3f94-7028-4dbd-9954-1521b515d9be","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":560,"width":830,"height":11}},{"id":"a71ae127-a436-4ca2-8d16-c4afda060aa4","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":583,"width":774,"height":11}},{"id":"4948cd9e-f8c0-496f-b11f-c356296f563c","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":598,"width":794,"height":11}},{"id":"ef6c87ac-06de-4156-a14a-04e92c38bdb9","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":613,"width":818,"height":11}},{"id":"b2e86860-11e3-4a6a-84a3-e423ede53163","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":628,"width":836,"height":11}},{"id":"c7d62c06-ebb5-4291-9c2c-1a42fed42e4c","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":643,"width":723,"height":11}},{"id":"a17decb2-38fc-4ced-afe3-f2f39099d935","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":158,"box":{"x":102,"y":666,"width":759,"height":11}},{"id":"7313cbf5-129f-434f-a5c3-bd8eb677971a","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":681,"width":760,"height":11}},{"id":"1948818e-8185-4c91-be28-674409d4939e","block_type":"box","text":"appropriate.","page_number":158,"box":{"x":69,"y":696,"width":84,"height":11}},{"id":"394224b9-a155-44b1-a5f4-fcdc309aa90a","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":696,"width":738,"height":11}},{"id":"9af13db8-3c38-41b1-8978-943fd61940c3","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":711,"width":795,"height":11}},{"id":"32a7d33f-4ac5-4d82-935e-f845803e2118","block_type":"box","text":"described above.","page_number":158,"box":{"x":69,"y":726,"width":122,"height":9}},{"id":"c63e1c4e-f1a4-4561-8cb3-b4a057a78114","block_type":"box","text":"REDEMPTION OF SHARES","page_number":158,"box":{"x":385,"y":756,"width":208,"height":9}},{"id":"5e2bd765-94fd-4abc-9a05-3fb7b7f409ec","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":778,"width":798,"height":12}},{"id":"d93a134d-d283-4613-aefc-22a2fea77fd3","block_type":"box","text":"the right to redeem some or all of its shares in kind (valued in the same way as they would be valued for purposes of","page_number":158,"box":{"x":68,"y":794,"width":836,"height":11}},{"id":"f90954fa-2a12-4355-94d6-5dc4d7c438a7","block_type":"box","text":"computing a Fund’s NAV), by delivery of securities and other assets selected from the Fund’s por tfolio holdings at the","page_number":158,"box":{"x":69,"y":809,"width":840,"height":11}},{"id":"9389a0fb-e50b-41c6-aa42-291119e87b1f","block_type":"box","text":"Manager’s discretion. In kind payment means payment will be made in por tfolio securities and other assets rather","page_number":158,"box":{"x":70,"y":824,"width":814,"height":11}},{"id":"2e183fab-6ced-4360-97ea-19fe49fb1bce","block_type":"box","text":"than cash. Redemptions in kind may be used in applicable circumstances, generally if the relevant shareholder is","page_number":158,"box":{"x":68,"y":839,"width":809,"height":11}},{"id":"e521cdd6-e981-4271-b14d-4108784e83ac","block_type":"box","text":"able to accept securities in kind, and may also be used in stressed market conditions. If this occurs, the redeeming","page_number":158,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"dc374313-9a86-42b7-9760-b602ed8b3f9e","block_type":"box","text":"shareholder might incur brokerage or other transaction costs to conver t the securities and other assets to cash. Each","page_number":158,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"6ec4dd6c-93d9-46d1-a7ec-42017ba4b0bf","block_type":"box","text":"Fund has elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is","page_number":158,"box":{"x":70,"y":884,"width":797,"height":12}},{"id":"60a6f122-2efc-4316-a8b0-bc3b2543f300","block_type":"box","text":"II-114","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"61db8fef-5c51-49e6-aa40-94e2ec91712c","block_type":"box","text":"NM1026U-6033389-158/246","page_number":158,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"8364eddc-4081-4e74-a085-0eb9ce2cd060","block_type":"box","text":"obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period","page_number":159,"box":{"x":69,"y":44,"width":833,"height":12}},{"id":"0f1dc027-602d-4393-b07f-bbae6cc7320a","block_type":"box","text":"for any shareholder of the Fund.","page_number":159,"box":{"x":68,"y":60,"width":227,"height":11}},{"id":"3b7c1e33-b71d-40f3-af7c-322c25ccebe3","block_type":"box","text":"The redemption price is the NAV per share next determined after the initial receipt of proper notice of","page_number":159,"box":{"x":101,"y":82,"width":722,"height":11}},{"id":"ce4c885c-43d5-4e12-b78a-132b5c1b2591","block_type":"box","text":"redemption. The value of shares of each Fund at the time of redemption may be more or less than your cost at the","page_number":159,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"1337caa0-78c8-4604-925c-0845b7c05c33","block_type":"box","text":"time of purchase, depending in par t on the market value of the securities held by the Fund at such time. Except for","page_number":159,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"cc5deeed-cd65-4a2c-9672-f7966eec2896","block_type":"box","text":"any CDSC that may be applicable, there will be no redemption charge if your redemption request is sent directly to","page_number":159,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"71b8e0e1-501c-46fb-8056-2ed2faef6e9a","block_type":"box","text":"the Transfer Agent. If you are liquidating your holdings you will receive all dividends reinvested through the date of","page_number":159,"box":{"x":68,"y":143,"width":812,"height":11}},{"id":"f4f08aa9-3886-473e-8ba3-bec48dd317a5","block_type":"box","text":"redemption.","page_number":159,"box":{"x":69,"y":158,"width":83,"height":11}},{"id":"8fc4a082-83a0-4afe-a117-fae0057e919b","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":159,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"80a93682-7dd8-41b8-8bdc-3280616eaf7e","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":159,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"e866238f-a98f-4138-859a-dafd49abfba7","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":159,"box":{"x":68,"y":211,"width":811,"height":11}},{"id":"68ca025d-20c3-4a13-b8bb-97c968d5c448","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":159,"box":{"x":69,"y":226,"width":741,"height":11}},{"id":"a473a268-2b91-4bb4-8728-dd29dc8d4154","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":159,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"705f34cb-ee9d-432b-bb0b-b3a49459e55b","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":159,"box":{"x":69,"y":256,"width":787,"height":11}},{"id":"16c4b29a-90b0-4de2-b837-bfd22ef26521","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":159,"box":{"x":69,"y":271,"width":685,"height":12}},{"id":"f2ee0c86-6d96-4be2-8909-78b2a965e9b7","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":159,"box":{"x":102,"y":294,"width":798,"height":11}},{"id":"7b43c862-90b0-4f80-b207-ad123ffdbc6b","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":159,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"20c298e9-dfaa-4079-9e29-9150a72ed2b0","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":159,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"611a33a6-3db5-4d96-8a09-d03bcf4d1228","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":159,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"8960187a-f35f-45a6-ae32-3f34509cb83e","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":159,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"6a6e8f50-549c-485f-8242-4cabfae2b468","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":159,"box":{"x":68,"y":377,"width":824,"height":12}},{"id":"6cdc894f-945a-4cb0-9b81-e11519251c79","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":159,"box":{"x":70,"y":392,"width":825,"height":12}},{"id":"3aae5563-2da1-4b7a-901c-b71221b730ae","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":159,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"4bc11097-e84d-4da8-9582-2fd4b2b739b2","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":159,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"acc1beab-9eaa-40c3-ae6a-53e7b80a91c6","block_type":"box","text":"Redemption","page_number":159,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"42555f11-313b-4909-912b-69e115e81282","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":159,"box":{"x":70,"y":476,"width":481,"height":10}},{"id":"83886d3a-9248-43fe-b75b-9d09b7d2aa91","block_type":"box","text":"Redeem by Telephone:","page_number":159,"box":{"x":102,"y":498,"width":162,"height":11}},{"id":"3197e204-a6a9-406b-aeb1-c777e6d4212e","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":159,"box":{"x":270,"y":498,"width":571,"height":11}},{"id":"efa1b0b8-051f-4d0d-8776-493696e3a44a","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":513,"width":829,"height":12}},{"id":"ec8e9257-b45f-4669-a03e-32a752f60762","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":528,"width":798,"height":12}},{"id":"064adbbb-c0a7-4dd6-aab0-e539d5768bd9","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":543,"width":838,"height":12}},{"id":"5dc4879b-9cde-4072-b41b-c1b0428e6855","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":559,"width":831,"height":11}},{"id":"d7134fd0-834a-4e76-b1d3-dda0e95be8d5","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":574,"width":822,"height":11}},{"id":"db54050d-d979-4141-8bad-77e9d858ec6a","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":589,"width":791,"height":11}},{"id":"467bddb4-9cba-48ee-bc43-6fa500eb638d","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":604,"width":818,"height":11}},{"id":"64de649e-98d9-4166-8650-76caf77ff90a","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":619,"width":829,"height":11}},{"id":"15e08e4a-2912-481e-a810-cbe936199449","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":634,"width":803,"height":12}},{"id":"bd94facc-5b91-4147-a0be-68870feb4567","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":650,"width":834,"height":11}},{"id":"95caa0a3-b5c7-4745-8c68-8dd0e6510b58","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":664,"width":825,"height":12}},{"id":"64e0b64b-719a-42ac-a8d2-b1e74f5d9bd7","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":680,"width":840,"height":11}},{"id":"8c3c91f0-975f-4756-8526-50a9ea26380a","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":695,"width":835,"height":11}},{"id":"d17740e9-1d4a-47e1-b2f9-b18637b2df84","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":710,"width":828,"height":11}},{"id":"7afd556d-9010-4c69-83da-91ad8a8a9c3c","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":725,"width":835,"height":11}},{"id":"1ca690e5-80c1-4ae7-ad66-1869105974db","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":159,"box":{"x":70,"y":740,"width":603,"height":11}},{"id":"fe47e65b-0c8f-4108-aebb-5f8c35cfdb14","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":763,"width":774,"height":11}},{"id":"9998a1c1-586a-4b2b-bf48-1e425b35dcc5","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":778,"width":795,"height":11}},{"id":"6ed1c0f0-998e-4070-8047-64d61a04257b","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":793,"width":821,"height":11}},{"id":"4771c758-7497-412f-bbe8-e0866567025b","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":808,"width":823,"height":11}},{"id":"ff22db2e-228a-4c07-a5e0-e0ce8de6b880","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":823,"width":823,"height":11}},{"id":"7b4bf9eb-bc25-472b-9da2-8152d838dabe","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":838,"width":809,"height":11}},{"id":"a9435d9a-c237-4454-a975-e3112f5f53a1","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":853,"width":833,"height":12}},{"id":"0fad8f86-bf3c-4ff4-bdf9-354121b3ddd6","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":869,"width":821,"height":11}},{"id":"b44af58c-75ed-487c-bf5f-1a2bb8e86f66","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":884,"width":785,"height":11}},{"id":"1a4f3e1b-dbaa-4b5b-b326-c408fa1349df","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":899,"width":820,"height":11}},{"id":"195b064b-eb21-44ed-958c-13b87ca6f4c2","block_type":"box","text":"II-115","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"90889b89-86c7-4600-8b57-10c89d03b501","block_type":"box","text":"NM1026U-6033389-159/246","page_number":159,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"2ea7933e-219b-4719-b73b-7362c573828b","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":160,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"00d445b4-26f1-49eb-ac2f-561c52e0449a","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":160,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"d0980875-4344-46b1-9dd2-e6a32184ee22","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":160,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"b5ef39da-0e1c-4125-a7f3-8fbadb5a5da9","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":160,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"950a0f4f-a965-49c8-a576-fb531e01f041","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":160,"box":{"x":102,"y":113,"width":776,"height":11}},{"id":"a4a2cc37-89bc-47da-b717-f4e3a52bbb34","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":160,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"5175284f-be2f-4486-8b46-03e9f2aab399","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":160,"box":{"x":69,"y":143,"width":820,"height":11}},{"id":"b4e40470-33c3-4565-bef3-098c382f342e","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":160,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"9e3224a0-60dd-4935-a22a-dd5ed053b453","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":160,"box":{"x":68,"y":173,"width":817,"height":11}},{"id":"7fd3ec59-1286-42ac-9ea0-1c152e944c86","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":160,"box":{"x":70,"y":188,"width":648,"height":11}},{"id":"41c203f3-9460-4e62-b265-3fbe85fe7cc7","block_type":"box","text":"Redeem by VRU:","page_number":160,"box":{"x":102,"y":211,"width":120,"height":11}},{"id":"c9f8ebe5-9380-4813-a8e5-d60f23f109f8","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":160,"box":{"x":229,"y":211,"width":667,"height":11}},{"id":"48363718-aee3-42bd-8d2f-e3fa16458cb0","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":160,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"50bddbdf-5a1b-4a92-aad8-1645013a6f04","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":160,"box":{"x":68,"y":241,"width":644,"height":11}},{"id":"a04caacb-a7e7-49ed-b778-aab26bfd7974","block_type":"box","text":"Redeem by Internet:","page_number":160,"box":{"x":102,"y":264,"width":147,"height":11}},{"id":"428864aa-8fb9-4254-8b57-193c95a6e0cd","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":160,"box":{"x":255,"y":264,"width":637,"height":11}},{"id":"8ffe8a23-ab58-4ad6-996b-e35425cd3604","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":160,"box":{"x":70,"y":279,"width":836,"height":11}},{"id":"56a1b9f9-8381-47e1-9fe0-9e49299dca9c","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":160,"box":{"x":68,"y":294,"width":823,"height":11}},{"id":"bf7b4141-41f5-497b-b7b2-4ce4926fb52e","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":160,"box":{"x":68,"y":309,"width":789,"height":11}},{"id":"c59d1234-c522-454f-b3f6-d2ee4c0945a1","block_type":"box","text":"institutional investors.","page_number":160,"box":{"x":70,"y":325,"width":155,"height":8}},{"id":"a533bf15-fd73-4ae0-abe1-7cd3d49b357b","block_type":"box","text":"Redeem in Writing:","page_number":160,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"bd950fab-3b6c-4b6a-b7f7-3ddcbc8694cc","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":160,"box":{"x":247,"y":347,"width":639,"height":11}},{"id":"2ba5459e-8d84-436a-ae93-957fec2e01e6","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":160,"box":{"x":68,"y":362,"width":831,"height":11}},{"id":"cfcffb4e-b6cc-43ee-b22e-33f2a8a72c2e","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":160,"box":{"x":68,"y":377,"width":745,"height":12}},{"id":"67a6069c-cd02-482d-ad39-1cf643a61030","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":160,"box":{"x":69,"y":392,"width":764,"height":12}},{"id":"567131ac-e002-4ba9-b9fc-471521dbb9a7","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":160,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"c3a4011d-1ef2-4acb-bcf0-fb533f0e8f25","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":160,"box":{"x":68,"y":423,"width":794,"height":11}},{"id":"2ac48a3c-3cb2-49aa-bdfc-b6e2c6b9277e","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":160,"box":{"x":68,"y":438,"width":782,"height":11}},{"id":"8f97e727-8fd0-467c-9e35-e48300947261","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":453,"width":817,"height":11}},{"id":"2563b4ac-e369-4ab5-9ad0-8cf284d92d30","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":468,"width":836,"height":11}},{"id":"b57f47a8-1387-45da-b1ea-357bfd153c2a","block_type":"box","text":"or wire to the bank account of record.","page_number":160,"box":{"x":69,"y":483,"width":266,"height":9}},{"id":"8340f784-21fd-4b99-8845-a97cf6466eab","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":506,"width":802,"height":11}},{"id":"0493ebf0-2fd5-4a72-b8cf-d135ce3e030e","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":160,"box":{"x":69,"y":521,"width":489,"height":11}},{"id":"a2428a4f-c7d2-43c5-a08e-2476cde131cf","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":543,"width":668,"height":12}},{"id":"7568161f-0845-47bf-b1e4-71156bb169f2","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":566,"width":800,"height":11}},{"id":"6b39ac27-7fe2-455d-b545-adce2db2ec55","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":581,"width":838,"height":12}},{"id":"aa85db59-134c-44f9-a40d-e8e97d6e7948","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":596,"width":811,"height":11}},{"id":"e64fd159-1bfd-4f26-a883-54d5e293de56","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":612,"width":789,"height":11}},{"id":"0cb1c39c-1661-43fa-b7e0-f80255b4d57c","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":627,"width":775,"height":11}},{"id":"64aa95d6-7ecc-472d-a12c-32e306f47816","block_type":"box","text":"redeemed by the Fund.","page_number":160,"box":{"x":69,"y":642,"width":162,"height":11}},{"id":"37098d4f-cf32-4f24-a0af-100a1338d36a","block_type":"box","text":"Note on Low Balance Accounts.","page_number":160,"box":{"x":102,"y":665,"width":223,"height":8}},{"id":"33070b86-60ed-48cd-a934-f295a5c2b6ae","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":160,"box":{"x":332,"y":664,"width":503,"height":12}},{"id":"9b25e12d-e73e-4d69-9e72-4e60683c2637","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":679,"width":752,"height":12}},{"id":"707648f2-3d5f-493c-96d8-a02cc48d1c46","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":694,"width":829,"height":12}},{"id":"5fd12b5e-0c9a-46d0-af53-fe044324631b","block_type":"box","text":"for any reason, including market fluctuation.","page_number":160,"box":{"x":68,"y":710,"width":313,"height":11}},{"id":"c6961e37-23d5-42bf-b486-8224f7ae62df","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":732,"width":775,"height":12}},{"id":"28e9eb99-69d8-48ec-9fb5-ab3fb4ff56f4","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":748,"width":773,"height":11}},{"id":"e9fb77f0-da8e-4eaa-9579-a1b7521ab268","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":762,"width":776,"height":12}},{"id":"3a6667d2-7c9e-4d57-ac71-8ba7a9113133","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":778,"width":834,"height":11}},{"id":"3401f409-348a-4173-9018-253b2d1a0b36","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":793,"width":811,"height":11}},{"id":"b88babc2-995a-428a-b7fa-ddbd277684e2","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":160,"box":{"x":69,"y":808,"width":435,"height":11}},{"id":"95c3ca69-01f5-4e2b-bca4-7df56ecafc84","block_type":"box","text":"Redemptions in Kind:","page_number":160,"box":{"x":102,"y":831,"width":153,"height":11}},{"id":"2b70e3cc-7fff-43b5-a8e6-3139ea276063","block_type":"box","text":"Each Fund reserves the right to honor any request for redemption by making payment in","page_number":160,"box":{"x":263,"y":831,"width":624,"height":11}},{"id":"017f7e4a-cf31-46b1-8d89-d06eb060a3ea","block_type":"box","text":"whole or in par t by delivering securities valued in the same way as they would be valued for purposes of computing a","page_number":160,"box":{"x":68,"y":846,"width":833,"height":11}},{"id":"3b2b12e9-2e13-45f1-8e12-dd13a8ccdb0d","block_type":"box","text":"Fund’s NAV, except that each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1%","page_number":160,"box":{"x":70,"y":860,"width":825,"height":12}},{"id":"70d49a21-65aa-42c8-9033-02887dbeb9b2","block_type":"box","text":"of the Fund’s NAV during any 90-day period for any one shareholder. Redemptions in excess of those amounts will","page_number":160,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"ac149a36-3622-4063-ae2d-52fc67efe27b","block_type":"box","text":"normally be paid in cash but may be paid wholly or par tly by a distribution in kind of securities.","page_number":160,"box":{"x":69,"y":891,"width":672,"height":11}},{"id":"40b9db5a-4714-4c8d-9b78-33086a4b3121","block_type":"box","text":"II-116","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a03bd979-645d-4da8-b2b5-2199aca1452c","block_type":"box","text":"NM1026U-6033389-160/246","page_number":160,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"be5ebc2d-0951-493f-a6b9-8d8603b8823c","block_type":"box","text":"The specific security or securities to be distributed will be determined by the Manager and could include a pro","page_number":161,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"6711df70-1255-4065-a51f-7d6e9cb19172","block_type":"box","text":"rata representation of the Fund’s por tfolio or a non-pro-rata representation of the Fund’s por tfolio depending upon","page_number":161,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"25d66b85-01d1-4861-8cef-5a35df54fe66","block_type":"box","text":"various circumstances and subject to the Funds’ policies and procedures and any applicable laws or regulations. In","page_number":161,"box":{"x":68,"y":75,"width":822,"height":11}},{"id":"e816caa0-6cb4-400b-b716-2bd1e51217b8","block_type":"box","text":"effecting such redemption in kind, the Manager may select securities to distribute to the redeeming shareholder by","page_number":161,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"1e258a21-1717-4c74-8080-fc46dfb8b4e9","block_type":"box","text":"considering cer tain factors, including, without limitation, the por tfolio management team’s model or optimal por tfolio,","page_number":161,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"140da4fb-fa75-47b5-9dcc-a0923d2771af","block_type":"box","text":"risk management considerations, compliance considerations, the active positioning of a Fund post-redemption, the","page_number":161,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"98fd2b2c-f2eb-4947-92d8-ac299ad9e318","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities. There is no assurance that BlackRock will select to","page_number":161,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"ab38216a-d947-4163-892c-a22f84701677","block_type":"box","text":"retain those securities that will per form the best. An Index Fund may deviate from pro rata redemptions but will seek","page_number":161,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"ec95f40f-2b1a-4853-ad9a-b1eddb534e3d","block_type":"box","text":"for the securities and other assets to be distributed to be deemed to be a fair representation of por tfolio holdings","page_number":161,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"9b7fdd28-7d0b-4b23-a664-f082e8561dd4","block_type":"box","text":"and the interests of the remaining shareholders in the Index Fund to not be diluted.","page_number":161,"box":{"x":69,"y":181,"width":594,"height":11}},{"id":"8061da28-74ae-4e6c-ab62-1ac613aa78d8","block_type":"box","text":"The Funds may effect redemptions in kind in an effor t to, among other considerations: (a) manage the por tfolio","page_number":161,"box":{"x":101,"y":203,"width":795,"height":12}},{"id":"b26f1900-09fd-4550-bf8e-253e4cdf9d80","block_type":"box","text":"efficiently or for any other por tfolio management purpose, and (b) externalize cer tain transaction costs that would","page_number":161,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"854a8eea-318d-4e97-b3ca-a51007437dcb","block_type":"box","text":"otherwise be borne by a Fund in connection with redemption activity or por tfolio turnover. Redemptions in kind may","page_number":161,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"fc42a4d6-e5eb-4586-b0d0-26cd1277d7a8","block_type":"box","text":"reduce the need for the Fund to maintain shor t-term cash reserves, reduce Fund transaction costs, reduce the need","page_number":161,"box":{"x":69,"y":249,"width":828,"height":10}},{"id":"ec3b1ae8-0f0a-4d8a-b5bd-94012290bd9f","block_type":"box","text":"for the Fund to sell its investments at inoppor tune times, and lower Fund capital gain recognition, all of which may be","page_number":161,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"227aaefd-63b5-4a71-aa50-167a6c7d5bf8","block_type":"box","text":"considerations when determining whether to effect a redemption in kind. However, there can be no assurance that","page_number":161,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"c83f8849-b1b2-4a3c-9cf0-d97731cbf380","block_type":"box","text":"redemptions in kind can or will be effected when they would be beneficial to a Fund, and it may be impractical or","page_number":161,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"b0edfe11-c3ea-43fb-b3ea-1156e2294480","block_type":"box","text":"impossible to effect redemptions in kind with many or substantially all of the Fund’s shareholders because of, among","page_number":161,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"af09827e-191c-455b-babe-ac6cabc19210","block_type":"box","text":"other things, how they hold their Fund shares or the small value of the redemptions.","page_number":161,"box":{"x":69,"y":324,"width":598,"height":12}},{"id":"80901762-4544-4a2a-8fe8-da56510326c0","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for optimization of the Fund’s por tfolio, or a","page_number":161,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"8c00bf5e-e9e6-43dc-9250-24babe5133e8","block_type":"box","text":"combination thereof, a Fund, in its discretion, may accept large purchase orders from one or more financial","page_number":161,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"621130b3-f692-4b4c-a2d7-0af5b77edd41","block_type":"box","text":"institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption proceeds in","page_number":161,"box":{"x":70,"y":377,"width":830,"height":12}},{"id":"e3faae51-9477-4865-b058-981aa74d86f9","block_type":"box","text":"kind rather than in cash. A Fund’s ability to pay these redemption proceeds in kind relieves the Fund of the need of","page_number":161,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"1f848de5-fe4f-42d0-8920-5a7a3f21a0ff","block_type":"box","text":"the Fund to sell the securities that are distributed in kind and incur brokerage and other transaction costs associated","page_number":161,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"5beeaeaa-23d4-4b37-8aef-258b3e0f6626","block_type":"box","text":"with such sale, and may have the effect of reducing the amount of taxable gains the Fund would otherwise be","page_number":161,"box":{"x":68,"y":423,"width":784,"height":11}},{"id":"cb597c28-47dc-45a6-8f82-4030ed4e46e2","block_type":"box","text":"required to distribute to shareholders. A Fund’s ability to engage in such transactions is subject to, among other","page_number":161,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"657e2ea7-ece2-4ae4-947d-52f564e19c72","block_type":"box","text":"things, limitations on frequency of redemptions in kind under the Fund’s policies and availability of shareholders able","page_number":161,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"e6590488-4b01-464c-89f7-76b1af334df6","block_type":"box","text":"to transact in kind, and there is no assurance that the Fund can or will effect any redemptions in kind. Financial","page_number":161,"box":{"x":68,"y":468,"width":796,"height":11}},{"id":"3c381b91-12fc-48ce-91a6-49e44b36026b","block_type":"box","text":"institutions that par ticipate in the transactions described in this sub-section do not receive a fee from the Fund for","page_number":161,"box":{"x":70,"y":483,"width":816,"height":11}},{"id":"cf1bc393-ad5b-4ae4-a2df-44133113b5d4","block_type":"box","text":"doing so. The Funds’ shor t-term trading policy shall not apply to the transactions described in this sub-section.","page_number":161,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"4f5209e8-236f-4854-9efd-716812c7d342","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to conver t them to cash, you may pay taxes","page_number":161,"box":{"x":102,"y":521,"width":779,"height":11}},{"id":"79a1ff77-2887-484c-a4e4-b441201714ca","block_type":"box","text":"and brokerage and other transaction costs to dispose of the securities. You may also receive less for the securities","page_number":161,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"fbe5986b-638b-49b0-93b1-0e94406ce494","block_type":"box","text":"than the price at which they were valued for purposes of effecting the redemption. There may also be a risk that","page_number":161,"box":{"x":68,"y":551,"width":800,"height":11}},{"id":"c526760c-e904-43b3-8255-fdf1e7d052ec","block_type":"box","text":"redemption in kind activity could negatively impact the market value of the securities distributed in kind and, in turn,","page_number":161,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"4e14f23b-addd-4360-aab1-227df11f5e9e","block_type":"box","text":"the NAV of the corresponding Fund.","page_number":161,"box":{"x":68,"y":581,"width":251,"height":12}},{"id":"fc4bf2f0-668d-4a51-a15a-0e24ba7d7392","block_type":"box","text":"Repurchase","page_number":161,"box":{"x":69,"y":612,"width":85,"height":11}},{"id":"9e0dfd06-a7c8-4d97-94be-5ba239244aaa","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":161,"box":{"x":101,"y":634,"width":800,"height":12}},{"id":"178511cd-0a22-4e4b-abda-b3c075462092","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":161,"box":{"x":70,"y":649,"width":833,"height":12}},{"id":"8ec944e5-aa89-4ed2-9c5e-56bc78847abc","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":161,"box":{"x":69,"y":665,"width":822,"height":11}},{"id":"b27b362d-a452-43b9-99d5-db182867f61b","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":161,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"de4b11d9-beb0-400a-80e2-acdfec50d453","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":161,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"f48622e0-d33b-4137-959b-80283b3448a2","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":161,"box":{"x":70,"y":710,"width":796,"height":11}},{"id":"17f62283-e361-48f2-8863-2019124c00b9","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":161,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"621d871d-a0d9-484a-9209-14a5074000cb","block_type":"box","text":"next business day.","page_number":161,"box":{"x":69,"y":740,"width":130,"height":11}},{"id":"42d30d59-b011-4776-b53d-3c16f9acdc12","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":161,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"406be51b-2d8f-4033-8934-b9621837dee8","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":161,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"da7c9ac8-7515-4577-a1b8-918afb8c87c4","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":161,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"caaad915-71bf-4223-8aef-841e55c063f4","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":161,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"e15bbbea-c548-4eec-adf5-652dfc72d0bf","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":161,"box":{"x":69,"y":823,"width":788,"height":11}},{"id":"37f47130-16b4-46d3-bc63-d9177637b583","block_type":"box","text":"redeem shares as set out above.","page_number":161,"box":{"x":69,"y":839,"width":235,"height":8}},{"id":"bc2b8f06-03c2-4fe3-90ee-383a4486e885","block_type":"box","text":"II-117","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8a92765f-7aec-4233-9c7f-458fa0ed3271","block_type":"box","text":"NM1026U-6033389-161/246","page_number":161,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"830b5435-ab4c-4991-80bf-6af5772871b9","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":162,"box":{"x":69,"y":45,"width":440,"height":11}},{"id":"97df89d9-5a21-4a7e-b430-775dbad58651","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":162,"box":{"x":102,"y":67,"width":791,"height":11}},{"id":"1fe1f8a3-4ef5-4984-81f9-bce68ca42d12","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":162,"box":{"x":69,"y":82,"width":815,"height":12}},{"id":"c2b9d761-f639-4dba-b340-d338f02f1c63","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":162,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"925d4903-e114-4c1e-a0ab-feda16457ba0","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":162,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"57f12567-92f2-40d6-8b8a-8fea982f97ce","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":162,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"7b34a35d-ce57-47f3-8020-427c492ced91","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":162,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"78842c7b-6873-4a25-93f5-40405d0ce4b9","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":162,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"cdb36741-8fdd-43b4-8622-8d2e2b091d8f","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":162,"box":{"x":69,"y":173,"width":764,"height":11}},{"id":"4b1524a3-877d-4d51-a44b-467e04f5a56d","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":162,"box":{"x":69,"y":188,"width":400,"height":12}},{"id":"a02413cd-2d89-4a5c-9e3f-84dbd524f1de","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":162,"box":{"x":384,"y":218,"width":210,"height":9}},{"id":"a536d762-a904-4c63-b470-9373f1b92cb8","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":162,"box":{"x":102,"y":241,"width":747,"height":11}},{"id":"89f7cd69-40ea-421e-b3a7-534ee9341a50","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":162,"box":{"x":70,"y":256,"width":781,"height":11}},{"id":"7e5cdf34-5e9e-4149-98a2-1004b0334651","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":162,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"a4c8da3e-972e-4162-ada8-1a947a2a8cf8","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":162,"box":{"x":69,"y":286,"width":641,"height":11}},{"id":"13f64cb3-641f-4ffb-b73f-d89958998361","block_type":"box","text":"Investment Account","page_number":162,"box":{"x":69,"y":316,"width":146,"height":9}},{"id":"7fee5c52-7a61-4d99-be3e-595b86423c67","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":162,"box":{"x":102,"y":339,"width":774,"height":11}},{"id":"9faa3be9-0e9e-4041-bd82-422b75f77c24","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":162,"box":{"x":70,"y":354,"width":796,"height":11}},{"id":"85a58bec-f878-4b9a-90e9-6b91b5e44794","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":162,"box":{"x":70,"y":369,"width":807,"height":11}},{"id":"0ae666c8-de54-4d57-b7d5-da3997cd5772","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":162,"box":{"x":68,"y":384,"width":830,"height":11}},{"id":"d68ca6bb-b31f-42ab-b70c-047264123062","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":162,"box":{"x":69,"y":399,"width":829,"height":11}},{"id":"d358c06b-2cbb-4c9c-b0e6-0378645ed1cc","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":162,"box":{"x":68,"y":414,"width":815,"height":12}},{"id":"f2690e74-2c19-4d56-9487-a7fcd8cbbb62","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":162,"box":{"x":70,"y":429,"width":781,"height":12}},{"id":"1f20bbcb-d7ff-4b90-8651-ad2ee80a5cc0","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":162,"box":{"x":69,"y":445,"width":825,"height":11}},{"id":"ef235959-507c-4282-887b-182abd976aac","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":162,"box":{"x":69,"y":460,"width":785,"height":11}},{"id":"ae81c8ef-1e1d-4fba-8d47-a9a06b38bfd5","block_type":"box","text":"automatically at the Transfer Agent.","page_number":162,"box":{"x":69,"y":475,"width":251,"height":11}},{"id":"d1093638-5a41-4f5b-a43b-0545c87df53b","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":162,"box":{"x":101,"y":498,"width":750,"height":11}},{"id":"d3a0fc0c-490a-4adf-af38-29f1e9cc25b3","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":162,"box":{"x":69,"y":513,"width":797,"height":11}},{"id":"24c9abc5-ab5a-4e4e-9314-89b7d7249a62","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":162,"box":{"x":69,"y":528,"width":797,"height":11}},{"id":"eeb6739a-585c-4304-b548-c370421e5243","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":162,"box":{"x":69,"y":543,"width":826,"height":11}},{"id":"a286f5e9-8866-48a5-a8b0-82b3cdd5448e","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":162,"box":{"x":68,"y":558,"width":792,"height":11}},{"id":"1be9b7c6-aa78-4a80-a77a-2595f3ce6941","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":162,"box":{"x":69,"y":573,"width":824,"height":11}},{"id":"3cfe33fd-620b-48a2-bb04-8f9fe0d73fbb","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":162,"box":{"x":69,"y":588,"width":820,"height":11}},{"id":"120491ff-7a2e-4a08-992e-dd8cace7a1fb","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":162,"box":{"x":68,"y":603,"width":833,"height":12}},{"id":"61bac030-bc0c-4f15-a3e1-2a3f9143fa97","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":162,"box":{"x":68,"y":618,"width":795,"height":12}},{"id":"fce1aa8c-01c5-4689-8579-5484ec867823","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":162,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"a130f293-c0dd-4303-b186-bec75ad58b71","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":162,"box":{"x":69,"y":649,"width":814,"height":11}},{"id":"acb83597-662e-4fd6-a4b9-ae86d68507db","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":162,"box":{"x":68,"y":664,"width":822,"height":11}},{"id":"1f38001c-0d40-4e57-a66b-b11f53e5e0b7","block_type":"box","text":"issued.","page_number":162,"box":{"x":70,"y":679,"width":49,"height":9}},{"id":"5e8d34b0-d7f7-40a9-b745-99ff65503c11","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":162,"box":{"x":102,"y":702,"width":785,"height":11}},{"id":"c7c40349-c476-450b-a788-a75dc6f52eb4","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":162,"box":{"x":68,"y":717,"width":830,"height":11}},{"id":"6eb8c0f1-6cee-476e-8aec-a482dd0784c0","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":162,"box":{"x":68,"y":732,"width":790,"height":11}},{"id":"a084187f-e7cf-4a91-8614-92c7b259c391","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":162,"box":{"x":69,"y":747,"width":831,"height":11}},{"id":"355ca809-9860-45c3-bd12-dd58a15d0c28","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":162,"box":{"x":68,"y":762,"width":652,"height":11}},{"id":"b198242b-a211-4fc7-9848-ee811f0daf3f","block_type":"box","text":"Exchange Privilege","page_number":162,"box":{"x":69,"y":792,"width":138,"height":11}},{"id":"7f653b87-f22b-446e-b876-6696ba8b33fd","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":162,"box":{"x":102,"y":815,"width":797,"height":11}},{"id":"07966452-b8bd-461c-a150-a682a5f4d653","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":162,"box":{"x":69,"y":830,"width":832,"height":11}},{"id":"b9895d5a-dc83-4cd6-8f71-1a19a3a145ff","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":162,"box":{"x":68,"y":845,"width":788,"height":12}},{"id":"bef514ab-3e69-4e4e-87c5-9d003880bda1","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":162,"box":{"x":69,"y":860,"width":796,"height":12}},{"id":"21c22167-2465-43ef-b093-1d2a60425451","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":162,"box":{"x":69,"y":875,"width":824,"height":12}},{"id":"f1d2bd42-a0d2-4564-84f4-3c0d58927a51","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":162,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"0a523b04-4cc9-4f52-b119-bbdab8b9bfd6","block_type":"box","text":"II-118","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a04359de-cec5-40a9-a1d4-54a8abd76511","block_type":"box","text":"NM1026U-6033389-162/246","page_number":162,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"2d4a08f2-75f9-411f-a096-37aa74be672f","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":163,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"20a58ff7-5a70-4989-940e-12bf9aeae411","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":163,"box":{"x":69,"y":60,"width":600,"height":11}},{"id":"bac36ed1-b251-4892-8099-d2590187f4d8","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":163,"box":{"x":102,"y":82,"width":648,"height":12}},{"id":"f144b69b-261a-4bc3-a931-dba48b01d3c4","block_type":"box","text":"Institutional Shares","page_number":163,"box":{"x":757,"y":83,"width":137,"height":8}},{"id":"20b40208-e90f-47eb-b7eb-bc1719c20648","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":163,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"1e454e68-942f-426e-8970-a4258aa4acff","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":163,"box":{"x":70,"y":113,"width":798,"height":11}},{"id":"d6b68ba8-a8ba-4595-9854-30540f390bf9","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":163,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"fab2eb0f-ccfd-4d2c-b8ab-c5df54bb4204","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":163,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"590127ad-c994-48db-9d80-c32c1372b60a","block_type":"box","text":"for Class G Shares of other Funds.","page_number":163,"box":{"x":68,"y":158,"width":246,"height":9}},{"id":"e8ce62c0-a637-46d1-966d-35dc759be59a","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":163,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"aead54d1-c0fd-4db7-bdfa-df0b13ed3ee3","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":163,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"cb758068-9e9c-4f3d-b264-d204ac9fa589","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":163,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"11db78a0-2844-44fa-abe5-aecfd3460650","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":163,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"747415db-4d4c-47fa-846e-e7f1e7305495","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":163,"box":{"x":70,"y":241,"width":814,"height":11}},{"id":"09a23566-06ef-4fc8-b6a4-b975cd5a1621","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":163,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"caf9fd81-77ab-4daa-bfb3-daf4395c63ef","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":163,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"24d4cecb-2e0a-4743-b7bc-c7251f0e95ea","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":163,"box":{"x":69,"y":286,"width":561,"height":11}},{"id":"8553c60a-d5a6-40fc-a1c8-a63b119fa0b7","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":163,"box":{"x":102,"y":309,"width":229,"height":11}},{"id":"3554999c-07db-423a-9aa7-b3e14f381dce","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":163,"box":{"x":338,"y":309,"width":570,"height":11}},{"id":"e2f3c634-c0f3-446d-be3a-2a6c1bbd29fd","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":163,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"096df2fd-5704-4199-b697-b7d0d5626109","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":163,"box":{"x":68,"y":339,"width":839,"height":12}},{"id":"5bed8f3f-6c08-450b-96eb-1376fc964e4e","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":163,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"f69af9e4-f2dd-4353-8710-8593aaf6a0f3","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":163,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"431e1678-6584-4447-b884-2239d25a6461","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":163,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"5760c935-fa21-4856-add5-b2ef23fead38","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":163,"box":{"x":68,"y":400,"width":654,"height":11}},{"id":"51eb0377-094c-483f-9dff-3e096ba8d423","block_type":"box","text":"Exchanges of Service Shares.","page_number":163,"box":{"x":102,"y":423,"width":211,"height":11}},{"id":"ab2f3d2f-b5ef-4fb1-a08a-b42a75a61e32","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":163,"box":{"x":319,"y":423,"width":588,"height":11}},{"id":"058566e3-814c-451c-b7a4-97cd37418f3b","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":163,"box":{"x":69,"y":438,"width":342,"height":11}},{"id":"9c9783f7-c7aa-4b01-a30c-703159880746","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":163,"box":{"x":102,"y":460,"width":335,"height":12}},{"id":"f6c50527-f5be-4989-b7eb-95585f9ca9df","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":163,"box":{"x":443,"y":460,"width":455,"height":12}},{"id":"cbb99a19-65df-4010-ad26-c1e97057e7ca","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":163,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"fbcabe63-2fd6-4170-9053-a3880ea1dc24","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":163,"box":{"x":70,"y":491,"width":793,"height":11}},{"id":"d5521ada-5f1a-4581-a7a7-09bf1fbc3c50","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":163,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"77a0f620-a481-4823-a967-d15194ba7f62","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":163,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"dad409f5-ad77-4d55-b7ca-f028b46ed4a0","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":163,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"a849bd13-5539-442b-8c08-9f12e2ac7f92","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":163,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"93ff5c9c-5cde-4e2d-b507-b0867247847c","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":163,"box":{"x":69,"y":566,"width":758,"height":11}},{"id":"d4eda178-1b52-41b8-a360-e338d27b10c3","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":163,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"8a7fdf56-5e9a-405d-b51a-5ca5d1aa12ba","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":163,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"fc13de29-baa6-477a-b1c0-12fb772206b5","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":163,"box":{"x":70,"y":612,"width":814,"height":11}},{"id":"b7e525f7-ffb1-4b45-a052-846dcc8f61c4","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":163,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"a4e2c490-b265-446f-a893-77cf218f334f","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":163,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"02ecfeb7-ca09-4ddc-bd37-173022ca9e44","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":163,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"fc0a0d3a-dff5-43bc-8243-f2c23c015d43","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":163,"box":{"x":70,"y":672,"width":781,"height":11}},{"id":"239580a0-8623-445f-be02-b70ef61877e7","block_type":"box","text":"exchange.","page_number":163,"box":{"x":69,"y":687,"width":70,"height":11}},{"id":"daeea5ae-1db8-4c7a-a3ab-d95e0c4c5825","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":163,"box":{"x":102,"y":710,"width":337,"height":11}},{"id":"412a5893-e183-461d-b66f-b0fa33dcd43d","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":163,"box":{"x":445,"y":710,"width":448,"height":11}},{"id":"011ad764-23bf-4064-94ea-a63639c64715","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":163,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"1b5676ea-6ee2-4727-a8a6-17f049102ee7","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":163,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"e82a3a90-4002-425a-b8f6-4c5511719311","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":163,"box":{"x":70,"y":755,"width":324,"height":11}},{"id":"5c96d294-56d1-4a02-b1af-c969054e47e8","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":163,"box":{"x":102,"y":778,"width":245,"height":11}},{"id":"77d08bcc-eb9e-4530-90d1-5eeb18adb438","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":163,"box":{"x":353,"y":778,"width":543,"height":11}},{"id":"70e6c2c7-dc22-4561-9e54-ad1c9ed25338","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":163,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"6fbde805-287e-4f1a-8cc2-58f5634d1e84","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":163,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"31a37815-e398-447c-8682-3ff0fbdff96f","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":163,"box":{"x":69,"y":823,"width":512,"height":12}},{"id":"e01c807d-0a94-4c7c-b10b-faf36f1ead37","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":163,"box":{"x":101,"y":846,"width":772,"height":11}},{"id":"bd7ffaf9-5bf5-4608-ac0f-04d5cf03ccf9","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":163,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"b3bf8f17-dc8d-48ab-9d16-a3a11f484901","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":163,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"81f56415-b406-4dee-913c-306c7b9a971a","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":163,"box":{"x":68,"y":891,"width":817,"height":12}},{"id":"a18eac7b-34da-4f99-bb39-f4a28d9e775d","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":163,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"74eb0922-d683-4130-8876-feea39076762","block_type":"box","text":"II-119","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4f132a0b-a610-4bcc-b0ad-39a52d699131","block_type":"box","text":"NM1026U-6033389-163/246","page_number":163,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"6834bbec-08b0-4807-95f4-8015eb05f842","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":164,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"d85788c6-edad-4a92-a226-87a5aa9daa1f","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":164,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"0f09be1b-ce9b-4f2e-a61d-1877750e2ea5","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":164,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"66f963ae-fdec-48e9-ab95-a295d74db5f2","block_type":"box","text":"Transfer Agent in writing.","page_number":164,"box":{"x":68,"y":90,"width":175,"height":11}},{"id":"76e0f25f-ca23-460f-a72b-cde07eed2e71","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":164,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"581a5374-48b0-49b1-aae4-1867c3d93ad9","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":164,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"769eb6f7-d558-436e-8b62-4e93b86ec31a","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":164,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"af2f078f-4885-4729-8d92-e15db7001f15","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":164,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"ca0eb3b4-2196-4641-a58f-7b499fcd4a49","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":164,"box":{"x":68,"y":173,"width":763,"height":11}},{"id":"df9a9a5a-1128-4a3d-bf64-4d39cbe5e659","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":164,"box":{"x":69,"y":188,"width":424,"height":12}},{"id":"1150abe0-653c-4d63-b75c-f3d8f537b205","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":164,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"fd5fc03a-b9c1-4fad-b1d5-2a5ea53d8166","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":164,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"a40b55d3-3b82-4169-abf1-de30463893dc","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":164,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"1a0ceed4-bd43-41c4-9bee-8f3b551ecec4","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":164,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"a95358ea-f4d3-461f-b35f-bfec50e7e53e","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":164,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"12991398-4e1b-47e5-89bf-3f1e30421926","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":164,"box":{"x":70,"y":286,"width":354,"height":12}},{"id":"53a52846-3226-481f-a7cf-07c751b380eb","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":164,"box":{"x":101,"y":309,"width":782,"height":11}},{"id":"fc47c488-4b9a-46a0-b9bb-ea3ff7dd6241","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":164,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"3324679b-c87e-4f86-94b4-07f5acd949cb","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":164,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"ed584a81-f51e-4e5a-b911-0d2e8f5c1c4a","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":164,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"ccc23b5a-b226-4212-861c-4eda541a331e","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":164,"box":{"x":69,"y":370,"width":506,"height":11}},{"id":"9846b810-33cf-4a20-8221-e4384d5e07fb","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":164,"box":{"x":101,"y":392,"width":733,"height":12}},{"id":"eb4df2fc-b94a-4052-8819-ea4c7ec885e3","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":164,"box":{"x":69,"y":407,"width":793,"height":12}},{"id":"cece0ad0-ac71-46e3-80a9-14ddcaffe414","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":164,"box":{"x":70,"y":423,"width":832,"height":11}},{"id":"cf63119a-93d6-4b63-8df9-22448d16fbdf","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":164,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"f3e0b85b-fe8c-47a5-a977-33e8b531ac8e","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":164,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"692dfcde-a183-4656-8363-2fcd14790f4b","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":164,"box":{"x":68,"y":468,"width":837,"height":11}},{"id":"4deab95c-881e-45af-9cda-d89fcebce799","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":164,"box":{"x":69,"y":483,"width":767,"height":11}},{"id":"7363e69a-5bfe-4a19-8590-e93c8434975b","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":164,"box":{"x":69,"y":498,"width":750,"height":11}},{"id":"738c6d09-bff9-4a0f-8055-a0efe1e3d213","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":164,"box":{"x":102,"y":521,"width":757,"height":11}},{"id":"75bad960-30af-4f24-93eb-15a0d9a7c996","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":164,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"959c3077-c083-48e7-9198-62af4caf15af","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":164,"box":{"x":69,"y":551,"width":805,"height":11}},{"id":"f578fcf4-9d6b-481e-9165-24d5a572669c","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":164,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"d8d221e7-7f5d-4436-af80-9d8ab79b31cd","block_type":"box","text":"may be distributed by the Distributor.","page_number":164,"box":{"x":69,"y":582,"width":262,"height":10}},{"id":"d930505f-dee5-4cec-9521-655d40e1b83e","block_type":"box","text":"Participation in Fee-Based Programs","page_number":164,"box":{"x":69,"y":612,"width":266,"height":11}},{"id":"727c7503-8779-4bcf-a900-f3d6511a95c6","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":164,"box":{"x":102,"y":634,"width":780,"height":12}},{"id":"62957321-1214-4c4f-8ba7-29c3bffa6df2","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":164,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"c7e802ad-f6ac-49f4-9f63-e8e6517946d6","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":164,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"53408d44-feb3-442e-9394-7d513a900158","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":164,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"56fa9172-4597-42e4-bd06-d4fa65405528","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":164,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"db4e0491-c863-41c1-a01a-45e87c7dc259","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":164,"box":{"x":70,"y":710,"width":808,"height":11}},{"id":"e1ff49c3-9ddb-49f7-9c7c-924f43484a28","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":164,"box":{"x":70,"y":725,"width":838,"height":11}},{"id":"b68bad4a-e29f-4728-b484-129163cb9175","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":164,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"945efb2c-b0d3-4e72-9db4-7c83d9c4576c","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":164,"box":{"x":70,"y":755,"width":555,"height":11}},{"id":"2479c02e-a834-4996-aae1-5b3d658d5caa","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":164,"box":{"x":102,"y":778,"width":788,"height":11}},{"id":"22b52900-be52-4ade-9232-cb637aae5bc3","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":164,"box":{"x":69,"y":793,"width":817,"height":10}},{"id":"62ffd935-ec76-4d80-b5f1-4f03d355119f","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":164,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"f5797806-3a43-4d37-9934-4df8c98c0aab","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":164,"box":{"x":70,"y":823,"width":754,"height":12}},{"id":"14e8a58a-db68-41e4-aebf-3c68d769977f","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":164,"box":{"x":70,"y":838,"width":820,"height":12}},{"id":"515a804f-b4b7-4ce8-8b32-b9bcd45df5ac","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":164,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"d91f420c-fcee-4365-9b11-1caa5d66a09c","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":164,"box":{"x":70,"y":869,"width":791,"height":11}},{"id":"ab64eec3-a395-4575-b127-80e64fbe822c","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":164,"box":{"x":69,"y":884,"width":756,"height":11}},{"id":"bd34e743-b323-4118-b05e-c5398af0c6b1","block_type":"box","text":"II-120","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bbc932f1-f58e-4498-9721-daf0f17d9c68","block_type":"box","text":"NM1026U-6033389-164/246","page_number":164,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"08aaf567-49d0-4af3-89f9-a679c02878f8","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":165,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"9e180f7d-bb52-4d70-8111-5e79fb9f9124","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":165,"box":{"x":68,"y":60,"width":791,"height":11}},{"id":"c9cd4c6a-8cc5-4e96-8672-32b472ce179f","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":165,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"52b71335-c272-41ff-8a0e-3d4a9d8e9f29","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":165,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"34936657-60f4-43e7-ae20-b81925579b15","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":165,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"486cb43e-6ec0-4bb2-a3f6-3024057b7559","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":165,"box":{"x":69,"y":120,"width":424,"height":11}},{"id":"7fe0fa29-977f-4375-8d0d-d8de9da4abaf","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":165,"box":{"x":102,"y":143,"width":752,"height":11}},{"id":"94a6af4f-7227-49a1-86f5-d773da0f9dec","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":165,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"e80c52d7-31cc-430e-900a-790ce9a6be09","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":165,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"b2b0e880-cd6d-4c7e-9c86-ad7925378b4f","block_type":"box","text":"information.","page_number":165,"box":{"x":70,"y":188,"width":83,"height":9}},{"id":"999101df-3807-412d-a951-817bcbab170c","block_type":"box","text":"Retirement and Education Savings Plans","page_number":165,"box":{"x":69,"y":219,"width":296,"height":11}},{"id":"e46c29b4-a365-4282-97af-7fbe02196d1a","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":165,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"5ba21195-df77-490e-9a07-e01ffbc919b7","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":165,"box":{"x":70,"y":256,"width":815,"height":11}},{"id":"c9f1763c-2fad-4d90-890c-6b1846e5bfd9","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":165,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"4c954c9c-587c-43a2-a941-3c16784c617d","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":165,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"89b78a47-f5a1-4737-bc89-b1168d3157b9","block_type":"box","text":"your financial intermediary.","page_number":165,"box":{"x":68,"y":302,"width":191,"height":11}},{"id":"b6e17ce8-47aa-4593-aa1f-9a33e44da000","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":165,"box":{"x":102,"y":324,"width":796,"height":11}},{"id":"5e9c9d74-6d89-496f-ac45-e53c72671c69","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":165,"box":{"x":68,"y":339,"width":784,"height":12}},{"id":"19f3ac12-b568-4589-9b62-d9eedd2504ca","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":165,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"fd3431d5-8115-48f1-bcae-dfc9365903ea","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":165,"box":{"x":69,"y":370,"width":753,"height":11}},{"id":"4850be0f-9ad3-4f36-b0f8-427cca13cd42","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":165,"box":{"x":69,"y":385,"width":354,"height":11}},{"id":"fb7a1283-9f76-4e91-935b-9b5d447b6d73","block_type":"box","text":"Automatic Investment Plans","page_number":165,"box":{"x":68,"y":415,"width":207,"height":9}},{"id":"b71a2d52-45d0-49ef-8b0c-c2250c8a7f87","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":165,"box":{"x":102,"y":438,"width":773,"height":11}},{"id":"625d5fec-1d73-4a01-a5b3-7588f474ca9a","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":165,"box":{"x":69,"y":453,"width":477,"height":11}},{"id":"31678c6c-377e-4f15-aed6-f57db54bf6ed","block_type":"box","text":"®","page_number":165,"box":{"x":547,"y":453,"width":6,"height":5}},{"id":"35ed9b8f-7f7f-4d11-b301-42c1e6d9467c","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":165,"box":{"x":559,"y":453,"width":272,"height":11}},{"id":"555c821a-4dfa-4102-ab94-655f6633db2e","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":165,"box":{"x":70,"y":468,"width":787,"height":11}},{"id":"467b060b-48d2-4280-ad58-febd16469455","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":165,"box":{"x":69,"y":482,"width":822,"height":12}},{"id":"ec9599a0-1dbb-45bb-be0b-28cc39f7ff5e","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":165,"box":{"x":68,"y":498,"width":805,"height":11}},{"id":"170a1043-c06e-4508-8531-fe8f626abb23","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":165,"box":{"x":68,"y":529,"width":285,"height":8}},{"id":"0e14ed6e-3f2b-48c3-8f0f-8bbf3b1595b2","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":165,"box":{"x":102,"y":551,"width":782,"height":11}},{"id":"46f7958e-b0c0-4be6-ad8b-f52cbd6cacae","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":165,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"0b1be57a-e12b-4315-85b4-ad1c57a377bb","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":165,"box":{"x":69,"y":581,"width":839,"height":9}},{"id":"f095e68c-8405-46b4-88b1-f29e0618ea5e","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":165,"box":{"x":70,"y":596,"width":822,"height":12}},{"id":"9faa1d8a-a91e-45ce-b3ed-9d2292bb8237","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":165,"box":{"x":69,"y":612,"width":614,"height":11}},{"id":"6f4484cf-cfb8-46cc-b401-31a9acfcd251","block_type":"box","text":"Systematic Withdrawal Plans","page_number":165,"box":{"x":68,"y":642,"width":214,"height":11}},{"id":"deec8f29-3bbd-4e05-8ce2-ff08143467a5","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":165,"box":{"x":102,"y":664,"width":780,"height":12}},{"id":"ed8a6d30-d976-4699-b7eb-7248239bf15e","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":165,"box":{"x":70,"y":679,"width":742,"height":12}},{"id":"f90f7e2c-1386-449b-9c7b-63781a1e140e","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":165,"box":{"x":69,"y":694,"width":834,"height":12}},{"id":"bd6befd4-bb40-4d98-95ea-7295be88263f","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":165,"box":{"x":68,"y":710,"width":823,"height":11}},{"id":"d84f1e2e-d059-422f-959c-20fa0b35fb26","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":165,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"b8cf5d72-f849-43a8-baef-d13d1264cc26","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":165,"box":{"x":69,"y":740,"width":800,"height":11}},{"id":"7bbe07aa-0bf7-4f72-8634-0cf89e30be15","block_type":"box","text":"www.blackrock.com.","page_number":165,"box":{"x":68,"y":755,"width":142,"height":9}},{"id":"4908f4f8-fdaa-48f1-80ff-2fe817777956","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":165,"box":{"x":102,"y":778,"width":789,"height":11}},{"id":"c661eda4-ffab-4b4b-b305-fe95814b23bf","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":165,"box":{"x":68,"y":793,"width":774,"height":11}},{"id":"d63b9928-0fad-464d-8461-632b29001cb6","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":165,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"50be93b1-03e1-437b-bfe8-9abf2342ddb9","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":165,"box":{"x":69,"y":823,"width":817,"height":11}},{"id":"c1721a19-5fc3-4cc6-a45a-8671c5560ada","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":165,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"12029cfa-28a3-41d0-89fe-259814fa4c35","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":165,"box":{"x":69,"y":853,"width":820,"height":12}},{"id":"1e61dd4b-52d5-4413-86ec-41f26ecc5cba","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":165,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"08e1612d-d97d-4f7f-92f4-1b7ce56debc7","block_type":"box","text":"II-121","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1c2b63ec-9b6a-4fce-ad86-456e6ac9e845","block_type":"box","text":"NM1026U-6033389-165/246","page_number":165,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"9a786108-d19a-4747-8308-25795af675a3","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":166,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"7545db9d-febf-4118-8a76-168b34b72aa6","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":166,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"17cb1c65-49a3-4a57-9961-bc35cd99563d","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":166,"box":{"x":69,"y":75,"width":367,"height":11}},{"id":"cae9e030-9919-47f5-a461-c1b8d8e2be25","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":166,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"7dec856f-a5e8-4ecb-8abe-ab6cb675c688","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":166,"box":{"x":68,"y":113,"width":834,"height":11}},{"id":"3fe247ae-327e-4aab-93ca-3853a5fbb049","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":166,"box":{"x":69,"y":128,"width":311,"height":11}},{"id":"549a7f21-99d6-4732-848f-fc7a6f12e773","block_type":"box","text":"Dividend Allocation Plan","page_number":166,"box":{"x":69,"y":158,"width":176,"height":9}},{"id":"f5b16b58-88d5-49b5-aaa5-73f2f973ce47","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":166,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"c2a705cb-f19e-4b98-b95d-44ae52b819ae","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":166,"box":{"x":69,"y":196,"width":763,"height":11}},{"id":"69cf596a-0561-483f-a951-da1543696396","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":166,"box":{"x":69,"y":211,"width":814,"height":11}},{"id":"82c455a8-6698-4cf3-b70e-f0d22a8c8f2f","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":166,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"94df29ca-cef0-41a7-89c8-736b8f3a060f","block_type":"box","text":"PRICING OF SHARES","page_number":166,"box":{"x":406,"y":256,"width":167,"height":9}},{"id":"74062155-249e-4b14-a88a-8907b06690c7","block_type":"box","text":"Determination of Net Asset Value","page_number":166,"box":{"x":69,"y":286,"width":243,"height":9}},{"id":"54d69967-2cce-47a7-bb34-d7ccc959633f","block_type":"box","text":"Valuation of Shares.","page_number":166,"box":{"x":101,"y":309,"width":145,"height":9}},{"id":"d88d7d95-620a-406d-8cf3-44dd56a350e5","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":166,"box":{"x":252,"y":309,"width":626,"height":11}},{"id":"5138ca21-5a32-4bed-8d3d-a2879a5a5baa","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":166,"box":{"x":69,"y":324,"width":785,"height":11}},{"id":"923f0edd-4127-4706-bf39-072b1eb0be24","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":166,"box":{"x":68,"y":339,"width":343,"height":11}},{"id":"b169b951-2b0c-4b70-aa58-67ca83fcb896","block_type":"box","text":"Equity Investments.","page_number":166,"box":{"x":102,"y":362,"width":143,"height":11}},{"id":"391e741a-7d4f-4e33-9394-21cc3a187e74","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":166,"box":{"x":252,"y":362,"width":439,"height":11}},{"id":"d270ffe4-4683-4bfe-9062-6ec18aaf1cb8","block_type":"box","text":"e.g.","page_number":166,"box":{"x":693,"y":363,"width":25,"height":10}},{"id":"676c30b2-5bb2-4f71-ac18-4d0d9d2cbe99","block_type":"box","text":", NYSE), on separate","page_number":166,"box":{"x":720,"y":362,"width":147,"height":11}},{"id":"b17954b9-a8c4-4087-8308-88ef03adea03","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":166,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"16ee9a06-e63d-4e15-ad02-194a9beccf3f","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":166,"box":{"x":70,"y":392,"width":808,"height":11}},{"id":"d3251f7f-4045-4fd0-a9a9-dfae1763faf4","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":166,"box":{"x":68,"y":407,"width":820,"height":11}},{"id":"c687d56f-1781-4889-a6b0-4b6f7fd059c0","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":166,"box":{"x":70,"y":422,"width":805,"height":11}},{"id":"e055018a-625c-49aa-8549-5c8e01536da2","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":166,"box":{"x":69,"y":437,"width":793,"height":11}},{"id":"bd4e9d7d-5324-4ac3-a56c-d16db9d26417","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":166,"box":{"x":70,"y":452,"width":836,"height":11}},{"id":"d3e43734-3d43-4a9d-a5cf-e5e13957a8ef","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":166,"box":{"x":68,"y":468,"width":815,"height":11}},{"id":"f5e1200a-b6aa-4e1c-a965-656030e64702","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":166,"box":{"x":70,"y":482,"width":837,"height":12}},{"id":"e0f64360-d2f7-47b5-8752-28195177af97","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":166,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"a6b1a4da-1e7a-4ee1-943d-b22cfe502404","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":166,"box":{"x":68,"y":513,"width":828,"height":11}},{"id":"72f63fb6-743f-4b66-936a-c99699cd77ce","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":166,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"e2d49332-09cd-4878-97f5-15dd04a4a9fb","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":166,"box":{"x":70,"y":543,"width":798,"height":11}},{"id":"f80f19aa-468a-4ff3-9aae-117a8f0c4e31","block_type":"box","text":"defined below).","page_number":166,"box":{"x":69,"y":558,"width":106,"height":11}},{"id":"549e48d0-6c3e-4c70-a8da-9e8ddd49bac7","block_type":"box","text":"Fixed-Income Investments.","page_number":166,"box":{"x":102,"y":581,"width":194,"height":9}},{"id":"e8acac63-7dfe-4176-8d36-cccb4003e98b","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":166,"box":{"x":304,"y":581,"width":592,"height":11}},{"id":"f69dbd33-ac1b-4b7f-954c-4a82d02ec4fe","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":166,"box":{"x":70,"y":596,"width":825,"height":11}},{"id":"a9b9f747-d560-43b2-98f1-1e606b2e41d7","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":166,"box":{"x":69,"y":611,"width":823,"height":11}},{"id":"6830db2f-4d65-4150-83b6-27be2e903300","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":166,"box":{"x":69,"y":626,"width":443,"height":11}},{"id":"a92fa96e-e153-4933-a815-53dc53ee35d6","block_type":"box","text":"e.g.","page_number":166,"box":{"x":514,"y":628,"width":24,"height":9}},{"id":"860687a4-8e69-464e-ba92-2533ad845bd4","block_type":"box","text":", recent representative bids and offers), credit","page_number":166,"box":{"x":541,"y":626,"width":328,"height":11}},{"id":"1318cae7-80f1-48c5-ba6c-1c7e9088f91d","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":166,"box":{"x":69,"y":641,"width":834,"height":11}},{"id":"fbd21d8b-1ea6-4b18-b927-17c0161b3bc4","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":166,"box":{"x":69,"y":656,"width":769,"height":11}},{"id":"49ea9776-ac7b-4cb5-bc39-2086da7d43cc","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":166,"box":{"x":70,"y":671,"width":797,"height":12}},{"id":"d3cb665b-c24f-408f-b732-9c439ac22f35","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":166,"box":{"x":69,"y":686,"width":821,"height":12}},{"id":"293952a2-59e0-42ed-8a89-633b0be8e7c8","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":166,"box":{"x":68,"y":702,"width":798,"height":11}},{"id":"6ac8b16b-af87-4bbc-bb14-4b8309a68c17","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":166,"box":{"x":69,"y":717,"width":825,"height":11}},{"id":"656c46c1-2795-41e3-81d3-e47eb8f30f7b","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":166,"box":{"x":69,"y":732,"width":791,"height":11}},{"id":"39d5ee9a-7685-4c86-9339-0cf3250a1ac6","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":166,"box":{"x":69,"y":747,"width":814,"height":11}},{"id":"a6297003-7016-4fe0-9cb4-8e3866543963","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":166,"box":{"x":68,"y":762,"width":802,"height":11}},{"id":"477ef1f6-180e-4448-adc4-8b09cdf9e70b","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":166,"box":{"x":69,"y":777,"width":773,"height":11}},{"id":"2c5bb57d-b0fe-4c1b-9202-c51b8ad3b39f","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":166,"box":{"x":69,"y":792,"width":795,"height":12}},{"id":"cc951573-e92d-4494-9420-4321eb5288b1","block_type":"box","text":"attributes of the tranche.","page_number":166,"box":{"x":69,"y":807,"width":176,"height":9}},{"id":"3c8bfa26-7abc-43e2-8ccd-183c4370f77b","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":166,"box":{"x":101,"y":830,"width":344,"height":11}},{"id":"6c4ec61e-9f8d-4f62-9b65-999d58b9a515","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":166,"box":{"x":453,"y":830,"width":416,"height":11}},{"id":"2ad01d17-9da6-441d-b759-4db4144e9604","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":166,"box":{"x":70,"y":845,"width":829,"height":11}},{"id":"0a4447ae-0223-418d-bcd9-3890e371f052","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":166,"box":{"x":69,"y":860,"width":824,"height":12}},{"id":"f9dc3d8d-3066-41d6-b137-7b18669b4f32","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":166,"box":{"x":68,"y":875,"width":838,"height":12}},{"id":"65c930d8-1f2d-4267-ba28-9cdc53e3c8dd","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":166,"box":{"x":68,"y":891,"width":820,"height":11}},{"id":"67878637-0546-4283-b99a-72a5ee2792cd","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":166,"box":{"x":68,"y":906,"width":808,"height":11}},{"id":"683e90a8-aa41-48d9-8577-f3e3af98492f","block_type":"box","text":"II-122","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e11c9ccf-8768-46db-b63d-f50eb93064fb","block_type":"box","text":"NM1026U-6033389-166/246","page_number":166,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"cb007678-4c45-4ffb-8f5f-a24d564ca6a2","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":167,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"bd900a6f-f10a-4776-b88b-e67cea336d41","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":167,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"159b3e40-9af5-4b54-bec2-498acabaf04a","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":167,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"6b7b5daf-0074-4647-9dd3-dcfda354658b","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":167,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"c90bea85-324d-4e33-91d2-d2ee58a51c85","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":167,"box":{"x":69,"y":105,"width":833,"height":11}},{"id":"a954bdc4-3027-46c0-b87c-23202061caee","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":167,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"bc3d74f3-ba02-4ea3-94d7-503869dc90af","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":167,"box":{"x":69,"y":136,"width":301,"height":8}},{"id":"b58d73a0-d633-44fd-b08d-192ba80a68b0","block_type":"box","text":"Underlying Funds.","page_number":167,"box":{"x":102,"y":158,"width":128,"height":11}},{"id":"83a2f4d7-26a6-43f1-81ff-e9f5947d3048","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":167,"box":{"x":237,"y":158,"width":621,"height":11}},{"id":"6c064d66-ed70-4ccc-8973-2fdcfbb5c25b","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":167,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"31cd2b54-4d92-4728-b24c-c9497e204e08","block_type":"box","text":"General Valuation Information.","page_number":167,"box":{"x":101,"y":196,"width":220,"height":9}},{"id":"ccd429cb-e471-4260-a86a-9badcc2d6bba","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":167,"box":{"x":328,"y":196,"width":564,"height":11}},{"id":"13a91891-92c9-4aea-b900-2a4ef8674870","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":167,"box":{"x":69,"y":211,"width":831,"height":9}},{"id":"3d8d8d26-8cfb-4121-acbb-e0f77556e812","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":167,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"85ff1ed9-9276-4785-98fa-acf82915a0f8","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":167,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"d52a005d-1256-4f4e-a590-c0faa185a889","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":167,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"cf16268b-08c2-4240-bd7b-1753c452982a","block_type":"box","text":"the revision.","page_number":167,"box":{"x":68,"y":272,"width":87,"height":8}},{"id":"61de92c9-db92-416e-b6b0-2185b4f2c73c","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":167,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"2cde54d7-f89d-4f7f-a7e1-4190af8adbe8","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":167,"box":{"x":69,"y":309,"width":823,"height":11}},{"id":"441385d3-446b-4f1b-8069-8bff5a7cd7c6","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":167,"box":{"x":69,"y":324,"width":818,"height":12}},{"id":"fa1e2340-f507-4963-915e-ff80cbb62fd4","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":167,"box":{"x":70,"y":339,"width":832,"height":12}},{"id":"9add9ec6-af52-4ed8-9ad0-c7dcaa3df821","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":167,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"047c56a6-30ac-42ab-8237-f2650638c486","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":167,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"9fa7dd8b-1941-431a-bdab-1a3b2d89aa53","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":167,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"ce53ec05-69de-474b-96ed-9ea92ebad991","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":167,"box":{"x":70,"y":400,"width":833,"height":11}},{"id":"744b39e7-f785-4dd7-b242-439d83f4c21a","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":167,"box":{"x":69,"y":415,"width":827,"height":11}},{"id":"8c688f62-aa10-41f9-8c13-c6ce23de8de2","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":167,"box":{"x":70,"y":430,"width":741,"height":11}},{"id":"a6b03fc1-619c-41a1-8dda-75851a851714","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":167,"box":{"x":102,"y":453,"width":800,"height":11}},{"id":"293c916f-90aa-44ec-a996-f6995a9e9ae1","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":167,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"858d8c8f-9485-4f9f-bca2-f5a0c03361cb","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":167,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"6cb1e66c-fa2c-4b59-a31f-283240a15e2a","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":167,"box":{"x":68,"y":498,"width":824,"height":11}},{"id":"cd3f94cf-d37c-49b0-9901-d5a8b2585ed3","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":167,"box":{"x":69,"y":513,"width":817,"height":12}},{"id":"c4d3a626-d720-4a4e-b5d1-c9b05a8e499b","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":167,"box":{"x":69,"y":528,"width":802,"height":12}},{"id":"43462a26-b18f-469a-ba12-c411d2d41406","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":167,"box":{"x":69,"y":543,"width":685,"height":12}},{"id":"27f9893d-391c-4764-a1f9-383de610ca68","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":167,"box":{"x":102,"y":566,"width":795,"height":11}},{"id":"2047bd17-8cbe-4860-9178-937842db8c83","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":167,"box":{"x":68,"y":581,"width":805,"height":12}},{"id":"a5308bde-116f-4795-a402-1a5925090842","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":167,"box":{"x":69,"y":596,"width":529,"height":12}},{"id":"620103cb-f5cf-40f3-a152-a91c7110019a","block_type":"box","text":"Fair Value.","page_number":167,"box":{"x":102,"y":619,"width":74,"height":9}},{"id":"04632314-dcaa-4ddd-9875-a075cc5612c3","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":167,"box":{"x":183,"y":619,"width":693,"height":11}},{"id":"ba7c3d40-f807-444f-8417-51a2a374dd19","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":167,"box":{"x":70,"y":634,"width":785,"height":11}},{"id":"8bcbd965-2004-4e3a-bd57-599b8a4d5870","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":167,"box":{"x":69,"y":649,"width":816,"height":12}},{"id":"130f9643-878e-41d6-b766-e04a4e53032a","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":167,"box":{"x":70,"y":664,"width":779,"height":12}},{"id":"24d4c7bf-bc3f-4e74-9479-3908fbd4979a","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":167,"box":{"x":70,"y":680,"width":773,"height":11}},{"id":"ba5cc4cd-ce84-4902-a05a-c720b144df9d","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":167,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"298ebe9c-d5e6-40cb-a255-1d13d854bf74","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":167,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"e23f01b2-51de-414e-acac-03ec6f5e3dc1","block_type":"box","text":"(","page_number":167,"box":{"x":69,"y":725,"width":3,"height":11}},{"id":"8ac367d5-1e58-4c80-a4d6-afa8d3c235f8","block_type":"box","text":"e.g.","page_number":167,"box":{"x":74,"y":726,"width":25,"height":10}},{"id":"3145f764-44e7-4793-9b36-7c56507ae8e8","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":167,"box":{"x":101,"y":725,"width":806,"height":11}},{"id":"5338ffe3-ac23-46a0-839b-bcdee63d7832","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":167,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"6da63d25-5bb8-4c33-976a-597fe36d3a8d","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":167,"box":{"x":68,"y":755,"width":837,"height":11}},{"id":"6ffd2cc5-2e10-4227-9e57-2a3001743e7b","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":167,"box":{"x":70,"y":770,"width":838,"height":12}},{"id":"c833d3cd-2f2c-43c6-9ace-ff21e2e66163","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":167,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"a7de858a-e0ea-4ef7-8e59-820df5addbf2","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":167,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"9d904d46-5618-4703-aac6-304379d10203","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":167,"box":{"x":69,"y":816,"width":793,"height":11}},{"id":"53f78895-764e-419c-9fb2-517b81cda187","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":167,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"61d7da8b-8543-4d30-8a53-3c8e3cd5b527","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":167,"box":{"x":68,"y":846,"width":810,"height":11}},{"id":"a0122106-4c6d-4c38-9934-197881847f65","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":167,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"6c72f023-9b9e-41d1-a490-88855afe721c","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":167,"box":{"x":69,"y":876,"width":822,"height":11}},{"id":"70076ccf-4c7a-4502-91cc-e60b4ca8e77f","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":167,"box":{"x":68,"y":891,"width":814,"height":12}},{"id":"8ed4bdb5-9c01-4d0d-a336-5f476b5c59c0","block_type":"box","text":"II-123","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"eaa39da1-bfa7-42d9-9073-95e7e9f4b256","block_type":"box","text":"NM1026U-6033389-167/246","page_number":167,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"e1ead8b5-8aa2-48a8-ad0d-92e84260264b","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":168,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"789c1eaf-0aac-461c-bcbf-94667eaa5b30","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":168,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"94d856fc-7e5a-403e-8134-16d6985a0377","block_type":"box","text":"pricing time.","page_number":168,"box":{"x":70,"y":75,"width":85,"height":11}},{"id":"25bc4c72-26c2-481d-8597-03f1971654b8","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":168,"box":{"x":102,"y":98,"width":794,"height":11}},{"id":"67a59bda-f6fb-454b-8e5f-87b4f891f28f","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":168,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"e23ff5a9-c104-451b-a713-2e659bcdb2a7","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":168,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"1e96f1d0-2457-43ad-8049-3ac0427c43e1","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":168,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"4a7b972f-4e20-4925-84b4-3a9eccd6042f","block_type":"box","text":"assets and liabilities of the Funds.","page_number":168,"box":{"x":69,"y":158,"width":245,"height":9}},{"id":"a0c15179-e028-47ab-bce6-0ffb5a77752c","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":168,"box":{"x":101,"y":181,"width":795,"height":11}},{"id":"9dfe7858-ff75-4058-9eba-0b4409ed6097","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":168,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"84e88a37-9dc9-4e03-818c-dbe8c31d74d5","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":168,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"1f452ac7-3367-4c47-aa42-f4acfdb95909","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":168,"box":{"x":69,"y":226,"width":834,"height":11}},{"id":"3c7b60ce-1780-4b3c-a330-c1a696709313","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":168,"box":{"x":69,"y":241,"width":744,"height":11}},{"id":"f516e9fb-cbf6-4932-9ece-47a25876767d","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":168,"box":{"x":69,"y":257,"width":791,"height":11}},{"id":"7be6e71d-502c-4e2a-9e76-524bc25d7b8e","block_type":"box","text":"valuation models.","page_number":168,"box":{"x":68,"y":272,"width":125,"height":8}},{"id":"a4e29ade-332b-43e4-9b7e-840c42f3427c","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":168,"box":{"x":102,"y":294,"width":785,"height":11}},{"id":"c1618076-0152-46e5-b96e-cf9d1a447c38","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":168,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"020dced7-c2de-45f1-b977-68668fd59a9a","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":168,"box":{"x":68,"y":324,"width":820,"height":12}},{"id":"62150023-df88-4f7c-9953-be39b394700b","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":168,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"2459270a-c296-4b0c-940e-95bca0fea473","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":168,"box":{"x":69,"y":355,"width":766,"height":11}},{"id":"5b6853fd-512f-434d-af7d-3cbe8e2cf236","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":168,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"be1f6642-5e0d-484c-85ba-8478ce3aa468","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":168,"box":{"x":69,"y":385,"width":378,"height":11}},{"id":"7121d551-e81b-4b9b-bf3d-7beb67b064a4","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":168,"box":{"x":101,"y":407,"width":784,"height":12}},{"id":"7647590a-a8a4-4626-88d5-30ce4fd1cc43","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":168,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"fbea34b8-b967-4af7-9279-7276274527a1","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":168,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"5eeae50f-2ff1-4240-8d59-4ab06d2a895e","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":168,"box":{"x":68,"y":453,"width":728,"height":11}},{"id":"6013ff4e-6a22-4848-861b-9541faf61735","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":168,"box":{"x":102,"y":475,"width":786,"height":12}},{"id":"3706c8a0-77b0-4812-a795-ca281a874525","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":168,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"6a92cbc6-cee2-4a43-a806-0b5800a64c43","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":168,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"ebac4832-b3fa-489d-9c53-d87b7b7081e3","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":168,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"9842cf99-b8c8-46ca-aa95-fa3af1880122","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":168,"box":{"x":69,"y":536,"width":641,"height":11}},{"id":"15397483-ae6b-423f-98b3-132c999ed0fc","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":168,"box":{"x":102,"y":559,"width":786,"height":11}},{"id":"5c4e25f9-84d7-4932-9a27-fd8b59ef3772","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":168,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"a92ad0c9-4e44-439c-a5ae-cf43985faf1e","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":168,"box":{"x":69,"y":589,"width":780,"height":11}},{"id":"038fdea1-2c01-42b0-8949-9e7872877ce9","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":168,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"8c769ba2-bf33-4f71-8501-0d10ea62ddf1","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":168,"box":{"x":70,"y":619,"width":810,"height":11}},{"id":"a7c202f8-02a1-4d4b-bbef-0a3720c80db4","block_type":"box","text":"par ty determination of fair market value.","page_number":168,"box":{"x":70,"y":634,"width":285,"height":11}},{"id":"f305c935-fb1c-4bc1-a720-246150e7b90f","block_type":"box","text":"Computation of Offering Price Per Share","page_number":168,"box":{"x":69,"y":665,"width":292,"height":11}},{"id":"72ce839d-1a3c-42fa-a0e0-13f2d3f9220c","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":168,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"57a04404-f5d1-437c-83bf-063e92dff6d5","block_type":"box","text":"the offering price for shares of your Fund.","page_number":168,"box":{"x":68,"y":702,"width":295,"height":12}},{"id":"c1d7e1fe-000a-4079-bcf3-b28eb3aceb17","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":168,"box":{"x":303,"y":732,"width":373,"height":10}},{"id":"1d748a45-e8b8-4d53-aa5c-989cb40cfd52","block_type":"box","text":"Transactions in Portfolio Securities","page_number":168,"box":{"x":68,"y":762,"width":257,"height":9}},{"id":"c4f10f28-1dbf-4496-bc42-e57f0f4af190","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":168,"box":{"x":102,"y":785,"width":798,"height":11}},{"id":"daa936a4-7198-45ef-aabf-c0feccb060cf","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":168,"box":{"x":69,"y":800,"width":839,"height":11}},{"id":"b400511f-9ff8-4544-9a97-9bec134044ec","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":168,"box":{"x":70,"y":815,"width":822,"height":11}},{"id":"63ae92f7-5698-4f33-b4ba-5e34c26da852","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":168,"box":{"x":69,"y":830,"width":820,"height":11}},{"id":"4614ea37-3847-44b8-b6d3-f78bc9417bec","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":168,"box":{"x":68,"y":845,"width":798,"height":11}},{"id":"495ed246-17a7-4775-bf02-a498a8a095b6","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":168,"box":{"x":69,"y":860,"width":765,"height":12}},{"id":"f4c2d4fa-791a-4875-abaa-7dbff8e3b3b6","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":168,"box":{"x":69,"y":876,"width":768,"height":11}},{"id":"a7d6ead2-05dc-44cd-9311-b1ac8ee74cb3","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":168,"box":{"x":70,"y":891,"width":830,"height":11}},{"id":"936b90cf-64e7-4096-85c1-4c8228662768","block_type":"box","text":"II-124","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"848c1d21-5c5e-4368-8957-35013be430fc","block_type":"box","text":"NM1026U-6033389-168/246","page_number":168,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"26fb7aab-12d5-46c5-aa6a-f579c48b9e35","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":169,"box":{"x":69,"y":45,"width":760,"height":11}},{"id":"3d525cd1-d1ac-4e3c-be7b-b4564ad89206","block_type":"box","text":"reasonable in relation to the services provided.","page_number":169,"box":{"x":69,"y":60,"width":336,"height":11}},{"id":"ec2e3045-5d04-4092-9792-c7958e5bdea4","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":169,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"582d9cbf-99df-469a-b620-9531c143356e","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":169,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"69fcb6fd-568b-47b2-ae8a-657c7a438192","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":169,"box":{"x":102,"y":120,"width":784,"height":12}},{"id":"ab06f5d1-8c7d-4cb8-b22c-c15f2d356434","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":169,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"11f44741-861f-4650-ade8-efc716349ca0","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":169,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"8eeb9b95-bd8b-4413-b80e-728dc8fdfd61","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":169,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"2f2ced64-757e-4659-ab90-6b4f44844bfe","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":169,"box":{"x":69,"y":181,"width":789,"height":11}},{"id":"9e0bbdeb-6ab3-4826-97e3-0ddc1dff0fdc","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":169,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"efe7bc2e-545f-42f1-aee3-f19679428b27","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":169,"box":{"x":69,"y":211,"width":769,"height":11}},{"id":"17c9847c-2efc-4921-ae6d-91ffc4109ff5","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":169,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"f603b963-abe4-4008-b385-44e447e7619a","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":169,"box":{"x":69,"y":241,"width":391,"height":11}},{"id":"cfb80635-e3d3-47dc-b0f4-8bdf0ea5ba4c","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":169,"box":{"x":102,"y":264,"width":801,"height":11}},{"id":"228f2cde-f21d-43fa-b6ca-4ae0d2e38c05","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":169,"box":{"x":68,"y":279,"width":802,"height":11}},{"id":"969d957c-3786-4109-8774-5da823145f97","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":169,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"8fb7f705-8b0e-4a38-8075-f3d84684e2e8","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":169,"box":{"x":69,"y":309,"width":790,"height":11}},{"id":"d3802a55-1434-41e5-bf69-5444d88deae3","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":169,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"f4f31060-f3e0-466f-b482-3300281fc575","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":169,"box":{"x":68,"y":339,"width":753,"height":12}},{"id":"b152374c-11eb-4f3f-85f8-dfbf4aafd65a","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":169,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"febf1fad-7dbf-468c-bbd5-5c37f6303155","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":169,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"36355369-1887-4505-81e0-52d2e3240a57","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":169,"box":{"x":70,"y":385,"width":775,"height":11}},{"id":"01ba15f5-8459-4b5d-96b3-f1449f95c203","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":169,"box":{"x":69,"y":400,"width":764,"height":11}},{"id":"b23bd295-677c-413d-a0ef-d1c032ce6f40","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":169,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"762584e6-3c25-49e5-ab0c-0cd3f387e2d9","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":169,"box":{"x":69,"y":430,"width":599,"height":11}},{"id":"7aafddfe-4252-4dbb-a5b9-94fc7ee3fb7c","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":169,"box":{"x":102,"y":453,"width":796,"height":11}},{"id":"639fe2d5-2015-4132-a9e7-e5b4c15de375","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":169,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"08df20a4-f891-430e-85eb-2d36bf351c04","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":169,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"0dc88534-8a90-448d-bd6c-5c71ebdfd9b8","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":169,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"0f891c79-be02-470e-ac1c-c8424ba467c8","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":169,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"3958fd6f-c1e3-42fb-88e8-7528a7826213","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":169,"box":{"x":69,"y":528,"width":808,"height":12}},{"id":"4a185f88-e563-402a-ad90-e46c730f7796","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":169,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"764acbea-efe1-4eb1-ac34-ae79af494deb","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":169,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"ae01e134-fd70-4fff-8e0a-9fca421ed1bd","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":169,"box":{"x":70,"y":574,"width":801,"height":11}},{"id":"cdbf4856-fd15-49ad-b036-429eb338c952","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":169,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"1a4dd9e1-a7d7-42e6-be8e-96565318f1a5","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":169,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"b8d12621-82ba-440c-81e6-50dc45e21673","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":169,"box":{"x":70,"y":619,"width":361,"height":11}},{"id":"679e249a-fd89-4d74-a078-d8c21f45ea32","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":169,"box":{"x":102,"y":642,"width":791,"height":11}},{"id":"69b33de1-9600-48ff-95a5-d9d417057c10","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":169,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"ff63ce0b-b27e-4e69-b813-db70e5e7c4e1","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":169,"box":{"x":69,"y":672,"width":772,"height":11}},{"id":"2dae8107-3487-47ca-98c7-679cf87fab6a","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":169,"box":{"x":70,"y":687,"width":785,"height":11}},{"id":"5c1cd6de-80e4-4feb-a9d9-a9a571ff83d4","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":169,"box":{"x":70,"y":702,"width":806,"height":12}},{"id":"2d538d53-3ce6-4f2e-83ef-1876e6236269","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":169,"box":{"x":68,"y":718,"width":772,"height":11}},{"id":"d37e7485-9e4e-4f71-b702-739d5b0b5ea2","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":169,"box":{"x":69,"y":732,"width":838,"height":12}},{"id":"d09f9f51-fcc1-422b-be6b-07e325d4f265","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":169,"box":{"x":68,"y":748,"width":769,"height":11}},{"id":"48c26e94-72e2-4401-ae1a-2a21844a6b0d","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":169,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"ba16c7c8-1d60-4636-b44b-c5ea9401b503","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":169,"box":{"x":69,"y":778,"width":778,"height":11}},{"id":"87aca7c8-ab64-4a2c-b3b1-64cd97be0e33","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":169,"box":{"x":69,"y":793,"width":363,"height":11}},{"id":"3b444c9c-d612-4252-a820-facbda350eaa","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":169,"box":{"x":102,"y":816,"width":749,"height":11}},{"id":"40fceb10-bf0a-49dc-aa8d-40c120026370","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":169,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"760503b8-7cd1-415b-b97d-2fe3664d2082","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":169,"box":{"x":70,"y":846,"width":752,"height":11}},{"id":"9af16d8f-9c28-465a-b6d2-edcf311a96c5","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":169,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"a28bb893-210f-4921-99c5-e2cf18925a5b","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":169,"box":{"x":70,"y":876,"width":822,"height":11}},{"id":"ba3774f9-5881-4a55-85db-ce6e1063e804","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":169,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"45c876f2-c80d-4ea0-8d7d-6d5f7d93d70d","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":169,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"974ed76c-fd08-4ed3-9adf-a4ae5584b475","block_type":"box","text":"II-125","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"44f28ab9-318c-4f7b-8be3-69791edb9f3b","block_type":"box","text":"NM1026U-6033389-169/246","page_number":169,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"4bdd9ef2-88a5-4a61-8e2e-eafe450792b1","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":170,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"600d79b8-3c83-4306-ba82-9985847a2d44","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":170,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"5a256ac9-6522-424f-8ebb-02d57f12f358","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":170,"box":{"x":70,"y":75,"width":832,"height":11}},{"id":"fba1bf3e-df6b-4fcf-afbb-56090d4c334c","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":170,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"c17d5909-8df4-457b-9d07-b777b17660c6","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":170,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"cddb7f94-514b-457d-9161-e15ce64729bf","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":170,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"c4475c14-d9c0-4862-aa06-9176ab6fb60e","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":170,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"b885ef35-7ca7-4447-aef7-2e01ac3f17df","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":170,"box":{"x":69,"y":150,"width":797,"height":12}},{"id":"c131881b-61ae-49b2-bdf2-3193146486b4","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":170,"box":{"x":70,"y":166,"width":815,"height":11}},{"id":"7eeb2e13-cbe3-4aab-9634-158eefe85c73","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":170,"box":{"x":68,"y":181,"width":555,"height":11}},{"id":"85e36186-cba4-492e-86f1-af58ace0f2e1","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":170,"box":{"x":102,"y":203,"width":802,"height":12}},{"id":"2f69776f-0233-4084-924b-e73717fe6e0a","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":170,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"e163350c-6a21-47e5-960d-0adfaf583d14","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":170,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"26360bf6-b7ca-4c98-b07f-dfd19f6b43ba","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":170,"box":{"x":68,"y":249,"width":824,"height":11}},{"id":"a572b221-c040-43ea-a895-080064045b55","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":170,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"46e7af32-a209-4276-87ae-6ef298e82d71","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":170,"box":{"x":69,"y":279,"width":547,"height":11}},{"id":"31593525-f244-4317-847b-d960c46f91cd","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":170,"box":{"x":102,"y":302,"width":804,"height":11}},{"id":"58c5eab6-485a-4dd5-b7de-72ffedf47a05","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":170,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"b7c38bcc-dbf6-4ebb-bc44-0e2c9b62d1d3","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":170,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"ba40d35d-c4d2-48a0-b615-28ba93d67f2b","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":170,"box":{"x":70,"y":347,"width":777,"height":11}},{"id":"a911d07e-195f-4a6f-9fa2-5cb8baf4e8ef","block_type":"box","text":"brokerage.","page_number":170,"box":{"x":69,"y":362,"width":74,"height":11}},{"id":"8f9af0da-7401-43ad-b977-8ec8cf241dbf","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":170,"box":{"x":102,"y":385,"width":781,"height":11}},{"id":"047b8de7-e6a8-437c-9d3f-838e9afffbba","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":170,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"d549206b-5be6-44ce-af04-9a23fa68ac72","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":170,"box":{"x":69,"y":415,"width":771,"height":11}},{"id":"f85a02fd-37f8-481c-ba06-f0e1298a83fe","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":170,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"8c23fbfd-c34c-426d-8330-9e61e4ea4d39","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":170,"box":{"x":68,"y":445,"width":821,"height":12}},{"id":"cd92e918-be81-47c6-88a4-6ffd2f1e0f5c","block_type":"box","text":"Section 28(e).","page_number":170,"box":{"x":69,"y":460,"width":99,"height":11}},{"id":"c92861cf-502e-4fa9-89a8-091061335d51","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":170,"box":{"x":102,"y":483,"width":755,"height":9}},{"id":"c88f40b5-46bf-46d1-980b-ebb5937e6e77","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":170,"box":{"x":69,"y":498,"width":828,"height":11}},{"id":"02903b1d-ef9d-4ea7-87f3-72557ac4aa39","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":170,"box":{"x":69,"y":513,"width":799,"height":11}},{"id":"115262fa-b64a-434b-bcda-0630d00c09d2","block_type":"box","text":"execute transactions for those mutual funds.","page_number":170,"box":{"x":69,"y":528,"width":319,"height":9}},{"id":"e64b6d83-7457-46b3-a0f4-15e258f2217e","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":170,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"a13e916e-070c-4856-85d6-11259068b514","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":170,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"a1530466-18d9-4c76-9867-78fe5b3b7d4a","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":170,"box":{"x":70,"y":581,"width":816,"height":12}},{"id":"9d815454-c3b0-4c8d-9b85-ea9be41c4f73","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":170,"box":{"x":69,"y":597,"width":805,"height":11}},{"id":"59c75aae-c247-466a-8c3a-08315f6c16c7","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":170,"box":{"x":68,"y":612,"width":773,"height":11}},{"id":"5b4a1bd0-1bfe-4013-9c33-896c604e3128","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":170,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"edc821c4-4b26-49b6-943d-53dee6e455c7","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":170,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"05905b93-c555-4bde-922e-0d3f745cc3b0","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":170,"box":{"x":69,"y":657,"width":754,"height":11}},{"id":"22b4091a-864a-46e1-9a98-08c363f080a9","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":170,"box":{"x":69,"y":672,"width":540,"height":11}},{"id":"7dd71801-39fd-4637-a629-33379f69661b","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":170,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"b1c865b1-084a-41bb-972c-5f20c4a59c57","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":170,"box":{"x":68,"y":710,"width":597,"height":11}},{"id":"d411d6f3-0b1a-46d7-8d0e-053a1dde7add","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":170,"box":{"x":102,"y":733,"width":802,"height":11}},{"id":"4ec27e84-7bb1-480c-9d53-9b5541e43a09","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":170,"box":{"x":68,"y":748,"width":822,"height":11}},{"id":"7a5783ec-6c5e-4e9d-b0d2-22af2ffb514d","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":170,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"37d70359-aa6c-481c-b3b9-bd16f4541868","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":170,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"cbf7a972-bfcf-42d8-a720-d616f1118e6a","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":170,"box":{"x":69,"y":793,"width":762,"height":11}},{"id":"de9f70fd-069d-4981-8121-e0e69db5a850","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":170,"box":{"x":68,"y":808,"width":770,"height":11}},{"id":"907f7d11-9bd4-4762-a8ee-eb1b3303d199","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":170,"box":{"x":69,"y":823,"width":828,"height":11}},{"id":"500cdf53-fe4f-4237-ab49-26d1474b4b6f","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":170,"box":{"x":70,"y":838,"width":814,"height":12}},{"id":"d9ba7716-837a-4ff2-a30b-457868e5fd14","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":170,"box":{"x":69,"y":853,"width":825,"height":12}},{"id":"f5a1c55a-a77d-471d-8f55-3cab2ec14e02","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":170,"box":{"x":69,"y":869,"width":645,"height":11}},{"id":"39396141-592b-469f-b736-691e49675d69","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":170,"box":{"x":102,"y":891,"width":797,"height":12}},{"id":"39d75c97-737d-492b-9c4d-90acc2eb007d","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":170,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"d6378759-5753-4988-950b-52eeb02a5d7c","block_type":"box","text":"II-126","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d9d8fcae-66f2-4e12-8a41-1bd40ee5eefa","block_type":"box","text":"NM1026U-6033389-170/246","page_number":170,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"26af04d9-e27d-42e3-972a-3b6ca81ab5a7","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":171,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"c5b47f7b-10a0-46b2-9b97-9123f85bd43d","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":171,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"11506106-f902-4475-8cc8-dd2135defe5e","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":171,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"11c3f8e1-4556-4bc8-8c62-31ceee59996e","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":171,"box":{"x":70,"y":90,"width":730,"height":11}},{"id":"d819cd64-c6b0-41e2-bccc-4a08fefc669c","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":171,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"ef547784-9ddc-4061-bf69-4ed7a6a7e776","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":171,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"0a28b3f1-09fb-477f-8ccc-a248d0f591a1","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":171,"box":{"x":70,"y":143,"width":812,"height":11}},{"id":"398c9a0c-7947-40f2-918a-b50448d12c6d","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":171,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"5d290dd2-8ce9-431e-85f5-f2dc4c8a9937","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":171,"box":{"x":68,"y":173,"width":827,"height":11}},{"id":"8030c433-32c8-4f3a-abd1-0994abcf5b6a","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":171,"box":{"x":68,"y":188,"width":817,"height":11}},{"id":"c20fdbcc-a7e7-45de-8b4e-3276084ec5a7","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":171,"box":{"x":69,"y":204,"width":802,"height":11}},{"id":"e107d54f-8d4c-4c5a-93ff-b55c614425ca","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":171,"box":{"x":69,"y":218,"width":700,"height":12}},{"id":"790a9c09-d9b8-43db-a194-205a3f66d0ce","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":171,"box":{"x":102,"y":241,"width":756,"height":11}},{"id":"53a401be-9c4e-4d2c-98d7-207c7b9da4a0","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":171,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"746b1be2-af7d-45a4-baa8-f6bff81a2b38","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":171,"box":{"x":69,"y":271,"width":766,"height":12}},{"id":"9caf3314-437e-419c-8ea4-3551e29a44d2","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":171,"box":{"x":101,"y":294,"width":780,"height":11}},{"id":"e6c392b1-8edc-4672-8391-2c76113500cd","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":171,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"de400e71-b059-436c-9360-193e9baa553b","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":171,"box":{"x":69,"y":324,"width":806,"height":11}},{"id":"d93cc9e6-4182-4c27-8bc6-52d0a367c32a","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":171,"box":{"x":69,"y":339,"width":776,"height":12}},{"id":"e63075f4-a2cb-4707-9ef5-80449541119b","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":171,"box":{"x":70,"y":355,"width":800,"height":11}},{"id":"2356982d-bb8b-4fe4-9073-86ea563e01b3","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":171,"box":{"x":69,"y":370,"width":352,"height":11}},{"id":"e40e8c2f-fccf-4bbc-bdce-60c7293daa84","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":171,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"ba9e48a3-af2c-4e15-aca7-0d1d7fcc9cc9","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":171,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"3245a04c-3487-4145-a116-2dd6ef5631ee","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":171,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"b7dae43a-4483-40e8-beec-147834af6e75","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":171,"box":{"x":68,"y":438,"width":788,"height":11}},{"id":"ad1dbe30-eae4-4f77-9e53-5de55c8de96f","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":171,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"6f20e66f-0935-4254-aa58-4f4cea892bda","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":171,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"53f3e8a8-b527-4dbd-b409-e886b31e11ef","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":171,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"5bbd7db1-7cc4-4436-8658-27e03078c464","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":171,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"d72175f7-cdf6-4e42-ad19-d64225487f79","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":171,"box":{"x":69,"y":514,"width":811,"height":11}},{"id":"73cff569-b1e2-43b6-90b7-4bcca3245b63","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":171,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"2b4c832b-efb5-4ca5-b871-a3b6b29a4681","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":171,"box":{"x":68,"y":543,"width":808,"height":12}},{"id":"e54aec67-f5b8-4683-b262-39835e8c2bcb","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":171,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"cca4b60a-5d6e-4131-b691-7a458767ec06","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":171,"box":{"x":70,"y":574,"width":836,"height":11}},{"id":"7c770d33-f72a-449d-8481-c5cfc90f211b","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":171,"box":{"x":69,"y":589,"width":613,"height":11}},{"id":"0744392d-ffa1-4cc4-bbd6-6d7348a1b5e5","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":171,"box":{"x":102,"y":612,"width":802,"height":11}},{"id":"0b366087-183b-4d72-8b38-2ec9db736cc8","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":171,"box":{"x":69,"y":627,"width":800,"height":11}},{"id":"85f2edae-b9c6-4e88-8f8d-65e64575b7af","block_type":"box","text":"accounts and compliance constraints.","page_number":171,"box":{"x":69,"y":642,"width":269,"height":11}},{"id":"8a487388-eda6-4412-bc8a-43472e8d2fc6","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":171,"box":{"x":102,"y":664,"width":736,"height":12}},{"id":"156312e1-9196-4c3b-9633-cad372f11cbe","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":171,"box":{"x":69,"y":680,"width":808,"height":11}},{"id":"aeb418c2-e3d6-4cc7-8dbe-849118a8d9f6","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":171,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"077e0aee-fdb6-4c81-ac51-3397e499548a","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":171,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"79a9df8d-700c-44af-89a7-441b07c43f7e","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":171,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"bcceb0e8-b772-4f27-a211-2e0f0b1ce329","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":171,"box":{"x":69,"y":740,"width":793,"height":11}},{"id":"a7cd55d8-1b55-402b-859f-cb44de37bd7a","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":171,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"36796454-b7d1-4f5f-8b05-b0a42fc9a424","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":171,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"2384d2bb-67ee-47ce-8852-e5401c2097b9","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":171,"box":{"x":68,"y":785,"width":839,"height":12}},{"id":"da03e85b-47b2-4ad1-8c10-91275efd58bf","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":171,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"388a42fe-60a2-4d18-9426-a6cf7e20ba26","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":171,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"87f49d62-c610-4d4f-9a16-eb70681cb4d2","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":171,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"a9b2cca1-0903-41a7-b28d-be3f0f2c6cce","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":171,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"adad7395-a7a9-4987-840e-e8670b4f296a","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":171,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"6ab3bb17-ed25-49e8-a490-9d76e8eb634f","block_type":"box","text":"clients may be used as well.","page_number":171,"box":{"x":69,"y":876,"width":200,"height":11}},{"id":"5946e726-5d20-43b6-a0ca-4c75cd6f1e32","block_type":"box","text":"II-127","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c06d5276-3e04-437a-ac2a-539bdce2b528","block_type":"box","text":"NM1026U-6033389-171/246","page_number":171,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"b4e0b3b4-c889-4371-ae02-08f5e585e199","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":172,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"80074165-13b3-465b-8c91-4b09719e82f9","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":172,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"304b1688-c046-4cfb-b545-9c5359194f06","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":172,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"b1ecea55-d003-4a02-9ecc-92dc8698131d","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":172,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"fbbfb89c-04fd-45df-9f81-c94c87ad661c","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":172,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"4c966d1d-dc93-46c2-8390-cc8e5e35f540","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":172,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"858dc75e-8e45-4553-9da7-5cc780dd7e2d","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":172,"box":{"x":69,"y":135,"width":806,"height":11}},{"id":"c38edd8b-ac80-4a94-929f-607ebd2dd1c4","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":172,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"09777a01-63d2-42cf-94a6-a8be782b83cf","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":172,"box":{"x":69,"y":166,"width":836,"height":9}},{"id":"143e7cc7-ee5f-4e68-94af-a06910b9a488","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":172,"box":{"x":69,"y":181,"width":773,"height":11}},{"id":"9ac23bfa-0c96-4c7c-8617-3983273e74f4","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":172,"box":{"x":69,"y":196,"width":467,"height":11}},{"id":"a622d1a0-365d-4271-925e-7120c1624e8e","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":172,"box":{"x":102,"y":218,"width":741,"height":12}},{"id":"cf505cdc-4522-4653-9aa2-ddec17ce0cdb","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":172,"box":{"x":69,"y":234,"width":721,"height":11}},{"id":"2d7900ae-e2bb-4a7e-aa39-af152f0867c8","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":172,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"04bb5785-b9d6-4043-9d7a-374395cdfb6b","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":172,"box":{"x":68,"y":264,"width":795,"height":11}},{"id":"0e799444-60c5-448f-b215-2e41968b37d9","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":172,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"15f86051-b238-4206-ba9f-1a893f7a6f31","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":172,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"f3a57bef-c25d-4209-aa63-078682d66be1","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":172,"box":{"x":70,"y":309,"width":796,"height":11}},{"id":"ee03b6de-2e86-41b0-baa7-a5c919e8ef1c","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":172,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"08007498-7087-4965-993c-fb65c77e971f","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":172,"box":{"x":68,"y":339,"width":819,"height":12}},{"id":"e68ce1ab-1fed-4953-8f24-31871e16ddaa","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":172,"box":{"x":70,"y":355,"width":771,"height":11}},{"id":"a8b0e9f5-9b63-45df-a89e-ef6d56f1077a","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":172,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"9b6d7629-70d1-4040-b316-bee7ce16e5cc","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":172,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"1a067a0d-bf27-471c-b1b1-0fb5dc111f0c","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":172,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"49519d79-eeab-458e-94bb-0955dea7d0ca","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":172,"box":{"x":68,"y":415,"width":823,"height":11}},{"id":"664bc67d-e39c-4630-b29e-a19db68543d9","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":172,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"6ab99510-7957-4970-8d07-dab5378efd4f","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":172,"box":{"x":101,"y":453,"width":767,"height":11}},{"id":"22174a49-8d0d-4d98-a57f-18bb3c6120e6","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":172,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"b11ca15a-6cc7-4e17-a321-c747abd3028e","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":172,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"a50aa8cf-8047-441e-8233-554fcf91bf3c","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":172,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"9320ae40-c4c4-419a-b445-63ecec15589a","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":172,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"43dac47e-7de3-4728-be13-0b0ff46b16f5","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":172,"box":{"x":101,"y":536,"width":786,"height":11}},{"id":"0b77f48c-4afb-43b6-a801-ad3922d9dac1","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":172,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"2291e48f-eae8-449c-81d3-d61bd85c844f","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":172,"box":{"x":69,"y":566,"width":751,"height":11}},{"id":"64e06d30-8761-4173-832b-0b1de9a99427","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":172,"box":{"x":68,"y":582,"width":829,"height":11}},{"id":"275bcbf8-c5dd-49c8-aa40-b8f4f32f67d4","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":172,"box":{"x":68,"y":596,"width":799,"height":12}},{"id":"91b480a4-0dcd-4e61-b5ae-dc9232eb5df9","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":172,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"216ec8b0-5d03-4130-b000-c3ca7b17fe9b","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":172,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"14b4efcd-3565-4934-85ba-f41f5c738e8d","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":172,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"3c1c84a8-18a0-49b7-8a58-22948f91aa46","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":172,"box":{"x":69,"y":657,"width":781,"height":10}},{"id":"45ab5ab4-45be-4630-ab45-8c2848967906","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":172,"box":{"x":69,"y":672,"width":805,"height":11}},{"id":"fb49dc04-7111-470b-b3dd-d8bf037e00f1","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":172,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"51de40b2-a108-43cd-aff1-fb35bbd387c8","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":172,"box":{"x":69,"y":702,"width":815,"height":11}},{"id":"ad4e86a8-fb1d-479c-983b-7a33befa37bd","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":172,"box":{"x":69,"y":718,"width":713,"height":11}},{"id":"65613f5f-5961-4c11-962a-032bef3f6ccc","block_type":"box","text":"Portfolio Turnover","page_number":172,"box":{"x":69,"y":748,"width":129,"height":9}},{"id":"91cff989-902c-46e7-be33-e33de20629c7","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":172,"box":{"x":101,"y":770,"width":798,"height":12}},{"id":"62f9fcba-49c0-440f-82d5-03917e8a2ac5","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":172,"box":{"x":69,"y":785,"width":839,"height":11}},{"id":"e0b91fa5-4a14-4d21-9e9d-3bfb20a250eb","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":172,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"c90be017-e15c-44c3-a8ee-c476f57420ee","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":172,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"4bfeccd5-d37b-46cf-82f0-b0486f216b61","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":172,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"36b53362-4a39-4899-bd36-1201726d55f0","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":172,"box":{"x":69,"y":846,"width":519,"height":11}},{"id":"ac66e195-ee1d-4881-9ccf-178b551b252a","block_type":"box","text":"II-128","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"537202fc-6974-4b06-84ae-6fe6a8563b19","block_type":"box","text":"NM1026U-6033389-172/246","page_number":172,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"e2d00e43-4458-4431-a5ee-f0cbad2d8a59","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":173,"box":{"x":396,"y":45,"width":186,"height":10}},{"id":"58615882-5500-440a-915a-86ef0550f083","block_type":"box","text":"Dividends","page_number":173,"box":{"x":69,"y":76,"width":69,"height":8}},{"id":"6abf25ba-77f9-4f14-9e17-006dee69410a","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":173,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"1ec79fa5-2fbd-420e-a345-e4c3ac3349a3","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":173,"box":{"x":70,"y":113,"width":795,"height":11}},{"id":"96379dd0-70f6-4ba4-9f76-1714433a0b27","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":173,"box":{"x":69,"y":128,"width":837,"height":12}},{"id":"76cec13e-cd96-4423-b2c7-c970d36c4de2","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":173,"box":{"x":69,"y":143,"width":836,"height":12}},{"id":"334c15d8-51c7-420a-94b7-21bb0107817d","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":173,"box":{"x":70,"y":159,"width":822,"height":11}},{"id":"48e42ccb-be3b-43d0-bc44-45e1b2ea1bb4","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":173,"box":{"x":69,"y":174,"width":739,"height":11}},{"id":"ef255eed-5ca3-4365-85d0-bf667c4e2fb2","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":173,"box":{"x":102,"y":196,"width":773,"height":12}},{"id":"ac8dbcf7-6bf1-491f-af8b-473e5522518c","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":173,"box":{"x":70,"y":212,"width":819,"height":11}},{"id":"901ae4c8-77e0-410f-b64f-acc6ac87edf5","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":173,"box":{"x":69,"y":227,"width":807,"height":11}},{"id":"5bdb2493-667c-44ab-a0f8-ace30a2734f7","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":173,"box":{"x":68,"y":242,"width":800,"height":11}},{"id":"9ba47a21-7507-4e25-891f-3a2e6105fa1f","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":173,"box":{"x":69,"y":257,"width":801,"height":11}},{"id":"47e72187-e26f-43a7-ba78-b5a78df73184","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":173,"box":{"x":69,"y":272,"width":783,"height":11}},{"id":"147848ad-bcb9-49e1-992a-d4faaade7beb","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":173,"box":{"x":69,"y":287,"width":820,"height":11}},{"id":"2e4fc4e8-5adb-4927-a4a1-1faa96cfd44c","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":173,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"8ecfb5cc-81a5-4f04-b122-7039c81c8fa1","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":173,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"3b414977-2553-47e3-a6db-4f0ae56c1fee","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":173,"box":{"x":68,"y":332,"width":826,"height":11}},{"id":"45ba6989-2bfe-417e-b11f-cb060ea7694b","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":173,"box":{"x":69,"y":348,"width":816,"height":11}},{"id":"049e1a52-f7fe-4f20-ae38-75cdb0a49118","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":173,"box":{"x":68,"y":363,"width":461,"height":11}},{"id":"f63aba2b-97a4-41f5-8a6d-ef7d06f9b426","block_type":"box","text":"Taxes","page_number":173,"box":{"x":68,"y":393,"width":42,"height":9}},{"id":"2ce847c7-7b47-44f7-a628-977a4afd929b","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":173,"box":{"x":102,"y":416,"width":732,"height":11}},{"id":"e3d63cb8-4f13-4d81-9737-e81a1ad6f1da","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":173,"box":{"x":69,"y":431,"width":825,"height":11}},{"id":"db760d3c-167e-4618-9380-489bd7967d1d","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":173,"box":{"x":70,"y":446,"width":817,"height":11}},{"id":"0631c2d4-6802-48b0-84a3-ac736ffea910","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":173,"box":{"x":69,"y":461,"width":832,"height":11}},{"id":"00acf05d-9e7d-4db6-8882-115a0d6a765b","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":173,"box":{"x":69,"y":476,"width":791,"height":11}},{"id":"cde46aaf-7684-4063-81c5-6b20d00999eb","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":173,"box":{"x":69,"y":491,"width":786,"height":12}},{"id":"19dae728-398b-4b7a-a6f5-80117c0c8382","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":173,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"43d333a6-7134-47ba-8e7d-a8c63ed67780","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":173,"box":{"x":68,"y":521,"width":819,"height":12}},{"id":"1f6ded1e-ab79-4c78-b654-4f415b5ae39d","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":173,"box":{"x":69,"y":537,"width":824,"height":11}},{"id":"276bd1e0-9893-4477-97e0-e0155e1ff6d9","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":173,"box":{"x":69,"y":552,"width":739,"height":11}},{"id":"2aed5c1d-7ae0-4164-aedb-5966a30c55b5","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":173,"box":{"x":101,"y":574,"width":792,"height":12}},{"id":"03cff97f-8ec9-4d64-8acc-15736e77d200","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":173,"box":{"x":68,"y":589,"width":819,"height":12}},{"id":"344c8816-c852-4294-ba7b-5307142e6d33","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":173,"box":{"x":70,"y":605,"width":830,"height":11}},{"id":"15f7f26a-ce6d-4044-b12d-c66c2880d314","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":173,"box":{"x":68,"y":620,"width":744,"height":11}},{"id":"626fe1b9-467e-49c5-b28b-dbebd9431e01","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":173,"box":{"x":69,"y":635,"width":835,"height":11}},{"id":"7edf51b1-a105-409b-80df-ed78cb446878","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":173,"box":{"x":69,"y":650,"width":808,"height":11}},{"id":"12027810-403f-4ac1-9a98-8f20dfadb443","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":173,"box":{"x":69,"y":665,"width":767,"height":11}},{"id":"3c25b437-bb7d-4093-b8b5-7e6c9516e39c","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":173,"box":{"x":70,"y":680,"width":826,"height":12}},{"id":"65e53a75-c4e6-42db-8850-3d9c6247ef4e","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":173,"box":{"x":68,"y":695,"width":521,"height":12}},{"id":"89b2c44e-6bf7-42fd-af01-e97b9dc3696b","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":173,"box":{"x":102,"y":718,"width":798,"height":11}},{"id":"b1a6d67b-bb39-4b8d-a223-b7aa7fae4ee0","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":173,"box":{"x":69,"y":733,"width":762,"height":11}},{"id":"0a176c56-3ea1-459e-9810-7862335e49d8","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":173,"box":{"x":70,"y":748,"width":789,"height":11}},{"id":"b7e543c0-580b-49d8-a74f-3bd4cee1cec2","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":173,"box":{"x":69,"y":763,"width":837,"height":12}},{"id":"e802c935-ac1b-4f2a-a3d1-c382344deebb","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":173,"box":{"x":69,"y":778,"width":831,"height":12}},{"id":"6fc4d26d-7ae7-4d19-aaa0-8c702464ac4c","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":173,"box":{"x":69,"y":794,"width":837,"height":11}},{"id":"97e6cfd3-8b21-4e47-be37-330090fee1ee","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":173,"box":{"x":69,"y":809,"width":825,"height":11}},{"id":"d4491092-61d2-4b1d-8d13-b72f5071919f","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":173,"box":{"x":69,"y":824,"width":811,"height":11}},{"id":"4ccc3f09-2bd9-4e05-8d6d-2512c55a56a8","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":173,"box":{"x":70,"y":839,"width":813,"height":11}},{"id":"2274e243-096f-4bed-ad88-b7502301e86b","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":173,"box":{"x":69,"y":854,"width":834,"height":11}},{"id":"0ea07640-a017-4ba1-b4a5-d9d6ba0d8be0","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":173,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"970d4abd-9904-4dcd-ac18-7e563f5d140c","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":173,"box":{"x":69,"y":884,"width":771,"height":12}},{"id":"54f75012-c6f0-4293-a98b-8a07dab3d6e1","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":173,"box":{"x":69,"y":899,"width":512,"height":11}},{"id":"44e09387-ad37-4599-8051-8bede3bc453b","block_type":"box","text":"II-129","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6571b268-5ce3-4d7f-b30a-9e588bc98e7d","block_type":"box","text":"NM1026U-6033389-173/246","page_number":173,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"f07fba8c-8836-4902-a1c7-1fcf77b4ab17","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":174,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"ea6ec5fd-c019-4f10-99dc-165615fa5896","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":174,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"11e57c80-794a-486a-a323-97085cabc369","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":174,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"bd9de733-36de-4d82-9af6-62c4708f0db4","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":174,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"59a915a4-8afa-4f3f-ae8f-1756336af2d4","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":174,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"a1ab4417-644c-41f5-8eb3-21cb9f5441a4","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":174,"box":{"x":70,"y":120,"width":810,"height":11}},{"id":"25dcb76d-4af2-4088-a55b-320abdee12f4","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":174,"box":{"x":69,"y":135,"width":828,"height":12}},{"id":"3e730f53-bf8e-4e21-9b5c-8db9c8188282","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":174,"box":{"x":68,"y":150,"width":666,"height":12}},{"id":"f86053f6-31d7-40f3-8cb8-5590ef7ec6a1","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":174,"box":{"x":102,"y":173,"width":790,"height":11}},{"id":"3847a878-39f5-4652-b6ff-59757115593b","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":174,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"71671e96-da98-4aad-a893-73183be1dd70","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":174,"box":{"x":69,"y":203,"width":770,"height":12}},{"id":"3f99c728-53f5-48f4-b04a-82c8747d1f3a","block_type":"box","text":"limitation.","page_number":174,"box":{"x":70,"y":219,"width":68,"height":8}},{"id":"14a3dd4c-a381-4aaf-b711-05cd092edd14","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":174,"box":{"x":102,"y":241,"width":803,"height":11}},{"id":"69816027-e365-4d0d-9f85-9f8087e5ddae","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":174,"box":{"x":68,"y":256,"width":790,"height":12}},{"id":"ada88bc0-b465-48fc-a469-a3e0dc0d6aed","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":174,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"521f1a3c-06ff-44dc-a47f-0a742088b63e","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":174,"box":{"x":68,"y":286,"width":748,"height":12}},{"id":"c819f3e7-7a0f-459b-a2e6-8f7e87b5e9fb","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":174,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"d0d96fc4-308b-42a1-8f84-9c9829ba4b10","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":174,"box":{"x":70,"y":317,"width":829,"height":11}},{"id":"a357d496-168e-4945-9f2b-95bcf44703b0","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":174,"box":{"x":70,"y":332,"width":785,"height":11}},{"id":"2e31cdde-9774-4359-a2bb-31b9abee492d","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":174,"box":{"x":69,"y":347,"width":795,"height":11}},{"id":"7b4cefbe-8d38-44fb-974b-d57ab1349b91","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":174,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"f8bcd032-5de6-41b7-95e4-39540d9f0a01","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":174,"box":{"x":68,"y":377,"width":814,"height":12}},{"id":"9e334272-ff6d-4b5d-ae45-67d007d75d52","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":174,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"f7c7061a-a27c-4ba7-87ca-65393141a0e0","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":174,"box":{"x":68,"y":407,"width":751,"height":11}},{"id":"1e8f1009-678b-4f1c-b71d-642d9962aea0","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":174,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"f093a653-a32e-4eb3-b74d-65ee588a683a","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":174,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"fdb035db-e7b0-4273-82df-42a9861c35d4","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":174,"box":{"x":68,"y":453,"width":813,"height":11}},{"id":"206d9f0b-07a5-4c26-89c0-47b7e4f6449f","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":174,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"e41989c4-fe16-45bd-b422-d3afeb762d6b","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":174,"box":{"x":68,"y":483,"width":789,"height":11}},{"id":"b9d06efc-8786-4943-9eb5-b3d1a526983b","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":174,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"ad364af2-29f3-4899-a69a-50aa737f0e39","block_type":"box","text":"constitute “qualified dividend income.”","page_number":174,"box":{"x":69,"y":513,"width":275,"height":11}},{"id":"398aeeaa-e431-4ba2-b205-f545ff044ae9","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":174,"box":{"x":101,"y":536,"width":806,"height":11}},{"id":"17de8140-b164-4d4c-965e-cd489bc7373a","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":174,"box":{"x":70,"y":551,"width":368,"height":11}},{"id":"bb60e439-e8b5-4a05-b4a3-4b956d25e77b","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":174,"box":{"x":101,"y":574,"width":772,"height":11}},{"id":"f3b20595-dc3f-49f4-8672-3ab4f32b6e88","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":174,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"393e6214-769f-47bc-b1f1-231fc51e73a9","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":174,"box":{"x":70,"y":604,"width":745,"height":11}},{"id":"57277fa0-e284-4730-b434-fbc89d6cb09d","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":174,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"c2101aa3-f5c4-477c-9070-f928be511a85","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":174,"box":{"x":70,"y":634,"width":838,"height":12}},{"id":"40debc7d-5351-4142-990d-64dd291f563d","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":174,"box":{"x":69,"y":649,"width":809,"height":12}},{"id":"abbd9c04-1c0c-44a2-b831-bb76ca3d9dc9","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":174,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"f204d92e-b412-4ecf-a03b-baf4ad2c90fe","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":174,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"711bacbe-146a-4887-aae9-cdd0531a9882","block_type":"box","text":"against their taxes.","page_number":174,"box":{"x":69,"y":695,"width":135,"height":11}},{"id":"4efe289f-1629-4b7f-b303-7714bd31978b","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":174,"box":{"x":102,"y":717,"width":783,"height":12}},{"id":"9a72c953-7d94-4cdf-a1a5-e04482161109","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":174,"box":{"x":68,"y":732,"width":812,"height":12}},{"id":"8ac6ee2b-a43b-4162-aa97-170858e7ab5e","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":174,"box":{"x":69,"y":748,"width":769,"height":11}},{"id":"29579697-e843-4635-bc7c-9a5c10c7cf5e","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":174,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"5415bfb5-5a28-4a36-8b4d-0b587aec359c","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":174,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"f3f29bdc-79a1-4813-b70b-31a41a1ae675","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":174,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"48341d13-3358-4b86-9fe4-fc2ce8dea781","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":174,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"514c74ac-4ae6-4656-b887-bb8b8273dc27","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":174,"box":{"x":70,"y":823,"width":797,"height":12}},{"id":"0addc892-1437-42fc-9724-ae79759df47f","block_type":"box","text":"dividends received by the shareholder.","page_number":174,"box":{"x":69,"y":839,"width":272,"height":10}},{"id":"c20a6291-36d0-47d2-ad05-e11009930fa0","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":174,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"23fb0cd9-4281-4487-9d02-a07c4530199b","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":174,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"1dfdfe8c-cb40-46e0-ac7d-d80a1e90c510","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":174,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"8752f748-3d47-4087-9bb1-8f65aa53412e","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":174,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"d0204e4a-c832-488e-8dcb-c0e83f2340be","block_type":"box","text":"II-130","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"94bb25c5-9b20-4f78-b8b2-ddf43b1cab35","block_type":"box","text":"NM1026U-6033389-174/246","page_number":174,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"9fcbd1aa-138e-432b-a19a-00f53b98dbf7","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":175,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"f0a3c035-3e0d-4e85-b1e9-5096f7c8cfc8","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":175,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"4f718db4-781b-484c-8c19-37fbcfedf5f7","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":175,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"2cc57c5a-989b-4967-afa7-6ef52815b2df","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":175,"box":{"x":70,"y":90,"width":797,"height":11}},{"id":"059d291c-861e-4cdc-a30d-fbc176996b35","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":175,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"191ba79a-c6e0-4137-956e-9a9b7eccd351","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":175,"box":{"x":68,"y":120,"width":826,"height":12}},{"id":"fbc2532b-f99b-4da6-ab3c-220cb7129ef6","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":175,"box":{"x":70,"y":135,"width":772,"height":12}},{"id":"62df697d-399d-497f-8eeb-1befa52a00a8","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":175,"box":{"x":70,"y":150,"width":795,"height":12}},{"id":"14984dee-5de8-4f77-a542-a197dea61cc3","block_type":"box","text":"taxable year.","page_number":175,"box":{"x":68,"y":166,"width":89,"height":11}},{"id":"6ed48ebd-46af-418d-8b24-cf96b14da9b8","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":175,"box":{"x":102,"y":188,"width":733,"height":12}},{"id":"dd76be62-e020-4c56-ab1a-a039054edf7c","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":175,"box":{"x":69,"y":203,"width":832,"height":11}},{"id":"89c7ff70-0a63-4b7c-90cd-d3852ca88de1","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":175,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"3d61d140-2d2a-4bbe-82dc-129053d79e9d","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":175,"box":{"x":69,"y":234,"width":362,"height":11}},{"id":"55623f18-fd4a-45a5-91ea-db121c9354b6","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":175,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"e31e3041-c379-4cf9-b99c-92492a53a092","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":175,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"d02bac50-17b7-4d93-b607-5d771cbe546d","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":175,"box":{"x":69,"y":287,"width":797,"height":11}},{"id":"b64abba0-5a02-411b-8ed1-ff0b78d3d2f2","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":175,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"d2988ec2-27f1-4e91-82fb-b470f8169564","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":175,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"8d54ea8c-13e7-4152-8406-010472fac924","block_type":"box","text":"A sale, redemption, or exchange of Fund shares may give rise to a gain or loss. In general, any gain or loss","page_number":175,"box":{"x":101,"y":339,"width":762,"height":12}},{"id":"50edcf7c-0e7f-4240-8ed4-46923ff7fa39","block_type":"box","text":"realized upon a taxable disposition of shares of a Fund will be treated as long-term capital gain or loss if such shares","page_number":175,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"ccac24ba-7d0d-4907-969a-9bd2c9c4114f","block_type":"box","text":"have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will","page_number":175,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"a835f101-0e4d-4ff1-9da7-d34bff0d2cf8","block_type":"box","text":"generally be treated as shor t-term capital gain or loss. Any loss realized upon a taxable disposition of shares held for","page_number":175,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"c8bcc1c7-1b17-4972-bdd6-7819f4606720","block_type":"box","text":"six months or less will be treated as long-term capital loss, rather than shor t-term capital loss, to the extent of any","page_number":175,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"44492770-d3cb-4f97-be1f-6f678c81d423","block_type":"box","text":"amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the","page_number":175,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"18494158-cfe3-4375-abd1-a48125c6f676","block_type":"box","text":"shareholder as undistributed capital gains). Shareholders that hold shares of a Fund through a qualified tax-exempt","page_number":175,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"1d751b08-84b5-45c9-8750-b6327739d697","block_type":"box","text":"plan described in section 401(a) of the Internal Revenue Code should see the Fund’s Prospectus for a discussion of","page_number":175,"box":{"x":70,"y":445,"width":829,"height":11}},{"id":"8ef9fc24-e026-4e0b-93e6-30250f61b8c2","block_type":"box","text":"special tax rules that apply to their investments.","page_number":175,"box":{"x":69,"y":461,"width":343,"height":11}},{"id":"72886a3b-8511-4a95-894d-79748366b021","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":175,"box":{"x":101,"y":483,"width":807,"height":11}},{"id":"2776e6d4-d95e-41df-be82-ec0d5dc17601","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":175,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"2d12c513-a614-44b5-8725-c77e0cd0f860","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":175,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"8cafdab5-41a5-45bf-acd5-d7fce14d4e39","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":175,"box":{"x":69,"y":528,"width":534,"height":12}},{"id":"3b8b80a2-a6ef-4007-b51e-dca3b2ce7fe4","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":175,"box":{"x":101,"y":551,"width":792,"height":11}},{"id":"d67f0e50-0b08-4d14-b7ec-95a940f858c7","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":175,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"ba1e4e93-ac57-4799-a9d5-78c5041b4b38","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":175,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"602ddcc0-82a5-4b77-8cf6-f6f3039c7963","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":175,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"f0d18cc4-3f55-4294-9f3c-cfc5c47e7963","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":175,"box":{"x":69,"y":612,"width":816,"height":11}},{"id":"1af92601-3915-4c5b-8505-a9d6f4659e97","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":175,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"470eb506-f88f-41a5-87b3-9efd6381d47d","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":175,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"bd1875eb-d1a0-4b43-a659-ed9bf60c3d1a","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":175,"box":{"x":69,"y":657,"width":788,"height":11}},{"id":"471b3bf4-7eb0-42dc-bca9-e60fe93f413e","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":175,"box":{"x":69,"y":672,"width":797,"height":11}},{"id":"3c57ba92-c3ab-4198-8b9d-49568d4ee137","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":175,"box":{"x":69,"y":687,"width":821,"height":11}},{"id":"67c1888d-8222-4879-ada9-79bb62988213","block_type":"box","text":"redemption of such shares.","page_number":175,"box":{"x":69,"y":702,"width":195,"height":11}},{"id":"01c1caae-65d2-4910-8cd2-dbce997719a8","block_type":"box","text":"The Manager may determine it is in the best interest of a Fund to distribute por tfolio securities in kind for the","page_number":175,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"2394fb81-ef7d-4128-9d96-7907a00c6c14","block_type":"box","text":"purposes of por tfolio management when meeting redemption requests. When the Manager determines to do so, a","page_number":175,"box":{"x":70,"y":740,"width":814,"height":11}},{"id":"93e031ed-3e4c-448b-bb31-ff5eee5d8195","block_type":"box","text":"Fund generally will not recognize taxable gains in respect of the por tfolio securities it distributes to the redeeming","page_number":175,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"36d69189-a269-42bb-89bd-ec3596497e35","block_type":"box","text":"shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute.","page_number":175,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"af74b3e4-b06a-4008-bf8f-334d31474cc3","block_type":"box","text":"While a Fund may engage in redemptions in kind that have the effect of reducing or eliminating distributable","page_number":175,"box":{"x":101,"y":793,"width":770,"height":11}},{"id":"579fc9f2-35af-4168-9869-4ec5245cf101","block_type":"box","text":"capital gains as described above, the Funds do not employ a systematic approach to tax management. There is no","page_number":175,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"6989454f-42fa-46d4-adb0-72808b38a203","block_type":"box","text":"assurance that a Fund can or will be successful in effecting any redemptions in kind and shareholders should expect","page_number":175,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"4d9f369b-24f1-4850-817b-9dd169543342","block_type":"box","text":"that each Fund will distribute capital gains.","page_number":175,"box":{"x":68,"y":839,"width":305,"height":11}},{"id":"93cacc26-3ac6-48f3-8994-1745811200ee","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":175,"box":{"x":102,"y":861,"width":799,"height":11}},{"id":"4a7ce287-5658-4179-96b1-5b7251e1de19","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":175,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"ba324ccb-049e-40da-8cdf-512083cced97","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":175,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"bb526f1b-1da3-48ff-839c-fd8f8811bbbc","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":175,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"701020ce-fb0d-4ac0-b3fb-7e9b2c88f09e","block_type":"box","text":"II-131","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5b14c8ae-b92b-49ef-bfda-f638159df9a2","block_type":"box","text":"NM1026U-6033389-175/246","page_number":175,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"7c49de1a-21d1-46b8-a97c-7f70430e88db","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":176,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"13912188-a42b-46d9-a942-4f960c26f426","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":176,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"b22baff7-1455-48ea-85c9-6467a7d6ef50","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":176,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"3ea61756-b732-4e4b-8850-0f8adefeed1d","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":176,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"bb726041-1abd-4d7a-89c2-5bcf48850a35","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":176,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"aed15bed-ffca-4d27-a9ea-0a78570a9a97","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":176,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"4c09e2ba-94f2-4df6-bf5e-844db1937b5c","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":176,"box":{"x":69,"y":135,"width":832,"height":12}},{"id":"fa8802e2-1220-49ce-8ffd-e7af4a5caf3c","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":176,"box":{"x":68,"y":150,"width":542,"height":12}},{"id":"d5c2b829-dbb3-4108-bd05-0bad224ab15b","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":176,"box":{"x":102,"y":173,"width":744,"height":11}},{"id":"2dbfb0d6-1314-41c8-939e-8e6976093f09","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":176,"box":{"x":69,"y":188,"width":751,"height":11}},{"id":"36e6c2ae-ed30-4504-9940-32b1b42307a7","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":176,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"43facc59-bbd4-4c13-ad6b-0413700ca9c0","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":176,"box":{"x":69,"y":219,"width":823,"height":11}},{"id":"952ea084-b859-463c-bb2a-db0f5164cddb","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":176,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"f0fa5314-49de-4788-8f95-4716f2e0e0c7","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":176,"box":{"x":68,"y":249,"width":807,"height":11}},{"id":"2088f58a-c389-4c9d-9660-85bb0c3dbbcc","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":176,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"ed9a2f1d-0a72-4594-9fa8-54e3d66f15ed","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":176,"box":{"x":68,"y":279,"width":838,"height":11}},{"id":"eff90661-8b0d-419b-9505-675809623f7b","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":176,"box":{"x":69,"y":294,"width":695,"height":11}},{"id":"351e6569-8980-4a42-aa97-dd2559d24f12","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":176,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"b71e1a09-5f14-450a-b0c2-7fa2046be1fd","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":176,"box":{"x":69,"y":332,"width":769,"height":11}},{"id":"7cfecc24-f2a3-47c4-a10e-0e803642d83b","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":176,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"c5736432-1f96-4c31-b9ed-49e5545aaeb4","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":176,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"d66d0bb9-eaf7-45fc-8fb1-3892b70be464","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":176,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"68e70b45-431e-431a-8657-6683d06c6702","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":176,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"c90c7a35-a27d-4922-a1bf-abd6f1b24c9c","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":176,"box":{"x":70,"y":407,"width":792,"height":12}},{"id":"4b3509a3-df77-44a5-9759-53eaa545c128","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":176,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"2f12dc63-8246-401c-aefd-5d21ad355487","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":176,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"a00e1ec4-9ab8-47a5-81ab-5f11e25b25b8","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":176,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"fbbee24f-055f-481f-9844-7ab0312d6251","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":176,"box":{"x":68,"y":468,"width":777,"height":11}},{"id":"b5d52936-b10e-4aa3-8840-cb712fa1db25","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":176,"box":{"x":69,"y":483,"width":810,"height":11}},{"id":"7394a97a-82f0-486b-9eb1-05f7d4ecb45e","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":176,"box":{"x":70,"y":498,"width":801,"height":11}},{"id":"f032fcbb-9e5c-4e2c-8877-9a12d39bf5fb","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":176,"box":{"x":69,"y":513,"width":762,"height":12}},{"id":"105dceec-05d5-47e1-90a4-b7c915503010","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":176,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"6b1bd083-a68b-433c-838d-e31a18ca2cdd","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":176,"box":{"x":69,"y":544,"width":787,"height":11}},{"id":"a9325bc7-01b2-479c-91bc-4725a42e6b29","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":176,"box":{"x":70,"y":559,"width":822,"height":11}},{"id":"a231e075-d114-43dc-a864-617e2412ffd0","block_type":"box","text":"in subsequent taxable years.","page_number":176,"box":{"x":70,"y":574,"width":203,"height":11}},{"id":"9c191e93-cbe0-4dd6-ab21-d4df8a8e7766","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":176,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"e7af92f4-0dfe-4479-bd4c-46215cde5041","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":176,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"aca7c478-e804-4f12-9e63-dd994035fefa","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":176,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"9d74e4d3-b327-4d1d-b5ef-4abf03556ed9","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":176,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"91e65c03-ff05-405b-8511-37cd26e5c9ce","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":176,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"b6634fcf-3c07-4fd6-bcef-13fb3ad8f045","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":176,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"80bd4313-6086-47c6-aeb2-23833ce36bed","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":176,"box":{"x":69,"y":687,"width":781,"height":11}},{"id":"7029065a-ff21-41da-b904-109d39122bc8","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":176,"box":{"x":69,"y":702,"width":824,"height":12}},{"id":"a38e1517-cf93-4dc5-a464-0985f6929487","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":176,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"74ee9079-3218-4fd7-ae46-e42699b47517","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":176,"box":{"x":68,"y":733,"width":808,"height":11}},{"id":"016b664e-8767-4136-97bf-501198e392ea","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":176,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"defdeb2e-e262-455b-89bf-6be808c65cd4","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":176,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"1d126163-3d75-4cc0-83d0-d815ecc65947","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":176,"box":{"x":69,"y":778,"width":811,"height":11}},{"id":"6537f380-f855-437d-8bb5-2e84978e1277","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":176,"box":{"x":68,"y":793,"width":784,"height":11}},{"id":"bdd80e32-fd2b-43e5-b7d2-4ce80bde2013","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":176,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"d9094ff7-7e51-4ac6-83a5-9230be376ce3","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":176,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"b3407eda-bf0c-4808-b0c4-74ce8b5439fa","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":176,"box":{"x":70,"y":839,"width":772,"height":11}},{"id":"72fc4a35-a8a9-4a34-9107-745819809060","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":176,"box":{"x":70,"y":853,"width":791,"height":11}},{"id":"8a0fd0f8-b1bd-4a0c-9988-8009322a010e","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":176,"box":{"x":70,"y":869,"width":787,"height":11}},{"id":"6c037d5f-6689-4baa-83d5-34247ea87f9c","block_type":"box","text":"dividends under these rules.","page_number":176,"box":{"x":69,"y":884,"width":201,"height":9}},{"id":"841d2cb0-3eb7-43e9-a8e4-ae44bba480bf","block_type":"box","text":"II-132","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e49a46fa-32bc-4e2f-b02f-86adeced099e","block_type":"box","text":"NM1026U-6033389-176/246","page_number":176,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"4dc24a35-b618-4a5e-952d-ce6e62971544","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":177,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"3b4b628e-2bf3-480f-8a28-3ae5f3aab86e","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":177,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"3ecec7d1-1d69-466d-ba3a-b7202206c531","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":177,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"bd78432d-5e58-4502-90f9-cdd971ee87cd","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":177,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"3302b937-0592-4348-b246-7cd29e2d9876","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":177,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"d163663f-035d-446e-9f5f-22191320ea4c","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":177,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"c60b5698-0e57-414b-90ad-42c7128ecc6a","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":177,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"7e0196ec-666b-48df-bd39-9169ccf9c436","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":177,"box":{"x":69,"y":150,"width":772,"height":12}},{"id":"4610eb63-421c-4f2e-a0af-ae4604c09d78","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":177,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"6ee405ec-4cbc-4019-9242-ba814b30ff6f","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":177,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"69a0c0f0-25a7-469b-a16b-c6d41ccf4db9","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":177,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"0d5d9101-a3bd-4980-b105-23327fa17f8d","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":177,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"0dc80d50-2998-49d2-b385-0395afc53e95","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":177,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"ca2cfdc5-af60-4795-aa47-e1f8f3917a77","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":177,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"c3b3e327-3fdd-42da-91c7-a0ec7ea33ba0","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":177,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"7d2d6a01-6435-4104-87dd-1d63209245d2","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":177,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"b233bebb-0d62-4e08-9231-2c776bee1736","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":177,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"318aeb48-bf7b-47f1-ae9f-a3b335dde422","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":177,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"44fda827-d93e-460c-a8dd-2a21003b4688","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":177,"box":{"x":69,"y":317,"width":596,"height":11}},{"id":"4fe39889-aeeb-42ea-8e85-ff0510cd2cb2","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":177,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"1f9b4dbd-578a-4bdd-ab79-fdc3ef98db36","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":177,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"076ac4ec-f4fe-41ae-ad31-5fb9b80cae3b","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":177,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"507c2de7-4d53-4832-8aa9-0e957ee99c91","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":177,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"ad717697-8cd5-4554-9662-b9286d3f002d","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":177,"box":{"x":68,"y":400,"width":801,"height":11}},{"id":"cfa974aa-806d-464c-8d12-004132933817","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":177,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"4b471bb2-be66-4c9d-aa98-fbe0c5515b3d","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":177,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"2b79c5db-19b9-4fbb-ad2c-fa73ce0f0a10","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":177,"box":{"x":69,"y":445,"width":676,"height":12}},{"id":"7e36100e-c793-4246-930c-43c28293edf5","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":177,"box":{"x":101,"y":468,"width":798,"height":11}},{"id":"2aab99fb-2c15-4bae-94f0-4620a4e17218","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":177,"box":{"x":69,"y":483,"width":651,"height":11}},{"id":"7bcaaac1-bad2-45ec-8201-9021ae4c48c2","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":177,"box":{"x":102,"y":506,"width":731,"height":11}},{"id":"c5048418-04d7-46d9-84b3-37dbcc250b65","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":177,"box":{"x":69,"y":521,"width":570,"height":11}},{"id":"e1aa3833-5461-4f84-a02d-ea78576e2f68","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":177,"box":{"x":102,"y":544,"width":763,"height":11}},{"id":"467f7730-3f12-4349-9d02-c9837cbbd59d","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":177,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"5693aca8-19ad-4cd0-a73b-a1054692ded3","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":177,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"aeda46c9-0380-4c75-bb51-f1c0cf2a9248","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":177,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"1e42583d-3d64-40d3-83ca-8babb7cf7710","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":177,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"2a2439d6-032c-4889-9879-b6f1ccc9079e","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":177,"box":{"x":68,"y":619,"width":791,"height":11}},{"id":"18615049-1c1b-4463-a993-461dba3270db","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":177,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"a86cc7cb-d050-494f-b25e-9a4c53bee0ef","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":177,"box":{"x":70,"y":649,"width":739,"height":12}},{"id":"51934978-a9bd-49e5-90cd-16c21fe94aef","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":177,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"9c086aba-fd4f-4977-93ec-a051294f00bb","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":177,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"36076be1-760f-4a08-9b74-cf33fcd711f0","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":177,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"56377745-b9f7-4c30-93d7-f90bc152df77","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":177,"box":{"x":70,"y":717,"width":821,"height":12}},{"id":"99487a73-8d21-4fac-b31a-058f1b7b02bf","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":177,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"28ad89ff-343e-47fd-8ac1-09878a03ee66","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":177,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"db0da726-bcd8-4490-b5c3-befa1e782788","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":177,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"fb0bedee-192d-42d1-a928-02f353db8b07","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":177,"box":{"x":69,"y":778,"width":364,"height":11}},{"id":"4daa3c7e-35bb-4f3f-b9b8-8d130ee3706e","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":177,"box":{"x":102,"y":800,"width":774,"height":12}},{"id":"f80573b2-8736-4228-ad72-26a995bd9696","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":177,"box":{"x":68,"y":815,"width":787,"height":12}},{"id":"beaf63a2-7abe-409d-8e1c-80ca4eef7b9e","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":177,"box":{"x":68,"y":830,"width":835,"height":12}},{"id":"66b008fb-7648-4003-8e63-25e61b9c4f16","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":177,"box":{"x":68,"y":846,"width":809,"height":11}},{"id":"28e3c2d4-8e2a-4a99-b44f-9cc2635cab26","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":177,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"1173c5f9-5891-4faf-b53a-e0e4cfa858cd","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":177,"box":{"x":69,"y":876,"width":783,"height":11}},{"id":"2e423591-9760-4ef1-b802-24ce23c2ecc6","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":177,"box":{"x":69,"y":891,"width":710,"height":12}},{"id":"9762789a-ab39-4f45-98c3-66428a5c81c9","block_type":"box","text":"II-133","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ed438f03-4599-410e-85fd-05d9a2b4dbcc","block_type":"box","text":"NM1026U-6033389-177/246","page_number":177,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"c57adeb0-66e5-48e0-9e9a-34455cddf954","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":178,"box":{"x":102,"y":45,"width":758,"height":11}},{"id":"10a0732c-bfd2-466c-a223-c98fca1537b3","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":178,"box":{"x":69,"y":60,"width":782,"height":11}},{"id":"fc5d4b6c-2668-4e1f-bcca-a385ceca7afa","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":178,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"748358c3-8d5e-452f-8619-55d34a69bb54","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":178,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"d84de4bd-c095-4e0a-821b-a7be513818e4","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":178,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"d8317ad9-7ffb-46f2-8a80-362623da6885","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":178,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"cd091a7b-e2cc-4291-8b86-d42faed5759a","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":178,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"a3ecc261-2d0b-4a3a-b327-e04b9f3214d0","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":178,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"240182c3-f8d6-4cdf-916f-7b3bd907ad85","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":178,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"3dfcd1e7-eb07-4113-a03c-c40e1887deda","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":178,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"7d9ec48e-60a0-49ae-be21-de7c42d24394","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":178,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"0d21945b-3189-4818-ad83-080eea6dacbb","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":178,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"3013215d-c36f-4463-9561-05ab2332005b","block_type":"box","text":"investment oppor tunities.","page_number":178,"box":{"x":70,"y":226,"width":180,"height":11}},{"id":"20221eb8-3aca-47ec-aa1b-66dd33fb7935","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":178,"box":{"x":102,"y":249,"width":801,"height":11}},{"id":"7367e649-e3bd-4535-a6e4-617213c448ae","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":178,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"a4f541cb-cf8e-4557-8253-889a1ca27f5d","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":178,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"fcd3c0c0-def4-4946-8ac6-a7aa1c52ba88","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":178,"box":{"x":68,"y":294,"width":837,"height":11}},{"id":"4100cc0e-1755-4ae8-836f-6384a29d084a","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":178,"box":{"x":70,"y":309,"width":774,"height":11}},{"id":"0b4c021f-a9f0-45cc-b413-a83e7d6e8244","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":178,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"0836e347-ee43-4ce3-b48d-78b2dbedf142","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":178,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"72511103-bc32-45ae-8393-3c1dce729d78","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":178,"box":{"x":69,"y":355,"width":755,"height":11}},{"id":"9e6514b4-2805-4ea7-bb2f-ffa9fe682a5b","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":178,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"8756cc68-d827-47eb-a2be-d24fb2717c5c","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":178,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"22b3cbd3-f7f2-4103-9ff6-38319a97bded","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":178,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"325ab249-388f-43f7-afc8-117da593fe9e","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":178,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"4fc0bade-328c-45ba-8a1d-e8e97a7c8bd8","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":178,"box":{"x":68,"y":430,"width":827,"height":11}},{"id":"664ef731-7042-4c87-99dd-b65a7d6013e3","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":178,"box":{"x":70,"y":445,"width":829,"height":12}},{"id":"3695ab75-0ae1-439b-9907-d13a27b223e3","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":178,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"7d76fb05-2e9d-4b89-a74d-3a0cf2cf48aa","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":178,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"58c91101-f004-4cdf-b794-356a6c6d6518","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":178,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"f3c78167-9ad8-4223-b6a1-4cd3c55936cb","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":178,"box":{"x":69,"y":506,"width":773,"height":11}},{"id":"2b1fd3a4-7d3e-4ae0-8381-399dfaeb7d30","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":178,"box":{"x":69,"y":521,"width":817,"height":11}},{"id":"ff1aa65b-6919-4af0-bf3d-b3728aace621","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":178,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"fab1f11d-a98d-4df0-921b-ddde2ef170c5","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":178,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"70d140c8-02f5-452c-91a6-c54bdcb39581","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":178,"box":{"x":68,"y":566,"width":527,"height":11}},{"id":"7292556e-407b-4135-b7f9-5ddf0371eb93","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":178,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"9adfd4ac-518b-4971-b13f-f6a42fc8cfbf","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":178,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"020cd021-63cb-45b4-b05b-b5c1fe5cbd7b","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":178,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"d49171ef-6160-4770-9752-a5e4be29097f","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":178,"box":{"x":69,"y":634,"width":802,"height":11}},{"id":"d390350c-aabf-4473-beb1-5278b3e0a5aa","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":178,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"840acf2b-e0ef-425e-a483-8a7553d0ebc2","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":178,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"821f2afe-e40a-4092-b298-892922f155be","block_type":"box","text":"positions in its por tfolio (","page_number":178,"box":{"x":70,"y":680,"width":177,"height":11}},{"id":"9daa5eba-f51d-49d0-8022-7998fce78f17","block_type":"box","text":"i.e.","page_number":178,"box":{"x":249,"y":680,"width":20,"height":9}},{"id":"2b16169c-14f2-4407-8449-991e77273bda","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":178,"box":{"x":272,"y":680,"width":636,"height":11}},{"id":"21c11c5d-ec08-4070-9ce4-7029dd88672b","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":178,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"321ee090-407c-421e-8f35-4686fb6ce259","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":178,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"59ebe57a-f85d-43dd-84aa-69578e0dbde4","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":178,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"e9e32d57-0b43-4674-be5c-72b350c4faf0","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":178,"box":{"x":69,"y":740,"width":415,"height":11}},{"id":"818d81f7-62f9-490f-9055-1cc7c649a194","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":178,"box":{"x":102,"y":763,"width":781,"height":11}},{"id":"5bf3b786-c8fa-48c6-b144-ddf8cc9e5dc6","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":178,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"a7595bd6-23ad-4f43-b4f4-9973af2b57c4","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":178,"box":{"x":70,"y":793,"width":811,"height":11}},{"id":"305317ed-7de5-4269-b94e-7982ef7ca05f","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":178,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"41afc289-c033-45c4-99af-54c0d372ff73","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":178,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"a7b12b47-db8c-4f9b-a243-ba432dbea3f5","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":178,"box":{"x":69,"y":838,"width":834,"height":11}},{"id":"e312f175-9c1c-4853-a12a-70fbfb5cb121","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":178,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"db76e673-bce7-4b85-ab67-441d562f0492","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":178,"box":{"x":69,"y":869,"width":805,"height":11}},{"id":"460bb675-de47-4f0a-9ce8-639991e03f39","block_type":"box","text":"II-134","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4a4937d9-112f-417e-9c41-3a238af55014","block_type":"box","text":"NM1026U-6033389-178/246","page_number":178,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"1da49355-b32c-4c64-aa32-5b2ba4de87d0","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":179,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"3c0aa969-d8d7-4373-be60-c707d4331ccf","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":179,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"8229cf1d-f948-47e9-b764-d076b968145b","block_type":"box","text":"capital asset.","page_number":179,"box":{"x":69,"y":75,"width":95,"height":11}},{"id":"6c60f72a-574f-4c83-8dfd-6a764f1ac325","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":179,"box":{"x":102,"y":98,"width":787,"height":11}},{"id":"3529ea7e-0c9d-4491-84a9-292c382f4138","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":179,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"2eb2f0a8-1bd4-4e91-9e82-e8ef3318e9bb","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":179,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"2ac07cb4-b937-495b-96b2-9dcdecbf6c64","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":179,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"fd9a0cf0-21ea-469b-98df-ec0758f8f513","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":179,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"af386c37-8d8d-4d3a-86b7-64c3b3bc80c1","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":179,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"adeb7db5-d7a8-496d-8413-301f370dbf71","block_type":"box","text":"Fund were to invest otherwise.","page_number":179,"box":{"x":70,"y":188,"width":216,"height":9}},{"id":"c57b69b2-4d2b-435c-93ee-964e579f5ebc","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":179,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"cc2d6a66-8f76-4f5f-ac7e-c98a741959cb","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":179,"box":{"x":70,"y":226,"width":787,"height":11}},{"id":"1f5ed508-0df3-4c10-89f7-5452ba160a3b","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":179,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"04f3a07b-a2ba-4fd5-a7be-4f9af7a82912","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":179,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"63e2b19d-e29b-4d38-b0d8-0256a944110a","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":179,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"97710fec-cb61-4488-b212-3b1a06603815","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":179,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"5dd9ee6e-945f-4fde-b786-52d822eb8e91","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":179,"box":{"x":68,"y":302,"width":830,"height":11}},{"id":"72e17c41-01ba-4c8c-9ba8-8b1761b6dfe2","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":179,"box":{"x":69,"y":317,"width":515,"height":11}},{"id":"c6aaeb6b-165b-4f99-bda3-7fe65ce9cc9c","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":179,"box":{"x":102,"y":339,"width":798,"height":12}},{"id":"6bb81aeb-5ce7-4951-a87f-ef484ebddfea","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":179,"box":{"x":68,"y":355,"width":835,"height":11}},{"id":"e3c7c4d8-a5bc-4d39-978b-2d6b456899c6","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":179,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"613fbf8b-efff-45bb-bf3f-ea009b91492c","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":179,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"ac6eefb8-6644-4935-b1cc-7a17da935063","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":179,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"8320ac62-0751-41dd-8f26-47449492d898","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":179,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"37b6541a-4054-45ef-aaaf-f070589b0b14","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":179,"box":{"x":70,"y":430,"width":797,"height":11}},{"id":"537d3d3c-0e2e-4f7a-9ead-297e7eef599a","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":179,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"232269f8-0d49-4172-8dcc-9552c9d626f2","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":179,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"e01af95b-8d8f-4ff8-b908-bfdeda305042","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":179,"box":{"x":68,"y":475,"width":797,"height":12}},{"id":"03582c2a-5ba3-46c2-9072-f6750346f658","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":179,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"6d437628-5ec3-4855-b3ba-d95457f05076","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":179,"box":{"x":68,"y":506,"width":804,"height":11}},{"id":"45ceeb5a-03c0-4ad2-a0e8-9c76ef508d84","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":179,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"c4f53153-c060-4d6e-b639-f81d6f0f7aaf","block_type":"box","text":"PFICs.","page_number":179,"box":{"x":69,"y":536,"width":42,"height":9}},{"id":"cde4a78b-e02e-49e1-8c43-9648dc6c891c","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":179,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"61d37d0f-6a0f-4a56-b32f-aebebf112596","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":179,"box":{"x":69,"y":574,"width":816,"height":11}},{"id":"f8bd349c-eeb0-482f-b07d-8bdcde4a9015","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":179,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"23775918-18dd-4500-be95-80824b19054b","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":179,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"e2438492-dcb6-44fe-b16b-46502607f27d","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":179,"box":{"x":68,"y":619,"width":804,"height":11}},{"id":"847a0a3f-8510-4a72-8373-27dcc7a7d2ba","block_type":"box","text":"difficult or impossible to obtain.","page_number":179,"box":{"x":69,"y":634,"width":225,"height":11}},{"id":"a19da986-f8cf-4978-bb37-7d24a69da015","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":179,"box":{"x":102,"y":657,"width":796,"height":11}},{"id":"18981891-7c70-426a-bef6-0ea12fff2d4c","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":179,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"d81dd086-c35d-4461-8ece-f51ef920c2d6","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":179,"box":{"x":69,"y":687,"width":778,"height":11}},{"id":"538f79c2-33f2-4375-a864-6add8481d963","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":179,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"f26d85a4-f672-4bc6-ae8a-b5e3c069977e","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":179,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"a5275618-52ea-4977-96ee-2ea8bf9a2738","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":179,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"89952778-bc42-4802-bf54-adda776145be","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":179,"box":{"x":69,"y":748,"width":511,"height":11}},{"id":"ac2be416-d8a4-408e-b47a-61c02a87fc77","block_type":"box","text":"Municipal Funds","page_number":179,"box":{"x":102,"y":771,"width":115,"height":10}},{"id":"b8da0bb6-c166-433f-863a-41e40b015ebd","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":179,"box":{"x":102,"y":793,"width":798,"height":11}},{"id":"0331e1ad-1e87-4dee-85e2-21c09de331e7","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":179,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"f941dab5-febb-4f83-9f39-7e50f42db808","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":179,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"b5586799-f272-413e-b375-6f1a9a0a6f9d","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":179,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"7a0d8245-ee92-4d99-933e-b5bd6ebdc1e4","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":179,"box":{"x":69,"y":853,"width":752,"height":12}},{"id":"7ba66059-ece3-4929-a84d-b283bdf8cdce","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":179,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"34cad69d-7968-4bac-a495-ff3899c21412","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":179,"box":{"x":70,"y":884,"width":780,"height":11}},{"id":"0cad0bd5-a13b-4132-9126-83cbc6280b16","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":179,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"a9c7b2a6-8503-4291-96ed-1385573feed7","block_type":"box","text":"II-135","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6ac49b77-7fbb-4215-aa58-58bf119c65b5","block_type":"box","text":"NM1026U-6033389-179/246","page_number":179,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"ad5062d0-c6ac-4d46-88a2-12d1f454146d","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":180,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"7496bad4-0f32-4a10-8be0-ef2a0dd200a5","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":180,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"dffb7c9e-02e5-42fa-863a-3a5392156402","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":180,"box":{"x":68,"y":75,"width":730,"height":11}},{"id":"e8ab1b18-39a2-4e72-9f26-93eab4b3bc67","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":180,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"6a0d9c24-d2bf-4a11-96e6-0096a8f35054","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":180,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"448310f2-3de3-4d92-abef-28e796544214","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":180,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"e50ab0e7-0748-4499-b969-e9dd063db926","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":180,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"cba7c4a0-4433-405d-b2f5-01b244cb7e53","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":180,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"e953e0b4-0db9-4df0-ad90-3db510d23794","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":180,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"a0e6ba44-47de-40a8-a602-e81ed41f8622","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":180,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"8b9ee721-7754-44e8-8c42-76199729a1b5","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":180,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"167f2f19-33de-4ca5-86c0-23e24e076574","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":180,"box":{"x":69,"y":218,"width":217,"height":12}},{"id":"f873ddad-1871-4443-aabe-05a0b96c7742","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":180,"box":{"x":102,"y":241,"width":788,"height":11}},{"id":"0178a42e-44e6-4090-be58-b8c301f0d1d7","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":180,"box":{"x":70,"y":256,"width":790,"height":11}},{"id":"d8fcddb5-0769-43f3-a776-504739974b24","block_type":"box","text":"constitute exempt-interest dividends.","page_number":180,"box":{"x":69,"y":272,"width":261,"height":10}},{"id":"6aff30e9-87c1-409b-9616-485c05eb9a98","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":180,"box":{"x":102,"y":294,"width":765,"height":11}},{"id":"958d17e2-519a-45d1-8917-33339724a0c7","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":180,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"21722b5b-465d-4262-8d49-9d023f8698ed","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":180,"box":{"x":68,"y":324,"width":813,"height":12}},{"id":"8f11aca8-0be3-4bee-a517-c0b63ae20817","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":180,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"37ebfb49-a4aa-4924-b20d-2655a65bf917","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":180,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"4c8b8761-05a2-44d3-b218-9e598af6efec","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":180,"box":{"x":69,"y":370,"width":388,"height":11}},{"id":"112b3fa6-3325-4b8b-af69-5a96f3ce022e","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":180,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"556bb025-d2aa-4609-8ee0-2a00ff935a96","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":180,"box":{"x":69,"y":407,"width":817,"height":12}},{"id":"113dc145-8003-42a5-89b9-01ca1ff7b6ac","block_type":"box","text":"income dividends received by shareholders.","page_number":180,"box":{"x":70,"y":423,"width":309,"height":11}},{"id":"f5197986-fe5c-46b2-8e9f-739e841906d7","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":180,"box":{"x":101,"y":446,"width":766,"height":11}},{"id":"090b3ae9-7c78-412c-b735-c02e3737064f","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":180,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"b7bbce11-130d-465c-afbb-e33591173418","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":180,"box":{"x":70,"y":476,"width":815,"height":11}},{"id":"0d6eb44f-7f75-40a3-884d-645b79d22279","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":180,"box":{"x":70,"y":491,"width":815,"height":11}},{"id":"69158b06-2c5c-4720-b94c-c517ac1fcead","block_type":"box","text":"the accrued market discount.","page_number":180,"box":{"x":68,"y":506,"width":208,"height":9}},{"id":"201d2618-cc38-4119-9bfe-ba205965610d","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":180,"box":{"x":101,"y":528,"width":801,"height":12}},{"id":"4178d00e-5e41-49be-9438-055634d66e60","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":180,"box":{"x":68,"y":543,"width":818,"height":12}},{"id":"d0c2157e-93ca-4ca1-ba51-eb6c4172a2d8","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":180,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"03913ed8-b62e-4e67-856b-10e1e820b82f","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":180,"box":{"x":69,"y":574,"width":351,"height":11}},{"id":"1353c2be-aac9-40e9-a788-0126958118d8","block_type":"box","text":"e.g.","page_number":180,"box":{"x":422,"y":575,"width":24,"height":10}},{"id":"f5746410-2bcb-400b-b3f2-7ca16a4132c1","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":180,"box":{"x":449,"y":574,"width":441,"height":11}},{"id":"695ad5fd-fc82-42c0-b18c-452c98fcd75b","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":180,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"aa00c420-ac5e-48e5-ba1b-9ad16ca9808f","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":180,"box":{"x":69,"y":604,"width":786,"height":11}},{"id":"4399faea-10f4-4fd5-b785-c89336303e5f","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":180,"box":{"x":70,"y":619,"width":782,"height":11}},{"id":"05ae2e47-60d1-4c49-b338-4e0ca2942deb","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":180,"box":{"x":69,"y":634,"width":740,"height":12}},{"id":"9a03f02f-bdd3-4500-9342-ed101eb8e1e5","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":180,"box":{"x":102,"y":657,"width":802,"height":11}},{"id":"bc160d58-9e40-4abe-8866-3d3536af11ae","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":180,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"3fb3b96e-5076-447f-8ee4-a21b03783145","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":180,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"de17565d-37b5-4333-9ca5-f3fd63498ef3","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":180,"box":{"x":70,"y":703,"width":776,"height":10}},{"id":"ed96ff58-8dc0-4576-8264-371a5d23dbeb","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":180,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"d08bee16-9d2c-4d66-9002-3cede491db66","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":180,"box":{"x":69,"y":733,"width":436,"height":11}},{"id":"72674d6b-4b66-447f-9c3a-bc579b047534","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":180,"box":{"x":102,"y":755,"width":771,"height":11}},{"id":"fb528330-44f8-46eb-b17b-a6f088c0bf44","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":180,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"24687051-a2cd-43fd-a5b7-5f104e6f3b3f","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":180,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"56f8356d-792a-4813-a6d5-a9a4c0c9204f","block_type":"box","text":"within each applicable state.","page_number":180,"box":{"x":68,"y":801,"width":203,"height":11}},{"id":"7aeff04f-913d-401a-a337-5198cb5dd7c7","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":180,"box":{"x":102,"y":823,"width":774,"height":12}},{"id":"63009732-c808-4977-957c-6864f6c53959","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":180,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"57941563-bcbc-42da-b7db-f6f9e7fbab51","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":180,"box":{"x":70,"y":853,"width":816,"height":12}},{"id":"bdaed296-5d9f-4e13-81f7-e401af1081d9","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":180,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"b51a8a59-3327-4b01-a77a-abce2cfa6578","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":180,"box":{"x":68,"y":884,"width":822,"height":11}},{"id":"d349f8ea-9fd9-4f59-927f-cdc52485e5e1","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":180,"box":{"x":70,"y":899,"width":783,"height":11}},{"id":"b55534b1-e116-411b-b8c9-5128930fce2f","block_type":"box","text":"II-136","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3051b98b-edc5-4284-996a-8f2b7c701f06","block_type":"box","text":"NM1026U-6033389-180/246","page_number":180,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"cf4969a1-174a-4881-bf1e-8df1b07ce399","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":181,"box":{"x":68,"y":45,"width":822,"height":11}},{"id":"685a6fe0-82c0-4b25-ad59-5a1c74b18e2c","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":181,"box":{"x":68,"y":60,"width":710,"height":11}},{"id":"1ceeca51-4753-4ae3-9019-fbacc9e8b956","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":181,"box":{"x":102,"y":83,"width":796,"height":11}},{"id":"67ddf916-3df0-4c92-baf6-8128ae2e9b4e","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":181,"box":{"x":68,"y":98,"width":828,"height":11}},{"id":"3c68fdb0-5b52-4e8f-b7f7-411fa385d4f9","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":181,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"61ed1d25-5242-4ba9-a50e-6fa9b33b2e22","block_type":"box","text":"exempt from state income tax.","page_number":181,"box":{"x":69,"y":128,"width":216,"height":11}},{"id":"48f2a8e5-792d-4a61-88b7-0aa7a348b2b3","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":181,"box":{"x":102,"y":150,"width":771,"height":12}},{"id":"436897d0-9bda-4d6d-b2cc-8df4628ea05a","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":181,"box":{"x":68,"y":166,"width":823,"height":11}},{"id":"fce8575f-b25d-4beb-be85-4787f5cf401a","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":181,"box":{"x":68,"y":181,"width":309,"height":9}},{"id":"6654b0cd-0b31-4613-88e8-0897385e5be2","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":181,"box":{"x":101,"y":203,"width":749,"height":12}},{"id":"266e4ef4-6ad0-4118-9912-15973ac4e24c","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":181,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"9276e789-8e09-4f51-b0eb-5c4c2c27bc7a","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":181,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"9ba4e908-7647-4cbb-8de8-01fdefdd4359","block_type":"box","text":"decisions may have a retroactive effect.","page_number":181,"box":{"x":69,"y":249,"width":283,"height":11}},{"id":"7f28b225-f358-4d15-9b21-08da8776256a","block_type":"box","text":"PERFORMANCE DATA","page_number":181,"box":{"x":403,"y":278,"width":173,"height":10}},{"id":"53478a8a-47c1-4ebe-96ea-f358573998ff","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":181,"box":{"x":102,"y":301,"width":738,"height":11}},{"id":"4d814e4d-1289-4dbc-ac2c-ef95d1fcf9e7","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":181,"box":{"x":69,"y":316,"width":779,"height":11}},{"id":"e2af03e0-8844-46b0-95ca-032aba06a52a","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":181,"box":{"x":69,"y":331,"width":833,"height":11}},{"id":"232c7f1a-3b49-4323-a1e0-596eed5217c7","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":181,"box":{"x":70,"y":346,"width":792,"height":12}},{"id":"9509c70a-4af3-4a40-8bc1-bea4b9bd3084","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":181,"box":{"x":69,"y":361,"width":473,"height":12}},{"id":"f8ada43c-90b6-4e5c-ae3a-f802ca0d401b","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":181,"box":{"x":102,"y":384,"width":761,"height":11}},{"id":"286ec3eb-224f-4d7d-938b-d868256e2212","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":181,"box":{"x":69,"y":399,"width":836,"height":12}},{"id":"0fa0e467-7e20-40ee-b740-0a96f8c932a3","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":181,"box":{"x":68,"y":414,"width":798,"height":12}},{"id":"d620f929-d804-48dd-95e3-8003d2861dc8","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":181,"box":{"x":69,"y":429,"width":765,"height":12}},{"id":"c95ad5e2-2547-491d-ab4f-1ec596297448","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":181,"box":{"x":69,"y":445,"width":808,"height":11}},{"id":"6701727f-04b2-4a61-a8bd-7089860daeb7","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":181,"box":{"x":69,"y":460,"width":813,"height":11}},{"id":"c777e4da-3fe5-4fba-b99c-673d3e0c2ee2","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":181,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"09ce9728-fb30-47b7-9e91-dc38747be82a","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":181,"box":{"x":69,"y":490,"width":546,"height":11}},{"id":"d592406a-fec1-408d-8c2d-3440e37f4e77","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":181,"box":{"x":102,"y":513,"width":781,"height":11}},{"id":"60b16fd7-a1ee-4faf-bad1-d06f6fdb5be5","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":181,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"148e4228-ce0e-4756-b83c-dad60e993d7b","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":181,"box":{"x":68,"y":543,"width":810,"height":11}},{"id":"63bb353a-a3b6-484d-bef7-bdcccd593113","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":181,"box":{"x":70,"y":558,"width":823,"height":11}},{"id":"0529af85-e40a-4bce-bc6c-a776b044f339","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":181,"box":{"x":69,"y":573,"width":780,"height":11}},{"id":"b5782778-3a83-476b-b070-d1f5d8664af9","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":181,"box":{"x":70,"y":588,"width":825,"height":12}},{"id":"0bcdc076-0406-4b48-8cdb-9be22a7e7d36","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":181,"box":{"x":69,"y":603,"width":817,"height":11}},{"id":"4f05aab8-57de-4b18-ac8e-bb77d38e01e4","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":181,"box":{"x":69,"y":618,"width":820,"height":12}},{"id":"1c04a6ad-d349-491e-a8ae-0d8e598e9540","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":181,"box":{"x":70,"y":634,"width":833,"height":11}},{"id":"8b923fc5-e8f6-42ce-a2d0-29c75d8212ef","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":181,"box":{"x":69,"y":649,"width":797,"height":11}},{"id":"59731ecb-1bf1-48d5-84ed-c863e5aa3d37","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":181,"box":{"x":68,"y":664,"width":824,"height":11}},{"id":"6915cd5a-8bf2-4380-8698-3377a6fb1727","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":181,"box":{"x":69,"y":679,"width":837,"height":11}},{"id":"90fddc7f-e892-4be9-9f53-666c5783d3ef","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":181,"box":{"x":69,"y":694,"width":814,"height":11}},{"id":"17737a34-a72a-4f22-b1a2-893db63c8517","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":181,"box":{"x":69,"y":709,"width":830,"height":11}},{"id":"33fcffe2-ee35-4f44-8da2-3110d8e5e803","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":181,"box":{"x":69,"y":724,"width":774,"height":11}},{"id":"a0225bef-6db7-4160-b9a2-9f1b336b951a","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":181,"box":{"x":102,"y":747,"width":752,"height":11}},{"id":"eb960f76-7a41-44e6-98ca-4735b61a4351","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":181,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"cc3c6a47-79f0-405a-9b9f-dd476f48bedb","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":181,"box":{"x":70,"y":777,"width":820,"height":12}},{"id":"8c5e5abf-6ff7-497a-84fe-a7b83e417c3f","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":181,"box":{"x":69,"y":792,"width":756,"height":12}},{"id":"415238ea-f3c1-4d4f-a0b6-569cc195642e","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":181,"box":{"x":69,"y":808,"width":772,"height":11}},{"id":"ba2ca8e6-b219-456d-a58e-4a575c5a8f59","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":181,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"83d981a5-88ef-42e3-8ab3-a477924f3f95","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":181,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"3e2fffef-080f-406a-891b-5a9ec3012e0c","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":181,"box":{"x":70,"y":853,"width":812,"height":11}},{"id":"32d2b82e-8604-473d-b446-5f5fd2b4f100","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":181,"box":{"x":69,"y":868,"width":795,"height":11}},{"id":"5fb24217-f8bc-4e10-a1ed-ced820f16013","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":181,"box":{"x":69,"y":883,"width":768,"height":11}},{"id":"3d2126fe-a6cc-480a-9496-b68c60a060b8","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":181,"box":{"x":69,"y":898,"width":810,"height":11}},{"id":"af9cf119-6baf-49a8-90b4-b8b931f706a5","block_type":"box","text":"II-137","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e9b2d860-f433-48c9-a5b3-8ef9d90e717a","block_type":"box","text":"NM1026U-6033389-181/246","page_number":181,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"8b53be56-ce14-4deb-a022-4ad4369bd934","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":182,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"e93bff79-7044-42b7-9dfb-fcf005b6ae17","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":182,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"ca34876b-d97d-4dbf-88a2-7eb8ebc5a257","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":182,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"8c6bdee0-f65c-4cdc-a71e-cea8d7f06342","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":182,"box":{"x":69,"y":90,"width":743,"height":11}},{"id":"dbef9afc-39c7-49a5-9fd1-47cd4529fc8d","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":182,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"df72a3c2-fcb4-49aa-9f77-a6e119122e67","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":182,"box":{"x":68,"y":120,"width":422,"height":12}},{"id":"14d56d03-7a0b-42a4-a5d4-566350c0631a","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":182,"box":{"x":101,"y":143,"width":720,"height":11}},{"id":"98fa40dc-0ae1-4bb3-b523-3a7006fac066","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":182,"box":{"x":70,"y":157,"width":813,"height":12}},{"id":"f08284aa-42ec-4726-b165-c3d3134749de","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":182,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"a6ccbb6d-6672-4f1b-88a7-4ea68d8c5fa7","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":182,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"ffd59810-bad5-40c1-afea-7344eba108c8","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":182,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"91aefa0f-4223-4e41-b87b-38d163e17436","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":182,"box":{"x":68,"y":218,"width":815,"height":11}},{"id":"c52c472a-d324-4aef-a462-94770e23a592","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":182,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"6d7c620c-feec-4cbb-9019-5b5d83f0d1b0","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":182,"box":{"x":69,"y":249,"width":819,"height":11}},{"id":"7531fda8-eb14-476c-ae00-0c6a1df6f761","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":182,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"51e9eebb-e9c3-45bb-8617-19599674e70c","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":182,"box":{"x":69,"y":279,"width":686,"height":11}},{"id":"d7005801-2f32-4c63-a5a0-a1689625a1fb","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":182,"box":{"x":101,"y":302,"width":796,"height":11}},{"id":"76944273-eb49-41fc-81f8-2e0e58d04e39","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":182,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"39e4afcb-5c60-42d5-b8db-b4004a4b0f96","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":182,"box":{"x":68,"y":332,"width":817,"height":11}},{"id":"f766b147-1562-481a-8054-b7922cd41960","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":182,"box":{"x":68,"y":347,"width":837,"height":11}},{"id":"1eb13f07-6348-4e48-b0b9-436f0f9f4e46","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":182,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"b9ac1ff3-5b22-4cbf-8847-673e46ee5b2f","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":182,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"b654a8ea-3189-4a8d-adeb-f2d52f7f9062","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":182,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"5473112a-1f10-425c-9ea9-0274c879cef1","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":182,"box":{"x":68,"y":415,"width":830,"height":11}},{"id":"16905f25-2934-4503-85e7-5e24ac7d581f","block_type":"box","text":"less than their original cost.","page_number":182,"box":{"x":70,"y":430,"width":196,"height":11}},{"id":"a60327c6-6a7f-4f5c-b647-0e46e15b2cd2","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":182,"box":{"x":102,"y":453,"width":782,"height":11}},{"id":"7f16f013-c949-48fd-b689-9b0e0c9d74f8","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":182,"box":{"x":68,"y":468,"width":836,"height":11}},{"id":"e3e2afb7-2bfe-4eb3-993f-7231d7af7edb","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":182,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"c660d044-8947-4c8c-ae37-2dfe0814a336","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":182,"box":{"x":68,"y":498,"width":820,"height":11}},{"id":"24cee222-ed21-466e-a814-d9c2ca1171b9","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":182,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"bd03592b-5d67-4b9a-8ba1-86ed47461196","block_type":"box","text":"lower amount of expenses is deducted.","page_number":182,"box":{"x":70,"y":528,"width":278,"height":11}},{"id":"73ce1969-22e3-4f17-a7c8-95d1a43bdb91","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":182,"box":{"x":102,"y":551,"width":741,"height":11}},{"id":"95e0c51e-cfd7-4999-93e2-1d068778096b","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":182,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"14d576b2-80ed-4728-b6f6-69d08254baca","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":182,"box":{"x":70,"y":581,"width":646,"height":12}},{"id":"d6f283bd-476d-4ff6-b751-0614cdd35fa3","block_type":"box","text":"Money Magazine, U.S.","page_number":182,"box":{"x":724,"y":581,"width":156,"height":12}},{"id":"c4a84f79-4c37-471a-8c1a-7445ad568638","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":182,"box":{"x":70,"y":597,"width":533,"height":11}},{"id":"8a2daa03-bd6f-4cfc-82c1-0bd1856da014","block_type":"box","text":"or other industry publications. When","page_number":182,"box":{"x":608,"y":597,"width":257,"height":11}},{"id":"c84e7074-00fc-4c5b-b39d-4633ddd3bf47","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":182,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"3af6358a-caa5-493b-9bb8-c432f1b9b01d","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":182,"box":{"x":69,"y":627,"width":803,"height":11}},{"id":"4639482d-dc60-4702-b471-540cc9963f98","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":182,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"cee26db2-3c71-452a-bcfe-6a987482d062","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":182,"box":{"x":70,"y":657,"width":818,"height":11}},{"id":"7623add6-a68b-4858-ad0a-dd3cfa6be6ca","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":182,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"7569b006-62c2-47ad-8224-ec096a56c82d","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":182,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"5a5b0560-cbfd-41f8-b650-c8e387815e7a","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":182,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"4603abde-9c6d-4f3b-8981-eccb3f438835","block_type":"box","text":"developed by Fund management.","page_number":182,"box":{"x":69,"y":718,"width":233,"height":11}},{"id":"d9564f62-1a30-4ce6-a8e5-21168b2b59db","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":182,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"ee941498-f497-4275-a094-0e54903d05c7","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":182,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"2b44e0f1-6806-4f54-b01e-d6a7851ced54","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":182,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"b5350afe-d812-4b33-b938-d7c0bf86824c","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":182,"box":{"x":69,"y":785,"width":792,"height":12}},{"id":"47a85ea3-055d-452e-9311-0cb399559733","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":182,"box":{"x":68,"y":801,"width":788,"height":11}},{"id":"5e92194a-c554-420b-9122-2690c9e47953","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":182,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"71d4e8e5-bfe9-40a0-8661-b5472181e2bc","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":182,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"4db94866-24a4-4fe1-b1ac-a683f34d63fa","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":182,"box":{"x":68,"y":846,"width":461,"height":11}},{"id":"faa31648-7a2a-4209-9933-f74d13ea96f2","block_type":"box","text":"II-138","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"93ce6b6a-3590-4870-912d-0722c53a236e","block_type":"box","text":"NM1026U-6033389-182/246","page_number":182,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"8e9acc43-526f-4a5b-84cd-50a8b38a5fd7","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":183,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"0188fab7-e7e7-4b8e-82b5-7d6f80e5e8f0","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":183,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"a5efe516-d9ce-4af1-b460-faf34d6a95dc","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":183,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"f52d7195-ff8c-435e-bf68-69ba08d1f743","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":183,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"e4d2ebdf-0868-44d6-886c-2c17bad1987e","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":183,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"b715bf13-f8e2-4359-96ef-ca0207ac06ee","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":183,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"4fb604ff-1eae-45d3-b4b2-d83643fdb43a","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":183,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"56ccf6bf-286a-4cd2-9e16-a963ae6a1a3f","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":183,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"a717b232-7c98-4534-831e-12133cd89984","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":183,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"f70e1240-7df0-4fb4-bf1d-3803d8554d70","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"6a0d92c7-e9b9-4e8d-b27a-cb12bcfd4ef4","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":183,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"d6d7f9fb-3499-4c37-ab8a-9cc26e890545","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":183,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"567c183e-e423-461f-ae48-0b1977d5fe7a","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":183,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"7a5748ac-56fb-4e1f-8a70-060406e63b27","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":183,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"8c7150e9-4f6d-40b7-bd19-7ca1920f3098","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":183,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"638b248b-d652-4b93-9041-63d5e90109bd","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"b81fc775-eccb-43c5-84d9-5b0ebc781a87","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":183,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"d9c83431-4704-4aa1-bb1b-0ef15068dd3b","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":183,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"c90e27ad-7308-40d9-8e21-308a9a319513","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":183,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"e4df29b1-1a4c-4655-95d3-be915a3dacb4","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":183,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"09395a41-42f3-4827-aea8-1cdc211cf682","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":183,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"35601126-55ff-480a-99bb-3ffcdfceeff7","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":183,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"e5a0e074-90ec-458f-8480-2e894374755c","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":183,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"369a6fff-94ca-401f-8b50-739de63fadfd","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":183,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"087817e8-04ca-4562-b8ff-e8fdb3b6e541","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":183,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"f380ab3a-b338-4ed4-97e2-4d6c34cc45e7","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":183,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"5bcabe56-8c7e-4d67-aacf-aed70af147e5","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":183,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"41b7e334-7cb5-4015-b774-6936b54d543d","block_type":"box","text":"GENERAL INFORMATION","page_number":183,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"a2b4019a-ccde-41b6-84c3-b2da0d46850e","block_type":"box","text":"Description of Shares","page_number":183,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"f8a13768-6d14-4b0d-86eb-bc4d97f90efd","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":183,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"91c88010-f6c5-496f-ac94-cdc573d3c75d","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":183,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"2aedcd31-e6bb-4bb9-8a6f-d53e92939c6f","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":183,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"26617dbb-dae4-4340-8d51-921f05a089fe","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":183,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"ad1fa918-c5fa-4433-980b-b4c33c43591a","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":183,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"7eda807f-82f1-4307-8404-24eb5bff57a4","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":183,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"0ba7333d-d95f-4a57-83bc-5699965d3f20","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":183,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"490cdcd4-b737-4355-96f7-e5f77fbd3ea3","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":183,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"11d3d285-22ba-4bfe-b014-ed26fc85398c","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":183,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"a4d79ac7-7ce5-496e-be4e-fc3ab8ae9412","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":183,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"a1d8b3ab-b269-4d62-9dd6-5134cdbfecc9","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":183,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"b9b3fae8-34eb-4ecc-80d5-c8431e52dda2","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":183,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"5e2c5bfe-2c22-4fba-81ff-d4bd73eb05a7","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":183,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"47f86d93-021f-453f-9623-39a3e50059be","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":183,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"1bd865d0-cd75-4e96-af40-9f3d0e2463fd","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":183,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"383daed6-2926-4142-a94b-5f3ef7ffb6e5","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":183,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"fbe97bae-5056-401b-895c-277eb37f1fae","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":183,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"564108cd-8098-4b8c-b04c-73169a08d812","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":183,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"a5d82d04-e5df-469a-b62f-61d99fefa4b7","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":183,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"9d147fb6-9b84-4c14-a02f-e534b2dde491","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":183,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"e01d66be-63fc-46ea-99c9-8302e556c4ff","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":183,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"0e113d0d-46eb-4ca0-984c-7e8766273ba8","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":183,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"94059f36-8c61-4539-9985-1f8d1ddf2ecc","block_type":"box","text":"II-139","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c27174d2-24ee-44de-828c-c256606735f8","block_type":"box","text":"NM1026U-6033389-183/246","page_number":183,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"e3c5054d-28b9-417b-b1e9-5a62a688fad9","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":184,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"63f84fa2-d622-4d05-adf8-2ee5870c0b55","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":184,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"690c077b-4a11-4cb8-a9a8-19a068e0b990","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":184,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"f66455e9-2898-4040-848b-e0a03d02f965","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":184,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"d47090a4-4fc0-4391-ba1b-ea953212c13a","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":184,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"9703c0ee-7f46-4905-a915-99ba0dc55c12","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":184,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"58653e2c-8edb-4c77-84bd-565fda596799","block_type":"box","text":"Additional Information","page_number":184,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"c72232dd-6517-47ef-b865-13244d785d79","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":184,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"c5af46e1-1a4f-4f58-ab98-708c189ef286","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":184,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"2c347206-34f7-478a-856e-398ddea3e230","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":184,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"cdc55cbb-4621-46ca-b87c-adeb311694d7","block_type":"box","text":"such name to any other company.","page_number":184,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"970e4840-31c5-4b8e-82e6-d0f2b95d914c","block_type":"box","text":"II-140","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f1567034-40f1-4d6a-b91a-3c89a64d6c1f","block_type":"box","text":"NM1026U-6033389-184/246","page_number":184,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"8173a79b-01df-4590-8bb1-89999366b51c","block_type":"box","text":"APPENDIX A","page_number":185,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"2fc6015c-70b4-4967-957d-7197276a59ce","block_type":"box","text":"Description of Bond Ratings","page_number":185,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"4c9f070d-62b7-42bb-9461-1fa5d26cf755","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":185,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"6d66d97d-1310-4e73-bbf6-deab3c3bf35b","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":185,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"49b8fbdc-7168-4bad-bd90-2fba16ddcbf4","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":185,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"c4782abb-4efa-47ef-a737-bf86ec35844e","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":185,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"b47cc17e-4ad3-4759-95c1-9916e36ed201","block_type":"box","text":"date.","page_number":185,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"bb7ca0eb-e507-4a7e-b68d-e13fddf7cfdf","block_type":"box","text":"NRSROs may rate specific investments (","page_number":185,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"26b6e60b-ba00-4459-b2cc-a11117c06560","block_type":"box","text":"e.g.","page_number":185,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"b6c465d7-0c01-4e29-af90-61a0a09b1103","block_type":"box","text":", bonds), issuers (","page_number":185,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"42ba97a8-542d-4ca8-8371-5651f168b5b3","block_type":"box","text":"e.g.","page_number":185,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"beaadce4-8221-4f7d-b914-d29dd86812d5","block_type":"box","text":", corporations, governments and financial","page_number":185,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"311c1787-b402-40a0-ba22-5905bc6d6483","block_type":"box","text":"institutions) and/or programs (","page_number":185,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"25df7dfc-eaa5-47b2-960d-1904a1b7c9b1","block_type":"box","text":"e.g.","page_number":185,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"2a0cf2dd-6296-431b-86f8-637210458b45","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":185,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"8f9e2398-5177-4ddf-aa2f-8e8cffcc9a32","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":185,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"941a4d8a-b4a5-4cad-a6fb-6da9c348dbb8","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":185,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"3e70ac36-cce5-40d8-804e-c9c3fe852974","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the","page_number":185,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"1e6fd3ee-f811-47d7-869f-75b445c1700e","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":185,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"83948b31-b279-4f06-b8fc-e8cad16c869c","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":185,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"336c99e3-caf8-4404-86f8-50fb026dfc11","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":185,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"6dca5ae0-6878-4ef7-8656-34c8b4f5c299","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":185,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"10be81c2-fa79-4c9e-9a03-86104c7ebbd9","block_type":"box","text":"security (","page_number":185,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"3f786dd4-47af-40a6-9f8b-e2fb6f385637","block_type":"box","text":"e.g.","page_number":185,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"7902cf53-486c-4aa5-a0ea-543c736950ff","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":185,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"c2d8b7a0-8e4d-4108-9ff5-7a2893dfdc43","block_type":"box","text":"highest of the multiple ratings.","page_number":185,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"514abdc0-bad8-48c1-92ed-4aa41ea0ff28","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":185,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"1d4cff65-5159-4b8f-9030-bd4b61e630e1","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":185,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"3bc32bc9-3711-41d7-adb5-5d2343dd4ba0","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when","page_number":185,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"62bb8855-9fd2-41ef-a3f3-08d45787455f","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":185,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"d3525ddf-dab3-4f98-b6f3-9fd832a04595","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":185,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"3b2f95e6-f212-4f52-bc7a-14a6a0ed40f2","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":185,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"8c14e305-70cc-49c7-aea2-91cb500cf551","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":185,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"69c1ad06-e9ea-4fbe-a915-20f80bb84526","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":185,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"ae537a21-84c7-403b-ab47-2fb982ff63dc","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":185,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"c482203f-4b54-4c97-b137-92e0ea94a697","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":185,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"b1283e7f-fecf-4424-9a1e-1fe5dd34791e","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":185,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"dd926ee8-9a8b-49a8-973b-8e20fb118e2e","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":185,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"b1fadc72-174f-4b7e-ad66-0a42e32af827","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":185,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"1015b1c8-e779-4cf1-9f03-2250019b2594","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":185,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"59a23edd-652c-4ee7-aa6a-2c8eed6f1fae","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":185,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"eac7feff-3ef1-4d58-947e-aa99406ab34f","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":185,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"db44457f-fde1-419e-b489-0704df233119","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":185,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"94de1581-7682-4e3c-bc61-4db9543284f4","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":185,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"251582e6-ce38-4eb7-843c-f4a032a62ea6","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":185,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"abf70bd6-08ee-467b-9c9f-3b75428e2835","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":185,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"147db202-c85a-46f1-8cf5-a18fee7502b6","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":185,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"48ebd551-8f01-4674-a4cc-0997a4f2d8dd","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":185,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"48983588-9082-45a8-8405-5c6d1344daeb","block_type":"box","text":"Fitch.","page_number":185,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"82b8a7aa-b840-4e57-a836-d59ed1d99af7","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":185,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"74c77c5a-1d41-4430-8bf9-bc2b9656a817","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":185,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"43dbd1c6-3d28-4259-8be2-df3a8b1d044c","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":185,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"46dd3ed7-80dd-4a4e-adf2-b8d2b4c4b164","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":185,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"0af413a3-5d81-4e1e-86fb-3b42b8d85fa0","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":185,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"65165de7-9a98-4455-981b-42fc2ecb962d","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":185,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"647e209e-4706-4a82-a082-354ec7eaaba2","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":185,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"32776b84-d29c-43ef-ad02-09f897a24f19","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":185,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"196c3c05-51f1-4a37-9f0a-bb0c738b79f3","block_type":"box","text":"sources of variation (","page_number":185,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"b492ae17-6620-4d67-a64f-abb9e1ff8fa9","block_type":"box","text":"e.g.","page_number":185,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"8a7a8740-0b56-415b-8144-f0542f7039dd","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":185,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"54d2fdf4-8b18-4b0b-8b71-436ea1ac2907","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":185,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"bc189673-e787-4543-8a16-3b716bd40008","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":185,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"d7a78ee0-fc89-41aa-be6e-d905adc9750e","block_type":"box","text":"e.g.","page_number":185,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"436d7715-35f3-43e5-9e2f-49765874016f","block_type":"box","text":", equity indexed), absent an express","page_number":185,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"d5d778c0-dc0c-42c4-a854-f62eee73e69d","block_type":"box","text":"A-1","page_number":185,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"847e44e0-73da-48f4-97a9-ed2127aecb60","block_type":"box","text":"NM1026U-6033389-185/246","page_number":185,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"6c6027ad-9e3a-4633-86f9-4913b2178f55","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":186,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"3d21e97e-6364-4c40-a962-2d9f5f89cb06","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":186,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"b6b80ff4-ec85-4642-ae51-daa58c441f1e","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":186,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"2b29d654-e15d-4dba-8bbb-80bfa86e74f3","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":186,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"d5d2a8fe-c9d4-4399-952b-2851249afc18","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":186,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"a4c143cc-6973-4a2d-a31c-c5804032a18c","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":186,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"2caea7f7-ea2d-4d51-a298-4171ab32e327","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":186,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"065e37ed-c1f7-4c37-a793-8df3ae28d964","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":186,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"dc7cb26e-5b03-421c-a317-c9a4570d9def","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":186,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"daed545e-37ca-4d15-a811-c080f9699c54","block_type":"box","text":"i.e.","page_number":186,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"d2d56063-f8eb-4f84-8261-9228e04b853a","block_type":"box","text":", ratings on nonfinancial","page_number":186,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"88e79f91-bdbf-4e12-ac5f-a7fdfa899328","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":186,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"1d8505ed-83e6-4864-ad61-81379433a318","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":186,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"ed66aba9-3964-4d8d-ac19-bb090cb4e4ef","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":186,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"67b7b41a-3168-4b2a-86dc-93ea393df773","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":186,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"959a2198-3fcb-41f7-ade9-97c2d3d847b3","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":186,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"d0d4d58e-e946-4ce9-8983-c591c21d8f3a","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":186,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"3b58dca7-de43-4446-a55d-b4df7b0b9519","block_type":"box","text":"of time.","page_number":186,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"160623bb-8e30-4bce-8512-568e28e9c04d","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":186,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"6ff450c0-b691-4892-a9fb-5d8af5b9f568","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":186,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"0935d39b-6552-4213-8c7f-fb07d012d6f6","block_type":"box","text":"risk.","page_number":186,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"260df381-d25c-4650-b5e3-308a8e662cb8","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":186,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"96f3fd0d-dc3a-42b7-a7b7-9333420d3bf3","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":186,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"cd2b8a1e-6e29-443c-854a-2f747269ede5","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":186,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"0ba69885-d8e3-4d0e-8d50-21ec8d7335d6","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":186,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"7e3e4f3f-af3d-4394-8614-de6e4b025121","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":186,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"b3b31f94-a015-4b1f-9672-38a262ccaf9a","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":186,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"9f0eeb96-09ca-4a9b-87f8-68beab28d0bd","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":186,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"5ecb2e22-5a09-4f53-a8e5-2053e3fea4fa","block_type":"box","text":"credit risk.","page_number":186,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"8ba23036-ec88-4927-acb1-becd0016292c","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":186,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"31cb49fd-55d2-48b1-b6ce-25f39a70ccc6","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":186,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"5a9f7e9c-819d-49ab-bc09-3224c4d1d56e","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":186,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"329e368c-a85d-4e53-b414-2cadcddef26d","block_type":"box","text":"of principal or interest.","page_number":186,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"b9dee292-e207-4da2-8740-2f0678840590","block_type":"box","text":"Note:","page_number":186,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"5327005f-b323-4aba-a363-75521190e843","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":186,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"e75a7cff-5b0e-4722-9bdb-ad069a0999a5","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":186,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"e089cb8f-59f0-4c55-bfff-3b71f362a31d","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":186,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"cba8ab7e-183f-4cee-854f-c4b50d17761f","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":186,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"d94428a9-7347-4c80-a4c8-6aef6016cb62","block_type":"box","text":"companies, and securities firms.","page_number":186,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"194cb9bc-7487-44e3-a785-6c9b5d873177","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":186,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"f347026d-1b8e-421a-8f33-c92217f82e2e","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":186,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"227db963-46b9-4a31-8a77-df140e5663bc","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":186,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"57f55ff2-e026-41e3-a993-8fa5f18745c6","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":186,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"f33ac5e6-c3a7-4219-86a7-f1682c8436e0","block_type":"box","text":"that security.","page_number":186,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"bf3f4401-8b5b-45d9-b744-d86193fa0f32","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":186,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"19305123-358c-4d04-a76b-6aeb20b28cba","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"41223d8a-fac8-4238-8805-6cd3cec84aab","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"93b3201e-9776-4da8-b1d1-d8841da0e707","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"e8769bb5-0cca-4444-9dd3-0ad206799b2c","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":186,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"cc198f37-690e-421d-9d9b-d47024b4bcf7","block_type":"box","text":"categories.","page_number":186,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"b676e0de-e7f7-43aa-b639-12e55af5116d","block_type":"box","text":"A-2","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"41b0677b-d241-4479-a5c3-bc542428182d","block_type":"box","text":"NM1026U-6033389-186/246","page_number":186,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"b2f6993c-7f16-495c-9def-ac7cafb0d52d","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":187,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"254d05d0-e960-47fe-9ce3-99ad622be6d0","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":187,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"634c70f2-0446-4ffe-bd19-95de0a69d2dd","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":187,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"3ff3709b-fbc2-436c-8f29-a0eafc6329a5","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":187,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"1b43b841-fda4-47fd-80b5-18477ac6e157","block_type":"box","text":"an issuer’s self-liquidity.","page_number":187,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"7f7d8a8f-d593-4205-a798-c5219c410816","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":187,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"65cb76b2-8688-41e3-b09e-39a51c9910a5","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":187,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"16c65290-9a00-43df-8acb-fa3d125d2396","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":187,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"00eedb06-d66c-493f-878d-6933146ef91f","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":187,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"8ee72be9-2c9d-473b-ab65-51de2ae47c67","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":187,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"3042fe68-00de-4e0d-9add-b8cf5c6a2333","block_type":"box","text":"MIG Scale","page_number":187,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"1fcee2d9-01f9-47f1-8382-0c1e1b5149a0","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":187,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"056b563a-fe1b-4405-988f-890ee79fd5b2","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":187,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"351f62bc-51b4-465d-8471-0ff92872f28e","block_type":"box","text":"refinancing.","page_number":187,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"6e257580-4300-474f-91e9-5bf6263e8a74","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":187,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"66a63505-4ce9-4ae7-b3aa-4b6778b862d5","block_type":"box","text":"large as in the preceding group.","page_number":187,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"46028bf1-4948-4739-8c8f-4e254e7380a6","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":187,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"f7a289cc-8e87-4abf-8af1-f63d4a8069b8","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":187,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"972b081e-488c-4c1d-8ce4-4127324659cc","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":187,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"5fd22930-c21a-4bb0-9b2d-cf379f2d5432","block_type":"box","text":"lack sufficient margins of protection.","page_number":187,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"b64e57e5-eb1d-4a7d-a637-3dd84d6f36a3","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":187,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"d4c21ef7-bee7-4d2c-a5bf-720d4c076e6e","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":187,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"055531a8-353e-4918-941a-05f47aef42e7","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":187,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"f107fe40-522a-49c9-9d49-284de6b42eda","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":187,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"3fd67978-a958-488e-9567-ee03bce0966d","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":187,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"1b019517-6f24-4d57-99e5-6f27f2daa66e","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":187,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"ab2690a6-3bc6-468c-b0a0-8d7ca1f157e0","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":187,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"d82ea907-6261-4b5a-b64b-bf4108ba3c57","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":187,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"1dcd7cc1-6752-4dd8-91ef-3a1151bc096a","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":187,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"5812c9b8-b472-4db3-889c-261b062f502b","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":187,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"5d1914d2-afd4-4cb3-b055-58e4255adc04","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":187,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"e4911b2c-f6d1-4238-a71d-f1c7650375ad","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":187,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"b21408d8-da3d-449a-ada5-c6aa1ce8c698","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":187,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"2df4cc66-e292-4b1b-8ef3-c367c90c9284","block_type":"box","text":"VMIG Scale","page_number":187,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"ca82d447-7dc1-430c-84b0-41547255b429","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":187,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"f99831b7-6c7a-44b4-b87e-f519853d2b25","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":187,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"d47f1206-7c10-4132-bfe6-8085b6272715","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":187,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"d6e4faf0-d2fb-4e83-aa31-1d733fc2f172","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":187,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"6862603a-68a4-4f17-98d5-c721714d4e85","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":187,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"2d351b03-99c3-4df5-8edd-9b05bb7590d1","block_type":"box","text":"payment of purchase price upon demand.","page_number":187,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"41edb183-4a6f-49c6-b4e1-c6c1384e910b","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":187,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"953c6d3d-f8da-44d2-9772-0d9549a24c7b","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":187,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"6a92a5b0-ccfc-4144-8146-afdb5b1fd347","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":187,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"c6bcc0d8-ff7f-4e43-b942-b8e4de0df881","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":187,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"1d94f748-6585-486b-8480-fef90935f8fd","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":187,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"bbc7d6d7-e2cf-43a9-b0b4-ffce21dfa93c","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":187,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"5b5ab491-1150-4dff-85aa-657f7c72ec33","block_type":"box","text":"price upon demand.","page_number":187,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"4a936d38-ca30-4bc5-8e95-0ecb24976471","block_type":"box","text":"A-3","page_number":187,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"c8b79e0d-3bd0-4171-988f-17e3613d937a","block_type":"box","text":"NM1026U-6033389-187/246","page_number":187,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"27106d79-516c-4f61-be27-7e594a6a5a3d","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":188,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"40b3cd7d-b995-426d-a109-22ba1e55dd3e","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":188,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"52fb007f-060f-4332-b451-948e5799b081","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":188,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"825caf45-8f06-40af-851c-5c25b1b2b99b","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":188,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"1731006f-9195-4282-a1a2-245d67de16a5","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":188,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"b7d5942e-ac2f-42c7-9908-e0da43c45244","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":188,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"e70abc17-be8a-4e7e-98a1-476fdf4b05bc","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":188,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"a22984e5-3a06-4da8-bc64-718fbd604f66","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":188,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"5f190b40-4b5e-46bf-a714-2766c405fc63","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":188,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"98592651-b821-488c-a612-44d3977fbfdc","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":188,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"c7ea340f-0f3a-4081-b785-d6d652189cc4","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":188,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"14552a35-8bf1-4251-a01d-94a70bc8aa7f","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":188,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"4315a1f8-8219-48ba-989f-33d6831a8943","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":188,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"1c89a17d-bc36-49c4-8cef-4af66d7db8f6","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":188,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"c62a9687-0521-44dd-963a-2f8739f5dc7b","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":188,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"3eb22b5c-9e6b-4562-9799-01d7c6df54d1","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"c160885a-aa1e-4f8a-af20-68cfe9f4dd9d","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":188,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"590654f1-8f96-493c-92f6-15d535c7470f","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":188,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"baf81cd7-91b1-4a95-9609-e129e33832f1","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"8769a3d4-87f2-460f-a634-84d77aecfb0d","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":188,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"bdac0efa-8504-4d01-97df-81afa267a4d9","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"47580ca2-7b16-45a9-ad49-aded148a581e","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":188,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"de94091e-82b6-47e8-af4d-b3da43a4d6f3","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":188,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"4b4382b8-b013-4c1c-98fa-bd017da425e9","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":188,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"a08e9cdb-1f45-4dcc-b8e0-764c65129494","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":188,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"e1e60dea-ad59-4338-b7a1-b9e525b0b676","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":188,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"43826a27-3fab-4535-b713-5a66f1a0038a","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":188,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"f555d3b6-13c7-465d-a3ef-1f0f6f17ceab","block_type":"box","text":"obligations.)","page_number":188,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"8041ee0e-b80b-47aa-8352-00a76f691116","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":188,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"3126dddf-55a8-48f0-8074-17d2ba67dac2","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":188,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"6d7017c7-46a6-433e-a911-bf56a9c7a064","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":188,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"10186c61-7021-46af-9894-4f92ef1f15ce","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":188,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"85f272d2-1c49-4e2b-84a4-82397fc94ca8","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":188,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"79e2337f-96c0-423e-b953-993c4b4a7bf4","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":188,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"7a76cf91-f282-4818-bd0c-c667dfb794b7","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":188,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"605910d3-fb18-4f03-bc98-91bd55e6bc89","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":188,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"1bb60289-d105-4217-bb44-930ddc015ccf","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":188,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"9b5e2903-30f2-48e4-88b6-5fc43831cb8f","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":188,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"a4fefa03-9f85-4d77-a309-800fcbe99e4c","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"0a11302e-18ea-49bc-a60b-79cb4a5ac5dc","block_type":"box","text":"BB,","page_number":188,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"4ee64299-45bc-434c-80a2-e230ade935fe","block_type":"box","text":"B,","page_number":188,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"e58b917e-078e-4403-a26f-4c9a2b53e01c","block_type":"box","text":"CCC,","page_number":188,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"c2d2168b-525c-4d4c-82b3-33780cb85a9f","block_type":"box","text":"CC,","page_number":188,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"981ecc99-cdd2-4dbd-b9c0-9c1e15f23f83","block_type":"box","text":"and C","page_number":188,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"ebe6fb4d-6470-4a32-846f-8a0ad5a5c50a","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":188,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"8c71125d-ab0b-40d1-808a-3e341b3cf069","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":188,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"d624bf97-595d-4872-ad59-8635769d8e4b","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":188,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"fe487306-20c2-40fb-916e-705dea660796","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":188,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"a9188dad-0893-4380-9cb8-8af5419cd57a","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":188,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"90e7b266-e990-4bf5-bf2d-9b3251592331","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":188,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"5d0771b9-37af-47df-9abc-dd7db157ffbb","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":188,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"90d18733-9415-49c4-802e-1fa6ca7fb2ac","block_type":"box","text":"on the obligation.","page_number":188,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"79b24c47-3b76-4e74-a095-215f53953dc5","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":188,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"7a361ef8-1194-4309-afd5-7c6a2072278b","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":188,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"4c88f0d6-badb-4577-95b6-01e110cb236a","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":188,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"f0313197-cef6-4183-b509-99bc6bdff157","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"463aa9e6-7bac-4f1d-a894-646ec828490f","block_type":"box","text":"A-4","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"82a9d9c2-cb5a-4457-a51e-214c9de1f808","block_type":"box","text":"NM1026U-6033389-188/246","page_number":188,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"135ba475-662c-439b-ad80-3215c9d281c6","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":189,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"f8c05a5b-fcfa-4e9a-b776-1dcf91c1a2d5","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":189,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"795c4a23-2a5c-407c-bd38-05f0a9e2429f","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":189,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"759e8141-a74c-4648-86f9-fcf2cb124165","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"cdd54355-09dd-4801-86e1-c8bd6f0aff40","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":189,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"ba8e9fc0-a967-4ea1-a9a9-20895e97686e","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":189,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"bbb0f4de-24ba-4d99-bbb4-72331acb0a1d","block_type":"box","text":"anticipated time to default.","page_number":189,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"5e4bea1e-9d19-44c3-905e-00f9ab6324b4","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":189,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"6d56b973-c92c-49e9-86b3-98a8354ca9f9","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":189,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"6417f338-718e-4f17-afa6-086c17346962","block_type":"box","text":"higher.","page_number":189,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"dbd2d215-d899-4607-a23b-7bacb1b81157","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":189,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"5549dc4e-bd15-49b3-a4ed-8c882156d9bb","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":189,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"35f5ff61-9d5e-4b1c-ad13-b876d4e5bbeb","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":189,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"0fbd8652-c2fa-425a-962d-e9bfb6562010","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":189,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"103b5657-ac11-4676-9439-f816ce327c86","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":189,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"7e503952-e142-49ec-8a94-bc0e33e9052e","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":189,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"cd80765f-930d-4983-895c-b9a261dd78a2","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":189,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"c482a637-f4a1-40ab-886d-896c1a9fe06d","block_type":"box","text":"restructuring.","page_number":189,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"5577ed52-8d18-4455-b3a9-710e1891f411","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":189,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"a7779703-890c-4d35-b25b-ed9b744a17e3","block_type":"box","text":"standing within the rating categories.","page_number":189,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"ee023ef8-94c8-4028-9d74-672c1ce2c349","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":189,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"7349609b-c874-4cd0-8072-4b7a4c55df38","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":189,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"6a37095d-a216-4a6d-b145-a5a5436f96bc","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":189,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"7c932771-5b59-4833-9f6d-3925739089b1","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":189,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"c42ad7d7-08bf-473d-9094-0a041f7db19c","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":189,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"c63e2722-f4ce-497a-91a0-92d7439a1635","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":189,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"cabb82a5-36c4-4fbf-ac85-95bb38bc795e","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":189,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"5ab8c07b-ea70-42c0-af8a-0f3015976ef4","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":189,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"bfceda7f-ecf1-4963-8e35-515eedf2dd51","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":189,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"9b0708f8-5bef-49f3-b53d-2c42a75c82f6","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":189,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"4234b7c8-7c93-477c-8384-e4a93bdab712","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"e02722b1-9fb7-4630-aadd-9a004e5c5134","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":189,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"24f9028c-ad25-48c5-a751-5d9f38a7025b","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":189,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"5cb87f1c-9ff1-4d08-9152-19d55931a6c8","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":189,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"33b98e31-97f2-466e-a067-aea3163fb629","block_type":"box","text":"financial commitments.","page_number":189,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"7ef9ef66-5789-4f6e-98ce-94c71d41802c","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":189,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"a6f661fe-1158-49da-817f-fc53086f821c","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":189,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"68204e2d-2791-4200-be4a-d87e2b8ba3f7","block_type":"box","text":"commitments on the obligation.","page_number":189,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"a2ae5bf3-7f10-4fd0-8944-e69d09a5eb52","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":189,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"c6a8a5fb-f60a-42ab-b096-88a2dee05869","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":189,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"ad245033-e9c9-431b-abd5-90bf09a37d9a","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":189,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"f87580a3-51ba-44a9-911f-77109af7c4ce","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":189,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"44b7ccbf-ab71-4407-98f9-4bd13b91cc9c","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":189,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"c65f483c-6540-4d3b-b53d-08ba22f550d4","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":189,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"253c8e20-96c9-4dda-913b-7cf257d8788e","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":189,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"39d196c1-d9de-4c98-bbe7-72590a1bc57b","block_type":"box","text":"debt restructuring.","page_number":189,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"047de916-5488-4b4d-af66-90f7e130a984","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":189,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"38b1c64f-a2a0-4f50-ae85-27183528d747","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":189,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"e60fe852-8e13-4501-8c17-ebbbfe0593f9","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":189,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"4c37020e-1a4f-4c00-ad99-cad0653d4f55","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":189,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"2ea12d02-be9c-4a95-9927-144e7a9ae478","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":189,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"a96ff5a9-c968-473f-8671-ff5dbf85f3d5","block_type":"box","text":"A-5","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"1ff1afb7-7a48-4d09-9314-e4443aceaf3c","block_type":"box","text":"NM1026U-6033389-189/246","page_number":189,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"d8129a80-52ed-46ce-b28f-a3c7bcde5199","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"64dc065b-af2b-46ab-8812-1daef6f122dc","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":190,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"8cf41acf-2c1f-45d6-bef5-28b51f174e93","block_type":"box","text":"as a note; and","page_number":190,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"1810f382-074e-4037-a6e6-b44e35541450","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"926737c8-4bf7-4ef6-8482-89bcf85f8576","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":190,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"66283683-38de-4542-b042-2598c6e1a808","block_type":"box","text":"treated as a note.","page_number":190,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"2c61b166-deb0-4d1e-b2f8-9cb2cc192bfd","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":190,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"ebdd6c8b-c4fb-433a-b747-e5eb763ac157","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":190,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"c56145ce-c771-46e7-8f0d-a23ca46f9ad2","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":190,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"7afa2b6c-62b4-4288-a9a3-ae441d78ef64","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":190,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"484163e9-c121-4994-9b09-cff369216300","block_type":"box","text":"economic changes over the term of the notes.","page_number":190,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"67387adb-10ea-4a0c-9655-03d3aa3fada7","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":190,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"5e997662-fb2c-433b-af67-26d5d9f90267","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":190,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"4e076ceb-c83c-4db0-8acb-6548b1cb3011","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":190,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"a9a2743f-00a0-4e9e-9ed9-c7d3b9c00065","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":190,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"48f46c15-c53a-460f-8ab3-644162fa4486","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":190,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"6f798f7a-5bf9-4573-8f23-05f95f5d0c1d","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":190,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"a66cc659-9a4c-4239-80ff-e453d626e6af","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":190,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"60f4b856-2f70-4e59-a7c8-06f6a2c4c91d","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":190,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"84e23ad6-d6cf-473f-b116-d1e1c37666dd","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":190,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"86ecfe39-14cb-40a3-9357-0249777e921d","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":190,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"fc86cb12-33b5-4428-9cf3-23ad0d9fac4f","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":190,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"d2eaa5a0-43dc-4254-9fa1-edb05db67a46","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":190,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"2368712a-19a2-4796-9d8b-17144077d78c","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":190,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"24516e2a-c374-4f1b-a930-5a989ca2b5cf","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":190,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"a5a45583-5002-47fe-a2e9-20abae555ec1","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":190,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"49564e6a-7c36-444f-8b95-d12dbf6a835d","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":190,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"a4d686a9-4053-4291-810d-ee1f0af30aab","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":190,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"9ab6ada7-319c-4600-bd5a-2c4f777b7f89","block_type":"box","text":"receivables or other financial assets.","page_number":190,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"89661079-b9bd-4691-94e4-34376e71b7e6","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":190,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"c6daf9ca-21f1-44a4-89f2-7e1c40a2339a","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":190,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"b352d6b9-eb12-4897-8503-41399b2aad81","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":190,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"9ff94b4a-68c2-4ca8-a39e-91f8aeb23340","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":190,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"4796be64-4a8e-4c7c-85a0-4be52ef5bade","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":190,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"c3be97a3-fe2e-464d-a602-441a921619f4","block_type":"box","text":"occurred.","page_number":190,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"02adb037-a51a-459a-a842-7725e7b93262","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":190,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"97801c5f-aedd-4058-8d07-77f532956261","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":190,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"62bae76d-2f21-445f-ace7-85d1dc476ef2","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":190,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"09bdef70-50d6-4af5-973f-1b7e1455896f","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":190,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"7dbd93a6-a644-41a1-a1cd-485884e53d85","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":190,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"49bd4cc3-25e7-43c0-aba9-1cc3938b394f","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":190,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"6fbf2696-baf2-466e-99b5-9192e7a37f34","block_type":"box","text":"rates.","page_number":190,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"a27b5efc-456d-4e99-913d-378b48753383","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":190,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"fff42c62-217e-4ac5-96ab-01d8367bd4ff","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":190,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"e3443b36-deee-4eee-81b3-610060bc411b","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":190,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"1742af66-bccf-4525-8de3-600ba1b84434","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":190,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"eb8b7c17-d9fe-4bb3-adb7-58e8bf80ca2e","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":190,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"b46487bc-3a0c-4f5c-bcfe-2b21a9577c94","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":190,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"b7e5b27d-23b8-4330-b211-82eaf52e7d33","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":190,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"1eede209-ad6a-4f2c-b595-af6e3caf6f67","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":190,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"a2b2e71f-e1e8-46c3-ba00-842d1ef719b5","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":190,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"8033c15f-2cec-4b3f-a774-0c7b3da2340d","block_type":"box","text":"i.e.","page_number":190,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"9c1784bd-d82e-46a7-8ead-1591d13501e8","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":190,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"a845fcb2-3a39-4684-83cd-5db3838d3b8a","block_type":"box","text":"the obligation’s documentation).","page_number":190,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"9f5b63da-f0ed-479f-a3f2-aa6918740aa6","block_type":"box","text":"A-6","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"87bf46fa-a3be-476f-bc98-c9511ea24f29","block_type":"box","text":"NM1026U-6033389-190/246","page_number":190,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"56c4f516-64bb-41ca-b1f8-0da26d2acf41","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":191,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"55fca077-8664-4528-8084-d17575f8aaef","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":191,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"328b0f65-f498-481c-9106-db33791331e1","block_type":"box","text":"agents in the form of a rating letter.","page_number":191,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"64f94411-486a-42f9-8c8f-df44513bda62","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":191,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"b1eee6c5-e2de-4540-936e-bb4153d568b1","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":191,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"1205c395-815d-4b32-b1f7-df41ec5878ac","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":191,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"7607d342-f2d1-4f16-9fa2-fc670f117b30","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":191,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"0ce9d9a8-642f-4ca4-b80f-0dde84dd79b3","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":191,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"c2888edf-bb68-4892-afb9-1d18e278bbac","block_type":"box","text":"e.g.","page_number":191,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"1909307e-bf7a-4377-afa4-0ef0850199b6","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":191,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"8c95f6cf-efea-460e-9b50-1bff0f03e893","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":191,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"88e6fb75-abe4-4acd-8777-f00e3f824213","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":191,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"d4b1b9aa-c73f-4dda-8ab4-5b54990c3014","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":191,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"9ec46dac-a7bf-4354-9d55-24bfd05ed5cd","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":191,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"d97f9436-fff2-4375-9746-699b357cdbe5","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":191,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"b90e567a-2016-40ea-9acb-518034367362","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":191,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"07605998-29d9-448c-98bb-0ca7cb7b1078","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":191,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"0a5579fb-2f43-4f45-92d6-f8be821fba29","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":191,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"9f320896-3d54-4498-9c24-257fcee80d1c","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":191,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"df3b3cad-00dd-4182-a87e-4d182a969e73","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":191,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"62e6b701-548d-450c-9550-794fa837213e","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":191,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"e4df9d9a-8fec-4181-87aa-9753e43a3271","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":191,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"52132aea-a357-4f66-8e54-79ad3ebf0c35","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":191,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"5ce88018-f26c-4c11-a623-dc968d9b843b","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":191,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"9ab2cdec-eea4-443d-8572-52e180f36925","block_type":"box","text":"Ratings.","page_number":191,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"c7456728-4f90-431d-815f-7639b94aa07b","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":191,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"8dfc7395-66c7-4b23-a908-97ed2c4e8f2f","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":191,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"901897b0-6fc6-43ac-b0c3-fd0ceb517f02","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":191,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"fc429c59-cf8f-475e-b279-000f2c16eb23","block_type":"box","text":"obligation ratings.","page_number":191,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"87568504-6f95-469e-8278-585b4d112329","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":191,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"d95ae8bc-ea80-4142-9408-9c1f52ccb536","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":191,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"54e74a86-2e87-4e3f-baa6-9caa2eb62012","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":191,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"bf4773e1-eeb3-4dc6-a8dd-1c33ba4fed66","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":191,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"b471da50-4257-42f0-9f09-b5b4428e8b5f","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":191,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"ae989a30-e8db-471a-9710-f8dbd0c38e19","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":191,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"47375065-9c53-42f2-8b28-dcfe5bdf0199","block_type":"box","text":"to foreseeable events.","page_number":191,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"48d6c5a7-73f4-4f4f-95dd-83cf3500b2d3","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":191,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"b9a468fb-e75e-4a0c-97b0-7144632798c7","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":191,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"1af1c38a-0771-4896-b8de-23552895a585","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":191,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"112b1b27-63f3-4229-aaf6-c032c471a770","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":191,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"be0df47b-159d-4f0b-8e73-92dddad8baf0","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":191,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"8595e8d4-19ce-4a6d-80ce-bbab6835c912","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":191,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"bc28c830-7ced-4613-b0e6-3186ea43a549","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":191,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"4a4d7762-1104-4210-9bc7-2e1a15ed352b","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":191,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"8f9dbaff-7c14-40f1-a211-6e1d195e2991","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":191,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"f7f22b99-4008-431e-b4b7-92fbdda63054","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":191,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"b02120f8-7467-476c-8dbd-79725bdae6ed","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":191,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"36941aac-10f7-4479-a46c-289c3646294d","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":191,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"dbcf74ba-730c-4b45-9630-c523d51ecd7a","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":191,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"d766bc81-2859-4a2e-903c-3f0ad904c73c","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":191,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"463d6e9f-71a7-4b55-8cb1-421bda66148b","block_type":"box","text":"relative status within major rating categories.","page_number":191,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"7bda0682-d8af-40ee-9d85-37b61ed53163","block_type":"box","text":"A-7","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"e807b767-2808-41ef-9adc-754f33fffeb7","block_type":"box","text":"NM1026U-6033389-191/246","page_number":191,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"cfc13e0f-731e-499c-ad12-80c21850c5be","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":192,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"aa346d64-5c40-4914-8e18-613e2d9dddff","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":192,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"49b97cd9-7241-4185-a194-f47647cf0dbf","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":192,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"706f1088-e712-417c-9a22-4d0eaea87184","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":192,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"cf1947d6-b360-454e-a535-75dd8730c5c1","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":192,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"1d76b6ba-9b6f-41a6-8ae0-262199ac25ff","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":192,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"430cd975-3429-4cf1-8159-18f6a880394d","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":192,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"23609838-7ef3-4f97-99d1-f3ebc95d6204","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":192,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"f5844599-eeeb-4d1a-bdef-899dace9de30","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":192,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"6a6e71fe-7527-4547-b8af-59f33c576da9","block_type":"box","text":"finance markets.","page_number":192,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"f63fb845-cba3-4b29-b197-97fb518094e2","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":192,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"fad73909-71f0-40ab-b680-6011ade3e66b","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":192,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"86b5a264-a772-4171-8c28-b74c22045c4a","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":192,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"9dd5e8ae-6c6b-40fb-9117-be70cf44c752","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":192,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"83446c98-586c-4de1-b921-c145eb1c66f7","block_type":"box","text":"commitments.","page_number":192,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"9e752534-247f-4084-8de8-10960f1c7de6","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":192,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"91f91a2a-07e8-4973-89de-c35c8d8dff28","block_type":"box","text":"adequate.","page_number":192,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"e22e9465-4cc7-4c1c-87d3-70da8a0c3478","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":192,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"63f212ef-b9c6-4fdd-bd3e-f966ed360506","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":192,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"a6f6f7af-7acb-445b-ba89-0f8f9946f742","block_type":"box","text":"economic conditions.","page_number":192,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"ea419059-a8bc-4872-a3dc-14669569a230","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":192,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"83d8b9da-a1c3-4d43-a951-ece661ec2073","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":192,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"95a588e2-7571-4e76-8ed1-e170291b2110","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":192,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"fdf2feae-aec6-430a-8995-730bf9e13f60","block_type":"box","text":"ratings only.","page_number":192,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"c3f40826-43d4-4660-9822-f927d3c76fc5","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":192,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"33168105-fd36-4730-8d6d-7754d75b3e23","block_type":"box","text":"obligation.","page_number":192,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"7b982f02-adab-47ae-9143-845ce6bfa80c","block_type":"box","text":"A-8","page_number":192,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"3b1fade2-417d-43f9-bce4-11cb056d9c23","block_type":"box","text":"NM1026U-6033389-192/246","page_number":192,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"c22eba8c-14c6-4078-af11-6f1a8691b102","block_type":"box","text":"APPENDIX B","page_number":193,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"ecf71369-9f52-4bd0-a61c-2d8a136ab9d2","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":193,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"253fe9a7-9ab3-4115-9d7e-e5e18e608c18","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":193,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"0e55fd4b-0378-4404-83e2-049ffcc4ed36","block_type":"box","text":"Effective Date: January 1, 2025","page_number":193,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"c02aa9f4-0beb-451b-825d-b01fbc1aae9a","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":193,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"0dbda780-9fd0-42f9-9649-e7a9fa464eba","block_type":"box","text":"□","page_number":193,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"d345dcd2-b036-403c-9ae2-5f7aecd4cc7d","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":193,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"ec7437e1-1115-44d8-b302-6dbc3ee9dffd","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":193,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"c16dcfba-d182-4a93-b270-1d7e79a21dc9","block_type":"box","text":"□","page_number":193,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"4e0e7280-a4c1-4756-a040-3a3f88c21a97","block_type":"box","text":"Money Market Funds","page_number":193,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"fec7717e-32b5-4df9-8ea8-f5527d08bf27","block_type":"box","text":"□","page_number":193,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"8cc39bdc-4d51-4f25-8c15-c595c998deff","block_type":"box","text":"Closed-End Funds","page_number":193,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"c222e9da-11bb-4176-8d50-1ae26936a724","block_type":"box","text":"□","page_number":193,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"2435d9b8-c11a-457a-a27a-c4a9b9dcbad7","block_type":"box","text":"Other","page_number":193,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"75d30fc9-d249-4f7e-83a8-26481600d08d","block_type":"box","text":"Objective and Scope","page_number":193,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"3ac56e70-9ff6-4c6f-8f3f-ce7ec9b26601","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":193,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"5be98cc6-f1fb-4d2a-8dca-02b72957c224","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":193,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"ac3f795d-092f-44d1-ba35-9008360b7691","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":193,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"bc177fce-ce07-48b2-94c2-a5f58fa4f82b","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":193,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"c24c9ee0-e856-46c0-9c41-b99115de7187","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":193,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"ec294487-4229-49fd-8f14-890cf40e9a86","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":193,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"5a9790e2-a1e9-4ec8-84db-b14ad4c6d3e8","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":193,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"463c27c6-beaf-423f-a60d-e27b7ed18aa7","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":193,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"d7ba9b20-cb4b-493f-b9fa-2cf9a3a6515c","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":193,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"0ae83255-9096-4d42-9b21-0c247361e4f2","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":193,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"7db66c92-9ce2-4428-b7aa-0641373ef4dd","block_type":"box","text":"index Funds managed by BlackRock. 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Potential material conflicts, and the resultant potential for undue influence, might","page_number":193,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"1983151b-85a8-4cf5-9643-a641e701c3cf","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":193,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"53f5bc84-f5df-436a-8adb-a620cd8d4bdf","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":193,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"f26b5ecb-0377-4507-8d98-79c2cb95df15","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. 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The benchmark policy also may apply to","page_number":197,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"1644f796-8cc7-4f77-9434-b71829e42803","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":197,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"1e7f8e20-2298-48d2-88d8-06e18ad35577","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":197,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"1cc10d53-806c-4e0d-bb77-54d7dd357399","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":197,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"f17c59ce-9836-4790-849e-a6b0e2d0a1ea","block_type":"box","text":"2","page_number":197,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"005cce19-f80a-4d2b-9197-5f2e6cfd8ec4","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":197,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"31edf7d7-644d-4e63-8811-337bbd7df4ad","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":197,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"8aa7b4ad-740f-4524-b60b-ae9ebc500805","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":197,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"7350fa5f-3292-4fce-a0fc-755b7848e40d","block_type":"box","text":"policies.","page_number":197,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"49d056fa-c3a5-4322-816e-1248bd36f2c5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"262f098f-4156-4d01-a95c-e6b8e58a471c","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"f500d4e8-2eb0-495a-9c95-a6364ccd1bd5","block_type":"box","text":"NM1026U-6033389-197/246","page_number":197,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"f5f1e352-feb5-4c23-9309-87932a832240","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":198,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"07378b4b-4611-4cb1-9802-ed5bb0ceafaa","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":198,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"1962c4a5-9115-4897-b631-a7f8b132512b","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":198,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"7bb4a99d-897d-4834-a80f-25c922a0414f","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":198,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"84b89b59-00a1-4e2b-81b0-f3c3320caa77","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":198,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"97d77d8b-c21a-49aa-ad34-a31b3eef3c16","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":198,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"c87a32c7-7aa0-4064-88e8-2ee474cad81b","block_type":"box","text":"this work with research, data and analytics.","page_number":198,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"6e97192d-198c-4bdd-8336-9893661655e0","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":198,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"96a1492f-5aab-4a9e-ab0b-10c2794b2ce1","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":198,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"3939f4e1-2e2b-484b-94f5-c2a86b7dc45b","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":198,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"46ab94c5-927d-4183-9a71-f3f934603cba","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":198,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"246801ce-77b0-4eba-a02d-251b18d59973","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":198,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"f452c485-836d-4567-8596-3b4bc76863b0","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":198,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"6422a9ef-923a-415f-80a3-30f469f9a64c","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":198,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"f0b0fd47-9df4-4b36-9cb9-e77c28e7eb25","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":198,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"e65c108c-ede8-426d-9222-5d399a75342a","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":198,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"64aecdf3-8b73-4164-ba36-37cb18c826f8","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":198,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"cd021a86-c58a-4347-80e6-70e72fb4c5ff","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":198,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"da8b9096-2e73-47d3-a706-a1c63c5af30d","block_type":"box","text":"shareholder meetings.","page_number":198,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"e799cc33-68c8-4341-af77-647114f3abf2","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":198,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"359e3c8f-70d2-4c87-9d22-cc59766764a3","block_type":"box","text":"investing.","page_number":198,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"97479c2e-e1e7-477a-bde2-c07723b8db83","block_type":"box","text":"3","page_number":198,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"fc991294-56e5-41de-a40e-a32c8ca56a90","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":198,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"3255637c-8652-4d79-a8c2-a557dd8346ad","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":198,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"726c6203-f599-41a2-8a0b-aff66c378932","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":198,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"b1180ced-44e5-442c-a150-b44ea3fb462a","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":198,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"1ca18bf8-b2b4-4f7f-ab34-ef4f7e5c8ce6","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":198,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"118bb076-6b82-4335-8dfa-7f05f682a8b2","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":198,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"71a5556c-05ca-4979-813e-e7e6949472f3","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":198,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"eb76dec6-3894-495f-9f71-0a6fa168e636","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":198,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"6ff7490c-1f0c-466e-bd27-2e6ae31a86d5","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":198,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"bd3628fd-c7a3-46d0-aa84-6cca73d8e7b2","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":198,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"07ae9f25-3d14-48dc-a28e-b0bd2e989525","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":198,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"131fc11b-4bcb-405b-b9d2-657434ec2de8","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":198,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"8349fc1f-a2d0-4872-8744-07fa0e176307","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":198,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"05d0e444-1d84-437c-8287-6e52c6dbac9d","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":198,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"cf755894-09a8-4be8-83af-744155c5b9c7","block_type":"box","text":"management teams and board directors","page_number":198,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"26aaac19-da4a-4aa9-9af7-3376984de5ed","block_type":"box","text":"4","page_number":198,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"b76f0e11-abb1-4c93-8e6e-d9f9fe098f14","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":198,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"f3684a46-eceb-4a5f-937d-8cbc823a4aa1","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":198,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"a6c6137c-ae18-43f8-bf15-f2f73e513737","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":198,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"f7b73ae6-4629-4139-a133-b79c60ad7a1a","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":198,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"f4f5275f-27a4-4826-a8ac-878007cf23f6","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":198,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"ff0f5378-60d0-4c0a-bd20-ef82e2815b77","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":198,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"0d578670-1a70-4236-8835-2b5e1ce83567","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":198,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"f86db7ae-82da-42ca-8bd3-20ef040db616","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":198,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"2069b2e6-eb3e-4638-9475-3dd7a3d005ac","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":198,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"ecf6205b-e4e6-4e81-bbc8-e922ea115c87","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":198,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"1c9eb15d-79a5-484e-9b8c-c6a6364dba81","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":198,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"715fffa8-7b7e-48e6-83de-87f79b58daa2","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":198,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"7e433685-8b5a-43e9-8294-888eaf00f877","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":198,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"0e95fa4a-c4bb-461a-90e9-9c4955bce5ea","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":198,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"534d2140-519a-426d-b940-e3626c385cbe","block_type":"box","text":"3","page_number":198,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"6d972c2d-cff9-45bc-b875-045e0afea050","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":198,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"e67bf6c3-69b5-4fa3-99e4-3dab5b29d884","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":198,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"9c5986de-a3db-40f1-9f99-14c87c565aab","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":198,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"3212fd71-cbcc-4bf6-a103-778fce8748a2","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":198,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"e9a0c841-4249-43a1-aa1a-830c8f5560b9","block_type":"box","text":"4","page_number":198,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"09e4efe0-ed5f-458b-a41e-46a57099be1c","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":198,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"a594034f-4ba4-4835-82a3-9ecd048f49da","block_type":"box","text":"boards and their members, where relevant.","page_number":198,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"22c5dfa0-a1a8-4acf-ae5d-2092b7603727","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"efda527c-a624-41d1-ba0d-31c12ec48096","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4f212641-c3b3-4f41-94f1-b68e24f60850","block_type":"box","text":"NM1026U-6033389-198/246","page_number":198,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"2bba6c6e-e161-42a9-b761-44d6fdfb83eb","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":199,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"13b8831a-904e-4c57-8c99-c2f024364bc6","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":199,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"83ca0652-27e8-4d9d-b9fc-67b7b3763756","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":199,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"edfde4d6-acb3-481c-97c6-b91b7ff76f12","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":199,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"48df1aad-5664-42d3-9887-62c0103ea8f1","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":199,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"d7b9790b-d0e5-4a85-827b-5c0a4d352aad","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":199,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"6d8a543e-0531-48cf-82f5-7887a1093b9b","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":199,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"fec7f2db-0c25-406e-9207-aa5132d2ea38","block_type":"box","text":"5","page_number":199,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"6582c9e0-bfab-4638-a666-f8a987ec2922","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":199,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"e993a91f-4644-453f-aa3b-2a1979727f76","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":199,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"b6e7ad97-9c0f-4fdd-9a1d-c99ec6db17b3","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":199,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"f1ce7258-e13f-44d4-929a-b896b732a1cc","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":199,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"6a82dbce-21a7-4f5c-86e6-e5b73cc1fc92","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":199,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"d45eca4a-b296-4c35-84c8-93c6f3154e30","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":199,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"830a2f7a-d113-4574-be0b-4d428db4e6d1","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":199,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"f7494360-c80c-4017-9f99-2567010fedcb","block_type":"box","text":"5","page_number":199,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"8cc915a5-05a9-4191-b7dc-18cd8d014a6f","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":199,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"1d2659d0-d21b-40aa-9a96-7d1d8a2c8a21","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":199,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"f9771bda-80bb-436b-9d85-93cb7147544f","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":199,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"6dba788b-8b37-4580-8926-e676d34c146e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0fceddfe-2118-42af-9a93-f9966a8a826c","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0c7248fe-3c9d-403a-8c90-8f66539cd4c2","block_type":"box","text":"NM1026U-6033389-199/246","page_number":199,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"99ee7d39-2bbe-4893-b8fd-f6a0523629fa","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":200,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"9f8b5632-43a1-4ce9-9351-21e546832e30","block_type":"box","text":"Roles and responsibilities","page_number":200,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"9e25d9ac-d1f8-47cf-a48f-622b5d554d09","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":200,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"e87537e1-f333-45af-b0e8-7437f05aaf0d","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":200,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"ca6836fd-4830-4802-949d-5d4bb060599f","block_type":"box","text":"6","page_number":200,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"d2db721e-642f-497b-91ca-f8b03d238613","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":200,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"19ef52ee-e31e-4371-ab3e-ddda7cae8ea2","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":200,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"a3e71170-71ba-40fe-8846-311da9884546","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":200,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"f908a17c-5d56-4eba-a61d-40bb9dd51457","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":200,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"30f0918b-a1e6-4c4b-8255-f3c9e0c5ae4a","block_type":"box","text":"per formance over time.","page_number":200,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"12881e5f-f015-4342-a366-3985f012f1dd","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":200,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"f014b24e-015d-4234-83a8-7a379ab53772","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":200,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"aab707b6-de2f-4551-8c33-b3bd475d1cbe","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":200,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"e9960aef-54fd-44cf-8c57-6d688d670bc7","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":200,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"1a582ea5-9422-484a-bfdc-dc6e738c570b","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":200,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"5c7aa876-e0cb-461b-9996-bd2e5635d865","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":200,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"4aba314d-d114-47e9-8eaa-2a122d4f191d","block_type":"box","text":"Composition and effectiveness","page_number":200,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"63cda632-c88c-40f7-939d-f1561fa5b3e2","block_type":"box","text":"Appointment process","page_number":200,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"aa4c0951-3806-4485-b4ea-aa1d95f6f371","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":200,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"65ffa4c3-e7fe-4eaa-a334-e9b75d533985","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":200,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"d0b2cce6-690a-4a9d-9cc3-f5b0e0017de2","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":200,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"5cd4bfb8-67a3-4b07-bf12-d6db7616dc1d","block_type":"box","text":"e.g.","page_number":200,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"e38b8d60-d427-4b2c-a8fb-c86a7c8d894f","block_type":"box","text":", sector, maturity, geographic","page_number":200,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"e50ca2d4-7980-41ab-9d82-c7cde0c51e19","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":200,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"c777a5da-29ac-431f-a877-5f988104c011","block_type":"box","text":"e.g.","page_number":200,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"23d122fd-3b2b-4e7c-b0c8-d2ded593e94e","block_type":"box","text":", financial exper tise, industry track record). To","page_number":200,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"02a1a33d-cbe2-424a-b55e-f95cf60b2471","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":200,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"3074af75-1379-436a-a7f6-71b5a446f583","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":200,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"92472e02-bdcc-4c6f-8d39-27991684bedd","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":200,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"a2a2fb3f-8197-4b45-977b-3a91a7f931a2","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":200,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"b49227ec-7f41-4296-ba38-25fd968b42e8","block_type":"box","text":"and local market requirements.","page_number":200,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"6fe4d5ca-d564-4428-9ae0-d8f543e36534","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":200,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"210019c4-1ce9-4cae-a9b9-45bfd4583783","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":200,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"49994ca0-865a-403d-bb42-12acbe1159d8","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":200,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"8d350a94-983a-4bf9-a436-5e588ab20343","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":200,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"1c44e755-bad7-4cb7-bd73-f0236fe4f3c2","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":200,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"42bbc397-7b67-4183-84e1-5eb7f675e2df","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":200,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"543ceb45-e790-4d3d-b521-da0993e35334","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":200,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"e20a11aa-6f66-4656-bbe3-85aaae7f4279","block_type":"box","text":"Independence","page_number":200,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"e39ae31b-66b9-43fe-872e-2cdc5b1ec14c","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":200,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"816d542d-9149-4e8a-9d03-08f50de216a4","block_type":"box","text":"e.g.","page_number":200,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"9430bade-b863-4892-bfb6-4d8670d360bd","block_type":"box","text":", government or","page_number":200,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"1d58ad6d-7a6e-40b7-8c47-3b2215445429","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":200,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"cdcd47f5-bbec-4495-a2cf-fef15a6db22a","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":200,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"02160be1-3e9d-4a8e-8a09-8faf2c4026d4","block_type":"box","text":"conflicts of interest or undue influence.","page_number":200,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"bf260731-ba79-44bb-b803-3632ef8b79c2","block_type":"box","text":"7","page_number":200,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"c92b8562-2499-4d2f-8d7a-50168bb54e27","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":200,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"89889417-beab-44fd-b56f-9922b706fb82","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":200,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"615b2616-ff3f-4da4-907a-cc064ffe82f9","block_type":"box","text":"independence should meet those local requirements.","page_number":200,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"ffe10e48-1603-4646-95e3-42ebc08181f8","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":200,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"1cbf4c2a-f576-4c49-b33b-72d489752fe0","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":200,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"387aab17-8691-4f72-adda-1a69b1ebd89c","block_type":"box","text":"composition if this is a perennial issue.","page_number":200,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"f189c0eb-a61f-4b7c-bc5d-5669d9ef52d0","block_type":"box","text":"6","page_number":200,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"4d3d718d-01a1-4cfa-8e0d-4177ef463eae","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":200,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"f5fb595b-0151-400d-969a-0a9ff81b14d1","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":200,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"9a1cbc0a-3086-4d25-9e50-82c3ba721228","block_type":"box","text":"7","page_number":200,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"a55a72aa-0cce-49d5-b256-0704a5df58ba","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":200,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"17bd0fba-ef92-4e4b-aae2-f6f5a79699c9","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":200,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"c4f0fe46-9580-4ea1-9513-437171d33a42","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":200,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"069e4ef2-584c-4343-af26-de23799708fc","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":200,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"e5a41721-1128-4837-8684-a89cf66f1b2b","block_type":"box","text":"of the company and shareholders.","page_number":200,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"2d8bb4db-66ec-4806-bf06-052bb595dedb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b82ea09d-fa1d-4170-a24e-1f6fc0cd2179","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"05538793-9e6b-46ae-bf28-30023e155404","block_type":"box","text":"NM1026U-6033389-200/246","page_number":200,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"a75906fb-42fa-43a2-974b-5ab2763fc9dc","block_type":"box","text":"Independent board leadership","page_number":201,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"3093ecb2-76d6-4d04-9a6f-d88173b7020e","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":201,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"56aa12ae-0a7a-4510-9137-13700d808e74","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":201,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"48801d34-ed4f-4ea0-a827-68a7be5bfa4a","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":201,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"2fb747f6-1308-46bf-8258-d3f331e9cb84","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":201,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"ba4facb0-5455-437d-a0bb-768deb5463ff","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":201,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"9f3069df-3b88-4f0c-a98c-9b13dd4bfcdb","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":201,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"2496f2d7-fa28-4913-8dd2-b43eff309cba","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":201,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"44a50ec4-a41f-4f78-95c5-949de571a14e","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":201,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"d4837cdd-8e51-4e76-905d-4be4ed5dd413","block_type":"box","text":"how it serves the interests of shareholders.","page_number":201,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"5aabf659-31eb-4983-8701-029f9c43c012","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":201,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"c2ad716f-3066-4818-9e40-d121027b8eec","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":201,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"a9892d2c-5081-41b1-baff-cbfff681a2b6","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":201,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"d1195688-3d78-496b-aeb2-18f3297e419d","block_type":"box","text":"Tenure and succession","page_number":201,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"b81b3055-ebc3-4758-bab5-22f0477b5b0e","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":201,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"da9efc5b-e3db-4348-856c-c72b8eaa43d0","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":201,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"c3e0bd09-e253-4422-91dd-054baed7034c","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":201,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"bdef666a-9cf7-4f9e-8267-b8616f0655d1","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":201,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"e7d2a969-6871-47d1-bb1f-2109bbc6f78a","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":201,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"4242d821-6c50-403c-8112-bf5e4b00a598","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":201,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"6ed24997-5928-4730-ac35-3b094b369829","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":201,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"9969cd4a-690f-466e-879a-bce908bf895d","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":201,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"97d547f2-54e7-416b-93fc-870e149be869","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":201,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"aa929bea-985f-49be-bfab-4cc214705025","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":201,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"0df4b50a-52b6-4675-87b8-2fd13f0cb362","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":201,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"916347e1-9f4c-4628-9546-4e2c0f9f8dbe","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":201,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"cc7ccdd9-b0da-467d-aa70-cd845a889c83","block_type":"box","text":"for their continued service is not evident.","page_number":201,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"77947fb1-67b5-4807-903b-9c55caf129d6","block_type":"box","text":"Capacity","page_number":201,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"5ac0bcb5-6b20-4e63-bb91-5cd5d4406645","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":201,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"f81b1ef9-8afd-4497-842d-73a39fbd6581","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":201,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"a24f6fdb-cf3c-4369-9d44-424647708338","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":201,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"6285ac3b-00b5-4be0-8cd6-c78cb223e518","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":201,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"6eb27142-70d7-4081-9559-e720a54315f9","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":201,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"a2320aef-d344-4349-b19e-17938cc65deb","block_type":"box","text":"determinations across markets.","page_number":201,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"84cc9f7f-305b-4dd4-ba7b-a23d32c27fbb","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":201,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"ff916798-54ce-4d0d-a34a-71b271ee707d","block_type":"box","text":"their duties to the board and company.","page_number":201,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"0daedb3d-77d5-4bc4-9f32-64b58b53612e","block_type":"box","text":"Director elections","page_number":201,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"8a9a4371-1488-4c1f-89c5-42d1cd3dd1f1","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":201,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"8ef15be6-831e-4f2c-9cac-3fde09f7e2d6","block_type":"box","text":"structure","page_number":201,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"a4eaf18a-13c7-4ed2-a7f4-bc839d9445c1","block_type":"box","text":"8","page_number":201,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"75fa188b-c22c-4f9f-9ffc-86c8c32498f8","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":201,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"49155aad-6e90-475a-afc6-031ff0059b06","block_type":"box","text":"basis of its business model (","page_number":201,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"ed2b35a5-4781-49d7-b6ec-18f6e4456da9","block_type":"box","text":"e.g.","page_number":201,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"1425cd0a-e0c5-4b49-b3eb-e9a4c6e152b1","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":201,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"09abdde1-9463-481b-9005-5d0eba461e3b","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":201,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"f86df391-e382-418d-aa9f-9189c48c336e","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":201,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"191226ec-e661-459e-bd55-7bb34ff5393c","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":201,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"83614aaa-4030-448f-b3b7-83171be9f50a","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":201,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"afbe14e2-0fa5-4ea6-a027-794e80885c76","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":201,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"89ff7f8d-ff8c-46ed-bf22-7556a696947e","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":201,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"8160fca9-ab93-4969-9505-0a67b44e9384","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":201,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"79eddf5c-9743-4c6d-8ae3-8be1ccb87ccd","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":201,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"bfd3d830-f926-45d4-99d0-360f26d107b9","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":201,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"e659bb78-8ffa-445d-b16d-6353011b0b7e","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":201,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"e2373e17-c31d-4acb-a1c2-a89c1b443f27","block_type":"box","text":"8","page_number":201,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"5f488fad-7df6-40c4-99eb-e99f60d1910e","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":201,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"6e1ecaad-b148-4705-aa7b-bdf3826d5d87","block_type":"box","text":"directors stands for election in any one year.","page_number":201,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"ba0bea31-4f00-4b0e-ba1d-2ea9ee2d192e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4ea9a4de-89a9-4989-8bb5-d7ee852aa382","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"51368cdc-a4b8-4685-8b06-1f127742b260","block_type":"box","text":"NM1026U-6033389-201/246","page_number":201,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"4347b6e6-0ab2-457d-9057-bb757b68b194","block_type":"box","text":"Committees","page_number":202,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"70df0ed1-5df1-4829-993f-9def3a557240","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":202,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"435e0ef5-9065-48b4-97d0-5491c69a741f","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":202,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"d6a1faf5-e688-49bd-b35c-dd86a6058a14","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":202,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"ac242080-031b-493b-ad94-227fd7161db7","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":202,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"af91e52e-fcfe-479c-b8b7-5900322c3340","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":202,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"472d6865-fe93-40cd-882f-b27740ae826b","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":202,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"50ba402a-1503-4b67-9ffd-b91829317476","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":202,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"3e78b11e-78e4-4a74-8079-547397741531","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":202,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"4fd3a21c-8f4f-4370-be54-2379b01afce3","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"ecae76c7-6e8b-4b80-89f1-f2ad019d1051","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":202,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"fc3fbeb5-16e8-4ec1-85d1-3dfb1172f901","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":202,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"e3b71675-2668-4833-b842-526c69c68b81","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":202,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"25620e2c-5529-44cf-9739-ae9632e5ff83","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"a7b3f58b-2bdf-4a46-b1c9-0bae6c9dd934","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":202,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"07b7182e-007f-4018-ba22-cc9b1b167913","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":202,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"42d0b32b-81c1-4ac7-8e87-24f441571c99","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":202,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"7b863e38-d566-4db6-8876-3b479264bff7","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":202,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"b8448ca9-1b24-4eb5-adb2-0c220719cbdc","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"d6f9312b-3e9c-47cb-b663-37f1a16556ea","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":202,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"208ee53d-4992-4fea-bfc3-b107a181ca65","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":202,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"33738df1-bf54-4175-8dc8-b53575b239f5","block_type":"box","text":"firm-wide compensation policies.","page_number":202,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"ec5e0cd6-7e6c-41b5-9387-ade0e34bd986","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":202,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"9ab04556-d637-468d-ab7e-f8ee3eae994c","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":202,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"013ef642-c4ab-4df7-9689-cb2e62fec13b","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":202,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"25fcf646-d691-467f-98b0-2bc10ca996cc","block_type":"box","text":"Board and director evaluation","page_number":202,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"7192bd6b-6222-4dbf-b50f-705ca2038959","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":202,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"56b0e583-27a2-4f91-b6af-72e56e15715b","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":202,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"7e5c99fc-bf98-4114-9f77-2858bd3ff9e9","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":202,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"63ef575a-c966-455e-8646-54e5d4f57616","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":202,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"b0652366-a2a4-4f87-8d5f-f4b770b2e41d","block_type":"box","text":"a result.","page_number":202,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"06df7a9e-abea-4642-a693-f0ecf9a56172","block_type":"box","text":"Access to independent advice","page_number":202,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"da95e490-03db-4688-b647-cb1029bd54e1","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":202,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"1bb98611-6034-44a3-9bfd-82423599eee4","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":202,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"74925c7f-50ec-42f1-9a3a-ba4028b4c241","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":202,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"ee060260-ff0a-43ae-b93b-417de585b9c0","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":202,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"b334bd76-70b7-4a2e-8863-6f748c6470ff","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":202,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"72abdc6b-31ae-4c35-8419-3dc547a0915c","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":202,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"b86e280a-eefd-4147-ae09-5838cec93864","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":202,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"fe0c580e-9241-404c-84bb-a063c52d889c","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":202,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"db8114be-2145-41d2-a58d-6f6e16f0388a","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":202,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"d06bdfba-ed2e-45cc-b540-c8da047fa4e7","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":202,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"ede8edf3-02f3-422a-bb51-97312d645e1b","block_type":"box","text":"per formance.","page_number":202,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"ae837259-d0d6-4b88-b421-72a042089d85","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":202,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"c713d381-e25e-45c5-abe6-4b4d729ead85","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":202,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"73884894-2631-4c00-9af6-03c6e6e4d878","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":202,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"cc1978da-ff65-42b8-9d40-be5e8540ab92","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":202,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"c14a99bc-8aca-404c-bd52-0d07aa675eb9","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":202,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"10e0e5df-b672-4cfe-b669-397650a04486","block_type":"box","text":"recruit and motivate.","page_number":202,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"f1beefbe-4753-4385-bc56-dfda0bac22cc","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":202,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"4e45dad8-d5ed-4166-ac66-51de929e5e66","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":202,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"2cf360fc-5cca-409e-9cf2-f34ce897f8a0","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":202,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"5237f445-4f4d-46eb-b12c-42ac42739d72","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":202,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"0310c985-1211-4e88-a8dc-7779e0a5fd6f","block_type":"box","text":"arrangements include:","page_number":202,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"48d0f0d9-eefa-46fc-a740-b23bad054584","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"dd350ae6-911e-4916-aa6f-ffbaeb3283f7","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":202,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"1da8ca2b-0a8f-46f7-957d-7524c28946db","block_type":"box","text":"the company’s size, sector and market.","page_number":202,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"a929426e-add8-46ac-9e18-4c9dee272927","block_type":"box","text":"BlackRock Active Investment 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objectives.","page_number":203,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"c2aee7c6-7f44-40ba-8451-37814e245025","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"94065109-bb1b-49fb-90ef-02fe9ba6342d","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":203,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"2681c92c-262f-4574-9f60-bca2e19d992d","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"830c2781-2561-4308-ad24-d3f3d6407354","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":203,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"3d95c8ce-d479-4de1-a32c-09519f7df0f7","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":203,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"bf81f113-36d2-469e-8d76-65823b54762f","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"9e8b38ce-b01a-4a93-8dbf-733d2aaaab22","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":203,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"e08482e3-c664-4f2e-a158-0e9944c3a106","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"55ef14b8-9812-442e-b356-862dc0d05f61","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":203,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"c6898229-5705-4050-8d19-192dd8c0834c","block_type":"box","text":"transparently.","page_number":203,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"f7518c2d-98a0-4d48-ab34-eb6720ea7181","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"9116e8f0-496c-47d5-bd12-4849bf4b0a34","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":203,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"17f2f2fa-2369-4fc1-bf24-841246a6e427","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":203,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"b864f37a-7f60-435f-969d-affbed60b745","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"845474bb-78e4-46f2-a726-f55cc902fdeb","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":203,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"4b08d43e-877f-4ae4-94e6-ae5a2ae50597","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"8274a6f7-bde2-4f5e-88db-121eba3c9fe9","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":203,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"3ba98d1c-0915-4f05-8a03-8417a286fdcc","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":203,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"a451d177-fc96-47c0-a656-a13274c2b59c","block_type":"box","text":"misconduct.","page_number":203,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"b733621f-1a92-44c0-852c-335f2aaa6b45","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"dd8f11e4-1e6e-4983-8047-9ca7ff5c626e","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":203,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"34d99914-ac98-4119-b07a-18eaf7dc0265","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":203,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"18fda734-e33f-43dc-970c-8293a41b679f","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":203,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"04f66add-a921-41e1-a15e-71d62e04689f","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":203,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"92e76b81-6252-47bc-bb61-148debf32944","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":203,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"e726bf02-e24a-4fc6-8e3f-5cccda2833f0","block_type":"box","text":"committee, or the most senior independent director.","page_number":203,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"6d996545-efd6-42a7-bd5f-bbd641e62ac5","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":203,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"48b35035-75ab-4473-b32f-a5b1a4bc6ddf","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":203,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"2f800ed6-601f-4eb5-b1a5-f2b0e4921030","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":203,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"54885d1c-2f2a-4ddc-9b54-056ae42adb69","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":203,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"f451a3b2-b597-4821-8f8f-878adaac6313","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":203,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"ef23819b-7801-48b6-8de9-09640997abb4","block_type":"box","text":"CAPITAL STRUCTURE","page_number":203,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"283ade22-3608-447b-8dfb-c755222e9514","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":203,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"e9730a40-966e-400b-bdc8-79d6bab36c71","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":203,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"39232642-133c-47fc-b79c-e6f69850b0f0","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":203,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"5995aa1c-b9bf-43c1-973c-cbb44514c846","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":203,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"810afe6c-4fd9-4f8a-80af-25dd2834a644","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":203,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"e4d7d705-1a47-4c19-b875-a05890449417","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":203,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"2597a853-603d-4d1b-8b6e-ddc2888740c1","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":203,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"bb766463-808c-440f-bfcf-ffe72f9f3777","block_type":"box","text":"Share issuance","page_number":203,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"d2e8e8bb-88bf-45dc-9d4b-afc15086b9cc","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":203,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"701bc18e-8ec4-4d9a-b02a-d6754d6fde76","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":203,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"89265d12-f700-4bd9-a4df-34695716ef54","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":203,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"93b804ef-84a4-46c4-ac91-17841b922396","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":203,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"89422355-2080-468e-884e-b97b7e77ee1e","block_type":"box","text":"market environment.","page_number":203,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"060d9091-88f6-4d94-b142-adf17ad4092d","block_type":"box","text":"Share buybacks","page_number":203,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"e960b29c-d3bd-441d-829c-5002e8c2cbf7","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":203,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"e8c446fc-062f-41c7-9e38-fabf195671b2","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":203,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"6f273b07-9003-452f-822b-9805550a3e0d","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":203,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"18559890-565a-498f-ad24-2800e4c55712","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":203,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"313b1a4f-4b44-4390-8d32-cbf305c59c7e","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":203,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"a64b8e56-e7bb-4b42-b97b-7792954cda87","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":203,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"3b540a75-4ffd-4348-b9ad-494e322dabe6","block_type":"box","text":"of the company and the market environment.","page_number":203,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"eb676f6d-afba-4aaf-bbd4-2887d1eb0800","block_type":"box","text":"Dividends","page_number":203,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"bd81aa53-692f-4836-88de-972214752b45","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":203,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"24acfa84-a94e-4d44-b1ac-9df3efcd6cc8","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":203,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"b6fe5ba8-fd02-4dc1-94fc-423b5e4ef6a4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"93d5d025-1bcb-46d7-a348-a061330bfa8c","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0c41e50a-7a5f-4435-9efb-205bb1a0d78b","block_type":"box","text":"NM1026U-6033389-203/246","page_number":203,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"0ea2e32c-0a41-44bd-8771-11caeeaed97a","block_type":"box","text":"Differentiated voting rights","page_number":204,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"46aab341-0140-40bb-b06f-e5e28b13e98e","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":204,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"4319770a-e45b-4a17-b0c2-8065af5b969c","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":204,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"a7f360ac-1695-4da5-95aa-13662157b278","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":204,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"43634638-cd16-4352-8e61-8af0dc02a4fe","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":204,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"55f40495-3bac-4e9e-8391-aab3f572d86c","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":204,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"0229dac9-2f52-4945-9ba1-693b00b35db8","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":204,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"c2335536-2aee-4fc3-898f-9423af3f837c","block_type":"box","text":"analyses of proposals.","page_number":204,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"7887d218-3fbd-4597-9856-73b93c286fcd","block_type":"box","text":"Mergers and acquisitions","page_number":204,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"7ca014ff-17f6-4d58-b7d6-027a4a5edb17","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":204,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"401fe7b9-a01d-4bee-965a-1446baac615f","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":204,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"b104f7e8-d18c-4e21-8cdb-39c367531049","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":204,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"fa6379fb-eb58-4a66-9a25-8bab806c36d0","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":204,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"4056fdc9-d2b4-4d1c-b77a-1999e2cf4218","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":204,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"b37c1dd9-edbc-4a35-972d-72a4cf1b2054","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":204,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"5838c175-85f7-4628-83fd-3ca770d72958","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":204,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"fe34cd00-fc9e-47e8-a102-ae5684f4b850","block_type":"box","text":"Anti-takeover defenses","page_number":204,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"e39dd402-de31-424a-b26a-d0bd9c4bd2ab","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":204,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"edc4f9ee-10e2-438f-82a7-b59884150334","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":204,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"72635c9a-014a-4783-944e-e9a85140f38b","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":204,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"87f78668-ea84-483c-9fac-c1ba907d27a2","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":204,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"2fb0f687-e114-4a63-b4be-001527d92674","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":204,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"a5f024a4-6b94-41ab-bed6-01e2f7b1f122","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":204,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"b3c15df7-e165-4c8c-8ed6-9fa2bf416665","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":204,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"0126b9b8-d9b1-415f-9a56-4e6d74efe326","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":204,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"25512a55-533e-4e39-81cf-079de7fbab3d","block_type":"box","text":"Shareholder activism","page_number":204,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"d43b054c-a495-4efb-8e6e-bd0d06a482e7","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":204,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"cd3c1797-0314-422e-8b3c-f07d0df53a69","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":204,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"e38068f7-ac7b-4d26-9509-31423449c17a","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":204,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"b4ca1388-8fe4-4b9a-afde-86d825607502","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":204,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"8dec82ab-fc92-4ae0-8a3b-a6f9b8d6a557","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":204,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"95a426bd-1a3f-4b7e-b213-aa4799ed2cc2","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":204,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"361d2921-cdaa-4bae-b712-0780113505ad","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":204,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"f8b19448-ec48-43e9-b441-147a00c36390","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":204,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"5528c9e0-36a1-4120-9b00-0ad39e792738","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":204,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"e6229238-9b31-4ddd-afcf-9f0ee637f0b3","block_type":"box","text":"protecting shareholders’ interests.","page_number":204,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"2c04babc-fa78-4b2e-88c8-5ff999f5d71c","block_type":"box","text":"Significant shareholders and related party transactions","page_number":204,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"e4aca850-2cda-4aef-8621-d13a720b6175","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":204,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"b2e5eef2-205f-4b42-86eb-b9fc1bbcfcc0","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":204,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"018225f4-e739-4e0d-a34f-bc3c08f7f6bb","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":204,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"85f1490d-6f72-4296-bb14-ac8af09a46d2","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":204,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"01d01a4f-d7de-4792-898d-b81b04a7d86e","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":204,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"c77cf89e-a0f1-4b1b-aee5-c45674e2604e","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":204,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"a78074b9-71b9-4072-80ed-15c6b1e7348b","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":204,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"41c91181-84dd-4275-aea8-8193ed80d3a7","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":204,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"693a39bf-5c01-4d59-893e-4ebab1461b2e","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":204,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"1842f552-f7d4-4dbe-85e4-b9311769a3c7","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":204,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"fd333606-e200-49e1-a37d-fe59f9c31a39","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":204,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"c1a5f897-570c-4584-9f85-8fe12a46f499","block_type":"box","text":"audit.","page_number":204,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"c2ac5eb5-ba88-431c-98a1-8137377a63a9","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":204,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"d1a0daf3-359b-46c0-bc32-765c82b5fb55","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":204,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"d7166251-b866-461e-ba83-c957ce76b5f4","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":204,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"d4ad26ad-1f69-48cd-9b16-668e0fadae49","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0dfd7f75-3841-4b77-bea4-9b6060bc9bff","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"a952eede-64ae-41b1-96e3-116776844721","block_type":"box","text":"NM1026U-6033389-204/246","page_number":204,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"a6174258-aacd-48b5-b193-34c57e0f5980","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":205,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"3757dcd0-c1cc-4961-a9e8-bc66e5201bbe","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":205,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"04a3a76e-dcc5-4ef6-b8a0-ff4268c2f2b0","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":205,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"3918a730-f64d-4211-bcf2-924f6ef28615","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":205,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"c32020a7-f67c-4749-a2f3-ea52fdacd547","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":205,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"fac9c5e7-4e52-4c7f-8e28-ff76bfa97b6f","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":205,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"68810450-1279-46dc-b48c-a5b5c1f22338","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":205,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"c9c92d8a-9023-45f4-9c23-d7d21c45ebb1","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":205,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"da12da69-32a2-4df4-9808-8e34657341f8","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":205,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"516ab11f-34c9-4f90-9bac-890bc610ac2f","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":205,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"b7158580-1b88-4474-b503-083b420ed796","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":205,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"eb1dd0ea-1e52-4932-bec9-b48f0ccc516b","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":205,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"81e22537-e1dd-4e83-8acc-cbf6fc31a440","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":205,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"d0b9a140-09ee-40b5-8634-7a51813ec654","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":205,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"979c5030-6971-49b7-8381-4483dd6b76b7","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":205,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"d13777cb-c721-4104-8bae-f0ace4b9168e","block_type":"box","text":"9","page_number":205,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"b79d1dca-9099-425f-8e5b-beb8bc33d726","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":205,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"804569cb-658d-4776-a77d-58f8796dca69","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":205,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"b4c97af0-62a5-4404-bbea-955e24c4bba7","block_type":"box","text":"standards specified by policy makers.","page_number":205,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"4bce902f-31ed-49f6-8ef1-58bd3d1560e8","block_type":"box","text":"10","page_number":205,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"9778d5a5-8f85-4213-927a-ef4b20b807ca","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":205,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"d9df4129-75e7-4d17-b8b3-e780fdcfa08b","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":205,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"5f158ea9-7404-491f-87c7-667d9b2c580d","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":205,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"07b74278-ac7d-466f-98c1-6ca88737dc96","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":205,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"71ac0fa1-832b-4e31-9886-dfaa0bc0d24e","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":205,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"267c3e45-7cc8-42a9-8810-486b683abdfb","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":205,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"9b572596-b814-4b67-b59c-c87034b8396d","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":205,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"26824240-63fc-4ed0-a694-f47fc0dcb545","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":205,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"51e53e18-c9da-4f69-997f-c1ffe87151b3","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":205,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"d739ddfc-60ad-460d-ac13-0f6c8f896324","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":205,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"11a7e76a-de84-4211-bf12-76d9f328e2de","block_type":"box","text":"remained independent.","page_number":205,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"73d4e6f3-403e-49c2-90db-16183c996cfb","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":205,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"9579f80f-9f1e-4e2d-9887-353e28d1b71f","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":205,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"aeab1cf1-bff0-4e0c-a2a1-9d6c220d775c","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":205,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"b4dba3e4-15d4-497a-b90d-59ffce404f3c","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":205,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"ff1c93c1-bb2b-4d24-8f04-142fc5c4e0f1","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":205,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"d5f3d2a5-bb53-4255-a25f-77828bd6055d","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":205,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"e37773c6-d4bd-4b74-a4d3-87a42f4138c1","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":205,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"e3b21b1e-2bc5-4faf-8f1e-d7fb39fe63a6","block_type":"box","text":"General shareholder meetings","page_number":205,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"2d2991ab-912d-4fa0-9523-860f41791aa7","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":205,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"443b11b3-2e1a-4f61-ba49-365042fac323","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":205,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"4c0d93ec-20b4-4cb2-a441-0bf9ade5714b","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":205,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"1ffe067a-0a95-4ca6-b5f0-8de2b6c69ae5","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":205,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"6238d614-3493-4e21-9c71-706a246f74de","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":205,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"467e1f51-fdb6-49e8-9f0a-8e36ec9a229a","block_type":"box","text":"an in-person meeting.","page_number":205,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"ed6a6f95-f9c6-4805-a65e-dfe4b42e23c8","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":205,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"34a6378e-7b17-4b3a-bcac-321e96665460","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":205,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"de222510-5272-40f1-99ed-1be87bffdb9b","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":205,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"c497ea0d-3d20-4464-8074-8c41651ba371","block_type":"box","text":"par ticipation.","page_number":205,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"e2d420bf-58a1-41cd-a6e5-876652cb88fd","block_type":"box","text":"9","page_number":205,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"5362db2b-3068-4179-ad57-851a6b37660f","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":205,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"d71ef4b4-e42b-4795-a6aa-b2172b49e1e6","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":205,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"bbdff3ee-b331-45f6-8073-15ef673905ba","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":205,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"5a4ffd83-94f5-41e6-b921-19bd98906b3c","block_type":"box","text":"Disclosures.”","page_number":205,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"5b50730e-3f2b-42ce-bdc5-0029db4ee1c0","block_type":"box","text":"10","page_number":205,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"5e8ed846-caf2-489c-a22a-79d4c794c152","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":205,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"b6d5e20f-4fc5-4cd0-b5c3-216fcd6cf769","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":205,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"305be5ac-7442-4fb7-9015-a882ad0d80ab","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":205,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"dbbac902-57d2-46c4-aba2-bb2dbc16f5d5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"794a79da-7935-4d0b-9452-15020b0d19a8","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"098cee44-2b37-49ca-bf28-26eaa14e3634","block_type":"box","text":"NM1026U-6033389-205/246","page_number":205,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"df0a00c8-e01b-4c53-9248-544025fe0104","block_type":"box","text":"Bylaw amendments","page_number":206,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"494542bb-3bb4-41c3-a144-ca62283603a5","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":206,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"9c331187-b149-4bb6-89cd-06f3086cb2a4","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":206,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"ac7c9e63-96e8-4ce8-b057-1d465ccbb334","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":206,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"7db23dd4-54b4-4669-b0b1-9fa15f80902d","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":206,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"75df00b8-053c-4f58-9ddb-c4a64fbc78e7","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":206,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"1721cdce-11cb-43a9-ad3e-65246a688b31","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":206,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"ac01c248-eee5-4be6-a6e2-a6b95d0c10ee","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":206,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"dac2b04d-51f1-404e-9b47-bc06c5d2c527","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":206,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"94ac80be-f434-4b40-8ec6-0d291f4e8c2b","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":206,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"cb3794f7-69d3-4e21-8e5c-17f41c8f533c","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":206,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"1e97806e-5264-4260-9a32-d045bca16516","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":206,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"aadb3bd1-a39b-41c5-8499-380f3f1b843f","block_type":"box","text":"nomination process.","page_number":206,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"2038c658-5317-4099-bb8f-fd7bc5a9d2f7","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":206,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"12eeccb2-e04b-4fe3-a5e6-ed58334afde2","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":206,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"1cdd9e4e-c42e-4dd5-a2ab-04aa03c524f2","block_type":"box","text":"Change of domicile","page_number":206,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"103c89ed-106f-448b-a429-1f12a4d28140","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":206,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"643751b2-07b0-4c09-ab6b-5fe6fc87badd","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":206,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"6db926fb-6813-4f58-90a4-6b3565d94043","block_type":"box","text":"immaterial.","page_number":206,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"6c8a4d18-1b89-46bc-aed5-0208b3da37dc","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":206,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"ea8cb6e1-fa0f-4e46-9904-f5c359947af5","block_type":"box","text":"with our clients’ financial interests.","page_number":206,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"3893f465-22f4-4e73-ac4b-d637ee8e942d","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":206,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"b91aec69-61d2-4a91-b629-820efcfc80b2","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":206,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"77743256-fd49-4bc8-8938-6336df20f42f","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":206,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"29a017ab-c284-46ed-9282-80293ca175bd","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":206,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"1e773c2f-edad-4dd0-ab44-14676e597776","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":206,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"123ca082-ba2a-4126-9131-84a9e77c5e73","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":206,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"b1dc84bc-a64a-476e-a7e8-825efa2c9fbd","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":206,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"1b549d7e-430c-4c49-a487-e64eb87ccfac","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":206,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"5df64dc8-83d9-4d9e-8e11-72086a2a6f9e","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":206,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"67eb61fe-5f4f-4846-8ba3-4d8a319d6b33","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":206,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"ee748679-2b25-43fd-b1f4-6362251066af","block_type":"box","text":"relevant to a company’s business.","page_number":206,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"5f9b02a2-6e28-4de0-a188-4a1717aa6bba","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":206,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"11309e1d-c698-495a-a576-a0bc5a853c0f","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":206,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"934dfeee-ff80-4430-aaa8-d2ba16ebdbbf","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":206,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"f50406f7-1db6-4c7e-b6e4-9dcfc8f9e190","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":206,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"1e8a19c6-50f7-4133-82b0-46e88c50c2dd","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":206,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"46abf03e-0f9b-4982-a5ea-b0bcae8833f2","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":206,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"6544f084-4a91-45c1-b1bf-0fd0819574f1","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":206,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"b63ea2f5-2ed4-49f2-b65d-0b298566b85f","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":206,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"767e542c-0bbb-4444-aef5-3d6e3c49a778","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":206,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"4269b0c7-1be2-4f02-ab33-9b4f5b0b59ad","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":206,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"cf7cad40-c95d-40d4-9cd4-6c23bea5f82c","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":206,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"8c7fdef8-b051-4e48-9fa3-7876b6168f12","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":206,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"e4829637-ea7e-4a1c-b6f8-0f2ad73d5346","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":206,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"7c3a4205-3d87-4bd1-ba65-26b104bce7ef","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":206,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"2bd982e3-628c-43d1-8376-01e3cf524e42","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":206,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"03d5f6fe-4642-41ad-8e22-d875088b2cd0","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":206,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"41a9cb2f-cd75-4f2e-9520-2cacfe7eeac8","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":206,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"23847620-a089-4c08-a8bc-cfbd65a28c68","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":206,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"5387a28d-d9ab-4312-9b3b-0e2417ca22c2","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":206,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"2c8f223a-9f7d-4a02-923e-54d473be35e3","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":206,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"04234ed8-20bd-459a-8825-7cb7b43f59fd","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4d25f2b0-84c1-480e-ab31-32dd6013206a","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ce27c83f-74b5-4b09-a8c7-d8dbc2b82a3e","block_type":"box","text":"NM1026U-6033389-206/246","page_number":206,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"d2e51acf-afbb-4e7e-978d-805226644055","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":207,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"867b830a-424d-408d-b233-ba3e3b5e5074","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":207,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"f164c47a-ca98-4502-8109-3db097851772","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":207,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"4aaba4d8-cbe6-4820-a46b-94ba4cdb4047","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":207,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"7fcfec65-7e24-452e-ba4a-8d3d6c87936e","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":207,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"49f9f31d-cef1-404c-b142-777e2fa3bd31","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":207,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"4bf0f988-ffe9-45d7-adba-c34cdc78837f","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":207,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"0aa15220-ea0f-44e4-89fb-c2f56820ff03","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":207,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"db2a5779-f5b3-4b95-9455-94191b9f36e8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"11bbb2a6-852e-400c-859c-a66258593af1","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"f8e68e1c-72fc-48c5-8e4c-5d43a1c97e5e","block_type":"box","text":"NM1026U-6033389-207/246","page_number":207,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"55a5e55a-7bf5-4c9b-944b-5bed259b69ca","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":208,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"6d28d6af-f086-4681-a391-83afe93b85bf","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":208,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"deda4e45-2676-44cf-ba49-d7005e10bd72","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":208,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"4949b442-4ee4-44f5-b815-3fa0cb13d6c3","block_type":"box","text":"11","page_number":208,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"1da219ba-041d-4571-a4b3-b1522ab10721","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":208,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"f2b0b442-af21-4f33-8436-63d33e124fef","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":208,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"57c94071-06e4-49c8-ae37-01bb205495a4","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":208,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"8185a816-5c39-43ce-a913-da2963bbd8f7","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":208,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"1636ce3e-46be-452b-ab64-dcf3e8cc7fcf","block_type":"box","text":"regulatory requirements.","page_number":208,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"2e08ec47-7bcd-4ada-94b1-2d925812d52d","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":208,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"c7a9bd11-d900-439b-a580-91300164df48","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":208,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"3dd36375-3cdc-4592-8b5d-d324642e5973","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":208,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"072b4249-719e-4559-92a6-ef8dfbcd2582","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":208,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"0cd70b28-6bf7-4c51-a5c9-786fba02cba1","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":208,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"3eb9afe6-26a0-4457-a465-853e816f24ec","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":208,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"4a277dc3-1fc8-4bab-ad52-59265033cf27","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":208,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"ea1feac6-436a-474b-8718-ec42a295755e","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":208,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"f43e65b2-68e9-4ea1-a51b-1b1dec6bf55d","block_type":"box","text":"returns.","page_number":208,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"051f4b41-8a6b-4a9b-8dae-0aaf83a5dc65","block_type":"box","text":"KEY STAKEHOLDERS","page_number":208,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"0cab10e1-43da-488f-9ae0-5d619ab52a0f","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":208,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"9718cd03-43a5-41d2-ab73-ef8b59f1ecab","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":208,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"58492a1b-f0f5-4e09-9ac4-0e87277f1f97","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":208,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"ee379946-3835-4d2f-8815-4eabcf0ab179","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":208,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"814faad6-48c9-4cfa-b8c8-7a7fd500d68c","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":208,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"0235deb7-d5f1-4811-8833-e384786809b9","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":208,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"97459e88-6723-4a10-95df-b1a493641ebb","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":208,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"9afeae83-2107-4fd7-a6db-fa19fbc69974","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":208,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"561bd5e5-a500-46e3-88e2-c0867feb8ae9","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":208,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"d6ed53f7-36f2-49a8-964f-e7919d8a05b6","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":208,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"e8f448b1-9565-484a-89e7-e37a76ce846f","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":208,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"8202e690-e3ce-40bc-a8fb-ee638bf10ed0","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":208,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"9bdc37ce-3f08-4e55-9fdc-1f8b34f9d29d","block_type":"box","text":"i.e.","page_number":208,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"865e786e-1214-45da-a0c1-5fc725add5fc","block_type":"box","text":", one in which global","page_number":208,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"09d19ae6-6568-47c8-b7f0-0c04ff4cf1d8","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":208,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"c0f83523-2b92-437d-ae9d-f7987db40ae9","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":208,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"0689c46a-e8bc-4f8f-8705-81d2d147ddb4","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":208,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"3007e49d-6c7c-482c-b788-f94c89d8c9e7","block_type":"box","text":"client.","page_number":208,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"7e0eca6c-bb2d-44a6-8ac6-d3bf7214ace3","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":208,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"53cc3285-deff-4240-9210-f094cd35e268","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":208,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"d098dfd4-5b3f-4f5d-bda6-3c8328790ca2","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":208,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"3344a708-d251-41fb-9415-fcc377de8f3e","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":208,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"49d57476-5a9e-4e91-8d15-f71fdd9e56f0","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":208,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"b26b5f47-4cdd-489f-8d3f-8fc44a5d8ae8","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":208,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"042dc8fa-4b3d-4d4e-928a-bf5cc91c5557","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":208,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"251554c8-57ca-47d1-9dc2-d7f40f478c13","block_type":"box","text":"1 and 2 emissions.","page_number":208,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"d28bad12-c9c1-4df4-9203-5b2dfdccfe6b","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":208,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"f35892af-77a9-47fd-85ad-5e07f7c97cd8","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":208,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"15654e81-7f7a-4071-b316-15e0339b5b59","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":208,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"3b39b951-af66-41da-a240-ca89e3132fa5","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":208,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"7dd89cc3-0a0c-4c85-b827-f11685095d7b","block_type":"box","text":"11","page_number":208,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"54dfafed-8c6f-46ef-a0f2-e456394e969c","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":208,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"a945d679-d2cc-475e-9082-a0a34b0c5c11","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":208,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"74bd10ec-4eba-48f5-b911-945d537f7d1b","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":208,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"f836ff18-d050-4dcb-955c-468137202ded","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":208,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"40aa67b2-10c8-42fd-8146-20f7ba23c9e8","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":208,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"a348c494-704f-4419-824e-694761ef7d0c","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":208,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"9216a36a-7c14-4c7f-aca7-6ffc4fba8093","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":208,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"475c1cbe-1985-4437-8289-cf2741e4c929","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":208,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"c6feab5a-acc2-4071-9eae-8220005eabcf","block_type":"box","text":"sound governance framework.","page_number":208,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"4996204b-69f8-4995-9ae2-9ba63ec01a58","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"650fd715-b261-4ad1-9b9a-f7dd8ec78197","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"93fed729-a4d9-4554-afe0-9bc8c7bb19ee","block_type":"box","text":"NM1026U-6033389-208/246","page_number":208,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"c60f87b9-81dd-4ba9-ac95-1a66a49637a9","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":209,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"b1b09016-1cc2-40a9-a8a0-7386f4d945af","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":209,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"29d0fa79-b2f8-4ff6-97b9-cfe6a54dc6c7","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":209,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"bf0bb78f-162f-43a2-903c-3d27a4d386f8","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":209,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"0197f715-bc36-4527-9476-f3618a69f38c","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":209,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"1e842f0d-46b7-40cd-a900-8e4db42f66d7","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":209,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"8d6f4253-7d72-4538-88aa-fc0b18abbe85","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cc5fb762-5e29-4a00-a15d-eb74f7b72c7a","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"91fddfc3-a072-4dae-b0bb-9513685fb08b","block_type":"box","text":"NM1026U-6033389-209/246","page_number":209,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"d58718d9-2494-4449-b2b0-468b43ba3101","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":210,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"acf76d16-a440-4a80-a20a-391df0b692a8","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":210,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"42f00833-453b-4dd2-9dc5-61ddab688d21","block_type":"box","text":"Oversight","page_number":210,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"7a7c4ffa-be49-4ca3-8880-76c1f4ea997e","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":210,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"a190ee85-eb43-48ac-bb35-8f9f74b52ac2","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":210,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"0827fb7c-1974-4ed2-819a-89545f11c1e5","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":210,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"c0875a88-7ae8-4191-a29e-b0d5fe23179f","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":210,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"f24053df-64bd-4efb-9fe8-39b48276d987","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":210,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"a566a07e-f112-45d5-ad8f-77562f784936","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":210,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"7316f7e3-1e80-4edd-a0d3-9f404843d20f","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":210,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"1bb536b8-9267-4857-add4-3e201042858c","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":210,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"c85f80a1-330e-4259-bd1c-f3fe945da09d","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":210,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"722aaa5e-0651-425f-980a-80d08db1506d","block_type":"box","text":"relevant active equity investors.","page_number":210,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"129ec02f-3aed-4c06-bf79-f2a18b3daf8e","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":210,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"b9776c93-7e10-4075-b668-f915a1091c95","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":210,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"ad40f969-bf6f-4d72-ad09-02cadc42a728","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":210,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"3e09d867-7bc3-418f-b3f8-b4b466ad9001","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":210,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"114e8388-cbb1-4e62-9d98-96b29148cdd8","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":210,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"8d058be1-bf88-48e1-aadb-1cae03e70dc7","block_type":"box","text":"third-par ty vote services providers” below).","page_number":210,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"8e32e3e5-1e3e-455a-baac-aa30ae10ee01","block_type":"box","text":"Voting guidelines and vote execution","page_number":210,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"8de7e022-d5b1-4c55-afd5-0221c273669b","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":210,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"c7a0ea90-8922-4068-a86c-22c48b617f04","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":210,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"ee36d786-c759-4440-8e3d-bce31e70827b","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":210,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"03ed14bb-546c-4e11-ad46-f4380225412b","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":210,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"cfd84860-dd51-4c4a-888e-4de4798a58a4","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":210,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"1d2d0f84-d901-4858-b734-1eb0042df076","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":210,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"e9e9e1ba-7c6d-4517-a52b-bfaf68f6dcdd","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":210,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"e3af2f17-5aad-466a-a43d-e968a207af5d","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":210,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"018de790-9abb-49f7-9420-49ae1b40ef0d","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":210,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"11a555aa-3d42-4b4f-84eb-03c1abacbd87","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":210,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"87316168-3236-46c3-ae4c-35a26e38065f","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":210,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"d6469301-7a68-4e30-8797-a8481c2891c6","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":210,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"329109a6-8019-4a70-b814-5481a7504e81","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":210,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"576f0d26-64df-497a-b178-01f12339bb06","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":210,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"b4d17db1-7ffc-4cd1-9f86-b7ed2edbc309","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":210,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"1eabdb12-ac38-4259-91c0-1ea539d8c366","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":210,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"dedae05d-8067-4a18-b580-202511a9836e","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":210,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"dc8e59e6-654a-4e03-a65c-4762cf02e043","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":210,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"05fc63fb-6b28-4056-b5d9-5df3b67bc949","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":210,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"cfd4039d-3333-41da-8a1a-0efeeb64ae34","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":210,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"7b414fea-0260-4dc8-b884-1587d1af58fa","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":210,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"571886f7-1b97-4469-aa3d-75f0c0c207a3","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":210,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"6bd34c6c-6710-4968-a011-dddd6cea1e0c","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":210,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"ef74a9d4-e528-4266-a757-43016212bb1e","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":210,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"2f1f6361-3721-435d-9637-a9355a57cd50","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":210,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"4bdc3573-75e2-4f70-8ee7-a0761f9c0a69","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":210,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"b8412474-8b05-4557-864b-8877dd504fec","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":210,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"11baf066-b155-4951-a047-8ff67a2e7a90","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":210,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"32d50afd-d631-4a8b-b795-a4a97efaf0f9","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":210,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"e45551e2-cbdd-450c-94c1-27edbbe7b4fc","block_type":"box","text":"Voting Choice","page_number":210,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"4999f430-5b20-406d-afd3-f3631fb237fc","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":210,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"0b28a876-3e08-4ef2-8e35-39ad1ca55f4d","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":210,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"58269ea7-4d04-46ba-a263-e133671e4003","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"41501b09-001a-43a2-b558-720275c77b7d","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5fbba356-f26b-4652-b79e-bee5a89c3a39","block_type":"box","text":"NM1026U-6033389-210/246","page_number":210,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"b16d1d46-8355-4299-911e-5d4843c260e7","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":211,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"9a860d41-6afe-425c-83fb-da7f89f2c3c5","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":211,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"2a2a2ac2-81de-4881-a797-643e7f4fc8a7","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":211,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"b91aa65b-59ba-4133-9791-657938214513","block_type":"box","text":"strategies.","page_number":211,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"1d4f37c9-e4ff-4809-82ea-d8bb98b7ece2","block_type":"box","text":"12","page_number":211,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"254f4d5a-0bb7-4979-8708-21333cf53164","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":211,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"1fd0a1f4-9355-4803-affe-f4204aee96cc","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":211,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"c4bf4f94-7d12-4541-b4b0-0e14037b39d4","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. 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BAIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":211,"box":{"x":102,"y":831,"width":762,"height":11}},{"id":"d2fa434a-ef24-420a-a1b7-766d2cc5adff","block_type":"box","text":"12","page_number":211,"box":{"x":69,"y":861,"width":9,"height":4}},{"id":"10cb27a2-3e52-4818-8a60-157bd1867199","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-par ty proxy advisers the","page_number":211,"box":{"x":83,"y":860,"width":814,"height":11}},{"id":"f9555675-600a-487f-8038-1a4595856251","block_type":"box","text":"policy that best aligns with their views and preferences. 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All other trademarks are those of their respective owners.","page_number":213,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"4ca81e34-a483-4f05-a7b7-35182c4df7b6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"95aaf5f9-29ae-4593-81cf-233ee27de80c","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"4882f72e-8ece-4514-86e7-00b000490e70","block_type":"box","text":"NM1026U-6033389-213/246","page_number":213,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"82283475-9341-45b8-a5bd-e247b0bf49a2","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":214,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"afc03037-e9a6-4082-9624-f628bb58ff7c","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":214,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"0a5e55ac-bce7-485e-a2f5-b2dda0971911","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":214,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"bae95869-36cc-47bc-af0b-4cbd3596594a","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":214,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"50a90982-f873-407e-ad3c-f49aa8d65dc5","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":214,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"a5228161-51fa-4143-b044-3fd699f48749","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":214,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"bdd45cfb-c369-47fd-9643-012b121fde2c","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":214,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"308f13be-5a0d-42b0-ac03-b15337795602","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":214,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"8fe5931e-65f7-48b2-9ef9-5153089320d1","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":214,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"86e7423b-dfb6-4790-ac92-236db9fbb5f3","block_type":"box","text":"the iShares Core S&P 500 ETF. 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Reporting on our activities to inform clients","page_number":218,"box":{"x":69,"y":292,"width":351,"height":11}},{"id":"c27e381f-0e40-4f50-a16a-6914ec4a4c14","block_type":"box","text":"about our stewardship effor ts on their behalf through a range of","page_number":218,"box":{"x":426,"y":292,"width":457,"height":11}},{"id":"96b7cbb2-fa5d-4ec6-8bd1-e387e2d4020d","block_type":"box","text":"publications on our website and direct client communications.","page_number":218,"box":{"x":102,"y":307,"width":439,"height":11}},{"id":"64714d10-81c8-4824-a991-ed300a300303","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to engaging and","page_number":218,"box":{"x":101,"y":329,"width":778,"height":12}},{"id":"31fabf3b-e1d3-40fc-ae62-bc43c48d480b","block_type":"box","text":"voting on corporate governance matters and other material risks and oppor tunities under BIS’ Benchmark Policies.","page_number":218,"box":{"x":68,"y":345,"width":817,"height":11}},{"id":"d71181f8-80ef-4f6b-925e-16edb3146aa3","block_type":"box","text":"The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and","page_number":218,"box":{"x":68,"y":360,"width":790,"height":11}},{"id":"28dedd7a-d9b0-467e-a9c9-9423cdbe7a0f","block_type":"box","text":"Engagement Priorities – apply to clients’ assets invested through index equity strategies, take a financial materiality","page_number":218,"box":{"x":70,"y":375,"width":829,"height":11}},{"id":"f58cdec1-916e-454e-879f-79240001022d","block_type":"box","text":"based approach, and are focused solely on advancing clients’ long-term financial interests.","page_number":218,"box":{"x":69,"y":390,"width":648,"height":11}},{"id":"67cebb14-42c8-47fc-9e31-aff3a55c45dd","block_type":"box","text":"2","page_number":218,"box":{"x":718,"y":390,"width":4,"height":5}},{"id":"b0a75cff-cb23-4a96-8067-ad7e6b80371f","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":218,"box":{"x":321,"y":420,"width":337,"height":9}},{"id":"9c3b05fb-3af5-4c55-8274-dec311fe7682","block_type":"box","text":"Sound governance is critical to a company’s ability to create long-term financial value. 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Our role, on behalf of clients as long-term investors, is to better","page_number":218,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"741dd3d4-ee2e-4159-87a7-bcdfeb616cf0","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on oppor tunities to help protect and","page_number":218,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"c6647659-6771-4bd7-af48-a8e82b2b5bc7","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":218,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"25525da1-5f82-48b3-bdca-cb78b2ad5a69","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":218,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"dcdc24c9-172f-487e-9e7a-5eba25dd1d45","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":218,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"540d537d-5aa5-43d0-9d8f-5785f00dfc7b","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":218,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"dbd710b1-e2d6-4547-ac79-808671e2cd52","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":218,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"07ebcf3f-d5ae-4055-b718-99c4c0056853","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. 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Engagements provide companies with the","page_number":218,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"0888c898-c62f-4025-8605-29d1cc89a66c","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":218,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"ccdf0ece-0c04-4057-878f-234bc5117c76","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":218,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"7a542cb0-57a0-4629-b571-732d9589260d","block_type":"box","text":"1","page_number":218,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"f93ce07e-3f9f-459b-9979-f8af43699f5e","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":218,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"903aed2f-d8d8-4050-8e95-ff18d61591a9","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":218,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"fd299b58-2497-47ca-b1ff-1ff28c730ee9","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":218,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"b7d70a18-4c3d-4889-a99b-ffc4f4500234","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":218,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"71e2be55-c195-4194-b3ca-d501b2b43992","block_type":"box","text":"2","page_number":218,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"804cd0bd-aa26-4b53-b1fa-0dab0b3610e2","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":218,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"af497935-4ccb-4c09-9aaa-e40c12c42f6d","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":218,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"0b161f45-856b-45fd-aad4-20544e2ae429","block_type":"box","text":"material business risk or oppor tunity.","page_number":218,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"b86ca513-69c4-4523-bd9c-ed13a3da3c6a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b832f21a-7c19-4bcb-8f95-5a1bbaf43b9b","block_type":"box","text":"Global Principles | 3","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a52b112d-68b4-409d-9844-8346c2f54d25","block_type":"box","text":"NM1026U-6033389-218/246","page_number":218,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"ddf39529-95bb-4bff-92d4-f1a745cdc486","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":219,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"d8d6740b-eb9b-4157-bd30-d014372af7da","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":219,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"da233335-f0a1-4e20-97ab-e48b30e194ad","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":219,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"e0734208-6456-4c22-b833-063b36874476","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":219,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"62e377c7-4f9b-4101-8bbc-ba9195a0252d","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. 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These are topics that shareholders may have","page_number":219,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"5c4b7751-70f0-4fc3-84a1-1b5e5d19a706","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":219,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"ee91dc73-c9d5-4e86-8f5c-c7859c4726d5","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"3cb7098b-d96c-4dcd-b587-26e244470039","block_type":"box","text":"Boards and directors","page_number":219,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"28b44b02-b136-4cae-9618-57f84d26b51b","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"02b71d52-de79-4a67-9794-9d4f45c9c4d7","block_type":"box","text":"Auditors and audit-related issues","page_number":219,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"57c240ca-a803-4313-9f0e-ab0747dca8ac","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"199cab66-6a03-419d-ad36-578d9c5ecdf0","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":219,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"bfbc3435-1ed6-47d3-a863-1970680b838b","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"32737638-da10-40e5-b7ad-5640fbf3c349","block_type":"box","text":"Executive compensation","page_number":219,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"a2eedc7c-dae6-4835-91da-4bf194b8863a","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"bf863cb4-f349-4c0d-8cd0-3b007dc324e6","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":219,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"678e80b4-b257-48c4-a3ec-d85a32175dce","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"48b14339-78eb-45cb-b91d-f53c270511e9","block_type":"box","text":"Shareholder proposals","page_number":219,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"5cbff3c7-fa6a-4999-b7d7-e9ab5f045ac7","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":219,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"840b701a-106c-409f-8eea-6fe10e3faf98","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":219,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"5037a139-5128-4e04-96b4-3542e78cded1","block_type":"box","text":"which companies operate.","page_number":219,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"229c6e5d-4b05-4e23-a87f-ed5850f08696","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":219,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"e6be76c0-2d60-4c79-a829-0540141c7282","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":219,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"6f8e4db8-7648-4060-8e62-f95b26b517e0","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":219,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"9cfd46b0-b72b-43ea-a357-cf3263c43e5e","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":219,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"4a0fa2f3-34a5-4c60-8115-100ba146bf40","block_type":"box","text":"4","page_number":219,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"06564d55-be6a-49ca-9d8c-a1c734a84807","block_type":"box","text":"3","page_number":219,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"3f399726-36f4-4594-868a-6dd832bbe4a9","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":219,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"804183a5-05e9-4952-b965-f761a688a1a7","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":219,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"a0f17b1d-99ad-4edc-91f2-6c89e603f9db","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":219,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"ed934002-eb31-4201-bdfc-578c3c73f3e3","block_type":"box","text":"4","page_number":219,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"f686517f-2e32-438e-80fa-aa97012fd5cf","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":219,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"655ab4b4-78e8-43fd-83ec-57763ca47135","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":219,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"2a94f089-31a2-4e6b-8297-b7522c7c8a04","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":219,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"516515fe-a370-4b59-bb2b-cff9e2f673dc","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":219,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"e40061e7-177a-4566-86e1-f3bbf4b034c6","block_type":"box","text":"guidelines.","page_number":219,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"ad48ca11-86eb-4270-b585-50a3ee35d14f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4175ef4c-c0de-4520-818e-dadb10f68360","block_type":"box","text":"Global Principles | 4","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"f28cf6ff-4a72-4528-93db-fe47b2dff0a5","block_type":"box","text":"NM1026U-6033389-219/246","page_number":219,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"b6b5a3eb-29d6-470c-9925-173558485d5d","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":220,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"a78b4ac1-220a-4b33-bf94-36c1290e84e5","block_type":"box","text":"Oversight role of the board","page_number":220,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"c3dd56ee-34e0-433d-bd47-5f68896148d6","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":220,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"b1e03886-1ecb-416e-ad68-87bbc1bb99b7","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":220,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"6be3c54b-7885-4365-9487-e40a05fc7ca4","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":220,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"066c8321-c1d1-445a-9d41-ab2e88c13e80","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":220,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"0368e1b9-10d5-445d-ac4e-d7c7411920de","block_type":"box","text":"long-term financial per formance.","page_number":220,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"db11cce4-24d2-43be-b05c-2235592f7315","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":220,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"6744b67a-5010-435f-aab2-41eff6d2fd7e","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":220,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"7dcac3a6-016b-456c-9838-e6edf5a3205d","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":220,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"9b4d38f8-277c-40ed-af3c-14782e6e9b4a","block_type":"box","text":"the business environment in which a company is operating.","page_number":220,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"5c3adee3-9fcf-47c9-b25e-627a817ffcc5","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":220,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"8a9c4af1-ee4e-480c-ab35-b51e832f63b6","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":220,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"cffad911-f6b5-418b-b2a8-ea075f7a34ee","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":220,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"a20bad4d-3a3f-46e2-b1c2-2ae388593049","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":220,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"2ddc2134-5f73-4239-b059-c90526530267","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":220,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"1502719c-478b-4259-968d-150f34824401","block_type":"box","text":"mitigating such risks.","page_number":220,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"073203a6-9156-4cd0-97fb-0f4abc8e2f92","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":220,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"896ecfe5-729c-4030-a92b-f72698055bae","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":220,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"0f92801f-4d99-4067-ba9e-eb3cd0709487","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":220,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"f90c988d-301c-4d7a-b964-6c757e60b552","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":220,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"be9c7275-a710-4a34-8288-fba9ae4f7f37","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":220,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"c244f44b-d4a4-49be-b1fc-1c6cd37d5e9d","block_type":"box","text":"strategy.","page_number":220,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"18698d20-f2c7-4abc-b4ac-75e2e0602e26","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":220,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"311150c8-b446-43fc-8760-8b5060d86db8","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":220,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"c1e0f770-ed85-4bee-b90f-bbf900d3495b","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":220,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"3a3993f7-0107-47bb-a23d-ad86f01b7be3","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":220,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"40c9328a-bf0c-47bb-bab0-a6035d797cec","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":220,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"21f2f0dc-76fe-4fb3-b402-534c90ff1b1f","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":220,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"6146f7d8-f149-49d1-9868-dd052b384d32","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":220,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"ef35b977-e494-4a2c-8d1c-27b8f2cd47b4","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":220,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"fdbff641-cc96-4b48-a5fd-dc09802aafc1","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":220,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"5008e962-2dab-4262-947e-85f7a26a51e2","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":220,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"534b3363-5787-494e-9afe-01a6022d70db","block_type":"box","text":"Regular accountability through director elections","page_number":220,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"d219cdcc-0253-48e3-9035-f4248a11ff94","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":220,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"d4079e77-453a-41b0-ac30-24382f5b050c","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":220,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"fed6e8c8-fc25-473a-b6d6-792045e40f32","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":220,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"bdada898-ccc1-48ba-bb87-174c0237bd28","block_type":"box","text":"5","page_number":220,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"afda0b6b-7078-457b-96a6-c323e2119c87","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":220,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"f2608393-3c9a-47fc-8ee9-88d94735b902","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":220,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"24dadff6-aedf-49d4-bec4-6b894668f939","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":220,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"de29c25a-a0bc-4283-bfab-8fa3b1fe2f6e","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":220,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"f37cb65d-6ca0-4da1-bef2-108872cf79fd","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":220,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"72a6dcff-d660-4404-92f4-3461b9ef9879","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":220,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"ec0cb686-5377-45c7-bcc8-84535e5b2afc","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":220,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"ca375898-a004-460b-b9d4-36090a7587fe","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":220,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"ab12fdb2-406c-4c3c-9520-d35c462432de","block_type":"box","text":"5","page_number":220,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"7f52074b-28ee-472c-a317-53ef3dd563c8","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":220,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"6bbf2a09-0058-40de-9875-3512cfeae01f","block_type":"box","text":"market regulation or voluntary best practice.","page_number":220,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"11a5ce4b-627d-46da-b71d-cc727ad31da3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9f7e9e0a-5716-4291-9cf1-8daaf818dada","block_type":"box","text":"Global Principles | 5","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"809e47ae-fb2b-42e1-ba9a-e6183b6b96b8","block_type":"box","text":"NM1026U-6033389-220/246","page_number":220,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"37779b86-bce9-468c-8509-c86f0f315337","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":221,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"ad2188fc-bf3e-4a7e-9c33-41627b19a6e5","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":221,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"484789f8-9bc2-4c79-8086-da9324fbb52a","block_type":"box","text":"recently.","page_number":221,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"e88ca243-5d52-4fa0-8c91-29c2ad8d655d","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":221,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"428cffc0-e9b8-49cb-93ed-5cf0616f173c","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":221,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"d25bed2c-4d91-4d6c-a0e9-bb4f0ec04fd7","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":221,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"66b8aca1-a0a7-497b-9770-8d76ca546972","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":221,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"2381cde4-d10a-46bc-9188-b9b5a77b797b","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":221,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"0718ceae-25b3-4a7d-89d2-b23f3dff8173","block_type":"box","text":"Director independence","page_number":221,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"77a0ef74-4832-4668-a677-0b8aa1eea11a","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":221,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"e9d341a9-460b-4b0a-a3f4-18d101cce30d","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":221,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"71366455-ccd7-4b6b-8000-88973b977919","block_type":"box","text":"6","page_number":221,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"8e2a9482-e571-4611-b4f3-6eaf6d091319","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":221,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"3d97d906-ff5e-4c98-95ab-5db0f4a9524c","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":221,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"5d1ecfd4-ed2d-452c-bba7-a2d664ff337b","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":221,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"673a397c-c560-4e00-86f1-6b68202dc0fb","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":221,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"1075f7e0-02be-4d17-8f00-6a8bafed9010","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":221,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"83603c89-e134-4a0f-9249-81c06930c9a9","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"2296b2d3-9ff8-4924-ae67-79904e9498a2","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":221,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"63292127-5f33-4c62-b8ad-d54a31754c42","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"700ac4f6-eb2f-4350-b893-492f085c5fd4","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":221,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"351fbf64-f91a-43ac-ae60-05ebdccfac89","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"da46b4c5-706d-4163-a3d9-89df6a93e329","block_type":"box","text":"Interlocking directorates","page_number":221,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"ced1103b-6d9f-458d-a9e4-9df6305f27ed","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"c07aa483-0670-44b4-a1af-b4570dcbaa6a","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":221,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"f8ad8f0a-d044-49f6-a751-0450126d8813","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":221,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"6576964c-09c1-4ee3-8675-f9c6f79b906b","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":221,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"c4ba9666-7ab8-41a2-a6dc-848c128278b7","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":221,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"1604f914-fd24-4902-996a-fb590f8d218a","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":221,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"b3668134-9ef7-4731-9f46-d305aec6b2dc","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":221,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"d99ee76f-39ec-48a0-9ba9-bf1423bc6492","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":221,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"82dc6326-6046-41fb-a498-ef1a10e484c5","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":221,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"72722add-568c-4838-856d-ff20b897a1d3","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":221,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"7415ef81-2b5b-4012-88b8-ae4efde3c4d6","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":221,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"8a68e873-cccf-4d82-9311-68cd359bd4a4","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":221,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"77fd22e7-60fe-4463-96fe-a84fe433a08d","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":221,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"95724145-72c7-41ee-bb21-57c9baefb333","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":221,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"5234130e-8c59-429e-ad04-cced13a87ef2","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":221,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"1db236d0-28de-4792-82c3-343d35c6cfa3","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":221,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"04e9227c-56e3-40b0-9eb6-bf94bf9bb218","block_type":"box","text":"Sufficient capacity","page_number":221,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"7ac7605f-499d-4ee1-8028-674f6e71a419","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":221,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"39904de7-375a-4b6b-9368-b21854bf380b","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":221,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"f79745a8-7866-4610-aa44-d4db13031b5b","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":221,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"b7dc69c6-8278-4049-bbd8-24d38990af72","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":221,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"4f7fdfa4-0209-4b7f-8230-92047884ebed","block_type":"box","text":"Board composition","page_number":221,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"e093984d-4804-400d-9bad-555875e828c4","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":221,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"50e67f6d-7f5c-4964-a330-523c2adac447","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":221,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"082a9108-6518-474c-97a5-7dbde20ab0e0","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":221,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"e6a6b7c3-3671-4298-84b4-c1b24059db07","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":221,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"f120f274-10b1-40c7-83cd-3dca02460657","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":221,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"f0a1b069-868e-4d36-9909-f982a0f570f6","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":221,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"212c15ae-ec34-4f27-869e-380e1cc1946e","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":221,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"e5b1d778-9725-4814-b3db-60d45ce51c8b","block_type":"box","text":"6","page_number":221,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"14d4311d-ab1c-40a4-9de9-22d5df20cf80","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":221,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"190b8c3c-a878-4628-b471-0467a3bc47e1","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":221,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"fd1b17ca-570c-41a3-a526-7efbccbb307a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c9b44a9a-4709-42e7-b0bd-f5cf247527d4","block_type":"box","text":"Global Principles | 6","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"fa21c0d2-bd09-40c7-8926-77c434670c9c","block_type":"box","text":"NM1026U-6033389-221/246","page_number":221,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"edcbe5fb-4eef-4e41-b5e9-6b290b3800e8","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":222,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"3469d820-a110-438f-84ad-1aa1eb22984d","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":222,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"4f2e09a7-10e3-49bd-bb81-9341d957f253","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":222,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"d1fbb5ef-cc86-4d52-b11d-1b0be358ac07","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":222,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"bd52d600-e72e-4639-937d-94ab59e3289a","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":222,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"9956ab2d-8c46-4136-81bc-5e8c05a6fe9d","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":222,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"b6ed4784-605d-47dd-92d6-5d0746cec79d","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":222,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"fdd8b288-d775-4c0d-826b-220a148252d0","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":222,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"3d978e6e-65b8-4f9c-9801-e9555be576af","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":222,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"c237cf02-6cee-4bba-af7a-ce9023d3c4f3","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":222,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"f3d20f41-9558-41ec-b856-217afe51c44b","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":222,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"78e9fa06-953c-4347-90e1-4e6d2ef02413","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":222,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"a1833a04-369d-48f1-b048-3d2eb29b8eec","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":222,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"850f6715-3bc8-41e1-9f79-8069f6bd57f8","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":222,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"df1ce7c9-59fd-4948-b954-edbe8fcfc105","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":222,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"7a2e50d3-6d1f-44b3-b561-a7fd02fa6533","block_type":"box","text":"systems.","page_number":222,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"2a93c70c-9f28-4f26-95d8-f09da35b3c5d","block_type":"box","text":"7","page_number":222,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"e119e682-64b4-4f54-a1b0-ff4d5cba60c8","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":222,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"33315da4-8667-476f-b8ef-ebccbba2903a","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":222,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"326a86fa-8d49-4cc6-8e89-7ee7604a0412","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":222,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"d0e2f23b-46ca-40a7-813f-3bd378cdf697","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":222,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"322cc124-54d5-4137-90fc-4bb0bf501671","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":222,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"08f1cbe0-a771-46b5-83f4-89c93499c3e5","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":222,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"8dc2082c-7bce-4f0f-a40e-d825fd355d48","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":222,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"6ab1a591-b7f6-4cae-8816-5fee6ec3f388","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":222,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"06a67c0e-75d8-4249-a68f-91e880bc89ee","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":222,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"0f44ad32-f751-490b-a43b-5d9de32120eb","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":222,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"1084be71-7007-42d4-b660-98430fae96d3","block_type":"box","text":"or internal audit function.","page_number":222,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"0630e866-5f5e-4198-8dc0-5a5f2010bd68","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":222,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"a0ee6478-2945-45f2-8bae-9e53652fb548","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":222,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"8128076e-9ce5-49c6-83bf-fab3f3f0ef19","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":222,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"6e649170-ce8a-48de-a645-81876a793110","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":222,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"1d8fc139-5f5a-408f-8f77-60d2ab7a4b6b","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":222,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"0b367727-ec90-437d-a2cf-c7387ba27fd2","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":222,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"85ad55d7-a642-48b4-969a-c4344b86045b","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":222,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"4b445826-3f8a-4b7f-9db2-ae0bb33b8509","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":222,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"75aa19d5-12e7-49d3-bf11-d85507f51e47","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":222,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"51d815ff-edcb-4de2-8d24-030b68a0e30f","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":222,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"9b77457d-de24-4dac-86cb-776cf2351a1d","block_type":"box","text":"risk.","page_number":222,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"81561326-1816-494c-b83b-80817d409f9c","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":222,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"72d31945-77c8-463e-b864-3da8726d4750","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":222,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"eaf737f8-c650-4bff-bb24-b04f197b2f47","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":222,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"d778e3cc-2419-4b0a-92a8-9184f82edef0","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":222,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"4d162580-5a2d-4ac6-b545-2dd595e86fe3","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":222,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"00f9071c-91b0-4814-a24a-af6c1425486a","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":222,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"68819c54-36df-49c0-a801-fd87abdf0496","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":222,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"72db0c77-1d7a-4d78-88d1-41494df05ffb","block_type":"box","text":"7","page_number":222,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"66359c04-36c2-4ba7-ab00-177d37f3d068","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":222,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"1df98df0-ff72-44ba-8016-b302ecbd9d07","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":222,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"ed194f1c-bef3-4cc7-9fd9-2753342c51b2","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":222,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"b2cc6b49-5321-45f0-adaf-b58e5351f2fb","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":222,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"ab1c217f-0993-484c-8038-c062b765f4e2","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":222,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"df2f62ee-378e-4e52-9521-4678fb8a83ab","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"17349367-aa40-4617-b721-810a63fd1dc8","block_type":"box","text":"Global Principles | 7","page_number":222,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"660fb7ee-9a26-473e-a698-854d498f3f2e","block_type":"box","text":"NM1026U-6033389-222/246","page_number":222,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"46511d4b-1e98-4e58-b4f0-a36caa1b54fc","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":223,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"d0518f8c-3d70-4a2b-b0ef-2b430317f49a","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":223,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"798ab53c-cd37-43df-a19c-5de2d52714a1","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":223,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"19c90c48-929a-4cd6-84d8-b4434ce1192f","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":223,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"5c86c74e-f955-476f-8657-994e9403521e","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":223,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"df866822-b773-48fb-974b-8f4a5e6852b1","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":223,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"0fee0971-0a95-4df4-844a-22fd341e50d6","block_type":"box","text":"minimizing costs to shareholders.","page_number":223,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"4b9a79bd-f9be-4634-aa96-faddfb43afcc","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":223,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"2537b7cf-01cd-4891-b191-8ebd51d2da3e","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":223,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"0d66092f-7bef-4bef-9368-fd5a606f7f12","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":223,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"367280b3-898f-44c8-b486-c964b1ca403e","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":223,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"b2025c53-adf2-4ce8-8c96-88f24bed74bb","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":223,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"342c2e13-c38b-458f-9026-70da7a29747f","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":223,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"d1feb90d-7e9f-438b-8f04-d41165f91d81","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":223,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"5524c694-2502-4eb1-9972-81511fa48682","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":223,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"f74ffc5d-697b-4aa3-b91d-dddd2861282d","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":223,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"329c3feb-a01e-4986-9b59-d8d7b481621f","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":223,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"9a5dae6d-2133-474a-aae7-2b4ee10a33cf","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":223,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"c4b6b620-366b-4a2a-80ab-a49e020c4c63","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":223,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"76d332ab-d558-42ee-86fd-6d7ce23b8634","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":223,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"333b51de-824d-4423-87cd-cd82c21886db","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":223,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"a86ce1d4-dedd-4770-aabb-8008291f3fe4","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":223,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"0dbbbca5-cf8e-4928-953c-e9e1d638d0f9","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":223,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"408ba7bf-cfb2-420d-8b47-4ff53c931fc2","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":223,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"e9a7ec8e-d1d0-4ded-9803-45e9c29f24a3","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":223,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"636c3be5-56e5-4cad-8a37-3a88b9cc53ed","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":223,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"3cb89169-3ada-4579-b594-b92635c44cbb","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":223,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"0809706f-2503-44c1-a926-03e488f33f6c","block_type":"box","text":"ownership.","page_number":223,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"e66986e6-c072-4f4f-a2ad-a039238eb636","block_type":"box","text":"8","page_number":223,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"e3b3d16c-7520-49e8-a75c-19460b8f1a33","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":223,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"e2d15e42-b5f5-41ae-a2e8-bd8d0b7a4c14","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":223,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"ca5dc247-5c39-4e17-9a08-db753acf2edf","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":223,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"202c7667-2a97-4054-a983-57c3696a1774","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":223,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"101ecc98-f917-42fa-84f7-d36c0417c8ac","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":223,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"e200e4b6-ffcb-4d9e-99e0-4ed64b3c76eb","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":223,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"184d44f9-27e5-44f2-97ef-94a24e9f44ff","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":223,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"85d35171-a185-4a91-9ecb-9790274c9dde","block_type":"box","text":"results over a period of years.","page_number":223,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"be40ad99-31cc-458b-a317-f23d5230cd82","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":223,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"38fb8aad-590d-4833-bddc-16eb0151ba54","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":223,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"9016795d-05ee-4ec4-b4d7-e33522a6e432","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":223,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"a7c3f08a-c297-4c08-b806-115c167b78f9","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":223,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"6cd19b2d-5173-443d-884d-ddac0f58604f","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":223,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"54e6d9dc-1645-4a06-9315-b90c15a5b14d","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":223,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"98531350-5355-499a-bfcb-3f6d5c05cad6","block_type":"box","text":"executive compensation strategies.","page_number":223,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"653b75db-43c1-4ea5-9284-f7cf4bf654c0","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":223,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"a7eea2fa-a39b-484f-a1a1-d699981ee4e8","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":223,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"d665801b-7b4f-401e-bf07-cd045cb834af","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":223,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"3e2b8f28-b710-4f29-94e5-d598b4b9e75a","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":223,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"6ecf4d26-14eb-4c9b-ba5d-8c6834fd6c3b","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":223,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"035e9d0f-5bfa-4faf-8417-211284ac2884","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":223,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"93fb58d8-f2a7-4136-a5e6-7b9d7a1aa1d8","block_type":"box","text":"8","page_number":223,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"9f900205-51ee-4b6c-9424-2e1cdb67f5fc","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":223,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"59b5886a-9564-43c3-9fe3-88e8a62d8c7f","block_type":"box","text":"different markets.","page_number":223,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"8bdb05d4-7bc5-4941-92a6-efe9b50937e5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6d32b227-6afa-4fdd-a46d-c63559b613c2","block_type":"box","text":"Global Principles | 8","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"bd4b899d-85f2-4287-b294-3d09462e0ff0","block_type":"box","text":"NM1026U-6033389-223/246","page_number":223,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"21d09d1c-c81e-4e81-8a76-b99ae24bff6f","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":224,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"c4583be5-649a-400e-970d-7276baf65fd6","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":224,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"09b1612f-9f9a-486e-a81b-e3187971e016","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":224,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"1ce63c7b-02e5-4e58-8229-70301566f132","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":224,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"ac761173-2968-42cb-ab55-6215f9990d47","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":224,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"a4baf3e4-026c-49a8-8158-fec5b30a99d9","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":224,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"b3b06fed-0f50-40fd-826f-3ffe1d0c58e5","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":224,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"0e6ef1d9-6e31-4a7d-8089-f982dd1903c3","block_type":"box","text":"whom they are charged with overseeing.","page_number":224,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"94879213-54f4-4808-975a-11d2ddb888e6","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":224,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"c012cd77-335f-4682-a035-50d0cd84c6e9","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":224,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"ecfb1048-4fcd-4de3-9b31-c71268e69cc2","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":224,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"6f5dd6fe-5c43-4c7c-be1f-a389df4d1671","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":224,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"15c4041e-92d4-4a59-a298-20d361b0477e","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":224,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"429e0e78-6b9a-472a-9066-26a050b9c942","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":224,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"e97799d4-cba2-4227-9085-578a62da679c","block_type":"box","text":"structures.","page_number":224,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"11098cec-c299-438d-98e1-9cb1d9daba25","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":224,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"f0cd5527-39e4-4e7e-8041-816ab07c9d8a","block_type":"box","text":"Corporate form","page_number":224,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"25402a87-7b1a-4513-82e2-26f373239da1","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":224,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"3218ad87-aafb-49fb-a9f1-865f1eea3c16","block_type":"box","text":"the company’s purpose and business model.","page_number":224,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"2d9908a5-7ed3-4037-a5d0-f812c41a6893","block_type":"box","text":"9","page_number":224,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"a0fa3195-523a-4a5a-87b2-8fdc7850d20d","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":224,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"39e88ca2-753a-48ab-a511-3994441c06e7","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":224,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"072cd868-cc2d-4769-9150-ff2a6df3e75f","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":224,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"43ff59a4-b355-4334-8d68-e35620df1f6c","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":224,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"28e6fdc6-4b48-49cb-b32f-01469ac6886c","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":224,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"0c42e140-6b85-4cef-9a96-669ccb77cdd7","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":224,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"2f6b3fc4-0843-403f-bedc-7743dea6f409","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":224,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"69ae45fa-2ac2-489c-9c99-9bbaf58072f5","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":224,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"68e19314-a8c1-420c-bbec-a876e2dbdd6d","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":224,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"a94e0c14-7159-454a-baf7-1b28baa46725","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":224,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"09e0a446-75a7-44fe-9219-749f0596a4d9","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":224,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"1ee3319b-d846-4cc8-8876-d63317192b9f","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":224,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"796bcfb1-1d18-47c8-a1e1-16563399a2ca","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":224,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"e94d5cb8-fb8b-4b9e-8733-d63d9c0df667","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":224,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"6f423268-224a-4ab5-a58a-e87904c267e1","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":224,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"5a5a277d-7eb0-4640-9834-9a3b7b135887","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":224,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"1910919e-5673-48fd-b356-98de47c0feb9","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":224,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"2e44e269-40c0-41af-b8cc-5c1ad2d960ec","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":224,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"1d2354fc-086c-479b-93f2-e7a28aa91b3d","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":224,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"1b9ae6f1-d2dc-4e9f-b400-ae4d52deb2db","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":224,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"ac2ac72b-a899-4d75-ab3d-09196bb1fd40","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":224,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"b9a490a7-2589-4ace-b554-c479bd77cc76","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":224,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"aa8c8ed0-f14d-4be9-97a5-42b206ea7f23","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":224,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"c0ac634e-2a17-436f-b6df-86146abe2c91","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":224,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"7c3bd20f-64b2-49fb-8b3f-2d7375dc1679","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":224,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"859705a9-a576-4340-a2a4-02bb5eeef62c","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":224,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"17956912-c755-4529-9bdb-e3b710626a86","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":224,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"d1df69d3-3d69-4add-9cda-f313f24ba9bb","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":224,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"649ba8f5-716b-4fc8-9d1f-7028f1e70880","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":224,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"07ae767e-09e0-484d-8374-86b583dc7592","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":224,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"9201d526-6886-4c6a-ad79-665769b901ff","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":224,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"fab8ac96-355c-48ab-8d2a-007c96f6689d","block_type":"box","text":"9","page_number":224,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"63e1804a-9be8-44df-9697-c8287cc72273","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":224,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"af8d62a2-bf48-4873-96d0-0dcdcfddbeff","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"255795d4-7f80-411c-b2a6-9c311cf9dc7a","block_type":"box","text":"Global Principles | 9","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"fb8f6ec4-2e24-408b-b049-c9b7db4e53f6","block_type":"box","text":"NM1026U-6033389-224/246","page_number":224,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"dee97069-f9d4-4877-b03b-cc3275f12abf","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":225,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"35a962c7-60db-4202-92a0-e37bb4d4d555","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":225,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"c90b1406-194f-4679-aba2-82c38fa393ce","block_type":"box","text":"long-term financial interests.","page_number":225,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"0c51e4c5-8e0f-419e-b157-3a48bf427614","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":225,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"d2c5e674-8204-486d-b78b-2baac6a7ca7d","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":225,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"ced0d69a-8c7a-411b-b5e1-6491b92dd4a9","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":225,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"21a811b8-1a49-4f63-b23f-735dfbfb73e1","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":225,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"c6b9095b-200d-4c1a-b7cd-19cb4a9070cd","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":225,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"300878be-a4e5-43be-925f-875ae04eb95d","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":225,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"d68b8d28-b5f0-44ab-ab12-b1cf90ea4496","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":225,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"f31f43b0-8387-4d03-a13b-4c92946fb958","block_type":"box","text":"term financial value creation.","page_number":225,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"498b2bb8-ab1a-4cfc-9c90-9632307d0af5","block_type":"box","text":"10","page_number":225,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"0326260d-8710-4665-bbcb-87529e496cd6","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":225,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"117ae92e-bc7b-419f-adeb-349d859070f4","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":225,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"7b6cc928-b813-4217-9440-05cc74c0ca37","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":225,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"19dc2c27-e581-46ba-9669-54fe01d0c1d5","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":225,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"3c1ed057-0e93-40da-b626-90b63c23cfec","block_type":"box","text":"industry-specific metrics.","page_number":225,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"890b9f59-136d-46f5-8556-95d42da17628","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":225,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"175a812f-d495-4500-814f-c5f556a0532b","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":225,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"6e6ce7ea-7c39-4d8a-9c07-a57dd0881f36","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":225,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"37910539-36ae-4e55-99a1-2604805ffb56","block_type":"box","text":"11","page_number":225,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"9cb6c87a-031a-456d-9e20-b5df8715661f","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":225,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"4ab669dc-dbeb-4df0-a6fd-1d4c6489b8cc","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":225,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"93a7e519-400a-48fd-ab18-b995dc0efb1b","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":225,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"a9b5216c-537d-4844-82da-1be2b63dd4fb","block_type":"box","text":"specific.","page_number":225,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"02059aec-9927-4eb2-a591-760e6c770989","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":225,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"16ddc0ba-8042-40f7-85e3-125257ce6430","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":225,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"bd30cbe9-dc1e-4c61-abef-0e7d989ac3df","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":225,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"b55048a4-070b-4b86-b4a7-2c46a2c8b3cf","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":225,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"099480bc-2a0d-4204-8359-dee14b22f914","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":225,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"399bb6e9-e780-4b29-968e-8e6be9c954e3","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":225,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"35013089-d3e4-4b9f-a624-407f96a7a5a7","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":225,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"c11109a5-d943-4bd1-b8f1-314038ae3a1d","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":225,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"54255747-591a-40a8-9720-8527abf71d7c","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":225,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"5f0539fe-ae93-4aa4-9a9d-f12c9de1d00d","block_type":"box","text":"10","page_number":225,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"eb15c95f-f86c-465d-9404-697d520c27ce","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":225,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"d53e5a8e-47d3-4281-a961-9adaf269a3d3","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":225,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"27de4391-4656-4f72-b897-bb6db1e438df","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":225,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"5f56a0e3-0f91-4779-9770-006dfae3bb88","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":225,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"3276d38c-6946-4a6b-98d6-acdc7b6c6021","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":225,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"4714d287-8e2f-492f-9773-f8bb76fa4aa5","block_type":"box","text":"11","page_number":225,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"fc0fa688-6f21-4272-81c0-341af53b9619","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":225,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"d7e20b6a-a0fb-4297-93af-2074048a5871","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":225,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"fe040b91-31cd-43a5-8606-56ba83da7fbd","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":225,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"931d32ca-0ef2-4df8-9dc7-484d7b8e795e","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":225,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"b2dc0f93-5498-4795-ac6f-1f7cb08a5142","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":225,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"85026c93-189a-4c13-af55-40383b054d7e","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":225,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"9c11380b-0658-4284-9a6d-60207aaa95de","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"cb97c7e1-9a99-48b7-8c41-32aa2ecbf176","block_type":"box","text":"Global Principles | 10","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"4eb45dad-9742-45b2-bfba-5023065e7804","block_type":"box","text":"NM1026U-6033389-225/246","page_number":225,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"8eda22ba-5016-41eb-af97-8d450ff38995","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":226,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"c5948bff-0141-4d35-9e5f-a4b12b0a8fbc","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":226,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"c36dcd29-70bd-4cdb-b88f-f24191445f23","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":226,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"2e42d41a-56cd-4cef-83d1-cd0160a76f04","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":226,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"b08a61e2-acee-4947-9575-59b84cb9db28","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":226,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"bf780220-af6e-47fc-8906-83a42ae83060","block_type":"box","text":"12, 13","page_number":226,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"ac4e23c7-347c-4618-90f4-57e697fcb78f","block_type":"box","text":"From company disclosures and","page_number":226,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"9b6f0cdd-ad0d-42fe-9eec-6966e0f1eca5","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":226,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"6bd8b351-8fe3-4db2-9f01-f1f988492293","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":226,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"56ad5fe5-2fd6-471c-92f0-4216fc599dd1","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":226,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"0aae8ca2-0c0c-42d5-b033-910fb90833a1","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":226,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"d8252f2c-83c9-48d8-b3c3-a583b0b9830c","block_type":"box","text":"viewed as best practice in the market.","page_number":226,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"00250be6-8768-4d8f-b5a0-32b54482e600","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":226,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"3da9c3d7-e375-4dc9-b996-08d502e7aae6","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":226,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"3b393b96-c070-41e0-bb00-78094619c0b1","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":226,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"f197d3b1-f517-4082-af74-715fcdc9c270","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":226,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"ef66d0fa-2a5f-4cbe-a689-abdcc3fdbc4a","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":226,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"644fb191-e42d-4b8b-b5b5-c32f7973560a","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":226,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"ec71cc4f-b35a-44cd-8f44-c45a17a7120e","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":226,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"83ba5cf4-000f-4cbe-9c8d-3b880e6dbfc0","block_type":"box","text":"interests of their investors.","page_number":226,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"6fdabcd6-2393-4942-9d04-5eff62b6a6c8","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":226,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"7f4bf8a0-3d5f-4934-adbf-9569c314391c","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":226,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"cc6379ae-7d6f-48b4-bd50-3ba0c56bf088","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":226,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"e3a0b7a9-1326-4917-a163-3ba3a43bfe23","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":226,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"f5ca77bb-977c-4477-ba82-fe090c17860b","block_type":"box","text":"good-faith basis as methodology develops.","page_number":226,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"3d765730-daa2-44ae-8fbb-b952ba31c702","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":226,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"5dffd7d5-fbb7-4db3-bbb3-95fae953d118","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":226,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"dbf3eb84-9e4f-49b5-800c-7d4af375cc1a","block_type":"box","text":"generate long-term financial returns.","page_number":226,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"9b06a529-866f-4317-88d1-b50ac335c6b0","block_type":"box","text":"14","page_number":226,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"48db7da9-171b-4fce-b595-d57e93511b97","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":226,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"7bdc33f8-c3b0-458e-8914-3ea2c41e1a21","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":226,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"89bb9a11-80a8-4845-ae38-3103fb2cac82","block_type":"box","text":"15","page_number":226,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"5522b791-c72b-40a1-bae9-3ff98e1390ff","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":226,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"7d99ded8-09fa-476e-a87a-1e8e7825fb9c","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":226,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"140c4fda-bc44-439d-b6d2-a544af18da1b","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":226,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"0a89807d-558a-4acb-987d-6d8f946fe8db","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":226,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"2f314ffa-0b6d-43b0-917d-1d03853cbad6","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":226,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"f7ae616a-1a24-4e4f-a76b-c4a20d761c26","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":226,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"76755536-cd11-401b-9185-95bd3c31bdd9","block_type":"box","text":"12","page_number":226,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"4505b5e5-792e-4f69-9fa1-3cc99b60f043","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":226,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"f3110585-261d-4131-830b-5468497011e0","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":226,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"e85912c1-c435-4f73-bdf7-4395819cff86","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":226,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"dafc10b8-86d4-460d-93cc-1e956f9701d6","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":226,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"1e8bda50-0411-47de-ba61-9730d80e4ea0","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":226,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"a179423e-e24e-45c7-9782-e48f48f5f99a","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":226,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"a1d811e6-7384-4aea-baa7-4df65abc843d","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":226,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"36de56a8-7a28-4170-a7bd-423b27306385","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":226,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"1067b22a-1489-4b61-a5b8-8447f473463c","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":226,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"47565bf0-81ad-4dc1-a475-4e6dbbb38dd0","block_type":"box","text":"13","page_number":226,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"b7f9eb13-f1c2-4e42-81ab-984eb6652c7b","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":226,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"a64041e0-2f10-497c-bf82-4f73789ff7b7","block_type":"box","text":"2025.","page_number":226,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"fb3e815f-ea1f-4412-b88b-956a1295e17a","block_type":"box","text":"14","page_number":226,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"fca086ff-11d1-44b7-8659-4ec06d66b6f0","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":226,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"7e0bfb96-e3a9-4727-ae7d-1acc48e7d97f","block_type":"box","text":"2025.","page_number":226,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"a8f11637-58d0-435f-a590-de44ff7d9946","block_type":"box","text":"15","page_number":226,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"bf8942a4-d343-4ac7-92a7-f2dd58cd97f5","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":226,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"4f1c35a4-3e15-4e76-8112-93fef96f35fb","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":226,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"f0d9007e-1dca-4626-8d32-58fcb23daf93","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":226,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"549ba77f-065a-44ee-badd-a1bec5561dbe","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":226,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"2ddf311c-3c75-4d14-945f-6600968c06a1","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":226,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"1e2f1958-0aea-4063-aad4-616a72724f24","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3d49f854-9088-4b63-b65f-0c0be3e7db43","block_type":"box","text":"Global Principles | 11","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"ee7e5a28-eb24-4be4-b98b-542fd857fc76","block_type":"box","text":"NM1026U-6033389-226/246","page_number":226,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"b867d3f5-6e8a-4bb1-940a-eee2f2309ef2","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":227,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"add91b1c-ef37-4ec8-b4f2-89d7f6253e80","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":227,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"23cb1a00-a810-4362-97c8-d69c0dc0f86f","block_type":"box","text":"16","page_number":227,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"669a520a-4bb3-4f97-8af3-d87464afde67","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":227,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"aa6d8aed-1b3f-4536-b0a4-73d817f0efc6","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":227,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"f43bba6e-a255-4b14-afae-90fe22866f9f","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":227,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"0a0a90c0-9f3c-4229-a891-8a870d11dd37","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":227,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"8aae457e-8ceb-42df-921b-abfc2e0f162a","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":227,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"a9041028-52d6-44bd-b282-529c6af78c90","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":227,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"a01533dd-66bc-460b-90db-4bdd4f9edd2f","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":227,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"f376b5d4-2c6c-4ff9-a234-c726852d5260","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":227,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"7e94c7df-7b36-4ee7-89dc-a4818b87bba1","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":227,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"4de769a1-8b3e-41a7-bfee-4855bba3749f","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":227,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"290a4625-bb3e-47f8-86b2-d79b5a7fbe5d","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":227,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"a6b8932c-c467-4c5a-9096-6461b8027be9","block_type":"box","text":"impacts.","page_number":227,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"1bebcff1-9d45-4edc-b08d-d30f863cb638","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":227,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"42f671a2-1eb3-4016-848b-8e869548298c","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":227,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"d8f34ff1-3573-4bce-8668-1e077cf351ad","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":227,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"fadc5a2f-4e6a-49f0-9a29-ad2eb7fe3c37","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":227,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"bc322f33-8bc6-4b2b-b527-1ddc72d5b515","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":227,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"67535928-3d4d-4b6f-a329-ec3322657bf6","block_type":"box","text":"clients at the global and regional level.","page_number":227,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"c602af75-ac99-47d4-ad1c-52fa4064663a","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":227,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"86b9c318-6465-48ce-b342-1bd78c9364b4","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":227,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"5237416d-a2a2-478f-a646-6be2e6b4222f","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":227,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"8313f2f2-1b9d-481d-80b7-d754218e042a","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":227,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"1686711d-6392-47e0-a816-dfe13b6cff79","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":227,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"044238bf-9128-449a-81d5-cae63b14260d","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":227,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"703dd0c1-44c1-4303-b0c7-9ac159883ec1","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":227,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"04d7db52-791e-4cfb-a2fe-a0c96295bf31","block_type":"box","text":"are independent from the investment stewardship function.","page_number":227,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"12a9f9c7-368f-4705-b8ce-97b4e15b6f2f","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":227,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"f5a9d866-6c44-4628-8e23-7b8d2bc9daa6","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":227,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"05a6ff5c-4c73-4830-a418-8516d39ecf74","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":227,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"8fbee06b-3a00-4115-b237-4056c5d68370","block_type":"box","text":"VOTE EXECUTION","page_number":227,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"4647ee43-19b4-4892-a610-b1b57d281092","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":227,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"c3e7657b-221e-4f0e-b2b1-0414536e8b9e","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":227,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"c55f6eb9-ef49-4fd3-85ea-1778a8ef48e0","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":227,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"e6e8633c-cd2e-4cad-a37f-753f16ccdf52","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":227,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"80b57633-e8a1-4bf6-b1bb-b3d25ddfcfc8","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":227,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"38836482-7f01-4291-82d1-acc84a094281","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":227,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"d271b3de-3504-447a-8378-781549c49135","block_type":"box","text":"management policies and procedures,” below).","page_number":227,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"10e9d15f-e324-4d74-b875-baed2ae84202","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":227,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"be9f931b-a032-407c-89f3-8614a3012a9e","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":227,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"f65630c4-4caf-4950-a621-6c498357e606","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":227,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"ea5cb188-a800-454e-b248-0710a35be1b3","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":227,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"7ae20434-5a73-4cf9-9e7a-12f97d1bc6ce","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":227,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"d72deca9-b08a-45fd-99d8-2da33c7012c2","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":227,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"82a23541-8a11-49d3-b697-26a2aed0ee8e","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":227,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"9c28db7e-f27e-42bd-82a3-a27cab199057","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":227,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"ccac8f0f-3671-493f-9ee7-6ebdda873847","block_type":"box","text":"16","page_number":227,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"c21ba0c7-bdcd-44a5-8e40-0b1b164d037c","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":227,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"ec8019dc-1ade-415a-8029-2ff75b514f8f","block_type":"box","text":"December 2025.","page_number":227,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"0d613218-4dc3-4795-a22f-a06b8fa697c4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5e601e7d-0db5-4c40-927d-ca20a1db2ca6","block_type":"box","text":"Global Principles | 12","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"e7cddef5-39d2-40f0-b7ed-6986e09fb785","block_type":"box","text":"NM1026U-6033389-227/246","page_number":227,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"16125a7f-5085-4a90-a375-e02eb887415c","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":228,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"759b3bae-d792-4487-8c81-b2a6b0ec8ad6","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":228,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"37c2501c-8422-46db-8d87-08ebd1537832","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":228,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"8256b1f4-7e5a-4f79-b88a-a7b07871fa41","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":228,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"5f47ef4c-9208-4a61-ba52-92dc6e414534","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":228,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"5cbb5399-e46e-4478-9bee-6931b8a41d6a","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":228,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"6e7fc8b4-828f-4f15-a4a6-6e9952b91930","block_type":"box","text":"enterprise-level vendor management activities.","page_number":228,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"29a26d13-3923-498a-af40-7fbc947bae45","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":228,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"acabe6a3-0276-446d-8801-c10b70fe0fe8","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":228,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"b6bf108e-4c25-428e-b1b3-1a1fe269e00d","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":228,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"8045e798-c04b-4872-8f8e-01075c872da5","block_type":"box","text":"BlackRock employees.","page_number":228,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"963a1089-7436-4b54-9ba5-0e8f9add66fb","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":228,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"ac54468c-281a-491e-8ebc-0da15d9e5b9a","block_type":"box","text":"SECURITIES LENDING","page_number":228,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"16bb3852-cd6a-4e15-a75f-43c54f012fc6","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":228,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"a05d9676-a739-4533-b93b-ffd93112d628","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":228,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"a2f61221-a1b4-4564-8252-3cb05bbc304f","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":228,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"eddfcc9d-ee83-4e2f-9809-4f3cfc0c044d","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":228,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"6c707bfd-9fa9-4cce-8312-76c95deb5c59","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":228,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"9647deb3-c4bd-456e-ae62-c027fa900ff8","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":228,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"e9407395-c955-422c-a854-4019b5cf3405","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":228,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"fa9d8476-c0a0-42ff-95d0-b4a007909d5f","block_type":"box","text":"in helping them achieve their investment goals. 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Investing involves risk, including the loss of","page_number":230,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"ad8a9e10-bcde-4f23-9555-b05a7d10a2ef","block_type":"box","text":"principal.","page_number":230,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"405d53e8-8996-4683-abdf-8a7471b65cf9","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":230,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"7d4157b5-2012-4cb9-bb88-3c59f57be929","block_type":"box","text":"©2025 BlackRock, Inc. 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All other trademarks are those of their respective owners.","page_number":230,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"b615d6ab-f123-48c8-b7cb-bf86ce99c5e8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"66b65bc4-860a-4295-92eb-523f0139f81b","block_type":"box","text":"Global Principles | 15","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"02206b3f-be3b-4deb-aeab-80355220a56e","block_type":"box","text":"NM1026U-6033389-230/246","page_number":230,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"ee15cbce-4338-4a01-9e4a-3a102ceac4d8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"0b6dfbea-817f-412a-ae6d-fc81cb0c2a66","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":231,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"339f1a8c-79c0-4a76-89d6-42d1a81123c0","block_type":"box","text":"Effective as of January 2026","page_number":231,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"a44e9753-4854-4f65-9f93-387479eaa7c2","block_type":"box","text":"NM1026U-6033389-231/246","page_number":231,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"32d02ad4-6c2f-400f-8ea2-cf1c3fa1a426","block_type":"box","text":"Contents","page_number":232,"box":{"x":456,"y":45,"width":66,"height":9}},{"id":"d996f9cc-c33e-4617-ac46-1ec248a0a372","block_type":"box","text":"Introduction to BlackRock Investment Stewardship 3","page_number":232,"box":{"x":69,"y":80,"width":840,"height":11}},{"id":"503309c8-7d4c-4ef3-ad15-048068dc1ffc","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition 3","page_number":232,"box":{"x":68,"y":96,"width":841,"height":11}},{"id":"3a81bb44-4c47-4f63-9d9f-1ee3c870224e","block_type":"box","text":"The Climate and Decarbonization Stewardship Guidelines 3","page_number":232,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"c28ddb76-23c2-4087-aa75-a3ae65ef9825","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy 4","page_number":232,"box":{"x":69,"y":129,"width":840,"height":11}},{"id":"488f136c-415e-473d-b078-2ad073d4e4eb","block_type":"box","text":"The Guidelines’ design principles","page_number":232,"box":{"x":68,"y":146,"width":240,"height":11}},{"id":"1f2f86f3-8e84-4d8f-8413-38dadc08ca33","block_type":"box","text":"4","page_number":232,"box":{"x":900,"y":146,"width":9,"height":8}},{"id":"ba6363a5-516e-44a7-8de1-426d2f748aa7","block_type":"box","text":"Voting approach under the Guidelines","page_number":232,"box":{"x":68,"y":162,"width":273,"height":11}},{"id":"49d05a04-6584-4b46-826f-2b9340d82e87","block_type":"box","text":"5","page_number":232,"box":{"x":901,"y":162,"width":8,"height":9}},{"id":"c3562781-43e6-4c20-8939-c706ff263e05","block_type":"box","text":"Related matters","page_number":232,"box":{"x":69,"y":178,"width":117,"height":9}},{"id":"31fb6094-63a7-406a-8307-235250d0c867","block_type":"box","text":"8","page_number":232,"box":{"x":900,"y":178,"width":9,"height":9}},{"id":"ce30c992-4538-455f-b6b0-35016891d79d","block_type":"box","text":"Appendix 1","page_number":232,"box":{"x":68,"y":195,"width":82,"height":11}},{"id":"701ececd-5c0a-4128-a579-1e26234765ef","block_type":"box","text":"10","page_number":232,"box":{"x":891,"y":195,"width":18,"height":9}},{"id":"a7c90207-4f3c-4404-a3c8-e8501ec73887","block_type":"box","text":"Appendix 2","page_number":232,"box":{"x":68,"y":211,"width":82,"height":11}},{"id":"f651a034-95ca-4c24-8c2d-4541fe95e07e","block_type":"box","text":"11","page_number":232,"box":{"x":891,"y":211,"width":18,"height":9}},{"id":"3494bd5d-e650-42cf-9ff0-456f509cc797","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2c74560a-6219-4c34-9ea6-c9316bc56fc6","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 2","page_number":232,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"22823b7c-b899-4887-8c74-be8d78ad34a5","block_type":"box","text":"NM1026U-6033389-232/246","page_number":232,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"8a4396ef-fe22-4da4-82c0-959b156be4cd","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":233,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"5b05be42-4efe-4daa-805c-fefe05a77742","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":233,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"a5e8c641-85bb-4c33-90b6-e7307fa5d68e","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. 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Under the Guidelines, the dedicated team","page_number":235,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"8c8cd3f7-7150-4272-a783-7ff0d732984a","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":235,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"ddbf9ad9-eca3-47c1-92a5-fa9f39197787","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":235,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"148233d2-a2d8-42c7-810f-bad5eee22c94","block_type":"box","text":"Voting approach under the Guidelines","page_number":235,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"f323ed1c-5eb6-4e11-800c-ac23ab03738e","block_type":"box","text":"12","page_number":235,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"fcee4c17-6c5c-454d-be77-f13d4801db2b","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":235,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"beb44af2-37a8-4fb6-a919-677be3eb6b1b","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":235,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"e77bf52e-459d-4911-97bb-54300b16f91f","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":235,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"1dfe0ae6-fd78-476f-a125-aaf018fa12ac","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":235,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"121ac812-6505-426d-9ffc-26767353fbc0","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":235,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"8bea3a4e-dceb-4255-bd57-30055b26072f","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":235,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"794460c5-6f94-40f4-b9b4-df417ad828b3","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":235,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"6771d6b8-4a31-433e-8e56-53e30ddac1db","block_type":"box","text":"Corporate Disclosures","page_number":235,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"ad78119b-a1c9-4605-9ac3-029bb874911b","block_type":"box","text":"13","page_number":235,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"541ec560-4ebb-4e35-8b8a-d942593b1b91","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":235,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"9bf785c3-2ea0-4d1d-a2f1-b57c94e57baa","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":235,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"7c20fb74-1b9d-4a2d-8bae-4dac4abcccb7","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":235,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"3a4f2026-6a22-4901-ae1b-fe10fc7a887b","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":235,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"42d43fa0-bdf5-4b6e-83ac-d5fcdffb87d6","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":235,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"866a2942-cabe-4478-801d-2e5f0db7a3c3","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":235,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"2b68cd8a-c7dd-4fc3-8d5b-e78bc3552bcd","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":235,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"144b5873-04c8-475f-88b4-cd5ca44b2d32","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":235,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"924fa93d-ec31-4366-9b97-3534840f7492","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":235,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"307799ca-c291-4a2d-9e43-953bcb13ba18","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":235,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"0afb412b-d522-438d-b64c-1cf73f6773b6","block_type":"box","text":"14, 15","page_number":235,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"f29a4fa0-2c43-46c8-a05e-c0a81a176ea4","block_type":"box","text":"IFRS","page_number":235,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"d284af54-baa5-4641-a310-6a39e8faba3c","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":235,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"abbc9d27-c343-477a-866f-9816f70569f9","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":235,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"16fe6134-1721-421d-bad1-63e8bcfcba78","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":235,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"38da464e-e44a-4c9e-bc05-4f61d73cc793","block_type":"box","text":"and assurance standards are developed.","page_number":235,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"91e58bee-68ad-4112-b2aa-06af26f906b0","block_type":"box","text":"12","page_number":235,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"0c5d46be-8b3e-471c-b4e2-405e6e410f33","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":235,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"2140cc03-94cc-40d8-92ad-1f4193956f18","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":235,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"c84b4123-6d51-42d5-ab7d-cfff86c2b4d4","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":235,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"f047cc15-d80a-4073-8612-394c8c133179","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":235,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"d8e7f817-cd76-4e33-827e-48ea596d8f92","block_type":"box","text":"13","page_number":235,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"bd71ff6c-0f25-412a-9930-02190c4f4bea","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":235,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"249b7717-b715-4e78-856e-6b499c9772f8","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":235,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"c17ec23f-3a3d-4d63-ad19-fa25af92b1fd","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":235,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"00c8a8f9-0326-4202-9b67-e6a913457ca4","block_type":"box","text":"14","page_number":235,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"707cea93-1eae-42e0-8151-a26dd070d469","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":235,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"34e73390-868d-4336-b4a8-474849e15acf","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":235,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"cffc9541-293c-4fe5-9950-6e84df490f86","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":235,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"76dd8447-b107-44ce-8ec9-148c7a7f4a5f","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":235,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"602d6559-a7f8-4253-aede-6f957ef04d49","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":235,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"1a2550e9-4884-42c2-a47f-9a9a01fe4fde","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":235,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"c2612783-57b6-470c-a262-614f6dd243fd","block_type":"box","text":"15","page_number":235,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"e04d796b-9b40-4c91-b614-44c11719b60d","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":235,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"ece9ced4-6b61-4c08-94da-00497ea85bca","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":235,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"faed9ff6-ee7e-4387-9580-75c029ea9051","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":235,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"197c9395-f6e0-416f-823b-7b9e4da76e55","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":235,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"130b8dae-1cdd-4f00-8538-a7c749f0315a","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":235,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"1abfa3dc-b114-41f0-adae-ad43538c187c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"510dd0dc-7ff5-44a7-9d7b-933ec9bcadc9","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":235,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"d56e68d8-867c-4b76-bb2d-fa56549a40a2","block_type":"box","text":"NM1026U-6033389-235/246","page_number":235,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"e1cbfc9a-b006-4900-99ff-1f51dfb6c77f","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":236,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"25b984db-101d-4d78-89d9-85d3ebc31730","block_type":"box","text":"16, 17","page_number":236,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"e7531073-0274-4d00-a91f-e2bc16af059a","block_type":"box","text":"In addition, the dedicated team looks to","page_number":236,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"257c8343-1fa7-454e-b995-6c2b610ad3ae","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":236,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"4f855eff-3ad5-4837-a6e8-5bc4791e7ee4","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":236,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"282a75ec-cadd-4124-aee9-30ca0c3a98d8","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":236,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"795d91a7-7226-411b-9d10-c5778015beee","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":236,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"508a8e5b-50f0-4d33-b5d5-b87f44cb01a0","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":236,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"db61646c-510b-4768-85a7-5dbc26e50cd0","block_type":"box","text":"18","page_number":236,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"f8bdfc23-9bf7-49d9-a18b-89624cdc0e88","block_type":"box","text":"However,","page_number":236,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"7aba71ed-ec4b-4ccc-9f46-14978f8449ba","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different par ts of","page_number":236,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"183a0835-9277-4807-ba4b-e8f0e555eb2d","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":236,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"ab7b09ad-2b27-4d44-aebf-7ec73538156e","block_type":"box","text":"their decarbonization targets. 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Given methodological","page_number":236,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"39a26f6a-c6ec-414d-9c79-e9b55c741579","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":236,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"caccc4cd-e5b6-4329-a62e-f3ad32f06f15","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":236,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"20dd1875-738c-4455-be40-989cd5a0e687","block_type":"box","text":"material to their business models.","page_number":236,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"421c26bf-6005-486a-8055-9af1e4c4a876","block_type":"box","text":"19","page_number":236,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"eca5494a-2fa4-4f2f-aa5d-1b628995822f","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":236,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"5708e420-60ed-4d8c-8304-5a9034eb0d27","block_type":"box","text":"December 2025.","page_number":236,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"93d364cd-2959-4406-89ca-409bf33619a0","block_type":"box","text":"20","page_number":236,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"b60b3dbd-b551-4837-a321-21bd2c2e5aee","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":236,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"aee2878b-2ae1-4820-b2e7-e8ab5b464df3","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":236,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"5054e4ca-acfa-4074-82fc-892b22479862","block_type":"box","text":"(please see the International Transition Plan Network for information). 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Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":237,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"566aae95-a788-4a96-b8ee-09cc5b16adbf","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":237,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"40597663-9739-4186-b1cc-f443c177848b","block_type":"box","text":"with the different constituents in their value chain.","page_number":237,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"cd771fb2-054f-4a78-b29a-6e97c989153b","block_type":"box","text":"21","page_number":237,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"b35ef3d1-7d70-4405-a36d-f9807d7ae4eb","block_type":"box","text":"•","page_number":237,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"12f2d573-2969-44a1-8343-90367f731824","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":237,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"804847ca-43fe-4af8-8647-8a84db9d87ab","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":237,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"a9990269-00c7-4456-a634-42bf5540f522","block_type":"box","text":"22","page_number":237,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"5da02849-60c4-4927-8001-bbea0314e848","block_type":"box","text":"The dedicated team looks for","page_number":237,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"eeb8b27d-b681-4916-a203-ba3b0c488a40","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":237,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"1fabb91e-cc6c-496e-91e7-5961506f8df0","block_type":"box","text":"related to the low-carbon transition.","page_number":237,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"394449c6-488c-4f1c-b3b4-9e92eccaac7a","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":237,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"7e65d022-098e-4066-bdd0-2971e7a4aefd","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally suppor ts non-executive directors standing for","page_number":237,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"b54754f2-63d3-4b94-83bb-b60ae4a3e236","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":237,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"9763d73c-45ba-4d48-a1aa-f1a797191b37","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. 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The directors most likely to be in focus are the chair of the board","page_number":237,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"81e71fe7-8acf-43cc-920d-e7e6c59a7183","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":237,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"d426633d-f3d7-4d56-875c-ceaccf66207c","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":237,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"b6ea8fc5-5846-4912-b0bb-5e77d27d4fbc","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":237,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"400dd7af-018f-4b25-835c-4d652d14f823","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":237,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"c3496630-d911-4e1a-ac44-d9f666c5bdf8","block_type":"box","text":"Website accessed in December 2025.","page_number":237,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"3a1fc835-2517-4374-94ea-5e01ca54b171","block_type":"box","text":"22","page_number":237,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"c894ebeb-18c4-4533-9a88-43fa7bdf1645","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":237,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"9d15334a-c75d-4298-a570-43afa0f9ae7d","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":237,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"c461f672-1885-46e4-bb6b-8b8cf8842412","block_type":"box","text":"23","page_number":237,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"5fe406f5-e771-4978-a16d-a69150fe9bab","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":237,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"0d760108-c314-42b1-ba32-f73b9febac65","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":237,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"acd2e1b5-1721-4e15-bc38-ad25b8e382b3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d401ec68-8826-4cdc-be25-7b720c27e2b2","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":237,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"f2385216-ce2c-4c5a-a57d-40810e5a8578","block_type":"box","text":"NM1026U-6033389-237/246","page_number":237,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"cc318a8f-f538-4d25-ad20-2f245a5c495b","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":238,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"91be41f0-0bac-447e-a433-cd4ef3714ee5","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":238,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"de8ccb21-6e7e-41e1-9a46-b2530ca47e14","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":238,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"8c5853a5-84ad-4f75-98b1-281806a7f305","block_type":"box","text":"24","page_number":238,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"d74aa385-b9a4-455a-a7f3-e1ffcece8612","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":238,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"6db1e331-be58-48be-b855-f4c6bad431b8","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":238,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"6473862b-a0a2-4708-8f33-f378b292444e","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":238,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"15a98b62-778b-47fc-bf14-171a31425863","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":238,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"36e52e40-5fc1-43c8-a71c-b615e760813b","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":238,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"afcc2566-d168-481e-ad2f-d1b1eee555f4","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":238,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"fa8dfede-6ca2-4c4b-aba6-3d10ee8eb0fa","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":238,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"bde92ebe-cbd9-46d8-b7fb-5dc69b8dcc8d","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":238,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"e7d4e2a0-f36c-484c-b630-a5c97c071217","block_type":"box","text":"transition plan and targets.","page_number":238,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"af321510-938e-4c1e-94e7-1e9522edda7f","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":238,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"96dcae7b-fa3e-4834-99a9-b1303065ee06","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":238,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"91919aa1-cce1-4a14-bb35-82b9fdd44c7a","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":238,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"c2d423ed-5ff9-4105-8d35-87b767804838","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":238,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"d23cf9f9-65b6-400d-9ba8-328a7304477f","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":238,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"33a9cd5a-096c-43ba-8fb3-3bf28c67b5af","block_type":"box","text":"company’s individual circumstances. When the dedicated team votes in suppor t of a proposal, it is not necessarily","page_number":238,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"43156df6-f3e9-463f-8d50-3e6cb2a43f71","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent.","page_number":238,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"11ead6ce-b10a-441d-bc2a-05b6b97fe2d5","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":238,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"805809e0-a648-416d-8f5d-f5b2b967258a","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":238,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"ea334bc9-8d3d-41a5-aab4-4d05fbda21f6","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":238,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"7d6bab52-844c-460f-b3ad-ecdbf4cef390","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":238,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"e6608de7-9921-41ed-b399-5f8ea25c0a66","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"77f8eac3-6a62-4c74-9e6e-174c1b438879","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":238,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"2f274249-79cd-4522-ab15-ae6167d07325","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":238,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"7e0614f8-e262-463c-a4fe-cb54af970684","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"f929de6a-ded0-4ff7-8124-90799f45ce27","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":238,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"406a62cc-d849-4efa-90ef-2265429ab789","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":238,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"dde168fc-3e19-447e-a559-2b785b039570","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"0ab4e211-9a83-4222-b692-86e50bc8f287","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":238,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"d3f3dfd1-79a0-4a3c-ace5-e6e464479f0b","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"b26f2486-2ac7-4e8a-b1bf-d99415fd7011","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":238,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"140f6e0d-1e8e-40a5-bf1d-d28b6c4a935b","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":238,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"5cbe5e17-b118-454d-8781-164889e457e3","block_type":"box","text":"25","page_number":238,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"a418b3ba-daff-4829-b23b-eca44d68be7c","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":238,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"4a972017-8bf6-4759-b11c-448198f4cd09","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":238,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"4abb0da5-ebb4-4820-8896-943a1758a754","block_type":"box","text":"RELATED MATTERS","page_number":238,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"650751b0-a65e-4020-b481-ed2bd75ac9e2","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":238,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"ae176b86-f28e-48a2-9e38-f21c4090a533","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":238,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"71140378-ec8f-43fb-a1de-a058c8758aa6","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":238,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"074f4d47-85f7-467b-b6ca-4978c4888e27","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":238,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"d0170d03-0af8-4d3c-9637-32743b77696f","block_type":"box","text":"Executive compensation","page_number":238,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"8e8bc61e-1169-456e-9f38-92da8943268c","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":238,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"e3f6e22e-a60e-4c19-8b8a-2acdb3ae6322","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":238,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"56347d9f-2035-44d6-837e-bc498f8f9b8b","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":238,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"449217e5-c476-4ab0-bc8e-40df145f874a","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":238,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"141389cf-2ca8-4e28-a385-a0a5d5002bf8","block_type":"box","text":"24","page_number":238,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"f3d2f871-0667-4bc7-8620-bb245137b1be","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":238,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"b06607b8-bf75-470b-aba2-ee8c6031b19f","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":238,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"c2d56ff2-fa1b-4601-8e07-c841972b6f27","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":238,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"6fafb6b4-65a3-4e29-8f6b-bf9990d214fb","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":238,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"4a0726f0-4da3-4d35-bbd5-cc4c2681f218","block_type":"box","text":"25","page_number":238,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"f0031cfd-1af8-4c6d-a239-a9b2d7002652","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":238,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"1d6c5705-df41-4da8-b2ae-8181e9d4e61a","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":238,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"2eae4469-894d-4870-863a-ecf5f734105c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7db05ceb-0c9e-488e-8066-f49911ce9967","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":238,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"b61042c9-6e7e-4ed4-8e7a-e472d807122e","block_type":"box","text":"NM1026U-6033389-238/246","page_number":238,"box":{"x":764,"y":970,"width":154,"height":7}},{"id":"a16c4930-ff10-47f7-a6e8-6effbf0f0691","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":239,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"a24dbb13-cdea-47dd-a8fc-61890f4d1f6d","block_type":"box","text":"strategy and risk management.","page_number":239,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"6c5c3860-d3b4-41bf-b8bf-27d935135f9a","block_type":"box","text":"Auditors and audit-related issues","page_number":239,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"c2d05912-2a5b-4fe1-ade2-099948c8c147","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":239,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"ba4ccc9d-35c3-4b5a-9cce-74afde58feb9","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":239,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"6d7b9ef1-bae2-42f6-b4f3-084402428033","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":239,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"b29cd0e8-8e5b-4880-a0ec-a9bcdf1cb7ec","block_type":"box","text":"context of its audit repor t. 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These include a company’s impacts or dependencies on natural capital and key","page_number":239,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"14f2ea68-ad2d-4d67-8420-1d9126e537e6","block_type":"box","text":"stakeholders.","page_number":239,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"6671e283-b71f-4b6f-a8f2-10dcba9db30f","block_type":"box","text":"26","page_number":239,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"cd1b7baa-830b-45b8-83f7-b7c58e625b87","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":239,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"04c9fd06-de89-457d-a8ce-dd02b8571f0f","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":239,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"ea27841e-d4fa-4a69-b836-09b318bd97e1","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. 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This can be carried out by countries, companies and even","page_number":240,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"eda42295-3d27-4bae-bc1d-3af8bda51da1","block_type":"box","text":"individual consumers. 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